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Why You Must Use an Online Personal Loan EMI Calculator Before Diving Headfirst into Borrowing?
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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 is one of the most prudent financial solutions that provide instant financial support to meet your various personal needs. As it is unsecured in nature, you can get the funds you need without having to pledge any assets. This, in turn, lowers the processing time of the loan and results in quick disbursals. While such benefits offered by personal loans make it a go-to option for many, it is crucial to initially plan for the loan rather than dive headfirst into borrowing.
Preparing a plan before borrowing allows you to know your repayment capacity and based on this, you can negotiate with the lender for the preferred personal loan interest rates and set the personal loan Equated Monthly Instalment (EMI) as per your suitability. You can easily prepare a plan using the personal loan EMI calculator. With the calculator, you can figure out the best loan offers and tenures for your financial wellbeing.
Check out how a personal loan EMI calculator can help you in deciding the right lender
Your personal loan EMI is impacted by factors like personal loan interest rate, loan amount, and repayment tenure. In case you fail to plan out your loan appropriately, you might end up paying high EMIs. Paying high EMIs holds the risk of missing out on repayment in the case of any unforeseen financial emergency.
With a personal loan EMI calculator, you can simplify your planning as it allows you to compute your EMI for different deals individually. By simply tweaking the figures of the different variables in the calculator, you can arrive at a suitable personal loan EMI.
Additional Read: Here's how an EMI calculator helps with better financial management
A suitable deal must be cost-effective. This means that your personal loan EMI must be pocket-friendly, and the interest constituent must be affordable. As different lenders offer different deals, you must ensure to compare amongst various lenders to zero in on the suitable one.
For this, you can use the calculator to assess each deal accurately. Note that while shortlisting your loan based on personal loan interest rate may fetch you higher savings on interest cost, you must also factor in the processing charges. At times, lenders may increase the processing charges to make up for the lower personal loan interest rate. If you view such a case, ensure to negotiate to get a lower processing fee.
Irresponsible borrowing may have a negative impact on your credit profile and may lower your credit score considerably. This usually happens when you do not plan your borrowings as per your repayment potential. By using an online personal loan EMI calculator, you can simply avoid such issues. An online personal loan calculator asks you to input details like your required loan amount, offered interest rates, and preferred tenure. Upon adding these details, the calculator instantly shows the personal loan EMI and overall interest cost. You can make changes to any of the added detail to calculate an EMI that suits your cash flow and repayment potential.
As a personal loan EMI calculator allows you to determine a suitable EMI, it prevents you from facing future loan defaults. Zero loan defaults mean a good credit profile which, in turn, enhances your future loan prospects.
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Ending note
Given that a personal loan EMI calculator can assist you to prioritise your financial wellbeing, ensure to use it before you zero in on any lender. With the calculator, compare all the available personal loan offers and hit on the personal loan apply button once you are sure that the lender is providing an affordable deal.
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