Total EMI


Total Interest


Total Payments


Break-up of Loan Amount
Created with Highcharts 4.2.2 50,00,000 69,80,559 Total Interest Principal Loan Amount
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Kotak Mahindra Bank Personal Loan EMI Calculator

The Kotak Mahindra Bank offers a variety of banking products and specialised services in the investment sector, life insurance, personal finance, and wealth management. Kotak Mahindra Bank is headquartered in Mumbai with over 641 branches and more than 1,159 ATMs in India.

The Kotak Mahindra Bank Personal Loan can be used to meet several urgent financial needs such as any medical emergency, education expense, traveling, payment of additional debts, or any other immediate personal expense.

The equated monthly instalment (EMI) on the Personal Loan is a fixed amount of money that a borrower has to pay every month against the Personal Loan taken from Kotak Mahindra Bank. Every month the EMI is due on a fixed day throughout the loan tenure.

Kotak Mahindra Bank offers easy and convenient Personal Loans with the lowest EMI of 2,199 per Lakh. The lowest rate of interest offered by Kotak Mahindra Bank is 11.50% for the maximum tenure of 60 months.

Kotak Mahindra Bank Personal Loan EMIs for Different Loan Tenures

Here are Personal Loan EMIs calculated using the EMI calculator for different loan amounts and tenures @11.50% interest rate:

Loan Amount () 1-year 3-years 5-years

1 Lakh




5 Lakhs




10 Lakhs




As we can see in the table above that for different loans taken for different tenures at 11.50% interest rate, the EMI keeps changing. EMIs are always higher for loans taken for a shorter duration and are lower for long-term loans.

There is an interest component and a principal component in every EMI. However, their ratios keep varying even if the EMIs remain constant. Initially the interest component is high in your EMI, however, slowly the interest component reduces and the principal component increases.

Kotak Mahindra Personal Loan EMI Calculator Formula

The online loan EMI Calculator is used to find out the exact EMI amount payable every month against the Personal Loan from Kotak Mahindra.

The calculator uses the following formula:

E = P x r x (1+r) ^n/ ((1+r) ^n-1)


E is EMI

P is Loan Amount

r is Interest Rate (Monthly)

n is Loan Tenure (In months)

Some online calculators use many additional components such as the processing fees to arrive at the accurate EMI. The processing fee charged by Kotak Mahindra is up to 2.5% plus applicable taxes.

How to Use MyMoneyMantra Kotak Mahindra Personal Loan Calculator?

The EMIs are required to be paid by the borrower every month for the repayment of the loan. The EMI contains both the principal amount and the interest charges. It is necessary to calculate the EMI of the desired loan amount beforehand. The EMI amount is calculated with the help of interest rate, loan amount, and loan duration. The processing fee is charged on the final loan amount by the bank.

After arriving at the EMI, you will know the exact money outflow and based on this you may think of doing some changes in the loan amount so that the EMI fits into your monthly budget.  This process may take time and maybe you have to do the same calculation number of times before arriving at the final loan amount and the EMI. After this, you can proceed towards finalizing the lender for the Personal Loan. Different lenders offer different loan schemes and the interest rate you will have to compare different lenders and choose the best suitable for you.

The MyMoneyMantra Loan EMI Calculator makes this task easier by calculating EMIs in a fraction of seconds. It also gives detailed information on various loan components such as processing fees, loan tenure, and interest rate. It makes use of amortization tools for the generation of the output.

Five simple steps are mentioned below to calculate Kotak Personal Loan EMI using the MyMoneyMantra EMI calculator:

  • Visit the MyMoneyMantra homepage
  • Click on the drop-down menu located at the extreme right of the home page and select 'Finance Tools'.
  • From the list given under Finance tools, select 'EMI calculator'
  • Then, enter loan details such as interest rate, loan tenure (in months or years), and loan amount.
  • Upon entering all the details and completing the selection, the monthly EMI will be generated after clicking on 'Calculate'.

