Easiest ways to calculate Personal Loan EMI

A large number of people find it difficult to choose their loan options as they cannot seem to ascertain the exact amount of Equated Monthly Installment or EMI they would need to pay for their loans.  With a wide range of loan options from various public banks, private sector banks as well as non banking financial companies offering varying rate of interest, it is easier for consumers to get confused while calculating the exact EMI amount they would need to pay each month.  Considering the fact that the monthly EMI is one of the biggest yardsticks users need to know before they can finalize any loan, BankBazaar.com, India’s largest financial marketplace has introduced a loan calculator tool that acts as a one stop shop for all personal loan needs.

Bankbazaar.com Personal Loan Calculator:

Bankbazaar.com, the most popular online financial marketplace has introduced its personal loan calculator allowing applicants to check their personal loan EMIs depending on their loan amount and tenure periods. The personal loan calculator tool is a multipurpose tool that checks for loan eligibility, showcases various personal loan options from various banks and NBFCs and provides a complete insight into the financial aspects of the loan.

From interest rate to processing fee, equated monthly installments that the borrower would need to pay each month, the loan financial are dissected providing a complete picture. Once the user selects the desired personal loan option, the loan is approved instantly and forwarded to the loan department of the concerned bank for further action.

Calculating Personal Loan EMI:

BankBazaar.com personal loan calculator tools seeks inputs from the user including his or her monthly take home salary for salaried individuals and overall earnings in case of a self employed individuals. Depending on the quantum of loan requested by the user and the tenure, the loan calculator tool offers loan options from various partner banks and NBFCs. Top banks and non banking financial companies in India are working in collaboration with Bankbazaar.com. To mention a few-HDFC Bank, ICICI Bank, Axis Bank, Bajaj Finserv, IndusInd Bank, Fullerton India and Standard Chartered Bank. Personal loan quote from each bank or NBFC is listed in detail along with the EMI required to be paid by the user depending on the rate of interested charged by the bank. Any processing fee and other charges are also listed in detail making it easier for the loan applicant to understand the various expenses involved in each step of the personal loan application.

Loan Comparison for Easier Selection:

A lot of users often get confused as to which bank they should choose when it comes to personal loans. While a large number of people prefer public sector banks over private banks due to better rate of interest in some cases, various non-banking financial companies and private sector banks have a better customer care support system in case one is faced with any issue regarding the loan or its repayment.

BankBazaar.com’s loan calculator tool allows users to overcome this selection dilemma by providing a real time customer feedback section from active loan applicants from each bank. Users share their feedback about the banks they have taken a personal loan helping new borrowers to make up their mind on whether to go in for a particular bank or not.