A Personal Loan is the easiest and fastest way to get instant money that helps meet emergency financial needs. From home renovations to wedding expenses to medical bill payments to buying your favourite gadget – you can apply for an instant loan without leaving your home.
Using a Personal Loan Calculator OnlineOnce the loan amount gets disbursed to the borrower’s account, the borrower might feel like the hard part is over. But the truth is getting a loan is the easy part of the journey. The more significant challenge is the loan repayment in instalments every month until the end of the loan tenure. Using a Personal Loan calculator can help you calculate, in an instant, how much you will have to repay based on how much you borrow and the repayment tenure. In short, it helps you check your Personal Loan Eligibility before applying. Most NBFCs like Clix Capital provide Personal Loan calculators on their websites for borrowers for free.
Here’s how a Personal Loan calculator works:
- Enter the Personal Loan amount you wish to borrow. This amount is called the principal amount.
- Enter the rate of interest that your lender is charging on your loan.
- Adjust the slider to determine your loan tenure.
- Based on the values of your P (principal), N (number of years for repayment) and R (rate of interest), the Personal Loan EMI calculator will tell you the exact loan expense you will incur.