A personal loan is a form of unsecured loan. It is a viable option for someone in urgent need of funds. Personal loans are available to all eligible individuals looking for emergency funds for medical expenses, marriage, vacation, etc. However, planning your finances before applying for a personal loan is better as you may end up in significant debt if you do not understand the terms of your loan.

However, personal loan calculators can help, allowing you to calculate your monthly EMIs and total interest payable. Read the article below to learn how to use a personal loan calculator to obtain a personal loan.

What is a personal loan calculator?

A personal loan calculator is an online tool that helps you estimate the amount of EMI you must pay every month based on the principal loan amount and the loan tenure. Every bank, including IDFC FIRST Bank, provides a personal loan calculator tool based on their interest rates. You can visit a preferred bank’s website and search for the loan calculator.

Using the personal loan calculator, you can also find the total interest you need to pay over a specified tenure and the total cost you incur on obtaining a personal loan.

How to use a loan calculator for acquiring a personal loan?

Since banks and financial institutions make it user-friendly, using a personal loan calculator is easy and quick. All you need is to visit the official portal of your preferred bank and search for a personal loan calculator in the loan section. Subsequently, you need to enter your loan details like the principal loan amount, interest rates offered by the bank, your preferred repayment tenure, etc.

Once you have filled in all the required details, you can tap on the submit button to get your monthly EMIs. Along with your monthly installments, the loan calculator also estimates the total loan cost you must pay over the loan tenure, including the real interest.

How does a personal loan calculator help in planning your finances?

A personal loan calculator estimates the EMI you need to pay depending on the loan amount. Based on your income and expenses, you can know in advance the possible loan amount for you and the convenience of repaying your loan. It also helps you manage your costs and make better decisions about acquiring a possible amount of personal loans.

Personal loan EMI calculators help plan your loans. IDFC FIRST Bank offers a convenient online EMI calculator along with prevailing interest rates to help simplify and speed up your decision-making. You must also find the best offers and personal loan interest rates. With IDFC FIRST Bank personal loans, you get competitive interest rates, zero processing fee if you are an IDFC FIRST Bank account holder, and a hassle-free online application process.