05 JUNE, 2020

Personal loans have grown to become an extremely popular financial product. Over the years, lenders have recorded a high increase in the dispersal of personal loans. This can be credited to the fact that the loan allows borrowers a convenient and quick way to generate funds in times of financial constraints. However, as with other financial decisions, a personal loan must be taken only after thoroughly evaluating every affecting factor. This includes the loan tenure, your repayment capacity, interest rates, and more. A personal loan is a liability and can affect your lifestyle indirectly or directly. Thus, you must waive off the confusion by using a personal loan EMI calculator before applying for one.

Personal loan EMI calculators are designed to help you understand how much EMI you will have to pay during the loan tenure and how it can affect your monthly budget.

Benefits of a Personal Loan EMI calculator:

  • Saves times – The EMI calculator helps you save on time that you would have to otherwise use in computing your total payable amount. Within seconds of entering the variables, you receive information on the expected EMI repayment.
  • Accurate results – The online EMI calculator brings you an assurance of receiving accurate results. There are lower chances of there being an error in the result output.
  • Compare the variables – You can alter or compare the different available variables on your personal loan. This could include the repayment tenure, loan amount, and more, before arriving at your ideal pick.

Using an EMI calculator:

To use an online personal loan EMI calculator, you will have to enter inputs that include:

  • The amount that you wish to secure in the form of a personal loan. This is essentially the principal amount that the bank will offer you.
  • The interest rate that is currently being charged by the lender. It is the percentage of the principal amount that you will pay the bank.
  • The loan tenure through which the loan account will be running. It is the period of time that you will be availing to repay your personal loans.

The use of an EMI calculator before obtaining a personal loan is a good way to begin the process. It simplifies and helps to understand the different aspects of a personal loan more effectively. All you need to do is enter your variable and choose a loan that suits your preferences best.

Additional Read: How can a Personal Loan help one to complete their bucketlist?

Benefits of Using a Personal Loan EMI Calculator

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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.