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The Importance of Calculating Your Personal Loan EMIs Beforehand - Ultimate Guide For Millennials to Professionals!
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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.
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A personal loan can be very helpful in times where you are in need of financial support. You might want to pay for a wedding, take an unplanned vacation, buy a smartphone, or even renovate your home. If paying for such expenses from your pocket isn’t the preferable option, a personal loan can provide the required finances. However, before applying for this loan, it is very important to be ready with the loan’s repayment plan. Being in debt, no matter how small or big the amount, is never an ideal situation for your credit rating. This is why it is advisable to make use of a personal loan EMI calculator.
Take a look at the importance of using this calculator before applying for a personal loan:
1. The calculator displays accurate results
Before these online calculators, the only way to find out about the monthly instalments of an online personal loan was through manual calculations. This was not just error-prone but could even get quite time-consuming. Using a personal loan EMI calculator helps in dealing with this problem. Once you provide the information the calculator requires, it will display accurate EMI results, which can be relied upon.
2. It is easier to find a suitable repayment tenure
Choosing a suitable repayment tenure is very important to pay off the loan’s EMIs without any financial difficulties. Now, you can either choose your preferred tenure to repay the loan. Make use of the calculator to check which tenure offers the most suitable EMI results. Also, it is advisable to check how much of a difference a change in the tenure makes to the overall cost of the loan.
3. You are aware of the loan’s monthly instalments
The only way you can be sure of paying off the loan successfully without any defaults is by being aware of the loan’s monthly instalments beforehand. This is exactly what a personal loan EMI calculator helps you out with. It displays the total interest to be paid for the loan as well as the total EMIs (interest + principal amount). This will give you an idea of whether the loan plan is an affordable option or not.
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4. The calculator lets you try out different variations
This calculator is freely available online, which means that users can try out different combinations of the values without any restrictions. Of course, personal loan interest rates are set by lenders, but feel free to make changes to the loan amount and repayment tenure until the calculator displays a preferable EMI result.
5. It is very easy to operate and saves time
All you need to do to find out about a personal loan’s monthly instalments is provide the EMI calculator with information regarding the loan’s principal amount, its interest rate, and the repayment tenure. With these details, a personal loan calculator will then display the loan’s EMIs instantly. This makes the entire process of finding out about a personal loan’s EMIs really simple!
You can login to Kotak Mahindra Bank’s website to find our personal loan EMI calculator. Try out different variations before applying for a personal loan to get the most suitable repayment plan.
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