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The Most Efficient Way to Predict Your Personal Loan Payment Structure - Kotak's Personal Loan Calculator!
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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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Personal loans have many benefits. It can be availed anytime you need additional funds and is approved and disbursed quickly. It needs no collateral and can be applied online. Moreover, you can use it for any purpose, be it a medical emergency, debt consolidation, urgent travel plan, wedding, expansion of business, home renovation, payment of education fee, etc.
If these merits are not enough, you must know that you can repay the personal loan in easy instalments. Your personal loan amount is divided into equal instalments spread throughout the tenure so that you need not stress about paying the entire amount all at once. Kotak offers a personal loan tenure ranging from 1 to 5 years.
However, it would be best to know beforehand how much you need to pay every month to repay the entire loan. This knowledge would help you check how much you can afford as per your budget and aid you in better planning.
You can predict your personal loan payment structure with Kotak’s personal loan calculator.
What is Kotak’s personal loan calculator?
Kotak’s personal loan calculator is an online tool that helps you check your affordability by calculating your EMI basis the given tenure, loan amount and interest rates. Kotak’s personal loan calculator is present on the website and can be used free of charge and any number of times. The three components of the calculator are tenure, loan amount and rate of interest.
How does it work?
To use a personal loan calculator, you need to enter the tenure, loan amount and interest rates in the space given provided. You can also use the sliders to feed the amount. When you feed the amount, the calculator automatically displays your EMI amount. With the personal loan calculator, you can know your EMI for the loan amount, its interest component and the total repayment amount.
The personal loan calculator works on the following formula -
E = P * r * (1+r) ^n / ((1+r) ^n-1)
Where,
E - EMI
r - the rate of interest
n - the tenure or total duration
P - the principal amount
You can always use this mathematical formula to calculate your loan EMI or use the personal loan calculator.
Benefits of using a personal loan calculator
When you know your EMI amount, you can plan your finances better and manage your income and expenses accordingly. It can help you allocate your budget in a better manner and thus save money.
You can use the EMI calculator multiple times to find a suitable loan amount and tenure as per your financial capability.
Kotak's personal loan calculator helps you determine your EMI for the loan amount you want to borrow. It can help you prepare your budget efficiently and also aid in financial planning. However, you must know that the values displayed on the personal loan calculator are indicative. The lender decides your interest rate and accurate EMI value after considering your repayment capacity, credit score and other eligibility. So, check your affordability with a personal loan EMI calculator and apply for a personal loan today.
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