car Loan EMI (or equated monthly instalment) 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 5 years, the loan EMI can be as low as Rs. 2,199 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%. You can check EMI for other tenures using our Kotak Bank car Loan EMI calculator.
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.
How does Car Loan EMI calculator calculate EMI?
This calculator calculates EMI considering a combination of loan amount, interest rate and loan tenure.
This 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
Kotak Bank Car Loan: Features
Some of the key features of Kotak Bank car loan are listed below:
Age limit : Kotak Bank offers loan to borrowers with minimum age of 21 years and a maximum age of 65 years.
Interest Rates : Kotak Bank offers competitive interest rates and quick processing of your loan. car loans are offered in the interest rate ranging from 11.50% to 13.50%.
Processing fee : Kotak Bank offers processing fee 0.00% . Min Rs. 3300 Max Rs. 4750
Prepayment Charges : Under certain schemes, Kotak Bank offers Not allowed for 6 months; 5.21% charges after 6 months.
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