When And How Should You Use a Personal Loan EMI Calculator? | Kotak Mahindra Bank
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A personal loan application, if approved, is a serious commitment for the upcoming few years. Thus, it is necessary for you to research well before signing the loan application. You hold the right to beware of every loan detail before you hit on the personal loan apply button. Such details include your monthly personal loan EMI requirements, eligibility parameters, offered personal loan interest rates and charges, etc.

Long gone are the days when you were required to physically approach the lender to avail all loan-linked details. Owing to technological development, it is now possible for you to estimate your serviceable EMIs, tenure and rate of interest with just a click. With the availability of an online personal loan EMI calculator, you do not need to stress over manual computations for determining your personal loan EMIs.

Read on to understand the reasons for which you should consider using an online personal loan EMI calculator and the important steps you must factor in to compute suitable repayment figures.

What is an online personal loan EMI calculator? When should you use this calculator?

An online personal loan EMI calculator is a useful tool on the lender’s site to help you find out your monthly EMI repayments before applying for the loan. It also helps you to find out the overall interest outgo on the loan, which in turn enables you to plan out your finances effectively. So, you must ensure to use this tool right before applying for the loan to design your repayments in accordance with your cash inflow and repayment potential. Doing so would help you avoid any defaults in the future due to insufficient funds.

Here are some important reasons why you must use an online EMI calculator before availing a personal loan –

  • Instant results

The online personal loan EMI calculator instantly computes accurate results, which helps to save time and effort. So, this tool is the best route to compute your personal loan EMI quickly without the requirement of performing any tedious manual computations.

  • User friendly

Online personal loan calculators are simple to use. This means even if you are not skilled in mathematics, you can still easily use it to obtain accurate and reliable outcomes.

  • Easy access

You can access the online EMI calculator from any location and at any time. All you require is a good internet network and an electronic device to compute your loan EMI through the online calculator.

  • Financial planning

Being aware of the EMI outflow in advance allows you to plan out your finances well. Also, with the online calculator, you can compute your suitable EMI constituent as per your repayment potential and negotiate with the lender for the same deal. Getting the deal of your choice helps lower financial stress and burden.

  • Saves time

With an online EMI calculator, you can save plenty of time. The calculator allows you to do multiple, lengthy, and complex computations within minutes to take an informed decision. Additionally, the calculator also helps you to select appropriate repayment tenure as per your cash inflows.  

How should you use an online personal loan EMI calculator?

To use the online personal loan EMI calculator, you just require adding the three asked details, namely required loan proceeds, suitable repayment tenure and offered interest rate. Once you input all three details, your personal loan EMI and overall interest outgo will get calculated instantly. As per your repayment capacity, you can make changes to any of the three details to compute the figures of your choice. Once you are aware of the suitable figures, you can negotiate with the lender to provide you with the same loan deal. Doing so would allow you to keep your finances stable and remain stress free.

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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.