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Online EMI Calculator for Personal Loan

Online EMI Calculator for Personal Loan

Last updated: May 04, 2022, 06:52 AM IST

When personal loans are considered during an emergency situation, instant loan apps are a convenient source to get quick loans. But instalment is one factor that is worrisome for every borrower. Taking a loan and struggling with repayments or missing the instalments is not what is advisable for the borrowers as it negatively affects your credit score.

Hence, the best thing to do is to use the online loan EMI calculator for a personal loan to know the installments in advance. As the instant loan apps improvised with technological upgrades, free EMI calculators are conveniently in-built within the personal loan app. This enables the borrowers to derive a well-budgeted EMI that is not a burden to repay till the loan tenure is active.
 

What affects an EMI for a personal loan?


EMI for a personal loan varies depending on three variables – total loan amount, interest rate, and loan tenure. Borrowers can flexibly adjust these variables and derive an EMI that is easy to repay. Many people still rely on manual calculations assuming EMI calculators are advanced and complicated to use. However, this is absolutely false as the EMI calculator is the fastest way to equate the monthly instalment, without any errors.
 

Factors to consider while using an EMI Calculator for Personal Loan

 
  • EMIs will vary depending upon the fluctuating market rate. Hence, it is recommended to go for a fixed rate of interest rather than a floating one.
 
  • A loan taken for a shorter period has a higher EMI and loans approved for a longer period have lower EMIs
 
  • When the borrower initiates pre-payment of the loan amount, it reduces the outstanding principal amount and also a load of interest
 
  • There is a shift in EMI when the borrower transfers the current loan to a new lender

The personal loan EMI calculator gives accurate results in no time. It is a technology that saves your time in doing manual calculations. Hence, considering an EMI calculator before making a loan application is a wise thing to do.

SimplyCash by Hero FinCorp has an inbuilt loan EMI calculator helping borrowers with setting suitable EMIs. The tool is very simple and easily available on the SimplyCash loan app and website https://www.simplycash.in/loan-emi-calculator. Save your time from manual calculations and rely on the EMI calculator for quick results.


Here is how the SimplyCash EMI Calculator works for a Personal Loan:


Calculate EMIs for a personal loan between 50,000 to 1.5 lakh at SimplyCash. Considering the complex calculations involved in loan procedures, SimplyCash EMI calculator facilitates calculations of monthly instalments in minutes.
 
The working of the SimplyCash EMI calculator depends on three variables - loan amount, tenure, and interest rate. Borrowers can try different combinations of these three variables dragging the blue dot, till a suitable EMI is derived.
Many borrowers have a myth about the EMI calculator being complicated to use. However, it’s quite simple with results displayed in a graphical format. Being a flexible tool, borrowers are gradually adapting to the loan EMI calculator while availing of an instant personal loan online.

SimplyCash

SimplyCash powered by Hero FinCorp is an instant personal loan app providing cash loans of upto INR 1,50,000 for both salaried and self-employed individuals. Driven by technology and fuelled by innovation, SimplyCash solves instant cash requirements of customers in just a few simple clicks without any physical documentation or meeting. The mobile app is available to users through all popular Android play stores like Google play store, Samsung store, Xiaomi store etc. With one of the most widespread presence, SimplyCash currently offers its services in over 90 major locations in India. Known for a seamless process, instant loan disbursal and transparent pricing - SimplyCash truly lives upto the expectations of being a 'Hero' product.  

Note: SimplyCash is a duly registered trademark and is a loan product offered, managed and operated by Hero FinCorp. Hero FinCorp Limited is a Non-Banking Financial Company registered under the provisions of Reserve Bank of India ("RBI") and is in the business of finance and lending.

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