Are you looking for instant financial needs? Stashfin is here for you! With only a few taps for your smartphone, you may effortlessly avail a no cost emi personal loan from us and be ready to tackle that surprising rate. However, before you eventually hit the “apply button”, take a step back and take some factors into attention that could save you cash and monetary strain in the long run. Today, in this weblog, we’ll discover the factors to take into account earlier than applying for this sort of loan. But first, let's recognize what precisely is a personal loan. As the term implies, it's a type of mortgage that can be used for any private motive. You, as a borrower, are not bound to spend the amount for a particular purpose and may spend it wherever you need. Be it buying the modern-day phone, taking place a journey with your friends, or even consolidating any ongoing debt. Things to think about before applying for a Personal Loan In Emi Only borrow as per the requirement It is a famous truth that it can be quite tempting to get a more massive mortgage than you want, but face up to the temptation! This is definitely due to the fact you’ll end up paying more interest through the years, and we're certain which you don’t want that. Therefore, best borrow the exact quantity you require to cover your instantaneous needs. Check Credit Score Before making use of such facilities, constantly test your score. An accurate rating can qualify you for a decreased price, which saves you money ultimately. Remember that making use of whilst you recognise which you received it be eligible will unnecessarily waste some time and even harm your score! Consider the current financial situation Don’t take out a Personal Loan With Emi unless you really want it and are sure you can afford the repayments. Therefore, consider your existing debts (if any), income, and essential expenses. It’s better to form a budget plan that can help you see if a loan payment fits comfortably into your finances. Read the fine print Before signing any loan agreement, understand the terms and conditions completely. This includes the repayment schedule, any prepayment penalties for paying the loan off early, and what happens if you miss a payment. Apart from taking into consideration these factors, there is another crucial step that you need to take. It’s using the Personal Loan EMI Calculator before actually availing the facility. You can find this tool on our platform. Trust us; this will help you a lot. Just enter the loan amount, rate of interest, and repayment period, and you’ll get a brief idea of your monthly EMI. This simplifies many things and helps individuals plan their finances accordingly. At Stashfin, you pay back what you borrow! Yes, you heard it right. This means that you have to pay us back the exact amount you borrowed from us initially without any rate of interest (T&C apply). Final thoughts All in all, before you actually go for an EMI instant loan, carefully consider the factors mentioned above in order to ensure that it’s the right call for you. We, at Stashfin, are there to help and guide you at each and every step in order to ensure that you avail the facility with no hassle. Moreover, don’t forget to use our EMI Calculator as well! Get in touch with us today!
For those who are in need of emergency funds, personal loans are one of the best options to avail. However, before availing it, using an EMI calculator has become quite an important tool to get a fair idea of what you’ll be reaping out of your investment. Nowadays, in the current era of digitalisation, availing such a loan is super easy and convenient. One just has to download the right application, like Stashfin, or visit our website, and you are more than good to go! What is a personal loan? As the term suggests, it is a type of unsecured loan that can help you meet your current personal financial needs. This loan type does not require you to pledge any security or collateral and is available with just basic documentation. The amount availed by the potential borrower from this loan type can be used to fulfil expenses, such as home improvements, marriage expenses, medical emergencies etc. Unlike certain types of loans, like a house or car loan that are used only for one purpose, a personal loan with EMI is flexible and can be used for a variety of purposes, as mentioned above. Moreover, they don’t require any collateral, such as a car or house, to be pledged as security in order to secure the loan. Instead, the lenders rely totally on the borrower’s creditworthiness and ability to repay the loan amount. What is a Personal Loan EMI Calculator? One of the most essential tools in the current times before availing a personal loan is this calculator. It helps the potential borrowers calculate their Equated Monthly Installments (EMIs) on a personal loan. To use this helpful tool, the borrower needs to enter certain inputs such as the amount of the loan, rate of interest and tenure. Once these mandatory details are entered, the calculator displays the EMI amount that the borrower will have to pay each month towards the loan repayment. The calculation of the EMI takes into account both the principal loan amount and the interest charged on it and is spread out over the loan tenure. How does a personal loan EMI calculator work? This tool is relatively easy to use, and people of any age group can easily use it without hesitation. Here is a step-by-step guide on how this tool works: Amount of loan The first and foremost step is to enter the amount of loan you wish to borrow from the lender. Duration Secondly, enter the tenure, i.e., the duration for which you want to borrow the loan. This is usually in months. Rate of interest The third step is to enter the rate of interest charged by the lender on the amount. Further, based on these factors, the EMI calculator calculates the monthly instalment amount you’ll have to repay the loan. The calculation is done using a mathematical formula that takes into consideration the loan amount, duration and interest rate. Conclusion The first and foremost focus of Stashfin is to offer feasibility to its users. With just a few taps/clicks, you can easily calculate everything at your fingertips and further avail a personal loan without any hassle.