How do you calculate your personal loan EMI and eligibility?

Since UPI, payment wallets, and digital transactions, seeking credit services online has also gained popularity among many Indians. For those pursuing instant funds for various reasons, a personal loan becomes their financial lifeline. However, checking for eligibility and calculating EMI can often dissuade someone from completing the application process. To overcome this hurdle, you can use a personal loan EMI calculator. And the one by KreditBee, a credible online lender, makes the procedure simpler and hassle-free. 

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Understanding the basics of a personal loan

Unlike a housing or business loan, a personal loan is an unsecured loan used for various reasons, such as emergency bills, medical expenses, home repairs, and travel. At the time of approval, the loan amount, interest rate, and tenure are all fixed, allowing the borrower to decide on a suitable repaying process.

Identifying situations for seeking a loan 

It’s important to know when to take a personal loan compared to taking one without a genuine reason to avoid falling into a debt trap. While it’s true that personal loans can be secured for various reasons, the most common include:

• Medical expenses: Medical bills can often break the bank balance when you or your family faces a sudden illness, injury, or hospitalisation. Personal loans in the form of an emergency loan can cover medical treatment and costs, allowing you to focus on recovery. 
• Urgent travel: Sometimes, you may have to travel on short notice for family emergencies or other pressing matters. Depending on the situation and urgency, a personal loan covers such travel expenses.
• House repairs: A leaky roof, cracked walls, or damaged home appliances are expenses that can’t be delayed too long. This is when personal loans promptly address these issues while preventing further complications arising from neglect. 
• Car maintenance: A sudden car breakdown can put a screeching halt to your daily life. To get back on track, be it for work or other essential activities, personal loans can help ease the situation. 
• Unforeseen bills: Unanticipated bills like overdue taxes, credit card bills or legal fees can put a heavy strain on your finances. In such instances, a personal emergency loan can help clear such obligations. 

Checking your eligibility for a personal loan

KreditBee’s eligibility for a personal loan is very straightforward and basic. The main criteria are:

1. Age: 21 to 50 years 
2. Monthly income: more than Rs 10,000 monthly income
3. Citizenship: must be an Indian citizen 

Remember, meeting the eligibility criteria doesn’t necessarily guarantee your loan approval, but it gives you a clearer idea of your chances and helps you plan accordingly.

Navigating the personal loan EMI calculator 

Your personal loan EMI or equated monthly installment is the amount expected to be paid every month towards the loan taken out. It includes the principal amount and the interest. Calculating your EMI manually can be a complex task, but thanks to KreditBee’s personal loan EMI calculator, it’s a piece of cake. Here’s how:

1. Visit KreditBee’s official website- www.kreditbee.in 
2. From the ‘More’ drop-down menu, select EMI Calculator
3. On the Personal Loan EMI Calculator, input the loan details such as loan amount, interest rate, and loan tenure
4. The calculator will instantly provide you with details of the personal loan EMI 

Another benefit of using this calculator is that you experiment with different loan amounts and tenures to find the EMI that suits your budget.

Now that you know such a tool, securing a personal loan can help you manage unexpected expenses or fulfill your goals. KreditBee’s personal loan EMI calculator and eligibility checklist are a confidence booster for most borrowers. So, whether it’s a dream vacation, a grand wedding, or a medical emergency, KreditBee has your back. Say goodbye to financial stress and hello to your dreams with KreditBee!

Disclaimer: The above is a featured article and the views expressed are those of the author and do not represent the stand and views of The Tribune editorial in any manner.