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  • Kotak Mahindra Personal Loan EMI Calculator is Rated as "Pretty good" by 2115 Users

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    Kotak Mahindra Personal Loan EMI Calculator

    Overview about Kotak Personal Loan Calculator

    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

    Apply for Personal Loan
    • 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

    1. 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.

    2. 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.

    3. 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.

    Personal Loan Reviews

    • Kotak Personal Loan
      "Looking for better offer"
      0.5 5.0/5 "Blown Away!"
      I took the loan amount of Rs.2.53 lakhs from Kotak Mahindra for the tenure of four years, they gave me preclosure option. I have received the loan statement through soft copy but yet to check the details. Everything is okay, however I am not happy about rate of interest is high, it would be great if they reduce it.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 19, 2017
    • Kotak Personal Loan
      "Its Good"
      0.5 4.0/5 "Great!"
      When I applied for the personal loan at the time I didn't complete the entire loan formalities, hence my loan application got closed from Kotak Mahindra bank. Again I am paying to reapply the loan with the same bank, they are good in response.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 19, 2017
    • Kotak Personal Loan
      "Good experience"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan with Kotak Mahindra Bank and i would like to say that the experience with them has been good. I have had no issues with the procedures during my loan process. I received a good service and response from them. I only feel that the interest rate could be nominal.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 19, 2017
    • Kotak Personal Loan
      "Average experience"
      0.5 3.0/5 "Satisfactory"
      Due to the bank norms Kotak Mahindra Bank could not proceed ahead for the personal loan. The team responded on time and informed me the details. It was a average experience as there are other banks who have offered me a loan and better services and rate.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Oct 17, 2017
    • Kotak Personal Loan
      "Horrible experience"
      0.5 1.0/5 "Really Bad"
      They did. It was horrible experience. 1 month to get the loan to approved.. Nobody came to collect the document. I had a horrible experience with Kotak. It took a month to approve the loan, which is quiet high compared what other Banks are doing. The issue was with the document collecting team, they failed for 3 consecutive weeks to come and collect the documents. The communication they put forward was poor.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 17, 2017
    • Kotak Personal Loan
      "Not satisfied"
      0.5 2.5/5 "Just OK"
      It was not a good experience with Kotak Mahindra Bank for the personal loan. They collected my documents and after which they did not respond back. I did not get the status of my application as well. Not sure on the rate of interest rate and processing charges.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 17, 2017
    • Kotak Personal Loan
      "Loan got approved fastly"
      0.5 4.5/5 "Excellent!"
      My loan got disbursed pretty fastly and without much of a task. I required the loan pretty urgently, this Bank understood the need and fastracked the whole process. Only thing I found a little disappointed about was the Rate of Interest of 14.49%, wherein the running market rate is 13%.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Oct 17, 2017
    • Kotak Personal Loan
      "Good. High ROI"
      0.5 3.5/5 "Pretty good"
      I did not go ahead with Kotak Mahindra bank because I dropped my plans to take the personal loan. The response was on time. They contacted me and informed me the details. The interest rate was around 15% which was high and charges is also on the higher side.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 17, 2017
    • Kotak Personal Loan
      "Good"
      0.5 3.0/5 "Satisfactory"
      I have not taken the personal loan from Kotak Mahindra Bank because I got a better deal from another bank. The customer service was good and they contacted me on time. The rate of interest was of 13.99% and the processing charges was also normal. There were no options for part payment.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 17, 2017
    • Kotak Personal Loan
      "Not satisfied"
      0.5 1.0/5 "Really Bad"
      I had applied for a personal loan with Kotak Mahindra bank as I was told that it is a paper less process. But finally the executive contacted me and requested me to submit the hard copies of my paper work. So I cancelled my application as I am not happy with the bank.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 16, 2017
    • Kotak Personal Loan
      "Satisfactory"
      0.5 4.0/5 "Great!"
      I found the experience with Kotak Mahindra Bank to be very satisfactory. The rate of Interest of 14.49 % sounded reasonable and was something I found on par with the market standard. Also the process for the completion of the application was quick.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 16, 2017
    • Kotak Personal Loan
      "Good Service"
      0.5 4.5/5 "Excellent!"
      I have approached Kotak Mahindra on my personal loan. They offered me interest rate as 14.99 which is expensive, where HDFC offers 12.99. It was a paperless approval, satisfied with the customer service, The EMI period for my personal loan is 4 years.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 16, 2017
    • Kotak Personal Loan
      "Good services"
      0.5 3.0/5 "Satisfactory"
      The process to get the personal loan is good at Kotak Mahindra Bank. They collected the documents on time and processed the details. The only problem is that they have disbursed the loan on September 1st and taken the first EMI after 15 days. I have also received a credit card without my consent. I have submitted my documents for a loan and they have used the same for the card as well which is not secured and professional.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 16, 2017
    • Kotak Personal Loan
      "Average service "
      0.5 4.0/5 "Great!"
      I had applied for m a personal loan for an amount of five lakhs.Rate of interest is nominal as compared to other banks in the market.They had processed my loan in a short span of time. Overall I am happy to bank with kotak for futher financial products in future.
      Was this review helpful? 0
      , jaipur
      Reviewed on Oct 16, 2017
    • Kotak Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The service was good from KOTAK, but they took very long for the process to complete and even the rate of interest was high which is 16.75% and they have asked for the documents like my adhar card, 6 months bank statement ,6 months salary statement and id proof and they verified my documents and proceesed the service of KOTAK was very good for my personal account.
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 16, 2017
    • Kotak Personal Loan
      "Good "
      0.5 3.0/5 "Satisfactory"
      The perosonal provides by kotak was good i got a great deal with decent intrest rate as far as the time concerned for processingthey werent quick enough, too many documentationd and follow ups done...overall an ok service apart from getting a good deal..
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 15, 2017
    • Kotak Personal Loan
      "Unhappy with the services"
      0.5 1.0/5 "Really Bad"
      Kotak Mahindra bank contacted me for the personal loan and collected my documents. After they collected my documents I got no information from them that the loan got declined. Though I followed up so much the bank took two months to inform me the status.
      Was this review helpful? 0
      , jaipur
      Reviewed on Oct 15, 2017
    • Kotak Personal Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      I have taken a personal loan from Kotak Mahindra bank and the process was very lengthy for me. It took 15 days for them to process the loan. The interest rate and processing charges was okay. I was comfortable with it. But I would not recommend the bank.
      Was this review helpful? 0
      , noida
      Reviewed on Oct 15, 2017
    • Kotak Personal Loan
      "Very good service"
      0.5 4.0/5 "Great!"
      I have applied for the personal loan from Kotak Mahindra, i am happy that my loan application was approved and the required amount was disbursed. It was a good experience, the customer service was good, all the formalities were completed on time. They provided a door step service to collect the documents. I am also satisfied with the rate of interest.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 15, 2017
    • Kotak Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      Kotak mahindra disbursed my loan amount within 15days of time. The customer service is average with Kotak mahindra. The service need to be prompt with Kotak mahindra. The rate of interest is high with Kotak mahindra when compared with other banks.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 14, 2017
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