What are the benefits of using a Personal Loan EMI Calculator? - Kotak Bank

05 JUNE, 2020

Personal loans have grown to become an extremely popular financial product. Over the years, lenders have recorded a high increase in the dispersal of personal loans. This can be credited to the fact that the loan allows borrowers a convenient and quick way to generate funds in times of financial constraints. However, as with other financial decisions, a personal loan must be taken only after thoroughly evaluating every affecting factor. This includes the loan tenure, your repayment capacity, interest rates, and more. A personal loan is a liability and can affect your lifestyle indirectly or directly. Thus, you must waive off the confusion by using a personal loan EMI calculator before applying for one.

Personal loan EMI calculators are designed to help you understand how much EMI you will have to pay during the loan tenure and how it can affect your monthly budget.

Benefits of a Personal Loan EMI calculator:

  • Saves times – The EMI calculator helps you save on time that you would have to otherwise use in computing your total payable amount. Within seconds of entering the variables, you receive information on the expected EMI repayment.
  • Accurate results – The online EMI calculator brings you an assurance of receiving accurate results. There are lower chances of there being an error in the result output.
  • Compare the variables – You can alter or compare the different available variables on your personal loan. This could include the repayment tenure, loan amount, and more, before arriving at your ideal pick.


Using an EMI calculator:

To use an online personal loan EMI calculator, you will have to enter inputs that include:

  • The amount that you wish to secure in the form of a personal loan. This is essentially the principal amount that the bank will offer you.
  • The interest rate that is currently being charged by the lender. It is the percentage of the principal amount that you will pay the bank.
  • The loan tenure through which the loan account will be running. It is the period of time that you will be availing to repay your personal loans.

The use of an EMI calculator before obtaining a personal loan is a good way to begin the process. It simplifies and helps to understand the different aspects of a personal loan more effectively. All you need to do is enter your variable and choose a loan that suits your preferences best.

Additional Read: How can a Personal Loan help one to complete their bucketlist?

Latest Comments

Leave a Comment

200 Characters

Related Information


Read Next

medical-emergency-article

Quick Personal Loan for Medical Emergencies

Manage emergencies with quick personal loans. These loans are provided with quick disbursals. 

is-securing-your-childs-future-a-childs-play

Personal Loan for Home Renovation & Improvement

A personal loan for home renovation is quick along with competitive interest rates and flexible tenures. 

marriage-hero-article

Avail a Personal Loan While Getting Married

Getting a personal loan for marriage is easy and repayment for a marriage loan is flexible.

Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. 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 Kotak. Kotak, 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.

Ready to take the next step?

icon

Frequently Asked Questions

What can a personal loan be used for?

Personal Loan can help you meet unexpected expenses such as wedding expenditure, school or college fees, dream vacations, home renovation projects or even for the purchase of consumer durables. 

 

Applying for a personal loan is a lot easier, quick, and convenient with Kotak Mahindra Bank.Click https://www.kotak.com/en/personal-banking/loans/personal-loan.html to apply for the same. 

 

Was this information helpful to you? Yes No

Do I need to provide any security or collateral to obtain a personal loan?

No, you do not have to provide any security or collateral to obtain a personal loan. Personal loan is a type of unsecured loan. This essentially means that it is not backed by the guarantee of collateral. You are not burdened by the need to generate collateral like gold, property or shares, as with other types of loans. As there is no security to assure loan repayment, the bank will focus on the income and financial stability of the applicant. 

Was this information helpful to you? Yes No

What are the benefits of taking a personal loan with Kotak?

There are several benefits of availing a personal loan from Kotak bank. Some of the most notable benefits include:

  • prepaymentInstant approval – The bank approves the loan at a quick rate and this makes the process much easier to serve different financial purposes.
  • Easy Documentation – It comes with minimal documentation requirements to help you save time and cater to your emergency financial needs without any hassle.
  • Versatile usage – The personal loan can be used to fulfil many purposes. From funding a dream wedding to serving a medical emergency, it can be used to serve different planned and unplanned financial needs.
  • Attractive interest rate – The personal loan is made more convenient with an attractive rate of interest starting at 10.75 p.a.
  • Part Prepayment facility – In case of excess funds/financial liquidity , you can reduce your loan burden with part prepayment

Was this information helpful to you? Yes No

What is the eligibility criteria to apply for a personal loan?

The eligibility to avail Personal loan is as follows :

  • All Indian residents who are employees of either MNCs, Public and Private limited companies with a minimum age of 21 years and maximum age of 58 years are eligible for a personal loan.
  • Other Personal loan eligibility criteria :
    • A net Salary of Rs.25,000/- per month for Corp Sal (Salary with Kotak) , A net Salary of Rs.30,000/- per month for Non-Corp Sal (Salary with other bank) , A net Salary of Rs.20,000/- per month for Kotak Employee.
    • Minimum educational qualification - Graduate
    • Years in city - Minimum 1 year
    • Total work experience - Minimum 1 years

You can apply for a personal loan by following the below steps:

On Mobile banking

  • Go to Apply Now
  • Personal Loan ( If eligible)

On Net Banking

  • Go to Banking
  • Apply for Preapproved Personal Loan (If eligible)

Or

By simply clicking https://rcasprod.kotak.com/personal-loan?source=website&banner=ProductPageApplyonlineTab

Please Note: The same would be subject to approval. The time frame for the personal loan is 10 working days if approved.

Was this information helpful to you? Yes No

What is the best way to apply for a personal loan?

You can apply for a personal loan by following the below steps:

 

On Mobile banking

  • Go to Apply Now
  • Personal Loan ( If eligible)

On Net Banking

  • Go to Banking
  • Apply for Preapproved Personal Loan (If eligible)

Or

By simply clicking https://rcasprod.kotak.com/personal-loan?source=website&banner=ProductPageApplyonlineTab.

Please Note: The same would be subject to approval. The time frame for the personal loan is 10 working days if approved.

Was this information helpful to you? Yes No

People also looked at