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.
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.
To calculate the car loan EMI from Kotak Mahindra Bank, customers have to enter the below mentioned components of a car loan.
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:
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:
4. What documents should be submitted for a Kotak Mahindra Bank car loan if one is a salaried individual?
5. Is there a subscription to the BankBazaar website?
No, there are no subscription fees for the BankBazaar website.