New Delhi, India, June 61, 2014: Deal4loans.com, an online loan information and application portal, providing valuable information on all available loans in India has launched its Save EMI Calculator. This tool is a smart way to minimize your financial outstanding and save on your current EMI by transferring it to a cheaper option which is available to you based on your profile. This is for the first time that this kind of an application is available to customers in the country.
Co-founder Deal4loans.com Rishi Mehra said, “Save EMI Calculator helps you evaluate your current outstanding, in context with the monthly spends you have to make in the form of EMIs, and get you the current prevailing options in the market, where you can switch to another Bank with a lower Rate of Interest. This tool will not only help you get a cheaper home loan but also give you the option to switch your existing personal loan and even inform you about savings if you convert your credit card outstanding to a personal loan at a much lower interest.”
There are nearly 1.90 crore card holders and close to 2.5 crore population under the retail loan debt. Deal4loans Save EMI Calculator will benefit all these borrowers who are hard-pressed under the debt cycle and hence help them save a substantial amount month on month by minimizing their EMIs. It’s a free to use calculator, openly accessible to all.
If a customer wants to apply to a bank using the tool, there would be no charge levied on the user.
How the Save EMI Calculator works:
The Save EMI Calculator will ask for your current running loan or credit card outstanding, existing lending bank and the current running Rate of Interest of the loan/credit card. You can also feed in the information like prepayment charges that shall be levied by the bank in case of pre-payment of loan along with other personal & professional basic details.
Once the details have been shared, the tool at the backend would calculate your current EMI as per the outstanding amount and map your profile with the offers running from different Banks.
The tool can provide comparisons of over 11 banks such as HDFC Ltd, ING, ICICI, HDFC Bank, DHFL, Kotak Bank and Fed Bank among others. The results displayed are of those banks which offer lower charges than the current one, in terms of interest rates, EMIs along with the factors like prepayment charges and remaining tenure of the loan. After comparing all the different offers, you can select the bank that offers you the minimum EMI.
The Save EMI Calculator not only helps in minimizing the installments by switching, it can also help in applying to the selected banks of your choice and initiate the saving process in no time. The customer can talk to the banks representative directly and understand the offerings and make the right choice.