Offering help to those wishing to avail a car loan, the Kotak Mahindra Bank Car Loan EMI Calculator enables customers to make accurate EMI calculations. With Kotak Mahindra Bank Car Loan EMI Calculator, customers will be certain of how much a car loan would cost every month and plan their finances well in advance. On the BankBazaar website, customers can also check their eligibility for a car loan.
How to use BankBazaar Kotak Mahindra Bank EMI Calculator to understand your car loan repayment
To get EMI results, all that the customer has to do is enter the components of the car loan - loan amount, tenure, interest rate, processing fee and prepayment charges (if any). Once the EMI calculation has been made, the BankBazaar website displays the amortisation table. The amortisation table graphically represents the loan breakup and its progress.
Kotak Mahindra Bank EMI Calculator – How does it work?
To calculate the car loan EMI from Kotak Mahindra Bank, customers have to enter the below mentioned components of a car loan.
- Loan amount - Using the pointer on the scale, customers can choose the loan amount they wish to avail. For example, Rs.2 lakh, Rs.5 lakh, Rs.10 lakh.
- Tenure - Customers can choose the loan tenure using the pointer.
- Interest rate - Enter the interest rate that is offered by Kotak Mahindra Bank on car loans.
- Processing fee - Enter the processing fee charged by Kotak Mahindra Bank.
Pre-payment - Customers can choose whether they want to make the EMI calculation with or without the prepayment.
- They can directly click on “calculate” if they do not want to include the prepayment charges in the EMI calculation.
- If he/she wishes to include prepayments in the calculations, the customer will have to provide the information listed below:
- Prepayment amount
- Prepayment frequency
- Prepayment fee
- How the prepayment applies
Click on the ‘Calculate’ once the information has been entered to get a detailed breakup of the total amount payable.
Given that the current rate of interest on car loans from Kotak Mahindra Bank is 9.50% (fixed) let us calculate the EMI a customer would be required to pay for different tenures. We will assume that the processing fee is 2%.
|Loan amount (Rs.)||Interest rate||Processing fee||EMI for 2 years (Rs.)||EMI for 3 years (Rs.)||EMI for 4 years (Rs.)||EMI for 5 years (Rs.)||EMI for 6 years (Rs.)||EMI for 7 years (Rs.)|
*Interest rates are subject to change following the inclusion of GST from July 1, 2017.
Features and benefits of Kotak Mahindra Bank Car Loan EMI Calculator
In seconds, the Kotak Mahindra Bank car loan EMI calculator performs complicated EMI calculation, giving customers a clear idea of how much the EMI would cost them every month. Some of the key features of the tool are listed below:
- With the BankBazaar user-friendly EMI Calculator, customers will have EMI results in seconds.
- To enable customers to understand the progress and breakup of the loan easily, the tool displays the amortisation table.
- Customers can contact the support team of BankBazaar if they have any issues or queries regarding the tool.
- This financial tool is completely free of cost.
- The tool can be used multiple times - with different interest rates, processing fees, tenure and so on.
- Customers can include prepayment charges in their calculations as well.
Kotak Mahindra Bank car loan EMI calculator FAQs
1. What are the different tenures offered by Kotak Mahindra Bank for car loans?
The tenure for car loans offered by Kotak Mahindra Bank range between 12 months, 24 months and 36 months.
2. What is the formula to calculate the EMI to be paid towards a loan?
EMI Is calculated using the following formula:
EMI = [P x R x (1+R) ^N] / [(1+R) ^N – 1],
Where, P is the principal amount, R is the interest rate on a monthly basis, and N is the number of installments.
This formula does not take into account the pre-payments that you make towards the loan.
3. What are the features of the Kotak Mahindra Bank car loan?
The Kotak Mahindra Bank car loan is characterised by the following features:
- Customers have flexible repayment options with the tenure ranging between 12 months and 36 months.
- 100% finance for the purchase of several models of cars and multiutility vehicles.
- No hidden charges.
- Disbursal of loans within 48 hours from approval.
- Best interest rates on car loans.
- Loyalty schemes for long-term customers.
4. What documents should be submitted for a Kotak Mahindra Bank car loan if one is a salaried individual?
- The filled car loan application form
- Photograph signed by the customer
- Identity Proof: Passport, PAN card, Voters ID card, Driving License
- Address Proof: Electricity bill, Water bill, Telephone bill, Driving License, Passport, Ration card, Voters card or Life Insurance policy
- Income Proof: Latest salary slip along with Form 16
- Salary bank statement
5. Is there a subscription to the BankBazaar website?
No, there are no subscription fees for the BankBazaar website.