Benefits of Using MyMoneyMantra's EMI Calculator

Some of the main benefits of using the loan EMI calculator are:

  • Accuracy:The online EMI calculator of MyMoneyMantra incorporates all the important factors of the Personal Loan such as interest rate, loan duration, and loan amount. The entire system is automated and therefore, the risk of errors is comparatively very less. The accuracy level of the results of these calculations is higher than that of manual calculation.
  • Speed: The manual calculations of EMI can be sometimes tedious and time-consuming, as various permutations and combinations are sometimes required to try before arriving at the final EMI amount. However, this can be done easily within a few seconds using MyMoneyMantra's Personal Loan EMI Calculator.
  • Convenience: The EMI calculators are very convenient to use and help in taking the decisions instantly and have an overall view before finalising the loan amount and the EMI.
  • Amortization Tables: The online EMI calculator to determine the loan progress over the entire loan duration uses the amortization table. The table also gives you detail information with regards to the amount of principal as well as interest year wise, after the loan tenure is complete.
  • Graphical Representation: The online calculator also gives you the graphical representation in the form of a pie diagram which represents the loan amount paid, processing fee, interest rate, and so on.

Kotak Mahindra Bank Personal Loan Features

Purpose of Loan: The Personal Loan at Kotak Mahindra Bank can be availed to fulfill the urgent requirement of finance for any sort of medical emergency, traveling, wedding, payment of debts, or any other personal expense.

Key Features

  • Loan tenure is 1 to 5 years
  • The interest rate is in the range of 11.50% to 24% per annum
  • Lowest EMI of 2,199 per Lakh
  • Borrowers within the age group of 21 and 58 years can take this loan
  • Loan amount of minimum 1 Lakh to 15 Lakhs can be availed

Processing Fees: The processing fee charged by the Kotak Mahindra bank is up to 2.5% of the loan amount plus other applicable levies and GST. The processing fees have to be paid while applying for the Personal Loan.

Special Schemes: The customised interest rates and schemes are offered by the Kotak Mahindra Bank to the special category of borrowers likes those working with large reputed companies, government employees, bank employees, women applicants, and so on.

Factors Affecting Kotak Mahindra Bank Personal Loan EMI

  • Loan amount: The loan amount is the amount of funds that is borrowed by the borrower from the Kotak Mahindra Bank. The higher the loan amount the higher will be your monthly EMI. The minimum loan amount at Kotak Mahindra Banks is 1 Lakh and the maximum loan amount is 15 Lakhs.
  • Interest rate: The loan amount and your monthly EMI can be high because of the higher rate of interest. The Kotak Mahindra Bank may consider offering attractive interest rates to the salaried employees and thus the overall cost of loan and EMI will be reduced. Kotak Mahindra Banks offers the lowest interest rate of 11.50%. The rate can go up to 24% per annum, depending on the income and repayment capacity of the borrower. However, it is always recommended to do a complete calculation and comparison between different lenders before applying for the Personal Loan.
  • Loan tenure: The loan tenure or duration is the period within which a borrower has to repay the entire borrowed loan amount with the applicable interest. The longer the loan duration the lower will be the EMI. The maximum tenure for a Personal Loan at Kotak Mahindra Bank is 5 years.

Tips to Judge the Right Amount of EMI

  • Decide the amount you need to borrow: It is extremely important to arrive at the fix loan amount you need before applying for the loan, as it will give you a clear idea of the EMI expected to pay each month. The Personal Loan is an unsecured loan and comes at a high rate of interest. Therefore, it is advisable to lower the amount of Personal Loan. It is better if one applies for short duration Personal Loan as it will help the borrower to save on interest cost.
  • Review your current obligations: Do a detailed review of current obligations just before applying for the Personal Loan. This will help you estimate the amount of EMI that you can comfortably pay without affecting your living standards. After finalising the EMI amount you can move towards deciding the right loan tenure.
  • Understand your Kotak Mahindra Bank Personal Loan eligibility: The assessment of your repayment capacity based on the fixed obligations and monthly income helps you understand if you are eligible for a Personal Loan or not. Here's how banks and financial institutions calculate your eligibility for a loan:
    • Multiplier based loan amount eligibility: A multiplier is added by Kotak Mahindra Bank in order to calculate the Personal Loan eligibility. The multiplier is applied on net take home salary. It is one of the easiest methods used to calculate the loan eligibility. The formula used in the loan amount eligibility calculation is Loan Eligibility = (Your Net Salary) x (multiplier of 9 to 18). The multiplier is decided on the internal categorisation of the employer company by the banks on the basis of its reputation, growth, size, turnover, and so on.
    • FOIR based loan amount eligibility: The Kotak Mahindra Bank estimates the Fixed Income to Obligations Ratio (FOIR) to find the maximum EMI you can afford to pay. This is done to estimate the monthly income and expenses of the borrower. A certain ratio is applied to find the monthly expense and your other obligations are also added to arrive at the FOIR. The Kotak Mahindra Bank considers the minimum FOIR of 0.45 as best. This assessment can be different from your own assessment. The differences in assessment can result in readjusting the Personal Loan amount required by the borrower. It is also recommended to improve your loan eligibility pay all the current short-term loans.

