Kotak Mahindra Bank offers personal loans at EMIs starting from Rs.2,174 per lakh. The interest rate on the Kotak personal loan varies from 10.50% to 16.99% p.a.
Example – Suppose you have taken a personal loan of Rs.4 lakh from Kotak bank at an interest rate of 11.34% p.a. and processing fee of 2%. Your repayment details for different tenures will be as follows:
|Rs.4 lakh @11.34% p.a.||2 years||3 years||5 years|
|Equated Monthly Instalment (EMI) (Rs.)||18,706||13,160||8,765|
|Total Interest Payable (Rs.)||48,952||73,759||1,25,897|
|Processing Fee (Rs.)||8,000||8,000||8,000|
|Total Amount Payable (Rs.)||4,56,952||4,81,759||5,33,897|
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. repayment tables are used to generate the output in this tool instantly.
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%.
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:
Yes, the personal loan EMI calculator is a universal tool and can be used to generate EMI for any desired bank’s loan scheme.
A manual calculation is time taking as well as taxing, while an EMI calculator is automated, online and generates instant output.
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.
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