While taking an instant personal loan online may have its host of benefits, you must calculate your EMIs before finalizing the loan. This allows you to estimate the total amount of the loan it will be possible for you to withdraw, as well as knowing the interest rate on the loan. 

Elaborating on the above, find below a few reasons why you should plan your EMIs before taking a loan: 

Allows you to estimate how much money you need to borrow 

Using a personal loan EMI calculator, it becomes easy to calculate the sum of money for the loan that you will be able to return monthly. 

Prepayment is possible

Since you already may have your EMI amounts jotted down, it becomes easy to pay off the loan sooner if you get a salary raise or an unexpected bonus. This saves you from returning more money to the lender since you cut down on interest this way. 

Calculating repayment

Taking an instant personal loan online may help you in emergencies, but this plan can backfire if not done correctly. You must be comfortable with the amount you have to give back each month. For this, you must factor in your monthly salary, your monthly expenses, any pending loans you may have, and the number of working years you have left. 

Hence, it may be visible that planning out your EMIs before borrowing money can grant you an easier financial life overall. Using a personal loan EMI calculator also makes this quite easy.  

Must Read: Simple Tips To Select The Best Personal Loan