It is not uncommon for an individual to suddenly find themselves in a situation where they are in need of money, and arranging it at the eleventh hour would definitely not be a cakewalk. For last-minute cash crunches like these, it is a tad bit difficult to turn to personal loans online as the process could be time consuming. This is where the personal line of credit could be exactly what you need!
While there are many personal loans online, which you can opt for, a personal line of credit serves the purpose of offering credit as and when you need it. You can withdraw money as much as you need and when you need it, and you will be paying interest only on the amount you have borrowed from your line of credit.
Why do you need a personal line of credit?
There are many benefits of opting for a personal line of credit as opposed to a personal loan. Here are a few of the most significant benefits:
- Money is sanctioned to you, and you can use it as and when your need arises.
- You don’t have to get in long bank queues or wait for your loan application approval when you are in dire need of money as a line of credit is already aligned to you.
- Interest rate for a personal line of credit is lower when compared to that of personal loans online.
- You only pay interest for the amount you withdraw from the line of credit and not for the entire sum.
- It offers you much-needed flexibility.
The need for a Personal Loan EMI Calculator
If you have gone ahead and decided on the type of personal loan you want, like a personal line of credit, for example, then you need to proceed towards planning your monthly payouts. With the help of an EMI calculator, a personal loan payment plan can be made very quickly.
You simply need to know 3 things to use the Personal Loan EMI calculator:
- Your total loan amount, i.e., the principal amount you request as a personal loan from the lender.
- The rate of interest that the lender quotes you or has been finalised for the personal loan amount you need.
- The tenure for your personal loan, which is the total duration the applicant has to repay the loan amount with interest.
Tip: If you want to avail of personal loans online but need a lower interest rate, ensure your credit card bills and previous EMIs are paid on or before time and have a model CIBIL score. This will go a long way in showing you as an ideal applicant and help you get a higher personal loan amount too.
If you are looking for a personal line of credit, you can browse for the top-most lenders on Finserv MARKETS and compare the credit amount and rate of interest offered to make a wise and informed decision.