Kotak Bank Car Loan EMI Calculator Aug 2017
Kotak Bank Car Loan EMI Calculator
Lowest EMI on Kotak Bank Car Loan - Rs. 2,199 per lakh
|Loan Amount||2 Years||3 Years||5 Years|
|Rs. 100,000||Rs. 4,684||Rs. 3,298||Rs. 2,199|
|Rs. 300,000||Rs. 14,052||Rs. 9,893||Rs. 6,598|
|Rs. 500,000||Rs. 23,420||Rs. 16,488||Rs. 10,996|
|Rs. 1,000,000||Rs. 46,840||Rs. 32,976||Rs. 21,993|
Factors affecting Kotak Bank Car Loan EMI
- Borrower age should be between 21 years to maximum 65 years
- Maximum car loan amount offered by Kotak Bank is up to 90.00% of ex-showroom price
- Interest rates starts @ 11.50% depending upon down payment, net income and other factors
- Processing fee in Kotak Bank may be 0.00% of loan amount Min Rs. 3,300 Max Rs. 4,750
Kotak Bank Car Loan EMI
- Car Loan EMI (or equated monthly installment) is a fixed amount of money paid by you to Kotak Bank against the loan taken. This is towards repayment of your loan to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.
- With Kotak Bank offering car Loans with loan tenure upto 60 years, the loan EMI can be as low as Rs. 2 per lakh, to make it more affordable and convenient to meet your car needs. Rate of interest offered by Kotak Bank are as low as 11.50%.
- This EMI consists of both interest payment and principal repayment. Though the EMI amount will remain constant, the principal component keeps increasing and on the other hand the interest component keeps reducing.
Kotak Bank Car Loan Calculator Formula
Here is an illustration of how Kotak Bank Car Loan EMI is calculated:
In above formula,
P = Loan amount. This should be 90.00% of ex-showroom price
n = tenure in month. For Kotak Bank, this can be 60 months
Car Loan EMI Calculator Kotak Bank - How it works?
Kotak Bank Car loan calculator calculates EMI considering a combination of loan amount, interest rate and loan tenure.
- Kotak Bank Car loan calculator considers “reducing balance basis” and assumes that payment of EMI is made in arrears (means interest is charged for the month preceding the EMI payment date) and not in advance.
Car Loan EMI – EMI changes in case of prepayment
In case you prepay your car loan, the outstanding balance on your car loan reduces. Kotak Bank gives you two options:
- Reduce your loan tenure and keep your car EMI same
- Reduce the amount of EMI and keep your loan tenure same
It is better to keep the EMI constant and reduce the loan tenure as you pay less interest to the Kotak Bank in this option.
Frequently Asked Questions on Kotak Bank EMI Calculator
Kotak Bank offers car loan at 11.50% interest rate and hence lowest EMI on per lakh loan amount is Rs. 2,199.Can I prepay my Kotak Bank car loan?
Kotak Bank offers you an option of prepayment at Not allowed for 6 months; 5.21% charges after 6 months charges.Is there any processing charge on Car loan from Kotak Bank?
Car Loan from Kotak Bank charges a processing fee of 0.00% of loan amount Min Rs. 3,300 Max Rs. 4,750.
Kotak Bank Car Loan Customer Care Number, Email, Application Status, Branches
Kotak Bank Car Loan Calculator Customer Care Number, Email, Application Status, Branches
|City||Customer Care Number|
|Mohali Sas Nagar||0161-65006022|