When you’re looking to avail of a loan to make that all-important purchase of maybe your dream house or the car that you’ve always wanted, you need to ensure that you know what you are signing up for. Not only is it important to focus on the loan amount you require, but also the ways and means that you are going to repay the loan by. How then do you know what you are letting yourself in for, and what is the amount you would need to repay month on month for the term of the loan? After all, you do not want to bite off more than you can chew, and wind up being unable to repay the loan! Spiralling into such traps will only mean that you are likely to wind up on a CIBIL defaulters list, hence it is prudent to ascertain your loan EMI amount before you take the plunge.
Where then do you check your loan EMI? It is fairly simple. Be it a bank or any other lending financial institution, they all offer a loan EMI calculator online, on their websites for ease of use. Globally too, this is an accepted practice and it is wise to check a calculator before you decide to apply for a loan with a particular lender.
When you’re checking a calculator, make sure that the information you key in (whether pertaining to your income or the loan amount you are planning to apply for) is accurate, for even the smallest change in amount would result in varied output. Further, make sure you choose the right calculator, as per the loan product you are applying for.
One thing to keep in mind is the fact that when you begin your search, look for a loan EMI calculator and not an EMI simulator. The difference between the two is that a calculator will give you the actual numbers, while a simulator will merely help you with a ballpark calculation, however close it may be to the actual, final amount.
The bottom line
Whatever be the calculator you choose, ensure that your credit score is healthy or good. While there are loans for bad credit score in the market today, they are more expensive and hence bring up your overall cost of purchase. It is always more prudent to maintain a good score so that when you do require a credit solution, you are able to get a loan at the most competitive rate of interest and other terms.
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