How Does the Kotak Mahindra Personal Loan EMI Change With Pre-Payment?

If a borrower decides to prepay the Personal Loan, the outstanding balance on the Personal Loan will get reduce. Kotak Mahindra Bank gives you two options:

  • Reduce your loan tenure and keep EMI on your Personal Loan unchanged: In this option, the borrower can close the entire loan and save the interest of the remaining loan duration. This is an apt option for those borrowers who have a surplus to repay the loan and can afford to pay the same EMI throughout.
  • Reduce the amount of EMI and keep your loan tenure same: In this option, the borrower has a chance to reduce the amount of monthly EMI and increase the availability of monthly income to meet the current expenses or any other needs. This is the best option for the borrowers whose monthly expenses are high and who prefer the lower EMI amount.

FAQs on Kotak Mahindra Personal Loan EMI Calculator

Question - What is the lowest EMI per Lakh offered on the Personal Loan by Kotak Mahindra Bank?

Answer - The lowest EMI per lakh offered on the Personal Loan by Kotak Mahindra Bank is 2,199 per Lakh at 11.50% interest rate. The Kotak Mahindra Bank may offer different interest rate for salary account holders or existing customers for the Personal Loan.

Question - What are the prepayment charges levied by the Kotak Mahindra Bank?

Answer - The prepayment charges levied by the Kotak Mahindra Bank on the Personal Loan is 5% plus other levies applied by the bank. Foreclosure is allowed only after 12 months of servicing the loan.

Question - Is there any processing charge on a Personal Loan from Kotak Mahindra Bank?

Answer - A processing fee up to 2.5% (plus other applicable statutory levies) is charged by Kotak Mahindra Bank on the Personal Loan.

Question - Will an applicant get the Personal Loan from Kotak Mahindra Bank if they have a bad credit score?

Answer - No, for taking a loan from Kotak Mahindra Bank it is important that the applicant has a good credit score. The credit score of 700 and above is considered for the approving the Personal Loan application. The bank avoids giving loans to the applicant having a bad credit score.

Question - How does one repay the Personal Loan?

Answer - The repayment of a Personal Loan is done with the monthly EMI through the applicant's bank account. The applicant should present a few post-dated cheques and sign an ECS mandate in favour of the bank during the loan disbursal.

Question - Why is it is recommended to calculate Kotak Mahindra Personal Loan EMI before taking the loan?

Answer - It is recommended to calculate Personal Loan EMI before taking the loan. There are many benefits of doing this, such as:

  • In case the EMI amount is more than your monthly budget, then you can apply for the lower loan amount so that the EMI is easily affordable and fits into your budget.
  • You can plan your expenses accordingly if you already know the EMI amount that will be needed to pay each month.
  • Based on the EMI amount, you can think of making a prepayment of the Personal Loan in the future due to the availability of surplus.

Question - Can an applicant have a co-applicant while applying for a Personal Loan with Kotak Mahindra Bank?

Answer - Yes, the applicant can have a co-applicant to take a Personal Loan from Kotak Mahindra Bank. Having a co-applicant will increase the borrower's Personal Loan eligibility as the income of the co-applicant is also considered during approving the loan application.