05 JANUARY, 2023

When you get stuck in any financial exigency, a security-free personal loan is one of the prudent choices in such situations. This is because you can get quick access to funds once you hit on the personal loan apply button. With personal loan proceeds, you can meet any of your financial requirements like meeting your expenses for home renovation, planning your trip abroad, paying your child’s tuition fees, etc. To make the most out of the loan, it is prudent for you to take up a personal loan with conditions tailored just for you. One of the simplest ways to recognize such deals is to compare different offers using an online personal loan EMI calculator.

An online personal loan EMI calculator uses distinct features of the loan like the offered personal loan interest rate, preferred loan repayment tenure, and required personal loan proceeds, to estimate your personal loan EMI. An online personal loan EMI calculator can allow you to take an informed decision as the results calculated through it are accurate. To know more about why you must use an online personal loan EMI calculator, read on.

  • An easy and fast way to calculate your personal loan EMI

Most lenders provide an online personal loan calculator on their site, and it is often very simple to use. You can also use the personal loan EMI calculator on your smartphone. All you must do is input the basic details to get an instant outcome. Such provisions do not require any personal details to calculate the outcome. In fact, the online calculator just requires 3 major details i.e., personal loan interest rate, loan proceeds and repayment tenure, which you must input as per your requirement to get the desired personal loan EMI, and overall interest constituent. You can make changes to any of the added values on the calculator to get the desired results. In this way, you can better plan out your loan decisions with accurate information and get the personal loan as per your budget.

  • Removes the requirement for manual computations

The user-friendly procedure of an online EMI calculator assists you to avoid complicated computations. You can simply input the required loan proceeds, personal loan interest rate and repayment tenure to view your personal loan EMI, overall interest constituent and overall loan out go. This permits you to avoid the complex procedure of doing manual computations by using the personal loan EMI formula. Note that for doing manual computation, you may require using a spreadsheet, which may not just require an additional effort but a lot of time. By using an online EMI calculator, your result may be calculated instantly in just seconds, which is not possible if you conduct manual computations.

  • Gives insight into your whole repayment procedure

An online EMI calculator not just offers you information about your payable personal loan EMI but even assists you to comprehend your entire repayment pattern. The calculator comes with a loan tenure amortisation table that shows the breakup of loan proceeds that you might require to repay over the years.

  • Assists to compare different loan deals as per your affordability

With an online personal loan EMI calculator, you get the freedom to easily compare different personal loan deals. Here, you may check the final repayment specifics for different combinations of your loan terms until you get the deal that is best suited for you as per your repayment potential. Note that if you know the rate of interest offered to you, all you must do is compute your personal loan EMI and interest constituent, and then choose the option basis your affordability.

Ending note

As personal loan EMI computation through the manual route is both difficult and susceptible to miscalculations, proper use of technology is what can rescue you from such issues. You can use an online personal loan EMI calculator to get accurate and instant results within seconds as per your repayment capacity.

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Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.