17 JULY, 2023

Unexpected expenditures can arise at any time. For instance, your friends might finally decide on a spontaneous trip that has been long overdue, or you feel like splurging on a new electronic gadget that you cannot wait to use. Now, it is natural to be willing to spend but not be too excited about seeing a sizeable amount get deducted from your account at once. In such cases, you can always take the help of a personal loan for financial coverage.

While applying for a personal loan is a great way to arrange for the required funds, it is also very important to first understand whether the loan is affordable. This is where a personal loan EMI calculator can be of assistance. For those who are unaware of the importance of using one before applying for a personal loan, read on to find out:

1. The calculator will help in finding a loan that suits your budget

The personal loan EMI calculator will display the loan’s monthly instalments based on the values that you provide. After learning about the loan’s EMIs, you can take an informed decision of whether the loan is a suitable option. This way, you can evaluate numerous loan plans and finally pick one that is preferable.

2. It allows you to try out different combinations

Lenders set the personal loan interest rates based on numerous factors such as your credit score, monthly income, and financial stability. However, you can make changes to the loan amount and repayment tenure to get different EMI results. The calculator allows you to check various combinations to understand which EMI result is most suitable.

Additional Read: When and how should you use a personal loan EMI calculator

3. You will be able to maintain a good credit score

After taking the help of a personal loan EMI calculator, it becomes easy to pick a loan plan that is affordable. This means that there won’t be any repayment complications in the future, as you are already aware of the loan’s EMIs beforehand. Clearing the loan on time without any defaults can bring a positive impact to your credit score, which is very useful while applying for loans in the future.

4. Using the calculator is much easier than manual calculations

Manually calculating a loan’s EMIs can take time. This can get quite frustrating, and there is no reason to go through this kind of stress when you can easily make use of a personal loan EMI calculator for free! This calculator will provide the EMI results within seconds, which makes the entire process so convenient.

5. It provides accurate EMI results

While manually calculating your personal loan EMI, it is also possible to make mathematical errors. This would result in inaccurate EMI results and can cause problems during repayment. This is why it is advisable to use a personal loan EMI calculator as it provides accurate EMI results.

Using a personal loan EMI calculator can help make the repayment process convenient. So, log on to the Kotak Mahindra Bank website and make use of one before applying for a personal loan!

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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.