In most of the loans, collateral or asset plays the major role for loan application approval. But, in case of an unsecured loan such as a Personal Loan, the key role is played by the credit score or the CIBIL score.
A Personal Loan is a typical loan that can be used to suffice any financial requirement such as funding education, wedding, vacation, and medical expenses, and even cultural celebrations, etc. The best part of a Personal Loan Online is that lenders give approval to the loan without even asking for the cause of the loan application.
You are getting a loan without keeping any collateral can be a good aspect, but this increases the rate of interest on the loan. You should calculate the EMI amount manually, using excel sheet or with the help of an EMI calculator. The easiest and the most convenient way will be to use an EMI calculator where you put your principal amount, loan tenor and the rate of interest and you will get the exact EMI amount and the total interest that you need to pay.
To learn the process of using a Personal Loan EMI calculator, you can read: https://storeboard.com/blogs/business/how-to-calculate-interest-rate-on-personal-loans/882047
Aman Khanna is an experienced financial advisor who is well known for his ability to foretell the market trends as well as for his financial astuteness. He has an MBA in finance from Toronto University as well as years of experience delivering seminars on sound financial practices and debt management.