Kuchh Baat Aapke Interest Ki Login
Apply Personal Loan @10.99%* Get upto Rs. 2,500/- Cashback*

Kotak Personal Loan EMI Calculator - Sep 2017

Last Updated 07th Sep 2017

Kotak Bank Personal Loan Calculator

  • Get monthly EMI as low as Rs. 2,199 per lakh with Kotak Bank now offering personal loans with loan tenure upto 60 months.
  • Lowest personal loan interest rate currently offered by Kotak Bank is 11.50%, for which the EMI per Rs. 1 lakh loan amount comes to Rs. 4,684 for a 2 year loan and Rs. 2,609 for a 5 year loan.
  • Personal loan EMI in Kotak Bank depends upon loan amount, repayment tenure and interest rate.
  • Apply personal loan online and get best personal loan rates.
  • Check the EMI for other tenures using the Kotak Bank personal loan EMI calculator on this page.
Personal Loan EMI Calculator
Rs.

Personal Loan EMI Calculator Kotak

Kotak Bank Personal Loan EMI

  • Personal 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.
  • Kotak Bank offers affordable and convenient personal loans with loan EMIs as low as Rs. 2,199 per lakh for a 60 tenure and lowest rate of interest on personal loans at 11.50%.

Personal loan EMI calculator at different tenures

Personal Loan EMI for different loan amounts and tenures @ 11.50% interest rate

Loan Amount (Rs.) 2 Years 3 Years 5 Years
100,000 Rs. 4,684 Rs. 3,298 Rs. 2,199
300,000 Rs. 14,052 Rs. 9,893 Rs. 6,598
500,000 Rs. 23,420 Rs. 16,488 Rs. 10,996
1,000,000 Rs. 46,840 Rs. 32,976 Rs. 21,993
  • From the above table, it can be interpreted that for various loan amounts taken at the lowest interest rate, EMI differs for loans taken at different tenures. Your EMI is higher when you take a loan for a shorter tenure of 2 years and is higher for a longer tenure loan of 4 years.
  • Each EMI includes a component of interest payment and principal repayment. Even as EMIs remain constant, every month there is a change in proportion of interest component and principal repaid. With every EMI payment, the proportion of principal repayment in EMI keeps increasing and the interest component keeps reducing.
Use EMI Calculator to calculate your interest on personal loan at different tenure
Personal Loan EMI for Rs. 1 Lakh loan amount at lowest 11.50% interest rate offered by Kotak Bankfor different tenures
2 years 3 years 5 years
Kotak Bank EMI for a loan amount Rs. 1 lakh at 11.50% 4,684 3,298 2,199
Total amount you pay back to the bank including principal and interest 112,416 118,728 131,940
Interest you have to pay over loan tenure 12,416 18,728 31,940

The above table shows that EMI paid on the loan will be lower for a loan taken for a longer tenure. However, your total interest outgo is significantly higher in a long tenure loan. In the above example, if you take a Rs. 1,00,000 loan from Kotak Bank for a period of 4 years, you pay the lowest EMI of Rs. 2,199. However, you pay an interest of Rs. 31,940 on a Rs. 1,00,000 loan.
In contrast, if you take a Rs. 1,00,000 loan from Kotak Bank at the lowest loan rate for a period of 2 years, you pay a higher EMI of Rs. 4,684 and pay an interest of only Rs. 12,416 which is less than half of what you pay for a 4 year loan. Hence, it is advisable to choose your loan tenure wisely as longer tenure means high interest expenses.

Factors affecting Kotak Bank Personal Loan EMI

  • Loan amount – This is the amount borrowed by a borrower from Kotak Bank.If you apply for a higher loan amount, your monthly EMI will be high. Kotak Bank gives a minimum loan of Rs. 100,000 which can go upto an amount of Rs. 1,500,000.
  • Interest rate - Interest rates is the rate charged by Kotak Bank on your personal loan. Higher interest rate increases your loan EMI which will increase the total cost of the loan. Lowest interest rate offered by Kotak Bank is 11.50%. However, it is advisable to do complete market research and compare rates online before you apply for loan.
  • Loan tenure – This is the period in which you can repay your loan in Kotak Bank. Longer loan tenure means lower personal loan EMI. Generally, Kotak Bank offers loan for a maximum tenure of 5 years.

