In today’s fast-moving world, there is not even a second to waste. In such a lifestyle, frequent and long bank visits to avail of loans can be troublesome and inconvenient. The shift towards an online mode has led to greater convenience in getting personal loans, especially during emergencies. As long as you have a good internet connection, a smart electronic device and the necessary documents, you can apply personal loan online with no difficulties at all. Some advantages of an online instant personal loan include consolidation of expenses, the freedom to use the funds for whatever is the need, less paperwork and reasonable interest rates.
Some might be of the view that applying for a loan is complicated, and will require a lot of time and effort. The wait that happens when you apply for a loan in a bank is probably because of the excessive paperwork that is required to be followed. You will also have to visit the bank a lot, which can be troublesome. Therefore, it’s a preferred idea to get or apply for a personal loan online via the lender’s website or app.
How to Apply Online?
The following steps are to be followed:
1. Visit your lender’s website/app and apply there. The concerned platform will have a form with fields to input your basic information, and the details about your financial situation and employment to check if you’re eligible.
2. Adjust the terms of the loan according to whatever you need. Check carefully the tenure and the amount you will be granted.
3. Submit the documents. Your application needs to be verified once the eligibility criteria are met. For this, ensure to submit all the required documents, and make sure no information is fake during the entire process.
4. Get your loan! When you apply personal loan online, it’s a quick process and the loan amount is credited to your account in 24 hours.
Your Personal Loan EMI Calculator:
An EMI calculator is a shortcut to calculate how much EMI you are required. To give back each month for the instalment of the loan you’re planning to avail yourself of. This saves you the time and trouble of visiting the lender’s office again. And again and scratching your head about the EMIs.
There are also a lot of other benefits to using this. It is easily reached any time of the day you want, and it’s easy to use. It can answer your questions within seconds (you won’t even be put on hold!). And this saves you the energy and time you would’ve otherwise used to ask agents and manually calculate the required things. So, in short, you’re able to plan your finances better and also manage your monthly expenses accordingly.
That being said, there are a lot of other uses of a personal loan EMI calculator. You can find what loan tenure suits you best based on your EMI, and then accordingly choose a better interest rate. You can also judge if you meet the eligibility criteria for the loan you plan to avail of.
An EMI calculator is available online just a search away. It already has the formula programmed in, and the formulae will vary depending on the kind of loan we’re availing of. Therefore, a manual calculation is not at all required. The calculator has different options for salaried and self-employed individuals and is quite easy to navigate.
The steps to using any EMI calculator are:
1. Put in the loan amount that is to be availed.
2. Select the repayment term.
3. Choose an interest rate.
The calculator will then display the recommendations, and through these, you can skim till you find something that suits you.
Conclusion:
The process to apply personal loan online is more convenient than the previously used options. There are a lot of benefits of choosing this method, and you can even use an EMI calculator to add to the benefits. It is important to note, however, that an EMI calculator only provides an estimate of the loan one can apply for.