Kotak Mahindra Personal Loan EMI Calculator

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:

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.

To calculate Kotak Personal Loan EMI, 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

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.
• Repayment Tables – An repayment 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.