An EMI is an estimated monthly instalment that has to be paid every month to clear the loan in a specific tenure. Many borrowers avoid personal loans considering the fact that EMIs are heavy to pay. But, that’s not true in an era where
instant personal loan apps exist. With the launch of instant loan apps online, borrowers can now get an advance calculation of their EMI. This is possible with EMI calculators in-built in the instant loan apps.
EMI calculator is categorised into the loan amount, interest rate, and tenure. Borrowers can enter the desired loan amount and set the repayment tenure based on their repayment capacity, once the loan amount and tenure, inclusive of the prevailing interest rate is in balance, a suitable EMI is derived for a personal loan application.
Knowing the EMI amount before the loan application takes off the stress of instalments to be paid every month. Clarity with EMI calculators speeds up the loan applications, making the borrowers more confident about their personal loan decision.
Working of Loan EMI Calculator
Loan EMI calculator is the result of applied artificial intelligence (AI), which is an innovative technology helping to derive the instalment in real-time. This Personal loan EMI calculator works seamlessly based on three key parameters:
Principal Amount
The desired loan amount entered in the EMI calculator is the principal amount.
Interest Rate
The percentage of interest is an amount levied on the principal amount for a specific tenure. A fixed interest rate is mostly charged on an instant personal loan that doesn’t fluctuate during the loan repayment tenure.
Loan Duration
The loan duration is a tenure for which a loan is approved. It is commonly a period of 6 - 24months around which borrowers are liable to clear the personal loan amount borrowed as a loan.
Entering the above three variables correctly in the EMI calculator will give you accurate results in seconds. Otherwise, calculating an EMI manually will be a time-consuming task and may not give 100% accurate EMI results.
Benefits of EMI Calculator
Know the beneficial features of a Loan EMI calculator before you apply for a loan:
- Increase the convenience of knowing a definite instalment amount in advance
- Budget adjustments per month can be set based on the EMI amount derived before loan application
- When EMI becomes affordable, the credit score also remains stable with timely repayments
- Calculate monthly instalments anywhere, anytime using smartphones or lender websites
HeroFinCorp EMI Calculator Helping with Instant Personal Loan
Calculate EMIs for a personal loan up to 1.5 lakh at HeroFinCorp. It is a user-friendly personal loan app powered by Hero FinCorp, India’s most trusted loan provider. Now, conveniently fulfil your loan application requests, without any physical documentation. Considering the complex calculations involved in loan procedures, HeroFinCorp’s EMI calculator facilitates calculations of monthly instalments in minutes.
Time is money. Save your time from using complex formulas and lengthy calculations. Try different variants of amount, tenure, and interest rate to derive a suitable EMI that fits your budget.
