30 JUNE, 2022

A personal loan is an easy-to-avail loan that requires no collateral and can be used for any purpose. So, whether you have to pay your medical bills, go on a holiday, help pay for your wedding, or need quick access to funds during an emergency, applying for a personal loan is the way to go. Before you do that, however, there is one very crucial and helpful step that can make the process of applying for the loan as well as repaying it back more effective and convenient. This involves using Kotak’s personal loan calculator. Not convinced? Let’s look at the reasons how this free, online tool can help you significantly:

1. Figure out the right EMI amount for you

Your personal loan Equated Monthly Instalment (EMI) may take up a sizable portion of your monthly salary. Hence, it’s important that you use the personal loan calculator to determine what amount of EMI you can comfortably manage to pay with your other financial obligations. You can adjust the loan tenure or change the loan amount multiple times with the personal loan calculator to arrive at a combination that best suits your needs.

2. Create a repayment plan

Once you have an estimate of your personal loan EMI, you can get down to the essential task of charting out a loan repayment plan by creating a monthly budget and looking at your overall personal finances. This ensures that along with paying your personal loan EMI, you can continue to meet your expenses, pay off any other debt, save and invest for financial goals, and more.

3. Maintain a good credit score

By using the personal loan calculator, you can ensure that you maintain a good credit score. This is because once you have an EMI estimate and have planned financially according to it, it will ensure that you do not default on any of your EMI payments. Defaulting on EMI payments impacts your credit score and can reduce your chances of taking other loans in the future.

4. Save time and effort

Kotak’s personal loan EMI calculator is designed in a way that ensures you get accurate results in a quick and seamless way. This saves you the effort of sitting with a calculator trying to manually calculate the personal loan EMI. Instead, with Kotak’s personal loan calculator, you can get results within a few seconds by simply entering a few basic details such as the loan amount you need, the personal loan interest rate estimate, and the tenure you want to opt for.

When you apply for personal loan or take on any debt for that matter, it is crucial that you have a sense of what that is going to mean for your finances. This means knowing the cost of borrowing i.e., the interest burden, the EMI obligation, the impact of your loan tenure, etc. Using Kotak’s personal loan EMI calculator is the first step towards this financial clarity.

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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.