A loan can be a hassle for you in terms of deciding all the aspects and ensuring that they are perfect for you. A loan has a lot of things that you need to decide for including but not limited to interest rate, EMIs, tenure, etc. However, there is no need to panic as you can use a loan calculator to help you with all of these decisions. Still, you should know that interest rate is not the only thing you should look for in a loan. The tenure of the loan is also crucial. Let’s see how:
Tenure of the loan
The tenure of the loan is important as it affects not just the rate of interest of the loan but also the value and number of EMIs. If the tenure is longer than you will have to pay a lower amount of interest. However, if the tenure is shorter then you will have to pay a higher amount of interest. Still, you should know that a lower interest rate does not mean that the total interest on the loan would be low. You need to realize that as the tenure increases so does the number of EMIs. So, you could end up paying more if the tenure is not perfect.
A loan calculator helps you in deciding the tenure as it is customizable. You can changes the value of loan amount, EMIs, and tenure to ascertain the best interest rate and total amount. Therefore, if you were to use the loan calculator properly and use it to try different values of all aspects, you will be able to find the perfect tenure.
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