23 NOVEMBER, 2022

Know how a personal loan EMI calculator can help you budget well this festive season

Festivals present an opportunity for you to indulge in delectable food and exchange presents. Besides this, festivals are also looked upon as an auspicious time to make big-ticket purchases like a new car, gadgets, jewelry, etc. Many even consider renovating their homes before the festival to add some glamour and sparkle to such celebrations.

While festivities demand massive splurging, there may be events when your cash flow may not permit you to do this right away. For instance, your much-awaited bonus may be delayed, your last assignment payment may arrive late, or simply you may find it difficult to afford the extravagance from your disposable fund. To ensure all your festival arrangements go as planned, you can bridge your financial mismatches with an instant personal loan.

However, before you click on the personal loan apply option on the selected lender’s website, ensure to conduct in-depth research to zero in on the appropriate personal loan EMI, interest rate and loan repayment tenure as per your repayment capacity by using an online personal loan EMI calculator. Read on to know how using an online personal loan EMI calculator before opting for a personal loan can prove advantageous for you.

  • Easy and quick route to calculate personal loan EMI

Most lenders provide a personal loan EMI calculator on their site, which is very simple to use. All you must do is input the basic loan details and get instant results. To use such calculators, you do not need to provide any personal details and can compute as many calculations as you want at zero cost. Additionally, online EMI calculators even come with suggestions that help with selecting an appropriate lender.

  • Removes the requirement for manual computations

Almost all online personal loan EMI calculators have a user-friendly procedure. To use the online calculator, you must input the desired loan proceeds, personal loan interest rate, and loan repayment tenure and the EMI figure along with the overall interest constituent will be displayed instantly. By using the online calculator, you can avoid the tedious procedure of conducting manual computations through the EMI formula. Note routing for manual calculation leaves room for mistakes and errors. You can eliminate the scope of manual errors by using a personal loan EMI calculator as such calculators provide accurate outcomes instantly.

  • Offers insight into the whole repayment procedure

An online EMI calculator not just provides you with details about your EMIs but also assists you to comprehend your loan repayment patterns. It shows an amortization table for your repayment tenure displaying the breakup of the loan amount you must repay. This table includes the percentage of principal and interest constituents and how they contribute to every EMI. The computed figure in the table often is accurate and helps when planning loan prepayment.

Ending note

Opting for a personal loan to meet your festive season mismatches can be a prudent route as it allows you to relish the festivities with zero financial stress and constraints. Also, it acts as an ideal instrument, which allows you to meet your shortfalls without touching your savings and investments earmarked for financial goals.

In addition to the benefits of availing a personal loan, irresponsible credit behaviors like delaying or defaulting on loan repayments may not just hamper your credit score but also reduce your potential of getting approval for any credits in the future. Here’s where an online personal loan EMI calculator can help you. By using the calculator, you can decide on an appropriate personal loan EMI and repayment tenure as per your financial cash flows and repayment capacity, which may allow you to lower the chances of committing defaults in the future.

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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.