If you are planning to opt for a personal loan, keep in mind to have crossed a checklist before you do so. Availing of such loan types is undoubtedly an easy task, but you need to have a clear picture first of why you need this loan. Further, once you are eligible for this loan, there are tools such as a Personal loan calculator that help you with various aspects.
We at Stashfin offer this tool for all potential borrowers so that they can easily avail of this facility by keeping in mind all the factors. Convenience, safety, and security is our topmost priority for all borrowers.
What is a personal loan?
It is a loan type that individuals can borrow easily from a bank or financial institution in order to fulfill their personal financial needs. Unlike certain types of loans that are specifically designed for a particular purpose, like a mortgage for buying a home or an auto loan for purchasing a car, a personal loan can be used for various purposes at the discretion of the borrower.
These loans are versatile in nature and can easily be used for a wide range of personal expenses. This can include consolidating high-interest debt, paying for medical bills, financing a home renovation, covering education costs, funding a wedding or event, etc. The lender, whoever it may be, does not impose any kind of restrictions on how you, as a borrower, use the loan.
What is a personal loan calculator?
It is a pretty helpful tool that allows you to estimate the monthly payments and total cost of a personal loan based on specific inputs. It basically helps you understand the financial implications of taking out a loan and allows the borrower to quickly compare different loan options before actually opting for it.
How to calculate your eligibility with a personal loan calculator?
In order to calculate your eligibility, you should follow the below mentioned four steps:
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Open the personal loan calculator
Go to our official website and easily access the calculator.
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Enter Loan Criteria
Input the necessary information, such as the loan amount, tenure as well as the rate of interest.
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Calculate monthly payments
The tool will help you compute the estimated monthly payments based on the amount of the loan, the rate of interest, and the loan term you are provided.
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Evaluate Affordability
Compare the estimated monthly payments against your monthly income as well as expenses. Make sure that you can easily afford the monthly payments without straining your budget or finances.
Conclusion
This is no doubt a valuable tool for individuals who are planning to avail of this type of loan. It allows you to estimate monthly payments, the total amount to be repaid, and the total interest paid based on the amount of loan, rate of interest, and loan tenure. Therefore, by using this tool offered by Stashfin, a new loan app, you as a potential borrower, can make well-informed decisions about your borrowing needs and evaluate loan affordability.
