Money View Personal Loan EMI Calculator Operations

Money View provides instant loans up to INR 5 Lakh. This lender provides short-term loans only, so the repayment period can be as short as three months. Using the loan amount you can meet any of your financial needs. This comes in handy when there is an unexpected financial emergency such as surgery, diagnosis of cancer, shortage of funds for college admission, wedding preparations, etc. And you can repay the loan in equated monthly installments with the Money View Loan EMI Calculator. Continue reading this article to know more about the Money View Personal Loan Calculator.

How to Use the Money View Personal Loan EMI Calculator?

You can use it online by visiting Money View’s official website. To do the same, check out the below instructions –

  • Click on the ‘EMI Calculator’ button present at the top of the page
  • Pick ‘Personal Loan’ from the dropdown
  • Enter your loan details such as principal amount, interest rate and tenure

When you complete the above steps, the EMI will display.

What Does the Money View Personal Loan EMI Calculator Generate?

The calculator shows the EMI, total interest and amortization schedule. Let’s know about them one after another. An EMI is an amount that you need to pay in return for the lump sum loan you take from lenders such as Money View, for a fixed period. And this could be expensive or affordable based on your loan details.

Check out the example of Sonam to know how to use the calculator for affordable EMIs.

Sonam’s wedding is due in 12 days and she needs a lump sum amount as there has been a shortage in funds. So, to pay the caterer and manager, she needs INR 1.5 Lakh. She started searching for loans and came across the  Personal Loan. There she gets the desired loan offer at an interest of 17.00% per annum. But before applying for the same, she uses the EMI Calculator to find her repayment amount.

For a 12-month tenure, her EMI is INR 13,681. Whereas the same for 60 months is INR 3,728. So, as you can see the longer the tenure the shorter will be the EMI amount.

How to Reduce Interest Payout Using Money View Personal Loan EMI Calculator?

The Money View Personal Loan EMI Calculator lets you know the total interest. With that information, you can see at which tenure the interest payout is the lowest. This way you won’t be paying much to the lender and can settle the loan quickly. The longer the tenure, the more expensive your interest will be. So, ensure the tenure remains relatively shorter. Use the calculator and find the perfect tenure for repayment of Money View Personal Loan wherein both EMI and interest are relatively less. 

Geeta’s example lets you understand choosing the right tenure for a low-interest payout.

She gets a Money View Personal Loan offer of INR 2 Lakh at 18.00% per annum. So, she uses the EMI Calculator to find the right tenure for her repayment. For 18 months, her interest payout is INR 29,701, INR 23,225 for 14 months and INR 15,298 for 9 months.

Money View Personal Loan EMI Calculator Amortization Schedule and its Benefits

An amortization schedule is displayed when you calculate the EMI using the Money View Personal Loan EMI Calculator. With that information, you can plan prepayment. Well, in this, the borrower can repay the loan balance in a lump sum. And by doing this, the borrower can reduce his/her interest payments. For this, Money View doesn’t charge any fees. 

You can foreclose the loan after seven months of continuous EMI payment. Before that, you can’t do so.

So, don’t forget to use the EMI Calculator while applying for the Short Term Personal Loan. It helps you in more ways than one.

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button