Loan Calculator UAE-8 Personal Loan Calculators
People living in metropolitan cities are no strangers to debt and UAE residents are no exception either.On one hand, it is good to know that Dubai/UAE has bounced back from the crisis but on the other, I still get to hear people losing jobs and those whose services were made redundant during 2008 crisis, still struggling to find news jobs and settle down. So the future is iffy and you need to think twice before you decide to take personal loan.
So before taking a personal loan, it is better to understand and know exactly how much you need to keep aside every month to pay off your loan and know whether you can afford, even in dire circumstances.
One way to calculate your monthly loan installments for a particular amount for a particular period is through loan calculators. Keeping customers’ needs in perspective, several banks and financial institutions in UAE have made available free online personal loan calculators that one can take advantage of.
What is a Loan Calculator?
A loan calculator is an online software which calculates your monthly payment amount towards your debt including interest. You can input the total principal amount of loan, term of loan, interest per year and start date.
Personal Loan Calculators:
This is a simple personal loan calculator where in you have to input your loan amount, period of loan in months and interest rate.
#2. Personal Loan EMI Calculator By Simplylife
This personal loan calculator is not only cool to look but also very user-friendly too. The best part is the sliders on amount and months. It gives you two results-one with salary transfer and one without.
This is an eloborate loan calculator by HSBC. To qualify for a HSBC loan, you have to be an UAE national or an Expatriate residing in UAE. You should be aged between 21 and 65 years. And you should have a minimum monthly income of AED 7,500 and it should be transfered to HSBC. Yeah! Lot of conditions. Again a UAE national can borrow up to AED 750,000 and an expat can borrow up to AED 500,000. You need to input a lot of other information too which includes credit card, overdraft, car loans, mortgage and other loans.
This personal loan calculator is not as eloborate as HSBC’s. You have to key in just a few details and you will get your monthly installments amount.
This loan calculator comes with a cool pie chart. You can key in the period of loan either in years or months.
Key in a few details and you get instant results!
Another simple loan calculator for your benefit.
The cool thing about this loan calculator is that it gives results in real time. Yeah, you can play around with interest and number of installments on a particular fixed amount.
So you can test out each of these loan calculators and see which gives you the best results.