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23 NOVEMBER, 2022

Top 3 ways how a personal loan EMI calculator can benefit you

A personal loan is one of the crucial financial instruments highly popular for its instant financial support. Digital application today has made it possible for you to avail the loan instantly. However, this does not infer you can opt for the loan without conducting any due diligence. Ensuring to make the correct decision is of high importance as it protects your financial well-being. Here the key is to evaluate your loan offers to zero in on the most affordable option. A simple way to spot such loan offers is to take the help of an online personal loan EMI calculator. This calculator provides insights, which can allow you to make correct borrowing decisions. What’s more, such online EMI calculators assist you with better loan planning, which is an important step you must not avoid.

Besides this, the online personal loan EMI calculator also provides various other benefits that assist you to borrow prudently. Discussed here are 3 major benefits of using an online personal loan EMI calculator.

  • Allows to plan your loan efficiently and easily

Before you click on the personal loan apply option on the lender’s website, you must ensure to prepare an effective loan plan. It usually includes budgeting and figuring out suitable loan conditions that fit your financial potential. For this, you must be aware of the applicable interest rate on your profile, compute the EMIs and zero in on a repayment tenure that matches with your cash inflows and repayment capacity. One of the effective ways to go around this is to take the help of an online personal loan EMI calculator.

It is a free-to-use calculator available online and easily accessible through browsers or smartphones. To use the calculator, you must input 3 important values namely personal loan interest rate, loan amount and repayment tenure. On dding these 3 figures, the calculator automatically displays the results. As the calculator is free to use and allows the calculation of multiple combinations, you can simply save a lot of time and get accurate results to make an informed decision about a personal loan.

  • Helps find offers that best match your budget

With an online personal loan EMI calculator, you can easily compare distinct offers. By evaluating loan offers based on your affordability using the calculator, you easily can narrow down on the option that best matches your profile. Additionally, as an EMI calculator is user-friendly and simple to use, this process becomes fairly quick for you.

  • Provides accurate outcomes to make an informed decision

As stated above, an online personal loan EMI calculator endows you with an estimate of all possible combinations you input. Trying out different combinations by altering figures like loan amount, interest rate and tenure, makes it simpler for you to decide the correct personal loan EMI and interest constituent outgo as per your repayment capacity and cash inflows.

Note that here the major benefit of the calculator is that it provides instant and accurate outcomes, which helps to make an informed decision. This benefit is lacking in the case of manual calculation as such calculations not just take ample time to calculate each loan combination but also have a high chance of manual errors, which may make you take an incorrect decision. However, in the case of a digital calculator, the calculations are always accurate as long as you input the correct values.

Ending note

All in all, taking the help of an online personal loan EMI calculator will allow you to make an informed decision. However, to make sure you get the right deal as per your profile, conducting market research is crucial. Pick offers that give high priority to affordability. You can do so by scouting for lenders providing benefits that work in your favor. Once you have selected a lender as per your affordability, use the online personal loan EMI calculator to select the suitable lender amongst the rest.

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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.