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.
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.
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
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.
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.
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 Amount||4 Years||3 Years||2 Years|
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.
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 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.
The current interest rate that is offered by the Kotak Mahindra Bank remains around 10.25%.
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.
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.
Kotak Mahindra Bank allows you to make prepayments after 12 months from rs. 999 depending on your repayment amount.
Kotak Mahindra currently charges around 999/- for processing a loan amount to your bank account when it comes to personal loans.