Kotak Mahindra Loan EMI Calculator will help you to find out your Personal Loan EMI and interest cost based on your loan amount, tenure and interest rate. It will help you to choose your loan amount and loan tenure based on your repayment capacity.
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395

Personal Loan at Attractive Interest Rates Apply Now
Personal Loan Interest Rate Comparison of different Banks
Banks/NBFCs | Interest Rates(p.a.) | |
HDFC Bank | 11.00% p.a. onwards | Apply Now |
Axis Bank | 10.25% onwards | Apply Now |
Kotak Mahindra Bank | 10.99% onwards | Apply Now |
ICICI Bank | 10.50% onwards | Apply Now |
Bajaj Finserv | 13.00% onwards | Apply Now |
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Kotak Mahindra Bank Personal Loan EMI Calculator
EMI or Equated Monthly Installment is the amount that a borrower needs to pay every month to a bank or a non-banking financial company (NBFC) in order to repay a loan. Kotak Mahindra Bank’s personal loan EMI calculator is a free to use tool that enables you to know the cost of the loan even before you apply for it and this helps in better management of finances. Different combinations of these loan parameters such as can be used to arrive at the most suitable EMI for you unique situation.
Kotak Mahindra Bank Personal Loan EMI Calculation
Kotak Mahindra Bank uses the reducing balance method to calculate the EMI payable on its personal loans. The following table gives EMI calculation for Kotak Mahindra Bank personal loans using different combinations of loan amount, repayment tenure and interest rate.
Loan Amount (Rs.) | Interest Rate (p.a.) | Tenure (months) | EMI (Rs./month) |
50,000 | 11% | 12 | 4,419 |
2 lakh | 12% | 36 | 6,643 |
5 lakh | 14% | 24 | 24,006 |
10 lakh | 17% | 48 | 28,855 |
15 lakh | 20% | 60 | 39,741 |
Comparison of EMI Calculation Methods: Flat Interest Rate v/s Reducing Balance Interest Rate
The following table compares the difference in EMI payable when using the flat interest rate method v/s when the reducing balance method is used for varying loan amounts, tenures and interest rates:
Loan Amount (Rs.) | Loan Tenure (months) | Interest Rate (p.a.) | EMI using Flat Rate method (Rs.) | EMI using Reducing Balance method (Rs.) |
50,000 | 12 | 11% | 4,625 | 4,419 |
3 lakh | 24 | 13% | 15,750 | 14,263 |
5 lakh | 36 | 15% | 20,139 | 17,333 |
10 lakh | 48 | 17% | 35,000 | 28,855 |
15 lakh | 60 | 20% | 50,000 | 39,741 |
Charges levied on Non Payment of EMI – Cheque Bounce Charges and Penal Interest Charges
In case EMI payments are not made on time, Kotak Mahindra Bank levies some specific charges. These penal charges include:
Payment Dishonor Charges | Rs. 750 per instance (inclusive of GST and other applicable statutory levies) |
Overdue Interest | 3% p.m. compounded monthly on the Amount due but unpaid from the date the amount becomes due till the date of actual payment |
Factors Affecting Kotak Mahindra Personal Loan EMI
Given below are the key factors which affect Kotak Mahindra personal loan EMI payouts:
- Loan Amount: Loan amount/loan principal is the amount of money that you borrow from the lender. Usually a greater loan amount results in a higher EMI payout.
- Interest Rate: It refers to the rate of interest charged by the lender on the loan amount. Usually a higher interest rate results in a higher EMI payout.
- Loan Tenure: It is the time period over which the loan can be repaid. Generally, longer repayment tenure results in lower individual EMI payouts. However, this also lead to greater overall interest payout.
- Interest Calculation Method: The method used to calculate personal loan EMIs also affects the amount of interest payable. EMIs calculated using the reducing balance method are slightly lower as compared to EMIs calculated using the flat rate method.
FAQs
Q1. Does the EMI calculator show the prepayment charges?
No, prepayment charges are not shown by the EMI calculator. However, customers can check the prepayment charges in the loan agreement provided by the lender.
Q2. What is floating rate EMI calculation?
Floating interest rate refer to rates that vary during the loan tenure. For instance, the repo rate influences loans that are based on the Repo Linked Lending Rate (RLLR). In case of a RLLR-linked loan, whenever RBI changes the repo rate, a similar change is reflected in the loan interest rate. Currently the floating interest rate mechanism is not applicable to personal loans offered by Kotak Mahindra Bank.
Q3. What method of EMI calculation does Kotak Mahindra Bank use?
Kotak Mahindra Bank uses the reducing balance method to calculate the EMI payable on its personal loans. This method involves calculating interest only on the outstanding loan principal amount and not on the entire loan amount borrowed initially. Thus, as the outstanding loan amount decreases, the interest payable also decreases over the loan tenure.