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Kotak Mahindra Bank Personal Loan EMI Calculator

1 Lac 4 Lac 8 Lac 12 Lac 16 Lac 20 Lac
149141924
112345
Total Payments

₹2,000,000

Total Interest-
₹0
Principal Amount-
₹2,000,000
Total EMI

₹0

EMI payment starting from

Balance
EMI Payment/Year
  • Loan Amount
  • Interest Rate
  • Your EMI
  • Tenure
  • ₹2,000,000
  • 10.99%
  • ₹0
  • 5

EMI payment starting from

Updated:

Kotak Mahindra Bank Personal Loan Calculator

Taking personal loans can be intimidating for several people at times. Personal loans are granted from banks for emergency purposes. It can be anything from making an emergency purchase like wedding expenses, home restructuring, debt consolidation, and other matters.

The tenure for personal loans remains on the lower side. It can be anything between 2 to 6 years, depending on your budget. No matter what your situation is, calculating your monthly instalments before taking a personal loan is always a smart idea.

How to use Kotak Bank Personal Loan EMI Calculator?

Using the online EMI calculator is no rocket science. Only by following a few easy steps you can easily calculate your monthly EMI before taking out a home loan from the bank.

  • Head on to the Kotak Mahindra bank's official page to calculate your EMI.
  • The EMI calculator for Kotak Mahindra Bank Personal Loan will appear on the screen as soon as you enter.
  • First, select your loan amount. This is the principal amount, i.e. the entire loan amount that you want to take from the bank. It will directly affect your monthly instalments in the future.
  • After that, you will have to select the current interest rate that is offered by the bank for personal loans to their customers. The current interest rate offered by Kotak Mahindra bank is 10.75%. Do complete market research before going for a loan plan.
  • After that, choose a tenure that you are comfortable with. It can be anything between 1 year to 5 years. Your tenure will directly affect your monthly EMI in the future.
  • After selecting all this information correctly, the monthly amount that you will have to pay will pop up on the screen. Try different combinations if you are not satisfied with the results.

Kotak Mahindra Bank Personal Loan Interest Calculator Formula

Similar to the other banks like the SBI, HDFC, Bandhan Bank, HSBC Bank, UCO Bank, and Union Bank, to name a few, the Kotak Mahindra Bank calculates the interest based on the formula p*r*(1+r)^n/([1+r)^n]-1).  
P stands for the principal amount. It is the entire amount that you take from the bank. It can be anything between 1 lakh to 50 Lakh that you'll have to repay during the selected tenure.  
N here stands for your selected tenure. It can go up to 48 months. The duration you choose will directly affect your monthly instalments in the future.  
R here stands for the current interest rate offered by the bank. Currently, the Kotak Mahindra Bank personal loan interest rate starts from 10.75% to its customers.

Know in detail: Simple Interest Formula Calculation

Benefits of Kotak Mahindra Bank Personal Loan EMI Calculator

There are several benefits that you can expect by using the EMI Calculator Personal Loan Kotak Mahindra Bank before taking out a personal loan from the bank.

  • It tells you exactly how much you need to pay monthly after you take out a personal loan from the bank.  
    Even after taking the loan, you can come back to the calculator to calculate the rest amount that you will have to pay for the rest of your tenure.
  • It will help you make organised and informed decisions and have your expenses pre-planned for the future. It will help you have a risk-free and financially secured future. 
    You do not have to visit the bank to calculate your EMI before hand. The calculator can be operated online from anywhere.
  • By using the formula, it gives you a 100% accurate result, and you will not have to worry about the authenticity of the amount ever again.
  • It gives you the flexibility to try different combinations with different loan amounts, interest rates, and several tenures so that you can finally go for the loan plan that fits your budget properly.
  • By using other online EMI calculators, you can easily compare different interest rates in the market before choosing a loan plan for the future.
  • Selecting a proper tenure according to your affordability is always a smart step before you apply for a personal loan so that you can avoid financial troubles in the long run.

Why should you use Kotak Mahindra Bank Personal Loan EMI Calculator?

There are several reasons why you should consider using the Kotak Mahindra Bank Personal Loan EMI Calculator before you apply for a loan. It is an extremely feasible tool that you can operate from anywhere at any time at your convenience. 

  • You can try different tenures to identify the proper duration for your loan plan. It can be anything between 1 year to 5 years. Choose a tenure that suits your affordability properly.
  • Since you do not have to visit the bank or any professional to calculate your instalments before you take out a loan, it saves you a lot of time.
  • You can use the calculator before applying for a loan, after taking out the loan, and at any time in the middle of your tenure without any hassle. This flexibility makes it an even more feasible method.
  • You can also first use the Kotak Mahindra Bank personal loan EMI calculator and then visit other leading banks' online pages to try out other EMI calculators to figure out which loan plan suits your budget the most at the contemporary time.

