09 MARCH, 2022

You might know that a personal loan can help fund your varied needs. With a personal loan, you can pay for your personal or business expenses. You can finance your child’s education or marriage, vacation plans, remodeling of your house, debts consolidation, or a medical emergency. Moreover, you can repay the loan in equal installments, which is financially viable for you. However, while you can borrow as per your needs, you must consider your affordability too. Before availing a personal loan, it is best to determine the right loan amount for you. A personal loan EMI calculator can help you do so. Learn more.

 

What is a personal loan EMI calculator?

It is an online computation tool that lets you decide the EMI amount you need to pay for the loan repayment. With this online free tool, you can determine your affordability and avail the right loan amount for your needs. With the EMI calculator, you can calculate your monthly EMI, total repayment amount and interest component of the loan amount.

 

How to use a personal loan EMI calculator?

To use a personal loan EMI calculator, you only need to input loan amount, tenure and interest rate in the calculator. Alternatively, you can also use the sliders to enter the variable values. Following are the steps to use the personal loan EMI calculator:

 

  • Visit the lender’s website and click on the personal loan tab
  • Click on the personal loan EMI calculator
  • Enter the loan amount you want to borrow
  • Enter the interest rate for the personal loan
  • Enter the tenure in which you can repay the loan. You can enter the value in years or months.

 

As soon as you enter the values, the results will be displayed instantly. With a personal loan calculator, you can see the pre-calculated values for monthly EMI, principal amount, interest payable and total amount payable.

 

Benefits of personal loan EMI calculator

 

  • Accessible

Personal loan calculator is free to use and can be found online easily on the lenders or aggregators website. It can be used at any number of times and at any time. Moreover, to get the results, you need not provide any personal information. You can modify the results any number of times to get the desired EMI amount.

 

  • Accurate

There are chances of making mistakes when you do calculations manually using excel sheets. However, personal loan calculators work on mathematical algorithms giving error-free results. Due to their accuracy, you can rely on the calculator results.

 

  • Helpful in planning

When you know the results, it gets easier to plan your loan efficiently. Knowing the EMI value beforehand also helps you borrow an amount within your financial capability. 

 

A personal loan EMI calculator will provide you with an approximate figure of EMI and help you plan your loan and budget accordingly. However, you will need to contact the lender to know the exact figures. Moreover, while this calculator will help you determine the affordability, you must also check your personal loan eligibility before applying.

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Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. 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 Kotak. Kotak, 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.