Kotak Bank Personal Loan calculator formula

P*r* (1+r)^n/([(1+r)^n]-1)

Here is an illustration of how Kotak Bank Personal Loan EMI is calculated:

In above formula,

P = Loan amount. This can range from Rs. 100,000 to Rs. 1,500,000

r = Rate of interest per month. Current rate is 11.50%

n = tenure in month. For Kotak Bank, this can be 60 months

Tips to decide the right amount of EMI

  • Decide the amount you need to borrow: It is important that before approaching a bank for loan, you need to estimate the amount of loan you need to borrow. Remember personal loan is an unsecured loan which can come at high interest rates and hence, it is advisable to limit your loan amount to the minimum required. Also, based on the EMI you can service, try to opt for lowest tenure of loans as long tenure loans result in huge interest outgo.
  • Review your current obligations: Before taking a loan it is advisable to do an evaluation of your current monthly expenses including any EMI obligations that you have on your current loans. The assessment will help you to estimate the amount of EMI you can pay comfortably after taking into account other obligations. Once you arrive at the EMI you can service, you can also decide on the right loan tenure.
  • Calculate your Kotak Bank personal loan eligibility: Your personal loan eligibility is a function an assessment of your repayment capacity based on your monthly income and other fixed obligations.
    • Multiplier based loan amount eligibility - Kotak Bank calculates your loan amount eligibility by applying a multiplier to your net take home salary. This is the simplest method for calculating a loan eligibility used by banks. The formula used in the loan amount eligibility calculation is: Loan Eligibility = (Your Net Salary) x (multiplier of 9 to 18). The multiplier depends on the bank’s internal categorization of your employer company based on its reputation, stability, size and growth in turnover.
    • FOIR based loan amount eligibility - Kotak Bank will also estimate your Fixed Income to Obligations Ratio (FOIR) to ascertain the maximum EMI you can service based on your current income and other monthly expenses. The bank applies a certain ratio to your income to estimate your monthly expenses and then adds your other EMI obligations to calculate your fixed obligations. The proportion of fixed income to your calculated fixed obligations gives your FOIR. Kotak Bank lends up to a maximum FOIR of 0.50. Based on the FOIR, the bank will also estimate the maximum amount of EMI you can service as a borrower. Kotak Bank's assessment may be different from your own assessment. Any differences in assessment may require you to readjust your loan amount requirement. You may also consider paying back other running short term loans to improve your eligibility.
    • Kotak Bank will calculate your loan amount eligibility based on the above two methods and will sanction you a lower loan amount arrived at, by the above two methods.

Quick guide on Kotak Bank personal loan

  • Purpose of Loan: Kotak Bank personal loan is taken to funding medical emergencies, paying additional debts, marriage expenses and other personal finance requirements.
  • Key Features
    • Loan available for both salaried and self employed.
    • Borrowers within the age group of 21 and 58 years.
    • Loan amount of minimum Rs. 100,000 to Rs. 1,500,000.
    • Loan Tenure 1 to 5 years.
    • Interest rates in the range of 11.50% to 24.00%.
    • Lowest EMI of Rs. 2,199 per lakh.
  • Processing Fees: Upto 2.5% of loan amount.
  • Special schemes: Kotak Bank offers customised personal loan interest rates and schemes for special category of borrowers including borrowers working in reputed companies, banks or government employees etc.

Personal loan EMI calculator Kotak Bank – How it works?

  • Kotak Bank personal loan calculator calculates EMI considering a combination of loan amount, interest rate and loan tenure.
  • Kotak Bank EMI 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.

Personal loan EMI – EMI changes in case of prepayment

In case you prepay your personal loan, the outstanding balance on your personal loan reduces. Kotak Bank gives you two options:

  • Reduce your loan tenure and keep EMI on your personal loan unchanged: This option allows you to close your loan earlier and save the interest outgo associated with the remaining tenure. This is suitable for borrowers who feel that they have adequate income to continue servicing the same level of EMIs.
  • Reduce the amount of EMI and keep your loan tenure same: This option allows you to reduce your monthly EMI and hence, increases the availability of monthly surplus which you can deploy for other purposes. This is suitable for borrowers who anticipate higher monthly personal expenses and hence, would want to reduce their monthly EMI obligations.

FAQs on Kotak EMI Calculator

Why should I calculate Kotak loan EMI before taking a loan?

It is advised to calculate personal loan EMI prior to taking a personal loan. There are several benefits of calculating your Kotak Bank personal loan EMI as discussed below -

  • In case EMI comes out to be more than your monthly budget, then you have the chance to apply for a lower loan amount which fits your monthly budget and makes EMI easily affordable
  • If you already know the EMI you have to pay each month, then you can plan your spends accordingly
  • Based on the EMI amount, you can opt for making prepayment of your personal loan in future when you have surplus amount
What is the lowest EMI per lakh offered by Kotak Bank on personal loan?

