EMI calculator calculates your loan EMI and has multiple benefits, which are listed below-

Saves time in doing tedious calculations : EMI calculator helps the borrower to save time in doing tedious calculations by calculating EMI in seconds, as you will get the output the moment you enter the personal loan details..

Gives accurate results : An online Calculator will give you accurate results, personal-loan-emi-calculatoras wrong calculations may lead to wrong results which can change your EMI for a personal loan and make you change your decision while taking a loan. Therefore, it is always advised to use the online EMI calculator to get precise results.

Plan your finances : Personal loan calculator tells you about your EMI which is to be paid during the loan tenure and also lets you know whether you will be able to pay back the amount or not. Always go an amount that does not affect your budget, current financial health and your credit score in case you make defaults in loan payments while paying loan EMIs.

Allows to evaluate multiple schedules : EMI calculator also allows you to view the amortisation schedules and EMIs for various combinations of loan tenures and interest rates. Thus allowing you to choose the EMIs that suit your repayment capabilities.

Reducing balance method : In this method, the interest rate is charged only on the outstanding loan amount. Generally, in this case the interest rate is higher than the flat rate, but actually, it may turn out to be cheaper as the interest is paid only on the remaining principal amount. Every month some part of EMI goes towards the principal amount, thus the interest is charged on the remaining amount. Hence, there will be a gradual reduction of the principal amount and as a result the same interest, will be applicable on the lesser amount. So, if you opt for a personal loan of ₹ 5 Lakh at 12.50% rate of interest for 3 years, the EMI will be ₹ 16,727.