Kotak Mahindra Personal Loan EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
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What is Kotak Mahindra Bank Personal Loan EMI Calculator?
Kotak Mahindra Bank Personal Loan EMI Calculator is an online tool offered by Kotak Mahindra Bank that helps prospective personal loan borrowers to calculate their loan installment amount that they will be required to pay every month. The EMI amount of personal loan may vary based on the Kotak Mahindra Personal Loan Interest Rate, loan amount and repayment tenure selected by the borrower. Alternatively, borrowers can also use Paisabazaar’s EMI Calculator for Personal Loan to choose the optimum tenure and EMIs for their Kotak Mahindra Bank Personal Loan, based on their repayment capacity.
How does Kotak Personal Loan Calculator work?
Kotak Personal loan Calculator works on the below-mentioned formula:
E = P x R x (1+R) ^N/ ((1+R) ^N-1)
Where,
E = EMI
P = Principal amount
R = Rate of interest
N = Loan repayment tenure
The Kotak Personal Loan Calculator is an online tool that prospective borrowers can use to know their Kotak personal loan EMI for a month. Prospective borrowers get the option of choosing different combinations of loan amounts, interest rates and repayment tenures to find specific EMIs for each combination. However, the final interest rate offered for personal loans will depend on the Kotak Mahindra Bank Personal Loan Eligibility, which also depends on various factors such as the age, credit score, monthly income, repayment capacity, occupation profile, etc.
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Personal Loan Interest Rate Comparison of different Banks
| Banks/NBFCs | Interest Rates(p.a.) |
| Bajaj Finance | 10% - 31% p.a. |
| Axis Bank | 10.49% onwards |
| IndusInd Bank | 10.49% onwards |
| IDFC First Bank | 10.99% onwards |
| HDFC Bank | 10.85% onwards |
| ICICI Bank | 10.80% onwards |
| Kotak Mahindra Bank | 10.99% onwards |
| Tata Capital | 11.99% onwards |
| Federal Bank | 11.49% onwards |
| DMI Finance | Up to 24% |
| L&T Finance | 11.00% onwards |
| Kreditbee | 16.00% - 29.95% |
| MoneyTap | 13.00% onwards |
| Piramal Finance | 12.90% onwards |
| Aditya Birla | 10.99% onwards |
| Moneyview | 14%-36% |
| Cashe | 33.50% onwards |
Note: Interest rates as on 20th June 2024
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Factors Affecting Kotak Mahindra Bank Personal Loan EMI
- Personal loan amount: The higher the loan amount, the higher would be the EMI and total cost of interest. It is crucial to note that the applicant’s eligibility for personal loan amount would primarily depend on their repayment capacity and loan tenure.
- Interest rate: In cases of personal loans availed at lower interest rates, the consumers will have to pay lower EMIs and cost of interest and vice versa. For that reason, consumers can consider comparing the personal loan interest rates offered by top lenders before applying for Kotak Mahindra Bank Personal Loan.
- Loan repayment tenure: Consumers who avail personal loans for longer repayment tenures will have to pay lower EMIs and higher interest cost. However, in cases of loans availed for shorter repayment periods, the consumers will have to pay high amounts of EMIs and lower cost of interest.
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What are the benefits of using Kotak Mahindra Bank Personal Loan EMI Calculator?
Some major benefits of using Kotak Mahindra Bank Personal Loan Calculator are mentioned below:
Quick and accurate results
Kotak Mahindra Bank Personal Loan EMI Calculator helps prospective applicants to find their personal loan EMIs without doing complicated calculations using complex formulas. Along with this, it also provides the accurate monthly installment amount as there is no scope for manual calculations.
Healthy Credit Scores for Future
Personal loan applicants who use the Kotak Mahindra Bank Personal Loan EMI Calculator to calculate their monthly installments would be better prepared to manage their finances for loan repayments within the given tenure. Such applicants would also have less chances of defaulting on their EMIs, which further helps improve or maintain their credit scores.
Budget Management
Because the EMI amount for personal loans availed at fixed interest rates remain constant during the entire tenure of the loan, the applicants can use Kotak Mahindra Personal Loan EMI Calculator to find the exact amount they have to repay every month. This way, they also get the chance to adjust their monthly expenses accordingly to fit in the EMI amount.
Improve Personal Loan Eligibility
Lenders usually approve the personal loan applications of individuals whose total EMI obligations, including that of the proposed loan EMI, does not exceed 50-60% of their total monthly income. Using Kotak Mahindra Bank Personal Loan EMI Calculator will also give the prospective loan applicants a fair idea of their EMIs. The applicants exceeding the mentioned limit would be able to reduce the EMI when making their personal loan application. This will also help the prospective applicants to improve their chances of getting their personal loan approved.
Bottom Line
By keeping in mind the above-mentioned factors, prospective personal loan applicants can use the Kotak Mahindra Bank Personal Loan EMI Calculator to determine the optimum tenure and EMI for their Kotak Mahindra Personal Loan based on their repayment capacity. They can also use the Paisabazar’s Personal Loan EMI Calculator to find and compare the personal loan EMIs of other lenders as well.
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FAQs
1.What is Kotak Mahindra Personal Loan EMI calculator?
Ans: Kotak Personal Loan Calculator is an online tool that calculates your monthly EMI using interest rate, loan amount and tenure.
2. How can I calculate Kotak Mahindra personal loan EMI?
Ans: You can calculate your Kotak Personal Loan EMI using online Kotak Personal Loan Calculator.
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