Tips to use EMI Calculator for Personal Loans

Nov 2, 2023

When it comes to borrowing money for important life expenses, personal loans have emerged as a popular choice. However, it is important to understand the financial calculations and its other aspects before applying for a personal loan. To help you to navigate the complexities of a personal loan management a Personal Loan EMI (Equated Monthly Installments) calculator can be a valuable tool. In this blog, we’ll dive into the top tips and tricks to use an EMI calculator online to make informed decisions and manage your loans responsibly.

What is EMI?

EMI stands for Equated Monthly Installments, these are basically the monthly installment payments made by borrowers to lenders. EMIs are commonly used to repay personal loans, home loans, car loans, or any other installment-based loans. The EMI can be Interest-free which is typically known as ‘No-cost EMI’ or can consist of both the principal amount and the interest due on the loan, spread over the loan’s tenure.

What is an EMI calculator?

An EMI calculator online is a basic calculator that helps you to calculate the EMI, interest, and monthly reducing balance based on principal amount, loan tenure, and interest rate. The formula to calculate EMI involves complex mathematical calculations, but it essentially determines a fixed amount that the borrower needs to pay every month to clear the loan within the agreed-upon time frame.

How to use VIVA Money’s Personal Loan EMI Calculator?

Using an EMI calculator online is a very simple and straightforward process. Follow the steps to use the VIVA Money EMI calculator:

Download VIVA Money – Instant Personal Loan App from the Android Play Store or iOS App Store or you can visit: https://vivamoney.in.
Sign up or Login with your mobile number using the OTP
Now scroll down to Personal Loan EMI Calculator section
Add your desired loan amount
Add other details of the loan – Interest rates, EMI tenures.
Now click on the ‘Apply’ button
Now we can check your exact monthly installments or the EMI amount

In this step, it is important to add all the correct data to get accurate details. You can also refer to the VIVA Money’s Personal Loan Eligibility Calculator for more details.

As now we already know what is an EMI calculator, how to calculate EMI and why it is important to use before taking any kind of loan, let’s dive into the top tips and tricks for how to use an EMI calculator for personal loans:

Start with the basics:

Before you dive into using the Personal Loan EMI calculator, it’s crucial to understand the basics first. Understanding the basic components of a personal loan is an important step before applying. The major factors of a personal loan are – loan amount, interest rates, loan duration, and the EMI amount (The amount of money that will be deducted every month on the selected date).

Check with some reliable EMI calculators:

As there are multiple monthly EMI calculators available in the market, make sure to use a reliable Personal Loan EMI calculator to get accurate results. VIVA Money is the best EMI calculator online and gives you 100% accurate data when it comes to calculating EMI. Avoid outdated tools to avoid inaccurate results and lead to faulty financial planning. We suggest using the best EMI calculator to get the accurate results.

Accurate Loan amount and interest rates:

When you are calculating the EMI, it is crucial to put the exact loan amount and the interest rates. A piece of minor missing information can make a significant impact on the overall repayment amount. That’s why we suggest verifying the details with your lender or loan agreement to avoid discrepancies.

Experiment with Loan Tenures:

Feel free to do some experiments with the available best emi calculators online. The loan tenure or the duration of the repayment loan directly affects the EMI. Use the best EMI calculator online to do some experiments with different loan tenures to find the right balance between comfortable monthly payments and overall interest cost. The EMIs may be higher with shorter tenures, but the interest expenses will be lower in the long run.

Compare different loan offers:

If you’re considering multiple loan offers, then the EMI Calculator for Personal Loans can be the best tool to compare different loans and their features. By comparing different EMI amounts, interest rates, and loan tenures side by side, you can predict the upcoming spending and other costs to plan a better financial goal.

Plan for Future Financial Goals:

When you are using a Personal Loan EMI calculator, take a holistic approach to your financial situation. For a stable financial future, align your personal loan with your future financial goals, investments, and expenses. Personal loans are significant financial commitments.

Conclusion:

Using an EMI calculator for personal loans is a crucial step toward responsible borrowing and effective financial planning. By mastering this tool, you can gain valuable insights into your loan repayment journey, make well-informed decisions, and maintain better control over your finances. We suggest considering multiple loan offers with different tenure and interest rates, reading the fine print about the loan and other documentation, and seeking advice from financial experts if needed. We also suggest using VIVA Money’s Personal Loan Eligibility calculator to get accurate data so you can plan your financial budget accordingly. With careful planning and the right approach, a personal loan can be a useful tool to achieve your aspirations while maintaining financial stability.