Personal Loans can solve many financial problems, ranging from higher education requirements and family weddings to medical expenses and funeral bills. They provide a high level of flexibility during the loan application process and post the loan amount disbursal.
A lender won’t monitor how the funds get used post disbursal as long as they aren’t being used for anything illegal. You also have enough flexibility to apply for an instant Personal Loan from the comfort of your home and get instant approval using the official website.
Getting Personal Loan Fast Approval:
Before applying for a Personal Loan online, ensure you know how much you need. Lending institutions and NBFCs provide large amounts of money as Personal Loans, but without proper financial planning, you may not utilise the funds efficiently. Not only that, but you will also still have to pay back the amount along with the applicable interest rate.
New-age lenders like Clix Capital offer a personal loan EMI calculator tool on their websites to help online loan applicants. So, before applying, use the loan EMI calculator to calculate all three values that matter – the principal amount you are borrowing, the tenure for which you are borrowing, and the interest rate levied by the lender.
Benefits of Applying for a Personal Loan Online:
An online Personal Loan is the best way to meet emergency financial needs that your immediate savings cannot cover. It also offers several benefits you won’t get from other forms of borrowing.
1. It improves your credit score
Taking a Personal Loan and repaying it on time improves your credit history for all further credit requirements. If you choose to borrow from your savings or friends and family, your credit score is not affected in any way.
2. It saves time and effort
Traditional lenders generally ask consumers to visit their branch physically to start the loan application process. On the other hand, leading NBFCs help you begin the application process online and get personal loan instant approval without leaving your home. This is useful in situations such as medical emergencies or wedding expenses when large sums of money are needed quickly.
3. You can assess your loan expense more accurately
When you fill out a loan application physically and look at the hidden charges, you might miss some details or miscalculate your total loan expense. But an online loan application gives you access to tools like EMI calculators that help you get a broad perspective regarding your loan and financial requirements. You can see and understand how much you can afford to borrow without letting your lifestyle suffer.
4. Faster loan approval processes
Physical Personal Loan application processes can take longer. Since most Personal Loans are taken for emergencies, this could waste precious time. Applying for a Personal Loan online expedites the entire process and immediately gives you access to funds.
5. It caps your credit
Credit cards always provide cardholders with almost limitless credit access. This can lead to more debt since no checks are in place until it’s too late. Getting a Personal Loan online can cap your credit to the principal amount you borrow. Since you measure how much you borrow, there is a lower risk of falling into a debt trap with a Personal Loan compared to credit card usage.
Using a Personal Loan EMI Calculator, the Right Way:
To understand your total loan expense before you apply for an instant Personal Loan, here are a few simple steps:
- Open the EMI calculator tool.
- Enter the total amount you wish to borrow (principal).
- Enter the interest rate that applies to your lender.
- Adjust the sliders available to modify each variable. This will give you an accurate representation of how much you will have to pay after borrowing the loan.
- If your present EMI seems too high, you can either reduce your principal amount or increase your loan tenure.
If you plan to take a Personal Loan soon, make sure you understand your requirements and only take as much as necessary.