About loan EMI calculator
A personal loan EMI calculator is a digital tool that calculates the regular Equated Monthly Installments (EMIs). Three main factors taken into consideration are the principal amount, the rate of interest, and loan tenure. Higher the rate of interest, higher is the EMI and vice versa. However, if the loan tenure is longer, the EMI amount will be lower as the loan is spread over a longer period of time. In case the loan is for a short term, the EMIs are considerably higher.
Tata capital personal loans
Tata Capital lends personal finance to loan seekers. There are numerous benefits of borrowing from such a reputed lending institution such as attractive interest rates, no collateral or guarantor requirements, minimal documentation, quick processing, and online EMI calculator facility. This calculator helps potential loan seekers gauge the amount they have to repay regularly.
Following are the four benefits of using a Tata Capital personal loan calculator.
- Quick calculations
Quite often, individuals take a lot of time while making manual calculations. This is due to the complexity involved in the numbers. Various factors like principal amount, interest rates, loan tenure, and other aspects have to be taken into consideration during calculations. Individuals may thereby overcome this issue by using an automated calculation system. They may explore numerous options in a very less time with the help of an EMI calculator.
- Option of customization
Tata Capital provides flexibility to adjust the repayment amount based on the individuals’ cash flow. Therefore, if they receive a surge in income due to some reason, they may increase their EMI for that particular month. Similarly, if the inflow of cash is restricted due to financial difficulties, they may pay a lower amount towards their EMI. A loan calculator takes such factors into consideration and displays the outstanding amount. Based on this amount, the further EMIs may be calculated.
- Identification of total cost of the loan
Calculators identify the total cost associated with a loan, namely interest rates, processing fee, cancellation fees, prepayment charges and legal charges. An online calculator takes such costs into account, thus helping individuals identify the total amount they would ultimately pay for the loan. Individuals must understand these fees and charges before applying for finance.
- Graphical representation
Not only does a calculator help in identifying the amount to be borrowed, but also displays the amortization schedule in the form of a pictorial diagram. The calculator shows the interest rate, principal amount, loan tenure, EMI amount, and the outstanding payment in a diagrammatic format. Loan seekers may, therefore, have a clear picture of their loan history.
Tata Capital personal loan EMI calculator helps individuals make a sound financial decision. Loan seekers may, therefore, use such calculator to their advantage while making borrowing decisions.