Usage of personal loan calculator: – The application of personal loan calculator is so simple and easy. These devices are mainly used to find out the amount to be repaid in equal installments for clearing the loan taken. For this, the data to be furnished in the personal loan calculator are principal loan amount, rate of interest and repayment tenure. For getting the affordable loan amount for an individual, the information required to be furnished is monthly repayable amount together with repayment tenure and rate of interest. Thus the loan borrowers are very much benefited by the usage of this tool.  Certain online loan lenders arrange the calculators to their personal loan customers then and there.

Advantages of personal loan calculator: - The personal loan calculator is very convenient and comfortable as far as the financial advisors and loan planners are concerned. By this method the borrowers can have correct picture regarding the loan they are going to take. The features of personal loan calculator are as follows.

1. Enables the loan planners to study the aspects of various financing methods.
2. Helps to choose a proper loan scheme according to the customer’s financial status.
3. Personal loan calculator is helpful to compare the various loan offerings.
4. Application and planning of loan amount can be done effectively with this.
5. The available tax benefits in personal loans can be studied by this calculator.
6. Support borrowers to maintain good credit history with affordable repayment.
7. Assist borrowers to compare various loan schemes and choose the most suitable one.

While applying for a personal loan, the borrowers must make sure that they can repay the same in regular monthly installments. A personal loan calculator assists such individuals in this regard to a great extend. By choosing affordable loan scheme, the borrowers can keep very good credit record which enables them to qualify for other types of loans. The tax benefits available from various personal loans can be studied very correctly by this device. All loan providers have their own personal loan calculators to find out the best loan option with respect to the affordability of their customers.

Features of SBI personal loans

1. SBI Saral Personal Loans are convenient and affordable to common men.
2. Security is not required for availing the SBI personal loans.
3. The maximum repayment tenure of any personal loan is 48 months.
4. SBI interest rates are highly competitive when compared to the same of other Banks.
5. Processing charges vary from 2 to 3 percent of the loan amount.
6. Loan amount will be provided only after deducting the processing fees.
7. Neither administrative nor hidden costs are charged for SBI personal loans.
8. Only one percent of the loan is charged for the prepayments made within six months.
9. Important documents are to be furnished as mentioned in the loan application.
10. Any Indian citizen who is capable to repay the loan amount is eligible for this loan.

Documents to be submitted for SBI personal loans

1. Recent photographs and documents to prove identity of the applicant.
2. Copy of any government bill as proof of residential address.
3. Latest bank statement for the last six months.
4. It is mandatory for employees to submit latest salary slip along with form.
5. Processing fee cheque drawn in favor of the bank.

State Bank of India is the leading financial institution in India. Their personal loans are flexible in nature and affordable to ordinary people. Their interest rates are low when compared to other banks.  The 48 months repayment tenure is a beneficial timeframe for the borrowers. Personal loan is not meant for any particular purpose.  Hence, they can be used for the emergency requirements of individuals. Nowadays these personal loans are widely used for the remittance of credit card debts because the interest rates on credit card dealings are more than that of personal loans. Thus, the SBI personal loans have great influence in the life of an average citizen.

Availability of HDFC personal loan

The age limit for availing HDFC personal loans is 21 to 60 years. For the easy processing of the loan application they must furnish the necessary documents along with the application. The minimum monthly income prescribed for the availability of HDFC personal loans is Rs.10, 000. In the case of self employed persons, the minimum age limit required to qualify for the same is 25 years. They are eligible to apply for these loans up to 65 years of age. They must have completed a minimum of 4 to 7 years in their respective venture to consider them for HDFC personal loans. For such applicants, the minimum net profit to be achieved for purchasing these loans is Rs.100000 in a year.

Features of HDFC personal loans

HDFC personal loans are specially designed to accommodate all the personal needs of customers. Their general features are as follows.

1. Loan amount – Customers are eligible to get up to Rs.15, 00000 as personal loan.
2. Loan repayment – The repayment tenure of HDFC personal loans varies between 12 to 60 months depending upon the amount taken.
3. Rate of interest – The interest rates of HDFC personal loans are very much competitive as per the industry standards.
4. Easy loans – These personal loans are absolutely hassle less in nature. Their quick processing is very much customer friendly.

1. Collateral free loans – For the availability of HDFC personal loans, the borrowers need not pledge any asset as collateral. Neither security nor guarantor is also required for this.
2. Additional benefits – The terms and conditions of these personal loans are further liberalized for HDFC bank account holders.
3. Income source documents – Even though the income source documents are essential for personal loans, the existing HDFC loan holders with faultless repayments are exempted from this.

For meeting emergency financial requirements HDFC personal loans are the ideal option. These are easy loans with liberal terms and conditions. The customers having HDFC bank account can enjoy further concessions in the personal loan purchase. It is desirable for loan borrowers to repay the installments properly. Such customers can apply for fresh personal loan before completing the repayments of the existing one. Certain HDFC personal loans also offer accident coverage to loan holders. This is an additional feature which has made them popular throughout.