Kotak Mahindra Bank Personal Loan EMI Calculator to Estimate the EMI that Fits your Budget

Use the Kotak Mahindra Bank personal loan EMI calculator to try different combinations to see which tenure, interest rate, and loan amount fit your budget correctly before you apply for a loan. It will make your repayment journey organised and help you manage your expenses in a much better way. Choosing the wrong loan plan can create a lot of issues that may affect your financial life in the future.

Go through the chart to understand the difference between different loan plans offered by the bank. The rates have been calculated with an interest rate of 10.25% that is offered by the bank for personal loans to the customers.

Loan Amount4 Years 3 Years 2 Years
10 Lakh25,724/-32,620/-46,492/-
5 Lakh23,246/-16,310/-23,246/-
3 Lakh7,717/-9,786/-13,948/-
1 Lakh2,572/-3,262/-4,649/-

These are the different loan amounts depending on the tenures offered by the Kotak Mahindra Bank for an interest rate of 10.75% in the current scenario. Choose any plan out of these that suits your budget and fulfils your demands in the best possible way.

Find a plan that is comfortable for you and will not hamper your personal life by creating financial troubles in the long run. You can also plan your expenses during your tenure by using the EMI Calculator for Kotak Mahindra Bank Personal Loan.

Factors Affecting Kotak Mahindra Bank Personal Loan EMI

The major factors that affect your monthly instalments, in the long run, are listed below. Take a look at the points to understand why it is important to choose a plan that is comfortable for you and will not be financially burdensome.

  • The interest rate that is offered by the bank affects your EMI directly. The lowest interest rate that is offered by the Kotak Mahindra Bank in India remains to be around 10.25% in the current scenario. Do sufficient research on the market rates online before applying for a loan.
  • The loan tenure that you select directly influences your monthly instalments. It can be anything between 12 months to 48 months, depending on your emergency. The higher the tenure is, your monthly EMI will be on the lower side. The shorter the tenure is, your monthly EMI will increase accordingly.
  • The loan amount that you also choose directly affects your monthly EMI. The higher the loan amount is, the more your EMI will be. Kotak Mahindra Bank of India currently gives a maximum loan amount of 1 lakh for personal loans. You can take out a loan of up to 50 lakh depending on your demands. The more the loan amount will be, the higher your monthly EMI will be for a comparatively shorter tenure.

What the Personal loan EMI calculator cannot tell you

The EMI Calculator Personal Loan Kotak Mahindra Bank is an excellent tool to calculate your EMI before applying for a home loan. However, there are certain factors that cannot be pre-determined by the tool.

  • If you have the entire amount to repay the rest of your loan amount in the middle of your tenure, you will be charged around 2%-3% penalty charges for making prepayments during your tenure. The online calculator cannot determine whether or not this will happen during your tenure.
  • The calculator also fails to determine whether or not the interest rate will increase or decrease during the tenure during the process. Most popular banks like the UCO Bank, the SBI, along with other reputed banks, only offer floating rate home loans which means the interest rate may go up during your selected tenure after taking the loan. However, it may create an inconvenience for some people since the calculator cannot determine the increased interest amount beforehand. Some banks allow their customers to change their interest rates in the middle of a tenure. On the other hand, some banks do not allow that. Whether you can make bigger payments as monthly instalments cannot be determined by an EMI calculator either.
  • Personal loans hardly bring any profits for you in the long run. Interest rates add up to it and make them even bigger. While you pay the EMI after your tenure gets over, you may lose out on many opportunities due to your financial condition. An EMI calculator cannot tell you that beforehand. 

Amortization Table

YearOpening BalanceAmount paid by customer (EMI*12)Interest paid during the yearPrincipal paid during the yearClosing Balance

Kotak Personal Loan EMI Calculator FAQs

What is the lowest EMI offered by the Kotak Mahindra Bank a personal loan?

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The current interest rate that is offered by the Kotak Mahindra Bank remains around 10.25%.

What is the EMI for 5 lakh in Kotak Mahindra Bank?

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Your EMI will depend on the tenure you select. For a four years tenure, your EMI will be around 12,741/-, and around 23,130/- for a tenure of 2 years.

What is the EMI for 3 lakh in Kotak Mahindra Bank?

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For a loan amount of 3 lakh, your monthly EMI will be around 7,645/- for a tenure of 4 years and around 13,878/- for a tenure of 2 years.

How can I make prepayments in Kotak Mahindra Bank?

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Kotak Mahindra Bank allows you to make prepayments after 12 months from rs. 999 depending on your repayment amount.

Does Kotak Mahindra Bank charge anything for processing a personal loan to my bank account?

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Kotak Mahindra currently charges around 999/- for processing a loan amount to your bank account when it comes to personal loans.