Kotak Bank offers personal loan at 11.50% interest rate and hence lowest EMI on per lakh loan amount is Rs. 2,199. However, Kotak Bank personal loan interest rate for salary account holders or existing customers can vary.

Can I prepay my Kotak Bank personal loan?

Kotak Bank offers you an option of prepayment after 12 months at 5% prepayment charges, 30 days notice applicable.

Is there any processing charge on personal loan from Kotak Bank?

Personal Loan from Kotak Bank charges a processing fee of Upto 2.5%.

Will i get the personal loan from Kotak Bank if i have a bad credit score?

No, for taking a loan from Kotak Bank, an applicant must have a good credit score of 700 and above. Usually, most of the banks avoid giving loans if you have low credit score.

How does a personal loan repayment happen?

The repayment of a personal loan happens in the form of an EMI (Equated Monthly Installment) through the customer's bank account. The customer is required to present a few post dated cheques and sign an ECS mandate in favour of the bank at the time of disbursing the loan.

Can i have a co-applicant while applying for a Personal loan with Kotak Bank?

Yes, you can opt for a co-applicant to take personal loan from Kotak Bank that will increase your personal loan eligiblity as the income of the co-applicant is also taken into account.

Compare Personal Loan EMI of All Banks

Kotak Bank Personal Loan EMI Calculator Customer Care Number, Email, Application Status, Branches

City Customer Care Number
Agra 011-66006022
Ahmedabad 079-66006022
Ambala 080-66006022
Anand 079-66006022
Aurangabad 022-66006022
Bangalore 080-66006022
Bhilai 1800-102-6022
Bhilwara 1800-102-6022
Bhiwadi 022-66006022
Bhopal 011-66006022
Bhubaneswar Cuttack 1800-102-6022
Bikaner 1800-102-6022
Chandigarh 0161-65006022
Chennai 044-66006022
Cochin 0422 66006022
Coimbatore 0422-66006022
Dehradun 1800-102-6022
Delhi 011-66006022
Durg 1800-102-6022
Faridabad 080-66006022
Gandhinagar 079-66006022
Ghaziabad 011-66006022
Goa 022-66006022
Greater Noida 011-66006022
Gurgaon 011-66006022
Guwahati 1800-102-6022
Gwalior 011-66006022
Hyderabad 040-66006022
Indore 011-66006022
Jabalpur 011-66006022
Jaipur 0141-6536022
Jalandhar 0161-65006022
Jodhpur 1800-102-6022
Kanpur 011-66006022
Karnal 080-66006022
Kolhapur 022-66006022
Kolkata 033-65506022
Kota 1800-102-6022
Kozhikode 1800-102-6022
Lucknow 011-66006022
Ludhiana 0161-65006022
Madurai 044-66006022
Meerut 011-66006022
Mehsana 079-66006022
Mohali Sas Nagar 0161-65006022
Mumbai 022-66006022
Mussoorie 1800-102-6022
Nagpur 022-66006022
Nashik 022-66006022
Noida 011-66006022
Noida Extn 011-66006022
Panipat 080-66006022
Patna 033-65506022
Pondicherry 1800-102-6022
Pune 020-65216022
Raipur 1800-102-6022
Rajkot 0281-66006022
Ranchi 1800-102-6022
Rohtak 080-66006022
Roorkee 1800-102-6022
Salem 044-66006022
Shimla 1800-102-6022
Sonepat 080-66006022
Surat 0261-6600602
Trichy 044-66006022
Udaipur 1800-102-6022
Vadodara 0265-6646022
Varanasi 011-66006022
Vijaywada 040-66006022
Vizag 040-66006022
Kotak Bank Personal Loan EMI Calculator

Check
Lowest EMI
Check
Personal Loan Eligibility
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. MyLoanCare is an independent professional service provider and is not related to the government or government bodies or any regulator or any credit information bureau in any way. Information carried at this website is not and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not undertake any liability with respect to the correctness of the content, information and calculations. Information is subject to change without notice. By submitting your query or using any tools or calculators, you authorize MyLoanCare to share your information with lender(s), consent for such lender(s) to access your credit information report and contact you regarding your query overriding your number being in National Do Not Call Registry. This is a free service and no charges are payable by the borrower to MyLoanCare. The Company may receive remuneration from lenders for services provided to them.