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This is Why You Should Use a Personal Loan Calculator Before Availing 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.
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With financial products like personal loans, transparency is a must. You as a borrower should be well aware of all the aspects of the loan you avail. You must know your financial obligation, duties, and rights before applying for the loan. For example, it is your right to know about the eligibility, documents required, and charges of personal loan even before you avail it. Earlier, you needed to visit the lender’s branch office to know this information. However, with technological advancement and ease, applying every piece of information is at your fingertip, your tentative EMI too. With tools like the personal loan EMI calculator, available online, you can calculate your EMI value without worrying about complicated manual calculations.
Continue reading to know about EMI calculators and the reasons you should use them before availing a loan.
What Is a Personal Loan EMI Calculator?
A personal loan EMI calculator is an online computation tool offered by banks and financial institutions on their website. With a personal loan calculator, you can find the amount of loan you need to repay, its interest component, and the monthly EMI with just a few clicks. By using this calculator, you can know the amount of money you need to pay towards the loan and plan your finances efficiently. To use this calculator, you will need to input variable values like the loan amount, expected interest rates, and chosen tenure.
Why Should You Use a Personal Loan EMI Calculator?
You need no technical knowledge to use a personal loan calculator. It is very simple and easy to use, where you need to input a few variable values to get the desired results. Moreover, it is free to use and is available online.
A personal loan EMI calculator is available on multiple platforms. You can either use it from the lender’s website or on some aggregator’s website or app. Moreover, it is accessible for everyone any number of times and any time of the day. You can even use the calculator if you haven’t availed the loan yet.
You need not input your name, phone number, or any other personal details to use a personal loan calculator. You just need to input the information related to the online personal loan available to you. Moreover, the information you provide is secure and is not shared with anyone.
While you use a personal loan calculator, you need not wonder if you would get accurate results. A personal loan calculator gives error-free and accurate results every time. You need not do manual calculations or spend hours finding your EMI when you have a personal loan calculator.
When you know the repayment amount, you get a better understanding of the financial commitment you are planning to accept. You can then make changes in your budget and expenditure to fit in the personal loan. Moreover, using the calculator can also help you understand your affordability for the loan.
You should use a personal loan calculator because it can provide you with more transparency in your loan. It can help you determine a suitable tenure too. However, always remember that the values can change, as it is indicative.
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