J&K Bank Personal Loan EMI Calculator

Suppose you borrow a loan of Rs. 8 lakh @ 10% p.a. for a tenure of 5 years, then the following will be your amortization schedule for 1 year. For the remaining period, the principal component will continue to increase at the same pace, while the interest portion will gradually decrease.

The major benefits of using J&K Bank Personal Loan EMI Calculator are as follows:

Quick Results

J&K Bank Personal Loan EMI Calculator would help calculate complex EMI calculations in seconds and hence, save a lot of time. It would also help avoid the chances of errors that arise during manual calculations involving complicated formulas.

Ease of Access

J&K Bank Personal Loan EMI Calculator helps the prospective loan applicants to calculate their EMI amount without any hassle. All you have to do is enter the principal loan amount, interest rate and choose the desired loan tenure to find the value of your monthly installments.

Improve Personal Loan Eligibility

Lenders usually approve the personal loan applications of applicants whose total EMI obligations, including that of the proposed loan EMI, does not exceed 50-60% of their total monthly income. Using J&K Bank Personal Loan EMI Calculator will also give the prospective loan applicants a fair idea of their EMIs. The applicants exceeding the mentioned limit would be able to reduce the EMI when making their personal loan application. Along with improving the eligibility for J&K Bank personal loan, it will also help the prospective applicants to improve their chances of getting their personal loan approved.

Healthy Credit Score

Personal loan applicants who use the J&K Bank Personal Loan EMI Calculator to calculate their monthly installments would be better prepared to manage their finances for loan repayments within the given tenure. Such applicants would also have fewer chances of defaulting on their EMIs, which in turn will help improve or maintain their credit scores.

Budget Management

Since the EMI amount for personal loans availed at fixed interest rates remain constant during the entire tenure of the loan, the applicants can use J&K Bank Personal Loan EMI Calculator to find the exact amount they have to repay every month. This way, they would get the chance to find out their repayment capacity and accordingly adjust their monthly expenses accordingly to fit in the EMI amount.

Considering the above-mentioned factors, prospective personal loan  applicants can use the J&K Bank Personal Loan EMI Calculator to determine the optimum tenure and EMI for their J&K Bank Personal Loan based on their repayment capacity.