Oncewe start earning, we start thinking of our monetary goals. While you can wait
to achieve some, others might require immediate funding. In such cases, a lack
of money prevents us from fulfilling those dreams. Hence, most individuals turn
to Personal Loans.
Trueto its name, a PersonalLoanhelps you finance your personal goals. It is an Unsecured Loan that requires no
collateral. It also has a relatively quicker processing time compared to other
borrowing options. While these are just a few of its prominent aspects, here are
others:
· Personal Loan EMI
Everyborrower seeks a Personal Loan to repay it someday. That is how Loans work. But
repaying the entire amount is not feasible in any situation. This is when
Equated Monthly Instalments come into the picture. They are payment avenues
through which the borrower pays part of the Loan amount monthly.
Theborrower and lender predetermine the value of the EMIs, to maintain a
systematic record. To calculate the value of your EMI, you can use tools like
the PersonalLoan EMI Calculator.
· Personal Loan interest rate
Alender should benefit from the amount they lend to you. Hence, they charge you a
rate of interest over, which you must pay over and above the borrowed amount.
It is added to your EMIs that you should pay each month. The value of PersonalLoan interest rates depends on various factors. Some of theminclude:
1. YourCredit Score
2. PersonalLoan amount
3. PersonalLoan type
4. Valueof EMIs
5. Loanprovider
6. Tenure
· Personal Loan EMI Calculator
Earlieron, borrowers had to calculate their EMIs and interest rates manually. But now,
with the availability of a Personal Loan EMI Calculator, they need not worry.
It is a financial planning tool that computes accurate values based on the
information you enter. It is readily available online like a SavingsAccount Calculator, and quite self-explanatory concerningthe usage. So, you need not spend hours calculating your Personal Loan EMI.
· Personal Loan Types
Yourreason for seeking the Loan could be any. It comes in different types. The
following are the popular ones:
1. HomeRenovation Loan
Theyare used for home improvement purposes
2. TravelLoan
Theyhelp you finance your travel ventures and expenditures.
3. WeddingLoan
Theseenable you to fund your marriage celebrations or honeymoon expenses. You can
check its eligibility on the lender’s website or Banking app.
4. MedicalLoan
Itis meant for your medical treatment costs.
5. DebtConsolidation Loan
Theyallow you to consolidate all your debts in one Loan, helping you manage your
EMIs better.
6. HigherEducation Loan
PersonalLoans that help you finance higher education or other aspects of education in
India or abroad.
