How to Calculate Your Loan Monthly EMI & Costs

If you were looking to fulfil your monetary needs, you don’t have to liquidate your assets and savings. It is because you can secure a personal loan from a known lender in your city without pledging any collateral. 

As per your eligibility and lender’s norms, you may get a considerable loan amount that you can use without restrictions. 

The credit score for personal loan approval is required to be 750 or more. 

You can also increase CIBIL score by making timely repayments towards your existing loan EMIs and other debts.  

You can also be sure of the exact personal loan EMI amount even before applying for the loan. This way, you can be sure of how much to pay per month and manage your outlays accordingly. 

It is possible by using a personal loan calculator such as the EMI calculator. 

If you wish to know how to calculate your monthly loan EMIs and overall costs, this post is for you. Read on!

Here’s how you can calculate your personal loan EMIs

  1. You will need to browse and land on the website of the loan provider you wish to apply for the personal loan with. 
  2. On the personal loan page, you will find many calculators. You will have to open the personal loan calculator for EMI. 
  3. You will have to choose the desired loan amount, tenor you will repay it within, and the applicable rate of interest. 
  4. Once you select these aspects, the personal loan calculator for EMI calculation will showcase the exact loan EMI amount. The personal loan EMI calculator will also showcase the total interest charges you will have to pay. It will also display the total loan cost (principal + interest). 

The benefits of using the personal loan EMI calculator are many. It is an online tool, which means that it is available 24/7. You can use it from anywhere and even in the dead of night. The tool is also available free of cost. 

The results showcased by the tool are in real-time and error-free. Based on the results showcased by the EMI calculator, you can plan your finances easily. This way, you can approach your personal loan application with confidence and manage its repayment without defaults. 

How to pay lower personal loan EMI?

Nobody wants to pay bigger loan EMIs that hamper their outlays. By following a few easy tips, you can start paying lower EMIs. Let’s take a look:  

  • Go for a longer repayment tenor 

You may have to deal with extra interest charges for opting for longer loan repayment duration. But you will also be able to pay reduced EMIs. It is because you can spread the loan amount over a longer tenor. 

  • Negotiate with your lender

If your credit score is higher, and repayment and employment record is clean, you can negotiate with your lender for a lower interest rate. 

  • Shop around

You should also shop around and compare all loan offers beforehand. This way, you will be able to pick an offer that best matches your needs and repayment capacity. 

You can start using the personal loan calculator online today, and get an idea of the precise EMI amount and total loan cost. You can borrow money online from Bajaj Finserv.

Bajaj Finserv brings to you pre-approved loan offers on personal loans, home loans and more. It can simplify your loan processing and make it faster. 

By sharing your basic details like your name and mobile number, you can check out your pre-approved loan offers now.     

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