Here’s How Using a Personal Loan EMI Calculator is Easier Than Manual Calculations

When it comes to taking out a personal loan, there is more to think about than just the interest rate. Loan amount, tenure, and repayment capacity all need to be considered. But calculating these manually is not only complex and tedious but can also lead to miscalculations. 

Today, most lenders offer a free-to-use tool known as a personal loan EMI calculator on their websites. Rather than having to crunch numbers manually, an EMI calculator simply requires you to provide details of the loan amount, interest rate, and repayment tenure based on which it displays the EMI results. This way, you can quickly get an idea of how much your monthly payments will be and how long it will take you to pay off your loan.    

Read on to know how using a personal loan calculator is much easier than manually calculating your EMIs.

• Quick and accurate results

Using a personal calculator is much easier than manual calculations as you don’t have to use any complex formula. You simply need to enter a few basic details like the loan amount, interest rate, and tenure into the calculator, and it will show you the results instantly. This way, you can know your eligibility and efficiently plan your repayments. 

Moreover, using a personal loan calculator is completely free, and there are no hidden charges for using it. On the other hand, manual calculations of your EMI can be not only time consuming but also prone to errors.

• Compare different personal loan interest rates

With a personal loan EMI calculator, you can compare different interest rates from different lenders instantly. It can help you see how different repayment terms will affect your monthly payments, thus helping you choose the right loan. Making this kind of comparison may not be possible with manual calculations because you need to have an understanding of maths and interest rates. 

• Graphic representation of loan details 

Most personal loan EMI calculators also give a graphical representation of your loan details in the form of a pie diagram. This makes it easier to see how your EMIs will change over the loan tenure if you make prepayments or foreclosures. Not only is this quicker and easier than manual calculations, but you can also understand the loan better and make quick financial decisions. 

• Convenience of customisation 

The personal loan EMI calculator is a convenient and easy-to-use tool that can be accessed from the comfort of your home. 

Not only is it easy to access and use, but it is also customisable. You can experiment with different loan amounts, repayment periods, and interest rates to see how they would fit your monthly repayments. 

To sum up

So, these are the reasons that explain why using a personal loan EMI calculator is much easier than manual calculations. 

While manual calculations are tedious and time consuming, a personal loan EMI calculator is easily accessible online and offers a convenient solution. So, if you are applying for a personal loan, make sure to use only an online calculator to get instant and accurate results.