After the severe COVID-19 pandemic, there has been a rise in the number of personal loan applications in India. Self-employed and salaried individuals are affected equally which forces them to borrow to meet emergencies as well as regular expenses. The financial stability of the country has been adversely affected, as well as on an individual basis too. A personal loan online has been a sign of relief during the financial void and crisis. Since a personal loan is an affordable and flexible loan, it can be used for multi-purposes without any end usage restriction. It is important to take a personal loan during a medical crisis or even during paying the credit card bills, as it has become difficult for many to arrange funds even for fixed obligations. Due to such a crisis, instant personal loan online has gained a lot of popularity. In order to make borrowing easy, online calculators have been a prominent tool helping individuals to borrow in an affordable manner.

What is an EMI calculator?

An EMI calculator is a special calculator that is used only for borrowing purposes. It is available on various online websites absolutely free of cost. Using an EMI calculator is very easy and is usually meant for calculating installments, comparing loans, and choosing the right personal loan out of a white array of personal loan options. An EMI calculator makes calculation very easy and does not leave any space for miscalculations or errors. It is designed with a simple interface for accurate calculations without any errors. With the help of an EMI calculator, a borrower is able to compare various loan providers in order to calculate the EMI and total cost of the loan and choose an affordable loan out of all the options.

Benefits of using a loan calculator

  • Calculating your monthly installment with a loan calculator has been an easy and smooth process. If you use a loan calculator, you will be able to calculate your loan installment much before you visit your loan provider physically. Since you are going to pay your installment it is you who should be deciding the monthly installment and not your loan provider. The loan calculator will make it easy for you to compute the rate of interest, loan term, and the principal loan amount in order to get the right installment monthly. In this way, if you keep calculating by making changes in the loan term or the principal loan amount you will get various installment amounts. You need to compare the right amount that is suitable for you to pay monthly and then choose the right loan.
  • Compare all the available loan providers that you find. There are banks and non-banking financial institutions that you need to compare in order to get an affordable loan. Even a slight difference in the rate of interest will make a lot of impact in the long run. When you use a loan calculator it will be easy, accurate, and very fast in comparing all the available loan options to ideally find an affordable loan.
  • With a loan calculator at the time of borrowing, you can ensure that you get to manage your finances in the right order. When you choose the EMI right and compare all the available options to get an affordable loan, your finances stay in the right order.

Read Full: Secured & Unsecured Personal Loans: What’s the Difference?

Wrapping up

An instant personal loan online is one of the best ways to meet diversified ends. If you want a personal loan online, Clix Capital is the right place to borrow from. Meet the eligibility criteria in order to get instant approval and affordable personal loan interest rates.