Loans help you in dealing with your immediate financial dilemma. Moreover, they help you in avoiding a major dent to your financials. However, they also require a lot of research as every aspect of a loan needs deliberation. However, there are so many ways to aid this process, and one of the best tools is loan EMI calculator. The calculator helps you to know about various aspects such as interest rate, EMIs, tenure of the loan, etc. But, did you know it can also help you in determining the cost of the loan as well?
Cost of Loan
The cost of loan is the total amount of loan that you owe to the lender. This includes the principal amount and the total amount of interest that you will be required to pay during the tenure of the loan. You should always know your cost of loan, as it helps you evaluate whether availing a loan would be the best option or not. However, many people focus just on the interest rate and EMI while selecting a loan.
The loan EMI calculator tells you exactly the value of each EMI and how many EMIs you will need to pay during the tenure of the loan. Therefore, you can find out the total interest you owe to the lender and add it to the principal amount. Do this and you will get the cost of a loan that will help you in making a batter decision. Additionally, you will also be able to determine the loan eligibility.
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If you are thinking of availing a loan, then you need to consider various aspects. In addition to the EMIs, interest rate, etc., you should also consider the time it will take for the loan to be approved. If you are applying to a bank, then the approval process could take months as well. However, if you were to apply to PaySense you loan can be approved within an hour as well. Moreover, you will not even need to leave your home to apply for the loan. All you will need to do is download the PaySense app, check the loan eligibility and get started.
Apply for Loans of upto ₹5 Lakhs easily using your phone or laptop, and pay back on low EMIs