When personal loans are considered during an emergency situation, instant loan apps are a convenient source to get quick loans. But instalment is one factor that is worrisome for every borrower. Taking a loan and struggling with repayments or missing the instalments is not what is advisable for the borrowers as it negatively affects your credit score.
Hence, the best thing to do is to use the online EMI calculator for personal loan to know the installments in advance. As the instant loan apps improvised with technological upgrades, free EMI calculators are conveniently in-built within the personal loan app. This enables the borrowers to derive a well-budgeted EMI that is not a burden to repay till the loan tenure is active.
What affects an EMI for a personal loan?
EMI for a personal loan varies depending on three variables – total loan amount, interest rate, and loan tenure. Borrowers can flexibly adjust these variables and derive an EMI that is easy to repay. Many people still rely on manual calculations assuming EMI calculators are advanced and complicated to use. However, this is absolutely false as the EMI calculator is the fastest way to equate the monthly instalment, without any errors.
Factors to consider while using an EMI Calculator for Personal Loan
- EMIs will vary depending upon the fluctuating market rate. Hence, it is recommended to go for a fixed rate of interest rather than a floating one.
- A loan taken for a shorter period has a higher EMI and loans approved for a longer period have lower EMIs
- When the borrower initiates pre-payment of the loan amount, it reduces the outstanding principal amount and also a load of interest
- There is a shift in EMI when the borrower transfers the current loan to a new lender
The personal loan EMI calculator gives accurate results in no time. It is a technology that saves your time in doing manual calculations. Hence, considering an EMI calculator before making a
loan application is a wise thing to do.
Hero FinCorp has an inbuilt loan EMI calculator that helps borrowers with setting suitable EMIs. The tool is very simple and easily available on the
instant loan app. Save yourself time from manual calculations and rely on the EMI calculator for quick results.
Here is how the Herofincorp EMI Calculator works for a Personal Loan:
Calculate EMIs for a personal loan between 50,000 to 1.5 lakh at Hero FinCorp. Considering the complex calculations involved in loan procedures, Hero FinCorp EMI calculator facilitates calculations of monthly instalments in minutes.
The working of the Hero FinCorp EMI calculator depends on three variables: loan amount, tenure, and interest rate. Borrowers can try different combinations of these three variables dragging the blue dot, till a suitable EMI is derived.
Many borrowers have a myth about the EMI calculator being complicated to use. However, it’s quite simple with results displayed in a graphical format. Being a flexible tool, borrowers are gradually adapting to the loan EMI calculator while availing of an
instant personal loan online.
