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4 Major benefits of using online personal loan EMI calculators over manual computations
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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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05 JANUARY, 2023
Before you take an important decision, it’s best to evaluate the results. For instance, before you decide to switch jobs, you may evaluate how that will impact your earning capacity and future career prospects. Before you go on a vacation, you might evaluate how the climate and culture there may impact your experience. And similarly, before you click on that personal loan apply button online, you need to evaluate how the Equated Monthly Instalments (EMIs) are going to impact you financially. In order to do so, you need to calculate the estimated EMI. While you can choose to do this manually, using an online personal loan EMI calculator has several advantages. Here’s how this online tool has an edge over manual calculations:
1. Makes the task less daunting
If you have to sit and calculate your personal loan EMIs manually, you may find that task daunting and may put it off. However, knowing what your personal loan EMI is going to be like is critical so that you can apply for the right personal loan amount and repayment tenure and financially plan for it accordingly. Even if you are good with numbers and like maths, the EMI calculations may prove to be tricky as the formula is not as straightforward and to come up with the entire loan amortization schedule manually may be difficult.
2. Provides quick, accurate results
Often, you may need a personal loan immediately to meet a financial mismatch. In such a case, you don’t have the luxury of time and need to make a quick decision. And when you use an online personal loan calculator like that of Kotak’s, you can get the EMI estimate in a matter of seconds. Not only that, but you can rest assured that the results are accurate. This allows you to undertake expedited decision-making that is fully informed.
3.Easy accessibility
You can use Kotak’s personal loan EMI calculator from any device such as your smartphone, laptop, tablet, etc. The personal loan EMI calculator is smartly designed to be simple to use so all you have to do is enter three basic inputs – loan amount, estimated personal loan interest rate, and repayment tenure. And the best part is that this online tool is absolutely free to use! So, you can use it multiple times with different inputs to arrive at a repayment tenure and loan amount that results in an EMI that you can pay comfortably.
4. Assists in financial planning
Once you have the numbers in front of you, you can financially plan for taking and repaying the personal loan. Sometimes people fall into a debt trap where they take on more debt than they can manage and the interest keeps adding up, making it difficult for them to manage everything. The best way to avoid this is by taking a loan that you can comfortably pay off in a repayment tenure that is right for you and that doesn’t mess up your monthly budget. An online personal loan EMI calculator helps you determine what EMI amount works best for you so that your personal loan ends up only benefitting you financially instead of distressing you in the future.
Once you calculate your personal loan EMI using the online calculator, you can go ahead and apply for the loan. You can also easily apply for a personal loan online. The online process is quick and only requires minimal documentation.
Personal loan FAQs
1. Do I need to provide my contact information to use the EMI calculator?
No, you do not need to provide your contact information. You only need to enter the loan amount, repayment tenure, and estimated interest rate to use the personal loan EMI calculator.
2. Is there a set limit on how many times I can use the EMI calculator?
You are free to use the personal loan EMI calculator as many times as you like. There are no restrictions or charges for the usage of the calculator. In fact, it is recommended to use the calculator multiple times to see what combination of repayment tenure and loan amount results in the most comfortable EMI for you.
3. Is the result shown by the EMI calculator final?
The result shown by the personal loan EMI calculator is only indicative. The final EMI amount will depend on when you actually apply for the personal loan and once your application has been assessed.
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