Personal loans while important also present their sets of challenges. That is not to say that are not beneficial. IN fact, personal loans are one of the most important financial tools for you. However, deciding upon a personal loan and its various aspects require a lot of research and calculation. Still, all of that is made easy by an EMI calculator. As the name suggests, helps in determining the EMIs that you will need to pay every month to the lender to repay the loan. However, it can be used for more than that. In fact, the calculator has many more uses that will reduce the headache you may get from deciding about all the aspects of a loan. So, how does an EMI calculator help?

Importance of EMI Calculator

There are a lot of uses and benefits for calculators used for EMIs. Each of them may not be as important but still provides benefits to you in figuring out more about the personal loan.

EMIs

The first aspect is obviously the EMIs. You can find out in advance the value of each EMI and the number of EMIs that you will need to pay. This helps you in understanding whether you will be able to afford the loan or not. Additionally, it will also provide you insights into how to manage your expense during the tenure of the loan.

The Tenure of the Loan

You can also find out the perfect and best suited tenure of the loan from the calculator. If you decide on paying a large number of EMIs to reduce the interest rate of the loan, then your tenure of the loan would be greater and vice-versa. You can alter the value and number of the EMIs to ensure that you get the best tenure of the loan possible.

Interest Rate

Interest rate is one of the most important aspects of a personal loan. However, interest Is dependent on a number of factors including EMIs and tenure of the loan. Since you can determine the best EMI and tenure of the loan from the calculator, you will be able to determine the best interest rate by altering the value till you are satisfied.

Loan Eligibility

You can also use the calculator to find out whether you are eligible for the loan or not. Since the calculator asks for information such as your monthly or annual income, you will be able to find out whether you are eligible for the loan or not.

Credit Rating

You have to enter your credit rating when you use the calculator as it helps in providing you the required figure. So, if your credit rating is bad and the interest rate you have to pay is very high, you should not apply for the loan. Instead, you should improve your credit rating and then consider applying for the loan.

EMI calculation Formula

The calculator is already programmed with the formula that will be sued depending on the loan. You may not be aware but there are different formulae to calculate different types of loan. Therefore, you will not have to worry about calculating it manually or wondering whether the correct formula was used.

Comparison

Since you can get a lot of information on various aspects of a loan from the calculator, you can use it for comparison. You can use the calculator to compare various results depending on the values chosen by you to get the best interest rate, EMIs, tenure, etc.

Customizable

Since values of all aspects in the calculator are customizable, you can alter the values till you are satisfied that you have gotten the best result. Therefore, it will help you in availing the perfect loan for you with the best possible values.

Convenient Loans with PaySense

The pace of the current world is such that you find it difficult to manage your time. So, you cannot afford to waste it on trivial matters that can be streamlined if needed. However, when it comes to loan, you may think that since it is a complicated process, the time consumed will obviously be more. Well, you should know that selection and approval of loans do not consume much time. However, if you were to apply to a bank, you are bound to be kept waiting. The bureaucracies and redundant processes of banks take forever to complete. Therefore, it may not be a good idea to apply to a bank for loan if you need them instantly. Furthermore, if you apply for a loan at the bank, then you will need to visit the bank a lot of times not just for the approval and documentation but also for taking an update on the progress. So, here is the solution to these problems, PaySense. It is an instant loan provider that you can access through mobile app. Not only can you apply for the loans through the app but also check for updates and all other relevant details. Most importantly, the approval process of the loan does not take too much of time. You can get a loan up to Rs. 2 lakhs in an instant without having to leave your home.