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27 DECEMBER, 2021
Experts believe that being able to manage money is a better skill than earning it. While everyone earns money, not all can manage it well. And, managing money is not rocket science, it is a skill that needs to be acquired. Financial planning can be called the first step to money management. When you plan your finances, you know where and how you can spend your money. Planning for your personal loan is no different. Planning for your loan repayment can help you manage your money affairs better.
You can plan your loan better with Kotak Mahindra Bank’s personal loan calculator. Find out how.
What Is a Personal Loan?
Personal loan is an unsecured loan that you can avail to fulfil multiple needs such as medical expenses, wedding, travel, debt consolidation, education, etc. You can avail a personal loan from banks and financial institutions at attractive rates and flexible tenures.
Lenders allow you to choose your tenure as per your financial viability. You can choose a tenure that helps you repay an EMI amount that is comfortable for you. Knowing your EMIs beforehand helps you plan your budget and allocate expenses accordingly. While you can calculate your EMI with the mathematical formula, a personal loan calculator helps you calculate your EMI quickly and easily.
What Is an Online Personal Loan Calculator?
A personal loan online calculator is an online tool used to calculate your EMI, total repayment amount and its interest component. With this calculator, you can find out the monthly amount you need to pay towards your loan and the total interest component of the loan.
Steps to Use:
With a personal loan calculator, you can know your monthly obligation towards the loan and allocate funds accordingly. It helps plan your finances effectively and follow the budget. With this calculator, you can also determine the right amount of loan as per your financial viability.
Our online personal loan calculator is free to use and available on the website. You can use it any number of times to determine the suitable tenure and EMI for you. Moreover, the calculator is quick to show results and error free.
Kotak Bank’s personal loan calculator can help you find your EMI and total repayment loan with just a few clicks. You can use it to set your budget, find suitable tenure and plan your finances. However, you must know that it shows indicative figures and your EMI can be changed by the lender depending on your interest rates and credit score.
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