When you’re in need of immediate funds, a personal loan can be a great option. Whether it’s for a medical emergency, home renovation, or even a vacation, personal loans offer the flexibility to meet various financial needs.
However, with numerous banks and financial institutions offering personal loans, choosing the right one can be challenging. This is where a personal loan EMI calculator becomes invaluable.
What is a Personal Loan?
A personal loan is an unsecured loan, meaning you do not need to provide any collateral or security to the lender. The loan amount can be used for any purpose, making it a popular choice among borrowers. Personal loans typically come with fixed interest rates and a set repayment tenure, which can range from one to five years or more.
What is a Personal Loan EMI Calculator?
A personal loan EMI calculator is an online tool that helps you estimate the Equated Monthly Instalment (EMI) you need to pay for a personal loan. It considers the loan amount, interest rate, and repayment tenure to give you an accurate EMI figure. This tool is highly useful for comparing different personal loan offers, allowing you to make an informed decision.
Features of a Personal Loan EMI Calculator
- Loan Amount: Enter the amount you wish to borrow. This can range from a few thousand to several lakhs, depending on your needs and eligibility.
- Interest Rate: Input the interest rate offered by the lender. Interest rates vary based on the lender’s policies and your credit profile.
- Repayment Tenure: Choose the duration for which you wish to repay the loan. Longer tenures reduce the EMI but increase the total interest paid.
- EMI Calculation: The calculator computes the EMI instantly, showing the monthly amount you need to pay.
- Amortisation Schedule: Some calculators provide a detailed breakdown of each EMI, showing the principal and interest components.
How to Use a Personal Loan EMI Calculator?
Using a personal loan EMI calculator is straightforward. Here’s a step-by-step guide:
- Enter Loan Amount: Input the desired loan amount you wish to borrow.
- Input Interest Rate: Enter the interest rate offered by the lender.
- Select Loan Tenure: Choose the repayment period in months or years.
- Click Calculate: The calculator will instantly display the EMI amount along with an amortisation schedule if available.
- Compare Offers: Adjust the inputs to compare different loan offers and select the best one.
Using Airtel Personal Loan EMI Calculator
Airtel provides a user-friendly personal loan EMI calculator that can be accessed through the Airtel Thanks App. Here’s how you can use it:
- Visit Airtel Website: To get access to the Personal Loan EMI calculator, first visit the Airtel Website and browse for the personal loan section.
- Access EMI Calculator: Find the EMI calculator tool within the personal loan section.
- Input Loan Details: Enter the loan amount, interest rate, and repayment tenure.
- Calculate EMI: Click on the calculate button to get the EMI amount.
- Compare and Choose: Use the calculator to compare different loan offers by adjusting the loan details.
Steps to Apply for a Personal Loan through the Airtel Thanks App
Applying for a personal loan through the Airtel Thanks App is simple and convenient. Here’s a step-by-step guide:
- Download and Install the App: Ensure you have the Airtel Thanks App installed on your smartphone.
- Register/Login: Register or log in using your mobile number and OTP.
- Navigate to Loans Section: Go to the ‘Financial Service’ section within the app.
- Check Eligibility: Enter the required details to check your loan eligibility.
- Choose Loan Amount and Tenure: Select the desired loan amount and repayment tenure.
- Submit Documents: Upload the necessary documents such as ID proof, address proof, and income proof.
- Apply for a Loan: Review the details and submit your loan application.
- Approval and Disbursal: Once approved, the loan amount will be disbursed directly into your bank account.
A personal loan can be a practical solution for various financial needs, but choosing the right loan is crucial. A personal loan EMI calculator is an essential tool for comparing different loan offers, ensuring you select the most suitable option. By using the Airtel personal loan EMI calculator through the Airtel Thanks App, you can easily compute EMIs and make informed decisions. The seamless process of applying for a personal loan via the app further simplifies your financial journey, making it an excellent choice for managing your financial needs.