Know The Use Of Online Calculators Before Applying For a Personal Loan

Personal Loan

When it comes to raising funds, very few alternatives can be considered as convenient as personal loans. Because of the collateral-free and no end-use restriction features, borrowers can access the credit only against simple eligibility and utilise the loan amount without any restriction. However, when borrowing, applicants need to check their repayment capacity as well so they can avail a loan amount as per their financial profile.

However, borrowers sometimes can find these evaluations challenging to perform. They can thus consider using free online tools like the Bajaj Finserv EMI calculator to make an informed decision and streamline loan processing. Similarly, several other personal loan calculators can help individuals to assess different aspects of the borrowing process.

List of online personal loan calculators and their use

  • Eligibility calculator

Another important part of a paperless personal loan availing process is checking your loan amount eligibility that can assist in finding out the most suitable loan value as per your eligibility and repayment capacity. Thus, individuals can use an eligibility calculator to assess the loan amount they can receive approval for conveniently. They need to put their necessary details like address, name, age, monthly earnings and expense to the calculator to arrive at a suitable amount.

The eligibility calculator thus assesses all these data and shows the maximum qualifying amount for a borrower. Nonetheless, this process provides a fair estimation of probable funding limit. So, if individuals can achieve a higher advance amount, they adopt ways to improve their eligibility.

  • Foreclosure calculator

Foreclosing a loan suggests repayment of the entire remaining amount before the initial tenor ends. When availing this facility, borrowers need to know the exact amount they owe to their lender. With the assistance of tools like a Bajaj finance personal loan calculator for foreclosure, individuals can estimate the total outstanding within seconds by submitting their existing credit details like how many EMIs they have paid already, the remaining tenor, etc.

The calculator also estimates the final foreclosure amount along with the percentage individuals can save on interest as well, making it an indispensable financial tool when planning savings on loan repayment. Individuals can thus use these calculators to get the most out of their personal lending efficiently.

  • EMI calculator

When availing a paperless personal loan, one of the major decisions to make before applying is to choose a suitable EMI amount. It helps individuals to plan their repayment while reducing the default chances. With the help of EMI calculators Excel, individuals can check their fixed monthly instalments payable throughout the tenor within seconds. They need to enter the principal amount, interest rate, and the tenor to arrive at the EMI amount.

Moreover, borrowers can also come to know the total loan liability as well as the payable interest separately for the loan tenor with tools like the Bajaj Finserv EMI calculator. So, users can understand how much they have to pay towards the interest when they choose different tenors. They can also change the loan amount and tenor entries to compare and arrive at a suitable instalment amount.

  • Part-prepayment calculator

Several financial institutions allow borrowers to utilise the part-prepayment facility that enables repayment of a part of the loan outstanding with a lump sum amount, thus reducing the monthly outgo. In these cases, individuals can use a personal loan calculator for convenient prepayment computation.

It assists borrowers to understand how many EMIs they have saved and also the total amount saved on overall credit expenses if they opt for such prepayment. Moreover, as borrowers can reduce the principal liability by part-prepaying, these calculators even let them know the updated tenor and revised EMIs payable. 

  • Flexi EMI calculator

Flexi Loan facility is an add-on benefit offered by specific lenders like Bajaj Finserv, where borrowers can make multiple withdrawals from a pre-sanctioned amount as per their requirement. Moreover, individuals need to pay interest only on the utilised amount and not on the total principal sanctioned. Here, the Bajaj personal loan calculator comes handy to make calculations like the total amount payable under this facility, EMIs payable, etc. before applying for it to make an informed decision.

Moreover, the financial institution also provides pre-approved offers that can reduce the processing time of loans by making it hassle-free. These offers are also valid on different financial products like personal loans, credit cards, business loans, etc. Before applying, individuals can view their pre-approved offer by entering their names and contact details. 

As for the personal loan calculators, tools like the Bajaj Finserv EMI calculator help applicants to plan and manage future repayment and finances efficiently. Further, borrowers can also take care to avoid mistakes while applying for a personal loan and enhance their credit profile for improved chances of approval.