17 JULY, 2023

Before you avail a loan, you must be aware of all its aspects. You must know its interest rates and charges, repayment terms, tenure, default rules etc. Similarly, it is also best to be aware of your obligations beforehand. It is easier to plan your loan and make a budget when you know the monthly payments you need to make towards the loan. To compute the monthly figures, you can use calculators. Lenders provide various calculators that help compute your affordability, EMI, monthly interest, eligibility, etc. EMI calculator is one such tool that is significantly useful for personal loan borrowers. 

Experts suggest that before you avail a personal loan, you must be aware of the following aspects of a personal loan EMI calculator. Continue reading.  

What is a personal loan EMI calculator?

A personal loan EMI calculator is an online computation tool that you can use to compute loan figures like EMI, interest, etc. This calculator works on algorithms and gives instant results. To use an EMI calculator, you need to visit the lender’s website and click on the personal loan EMI calculator. In the calculator, you can use sliders or input manually the loan amount you need, loan tenure, and expected interest rates.

Aspects about Personal Loan EMI calculators you must know

  • It is a free self-help tool

You need not visit the bank or lender to know how much money you need to pay every month for your loan. It is a self-help tool that you can use for free. You use it any number of times and at any time of the day to compute your results. It is available online and is easily accessible for everyone.

  • It requires minimum details

You need not input your name, age, phone number or any personal information in this calculator. You can get the results with just three variable values that you can modify as per your need. To know your monthly EMI amount, you need to enter your loan amount, tenure and interest rates.

  • It's fast and reliable

An EMI calculator is fast and gives you results instantly. As soon as you input the values, the results are displayed within seconds. As it is based on algorithms, you can be assured that the results are error-free. Unlike manual calculations, there are no chances of any mistakes in the results you obtain from the EMI calculator.

  • It saves your time and energy

When you have this calculator, you need not spend time doing the calculations manually. You can get the results within seconds and save a lot of your time and energy.

  • It helps you plan your loan efficiently

With a personal loan EMI calculator, you can know your EMI values and determine if you can afford the loan or not. You can also make your budget beforehand and allocate expenses for other needs. With this calculator, you can plan your loan and finances efficiently.

Additional Read: Crucial Must-Know Aspects of Personal Loan EMI Calculator

You can use a personal loan EMI calculator to find the best tenure, negotiate the interest rates and get the best deals. However, ensure to ask the lenders for the exact figures before you apply for a personal loan.

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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.