01 JULY, 2022

When you are considering taking out a personal loan, one of the first things you need to do is figure out how much you can borrow. This is where a personal loan eligibility calculator comes in handy – it will give you an idea of how much money you are likely to be approved for. But what about figuring out your monthly payments? That's where an EMI calculator comes in.

 

Both calculators are essential tools when planning to take out a personal loan, but they work in different ways. Let's take a closer look at the differences between them.

Personal loan EMI calculator: How does it work?

A personal loan EMI calculator is an online tool that helps you calculate your personal loan EMIs. All you need to do is enter some basic information about your personal loan, including the loan amount, personal loan interest rates, and repayment tenure. Once you have entered this information, the personal loan EMI calculator will instantly calculate your personal loan EMIs.

 

This handy tool can help you plan your personal loan repayments in a more efficient manner. Additionally, by using a personal loan calculator, you can also compare different EMIs offered by different lenders. This can help you choose the most suitable personal loan for your needs.

Personal loan eligibility calculator: How does it work?

A personal loan eligibility calculator is also an online tool that helps you to calculate whether you are eligible for a personal loan. It assesses your eligibility for a personal loan based on factors such as your income, repayment capacity, employment history, existing liabilities, and credit score. 

 

To know the eligible loan amount, you have to enter details like your date of birth, resident city, monthly income, interest rate, and preferred tenure. This will give an estimate of how much loan amount you may get. 

 

The idea behind a personal loan eligibility calculator is to help you save time by quickly finding out if you are eligible for a personal loan from a particular lender. By using this tool, you can avoid wasting time applying for loans for which you may not even be eligible in the first place. This can be especially helpful for those who are considering taking out multiple loans. Overall, using an eligibility calculator is a good way to get started on your search for the best personal loan interest rates.

So, which one should you use?

Both tools can be incredibly useful when planning to take out a personal loan, but if you just want a quick idea of how much you would need to repay each month, a personal loan EMI calculator can be a good option. However, if you want to get a more accurate picture of whether you can afford a personal loan, then an eligibility calculator can be a better choice.

 

So, the next time you are in need of a personal loan, be sure to use the eligibility and EMI calculators to get a better understanding of your eligibility and monthly payments.

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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.