12 MAY, 2022

It's easy to get lost in the numbers game while dealing with finances. Every small amount can make a big difference, so it is crucial to be precise and accurate in the calculation. However, doing complex calculations is not a child’s play. For example, calculating the Equated Monthly Instalment (EMI) amount for a personal loan manually and finding your affordability could get confusing and arduous. This is where a personal loan EMI calculator can be a great help. It can help you calculate your monthly instalments and interest outgo for your personal loan. Whether you want to know your EMI amount or see the breakdown of your EMI calculation in the loan amortisation schedule, this tool makes the entire process easier.

 

Benefits of a personal loan

A personal loan is one of the highly availed loan types in India. It is a multi-purpose loan that you can avail for reasons like wedding and educational expenses, home renovation, urgent financial needs, etc.

Some of the salient features of personal loans are:

  • Easy application
  • Minimal documentation
  • Approval within a few hours
  • Flexible tenure options between one to five years

 

And most importantly, the entire process of applying for a personal loan is online. This makes it a more convenient option than other credit facilities. However, before applying for a personal loan, you must know the EMI amount you need to pay monthly. This will help you determine your affordability for the personal loan.

 

How does a personal loan EMI calculator work?

A personal loan EMI calculator is an online tool that helps you calculate your monthly instalments on a loan amount at a specified interest rate and tenure. With this online tool, you can easily calculate your monthly EMI without having to deal with complex calculations and formulae.

 

To calculate your EMI, you need to provide the following details:

  • The loan amount for which you wish to avail a personal loan
  • The interest rate at which you want to borrow the loan
  • The tenure for which you want to avail the loan

 

Once these details are filled in, Kotak’s personal loan calculator will compute the EMI amount. You will also know the total interest payable on the loan and the total amount payable broken down into the principal and interest components. This calculation is indicative and should be used for reference purposes only. The exact repayment amounts may vary based on factors like your credit profile and repayment capacity.

 

To sum it up

The whole process of applying for and securing an instant personal loan has gotten easier. You no longer need to be in the financial institution’s branch all day long, running from one office to another. You can get your loan approved online in a much quicker manner. The documentation uploaded online is verified by the lender in no time. This helps quick approval and disbursal. Once approved, the funds are in your bank account within a couple of days. However, it is important to borrow as per your financial capability. 

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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.

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.