Calculate EMI on Personal Loan Using Personal Loan EMI Calculator Calculate EMI on Personal Loan using personal loan | Page 3

● Includes processing fee in the calculation
Personal loans come with a processing fee. This is normally a percentage of the loan amount. EMI
calculators include the processing fee with the loan amount to calculate EMI.
● Saves time
How much time do you take doing the calculations on pen and paper? EMI calculators do this in
seconds. This saves you a lot of time.
Calculating EMI before taking a loan has its benefits. Firstly, you know what your monthly outflow
is and how you’ll have to budget your expenses. Second, comparing EMIs helps assess your
repayment capacity. You can take a loan that you can repay on time.
It can be pretty nifty to use an EMI calculator, since everything is already done for you and all you
really need to do is enter in the variables. That not only saves you a lot of time, it can help you find a
loan agreement that suits you personally, without ever walking into a bank. That kind of
convenience can’t be beat.
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