Personal loans are an unsecured form of credit that is multipurpose. You can apply for a personal loan to meet any of your financial requirements. Be it a wedding, unplanned travels, medical emergencies, home renovation, and more. Moreover, there is no restriction on the amount borrowed, and can be used for any purpose they want. A personal loan can help you build your credit faster when compared with other forms of credit. This is because of the risk it carries due to being unsecured.
Personal loan eligibility criteria
• The minimum age to apply for a personal is 21 years and the maximum is 60 years old.
• Must be a resident of India.
• Must be having a credit score of 750, or above
• Minimum monthly income of ₹15000 for non-metro cities and ₹20,000 for metro cities.
• Should be employed at the current organization for at least 6/12 months or business tenure of at least 3 years (continuous).
The best part about applying for a personal loan online, you can plan your EMIs using the personal loan EMI calculator. You can find it easily on every lender’s platform.
EMI calculator is one of the best financial planning tools that will help you in calculating the monthly amount payable to the lender against the loan borrowed. All you need to do is enter the amount of EMI that you can pay every month, the interest rate offered by your lender, and the preferred tenure.
Components of Personal Loan EMI
• Repayment towards the Principal amount
• Repayment towards the Interest amount
Benefits of using Personal loan EMI calculator
Easy to access and use:
It is the simplest way to evaluate interest and principal payments. Anyone can use it as there is no rocket science in this. All you need to share is details such as loan amount, interest rate, and tenure. The result will be shown in seconds.
Give accurate results:
There are chances of mistakes when you do the mathematical calculation manually to find out personal loan EMI which may lead to choosing the wrong loan offer. But with the help of the Personal Loan EMI Calculator, you get a chance to do multiple variations with accurate results every single time.
Helps in choosing the best loan offers:
When you input various lender offers on the Personal loan EMI calculator, you get an instant idea of what your EMI will be with different lenders. After comparing all the loan offers, you can easily decide on the best loan offer.
Free of cost:
This Personal loan EMI calculator is free of cost. You can use the EMI calculator many times, and it will not cost you anything. A personal loan EMI calculator is available 24X7 for the convenience of the borrower.
Gives you more information
Some calculators not just give you information about your personal loan EMIs, but also the processing fee associated with it. It is a graphic representation of the loan and an amortization table too. This gives a complete understanding of your personal loan.
Conclusion
IndiaLends is a one-stop solution for all your financial needs. Here, we try to provide you with the best services that are hassle-free and quick. For personal loans, we provide you with a comparative analysis of what different banks are offering and assist you in your final decision.