How a Personal Loan Calculator Helps You Manage Finances | Kotak Mahindra Bank - Personal Loan Stories

20 JUNE, 2022

Manish, a software engineer, needed immediate funds. While he could ask his friends for the same, it was futile as it was month-end and people hardly had any money left in their bank accounts. Reading a newspaper article, he decided to avail a personal loan from a leading bank. The process was easy and it took him merely a couple of days to get the required money. However, while repaying the money, he faced various financial challenges due to his unawareness. He borrowed more than he could afford and faced issues paying his EMI since it was the festive season. So, when his cousin planned to avail a personal loan for his need, Manish suggested that he use Kotak’s personal loan calculator to manage his loan in a better way.

 

What is Kotak’s personal loan calculator?

 

Kotak’s personal loan calculator is an online computation tool that helps you determine the different values of your personal loan. You can find this calculator on the lender’s website and use it for free any time of the day. By using this personal loan calculator, you can ascertain your EMI amount and the total cost of borrowing. It can also help you find out the interest component of the total loan amount. A personal loan calculator is a useful tool when you want to find out the EMI to plan your budget better.

 

How to use Kotak’s personal loan calculator?

  • Visit Kotak Mahindra bank’s website
  • Click on the loan section and go to the personal loan tab
  • On the personal loan webpage, you will find the EMI calculator tab
  • Enter the relevant figures in the EMI calculator
  • Input your loan amount, personal loan interest rate, and chosen tenure
  • Your results will be displayed on the right side of the webpage
  • You can find the EMI, principal, total amount payable and interest payable

 

A personal loan EMI calculator can help you manage your loan in a better manner and repay it effectively. It also helps you manage your finances better. Here is how.

 

How can Kotak’s personal loan calculator help you?

 

  • Helps you find a suitable tenure

You can alter the variable values in the calculator to find a suitable tenure, which can help you repay the loan easily. With a suitable tenure, there are fewer chances of default, as you have a comfortable EMI obligation. Also, once you know the tenure and EMI, you get financial breathing room to manage your payments.

 

  • Helps you prepare your budget

It gets easier to repay the loan when you know the amount you need to pay every month before you avail the loan. A personal loan EMI calculator does exactly that. You can know your monthly obligation toward the loan and accordingly prepare a budget to include loan repayment without compromising on other goals.

 

In a nutshell

Kotak’s personal loan EMI calculator calculates your EMI, repayment value, and personal loan interest rate component instantly. However, the figures in the calculator are indicative, and you must consult the lender to know the exact figures.

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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.