A personal loan can be availed by any nationalized bank offering such personal loan. A personal loan is offered specifically offered to the salaried people of the state and central government organizations and professional people like doctors, chartered accountants etc. The loan gets approved on the basis of monthly income of the applicants. The eligibility criteria for the loan vary according to banks. Even though this loan does not ask for any collateral security but the minimum age of the applicant should be 21 years. In case the applicant is a salaried employee, he should be in the profession continuously for 2 years. The calculations for the loan again become easy as this loan also provides a personal loan calculatorwhich is available on the internet. The calculator does all the calculations and the applicant thus repays his monthly installments.
The personal loan calculator is featured on every banks official websites to make calculations of equated monthly installments easier. For calculating the EMI following inputs are required to be inserted in the calculator – loan amount availed rate of interest and the term of loan. This facility helps the applicant in deciding which loan to opt for according to his or her financial conditions.
Summary: To calculate impeccable EMI the applicant should use personal loan calculator.
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