Headquartered in Mumbai, Kotak Mahindra Bank offers a plethora of banking products and services through various channels in areas of investment banking, personal finance, life insurance and wealth management. The bank has a wide network of 641 branches and more than 1,159 ATMs spread all over the country. With the Kotak Mahindra Personal Loan, you can meet your personal needs as well as fulfil your financial goals. The loan can be utilised for meeting medical expenses, travel expenses, education expenses and other personal expenses such as wedding and more.
How to Use BankBazaar Kotak Mahindra Personal Loan Calculator to Understand Your Personal Loan Repayment
When you take a Kotak Mahindra personal loan, you are required to make the repayment in Equated Monthly Installments (EMIs). An EMI towards the loan comprises of the principal amount and interest charges. When you take a loan, the first thing you do is calculate EMI. Calculation of EMI requires you to know the loan amount, the rate of interest applied on the loan and the processing fee charged towards the loan. Once you know all this, you can then determine the monthly installment based on the chosen loan duration. In order to adjust the EMI into your budget, you may be required to calculate over and over again. The calculation does not end here, you will then have to choose a lender or a bank offering the best loan scheme suitable for you. This would result in recalculation of EMI for each loan scheme.
The BankBazaar Loan EMI Calculator is an online tool that calculates EMI for various loan schemes in seconds. It also gives a detailed breakup of the loan related components such as processing fees, etc. Amortisation tables are used to generate the output in this tool instantly.
To calculate Kotak Personal Loan EMI using the BankBazaar Loan EMI calculator, follow 7 Simple steps given below
- Visit the BankBazaar homepage.
- Click on the drop down menu on the extreme right of the home page.
- Select ‘Finance Tools’.
- From the list given under Finance tools, select ‘EMI calculator’.
- Then, enter loan details such as loan amount, interest rate, loan tenure and processing charges.
- Choose yes or no towards the option of making pre-payments.
- Upon entering all fields and completing selection, the monthly EMI can be generated by clicking on ‘Calculate’.
How does the Kotak Mahindra Personal Loan EMI Calculator Work?
The online loan EMI Calculator can be used to find out the EMI amount when you take a personal loan from Kotak Mahindra. The calculator uses the following formula:
E = P x r x (1+r) ^n/ ((1+r) ^n-1)
Where, E – EMI
P – Loan Amount
r – Interest Rate (Monthly)
n – Loan Tenure (In months)
Some online calculators also have additional components such as the processing fee for calculating the accurate EMI. Usually, banks or lender charge a processing fee between 1% and 3%.
Features and Benefits of Kotak Mahindra Personal Loan EMI Calculator
The personal loan EMI calculator helps you make a choice when it comes to taking a personal loan. The tool is even customised to take into account any prepayments that you would wish to make, before calculating the EMI.
Some of the main highlighting features of the loan EMI calculator are:
- Accuracy – This online tool incorporates all parts of the loan such as the amount borrowed, interest rate, and loan duration. As this is automated, the risk of error in calculation drastically reduces. Calculation on this tool is more accurate than a manual one.
- Speed – Manual calculation of EMI and various permutations and combinations to achieve an affordable installment amount is a time taking process. Meanwhile, using the EMI loan calculator, the same calculations can be done within seconds.
- Convenience – This comprehensive EMI calculator is a convenient way of calculating EMI, helping us make quick decisions that are best suited to our financial plan.
- Amortisation Tables – An amortisation table is used in an online calculator and helps in determining your loan progress over the entire loan tenure. The table also tells you the repaid amount in terms of principal and interest, with each year of completion of the loan tenure.
- Graphical Representation – Apart from calculating the EMI towards the loan, the loan calculator also generates a pie diagram graphically representing the total loan amount paid. It also displays the principal, interest and processing fee in the diagram.
Kotak Mahindra Personal Loan Calculator FAQs
Can the Loan EMI Calculator be used for calculating EMIs for other banks apart from Kotak Mahindra?
Yes, the personal loan EMI calculator is a universal tool and can be used to generate EMI for any desired bank’s loan scheme.
What is the advantage of using an EMI Calculator?
A manual calculation is time taking as well as taxing, while an EMI calculator is automated, online and generates instant output.
Where can I find a loan EMI calculator to calculate the EMI for Kotak Mahindra Personal Loan?
You can use the loan EMI calculator found on the BankBazaar’s website to calculate the accurate EMI amount you will have to pay towards a personal loan from Kotak Mahindra.