A personal loan is a loan taken from a bank, or any other financial organization that can be repaid in fixed monthly payments, or instalments. In case of an urgent need of funds, a personal loan is a suitable option for any individual as it does not require a collateral. Another reason for going for personal loans is that it can be used or any purpose, right from consolidating debt to funding for investments or even financing for a big-ticket purchase. A Personal loan has many benefits associated with it.
Also Read: How EMI Calculator Can be Crucial in the Plan of getting a Personal Loan
However, if not paid back on time, it could become a liability and can even impact one’s credit score. Therefore, it is better to be pre-planned with finances to manage the EMIs. This could be done with personal loan EMI calculators. A personal loan EMI calculator calculates the monthly EMI that needs to be paid on a particular loan amount based on the interest rate and tenor of the loan.
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