If you are applying for a loan then you are ware that you will need to consider numerous factors that affect the loan. It can be mind-numbing, not just the various factors but their relevant calculation as well. Still, you should not panic because you can use a personal loan calculator to simply the decision making process. So, what are the benefits of using a loan calculator for personal loans? Let’s check them out:

Benefits of Personal Loan Calculator

Loan Interest Rate  

The most important benefit of the calculator is that it calculates the interest rate that you will need to pay to the lender. Since the loan interest rate is dependent on a variety of factors, you can alter the numbers and select the best interest rate for you.

EMIs and Tenure of the Loan

The calculator also helps in calculation of EMIs and the perfect tenure of the loan. Therefore, not only will you be able to decide the perfect value of EMIs, but also the number of EMIs that you will need to pay dependent on the tenure of the loan.

Loan Eligibility

Since the loan calculator requires a lot of information such as your income, credit rating, etc., it will also be able to tell you whether you are eligible for a loan or not. Fining out the loan eligibility before applying for the loan will save you a lot of time.

Financial Planning

Getting all the relevant information related to a loan before applying for one will help you in managing your financials better. Therefore, personal loan calculator will help you decide on reducing your expenses and the value for the duration of the loan.

Unsecured Personal Loans by PaySense

One of the aspects about loans that everyone dislikes is security. If you are availing a loan, you will try to avoid putting up any asset as collateral. So, PaySense presents instant loans up to Rs. 2 lakhs without any security. The loans will not require any collateral or even guarantor for that matter; additionally, the approval process of the loan will be completed within a few short hours. So, the next time you think of availing a loan, think of PaySense.