12 MAY, 2022

Experts say that while earning money is essential, being able to manage it is more crucial. You must know how to create a budget, spend money as per your needs, and meet your financial goals. But managing money is easier said than done and sometimes you may find yourself in need of funds to meet a certain goal in the desired timeline. In such a case, you can apply for a personal loan and use that amount for needs like weddings, travelling, debt consolidation, medical emergencies, higher education, etc. Moreover, it is easy to avail and comes with flexible repayment tenures. However, amidst all these features and benefits, it is important that you manage the loan and repay it on time. For that, you must take the right loan amount and choose a tenure that helps you repay comfortably. But what is the ‘right’ loan amount and tenure? Kotak’s personal loan calculator can help you find out.

 

What is Kotak’s personal loan calculator?

It is an online tool that you can use to compute your personal loan obligation instantly. With this online calculator, you can find your loan repayment amount, its interest component, and the monthly Equated Monthly Instalment (EMI) amount. The calculator breaks down the loan repayment values and helps you manage your finances better. With Kotak’s personal loan calculator, you can avail the loan amount suitable for you and repay it in a way that is financially feasible.

 

How to use the calculator

  • Visit Kotak’s website and click on the personal loan tab
  • Click on the personal loan calculator
  • Enter the loan amount
  • Enter the tentative interest rate
  • Enter the tenure in which you can repay the loan
  • Your results will be displayed instantly on the right side of the webpage

 

The personal loan EMI calculator will calculate the EMI amount, total cost of borrowing, and its interest component. You can use sliders or fill in the details manually. Moreover, you can adjust values to get desired results. 

 

Benefits of using the personal loan calculator

 

  • Free and simple to use

The personal loan calculator is available for free and you can use it anytime and any number of times. Moreover, it is easy to use and anyone can access it to get their results. All you need to do is input values such as the loan amount, tenure, and interest rate.

 

  • Helps determine your affordability

With the calculator, you can find your personal loan’s monthly EMI. If the EMI value is more than you can pay, you can change the tenure and loan amount. You can use the calculator multiple times and change the tenure to arrive at an EMI amount that fits your budget.

 

  • Helps manage your finances better

Knowing the monthly EMI amount before availing the loan would help you plan your finances better. You can plan your budget and spend money for other needs accordingly and make informed financial decisions.

 

A personal loan calculator can help you borrow money in a way that works best for you. Accordingly, you can assess your needs and chalk out your spending schedules. However, it’s essential to note that the values of the calculator are indicative and tentative. You will get the precise figures when the lender reviews your documents. 

 

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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.