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Ways to plan your personal loan EMI repayments smartly with an online 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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A personal loan can feel like a lifesaver when you need immediate funds for daily expenses, special events, or something more urgent. It's not only relieving at the moment but also a responsibility for your future. Your repayment planning should be done carefully as a strategic approach to EMI (equated monthly instalments) repayment. This will not only allow you to stick to your financial goals but also provide you with a sense of control and satisfaction as you pay off your loan.
To make repayment planning easy, most lenders offer online personal loan calculators on their websites. This helpful tool allows you to input important details such as interest rates, repayment tenure, and loan amount and gives you an indication of what your estimated personal loan EMI repayments would be. Keep reading further to know how you can use this useful tool to plan your repayments smartly and manage finances more efficiently.
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A personal loan EMI calculator is designed to be easy to use, presenting you with a simple interface featuring important information that is necessary for calculating monthly instalments. All you have to do is input your desired loan amount, estimated interest rate, and repayment period, then click the 'calculate' button - you will then receive the breakdown of what your payments would look like. After evaluating the projected results, you can plan your budget accordingly and click on that personal loan apply button more confidently.
Most lenders offer competitive personal loan interest rates and flexible tenures ranging from 12 months to 60 months, depending on how much you are borrowing and your credit score. With an online personal loan calculator, you can experiment with different tenures and figure out which one works best for you and offers the best balance between interest rate and monthly instalment amount. This can help you create a repayment plan that fits into your budget comfortably without causing too much strain on other financial aspects of your life.
Many often take out loans with longer repayment terms than they actually need to lower their EMIs or increase their eligibility criteria for bigger loans. With an online personal loan calculator, it is easy to adjust the repayment term by entering different values into the calculator and exploring various repayment options in seconds. This helps you choose a suitable repayment term and eliminates the need to apply for multiple loans or get stuck with long-term debt due to bad financial planning.
Most online personal loan calculators provide an amortization schedule outlining the repayment structure. This repayment schedule displays a clear breakdown of each payment made throughout your chosen term, including principal amount paid off and interest paid over time.
Additionally, you can customise the loan amount and tenure by entering values in the calculator according to your eligibility and repayment capacity. This helps in ensuring that you make well-informed decisions about your finances and plan your EMIs accordingly for a stress-free borrowing experience.
Ending note
Loan repayment is a crucial financial responsibility that should always be given top priority. With careful planning and the use of helpful tools like an online personal loan EMI calculator, you can plan your repayment in a smart and efficient manner. But at the same time, it is important to input the correct details into the calculator and double check your personal loan details to get accurate repayment figures.
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