Kotak Personal Loan EMI Calculator - May 2017
Kotak Bank Personal Loan Calculator
Lowest EMI on Kotak Bank Personal Loan - Rs. 2,199 per lakh
|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|
Factors affecting Kotak Personal Loan EMI
- Borrower age should be between 21 years to maximum 58 years.
- Maximum personal loan amount offered by Kotak Bank is upto Rs. 1,500,000.
- Interest rates range from 11.50% to 24.00% depending upon customer profile, loan amount and other factors.
- Processing fee in Kotak Bank may be Upto 2.5% of loan amount.
Kotak Personal Loan EMI
- Personal 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 Personal 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 personal 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 Personal Loan calculator formula
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
Personal loan EMI calculator Kotak - How it works?
- Kotak Bank personal loan calculator calculates EMI considering a combination of loan amount, interest rate and loan tenure.
- Kotak Bank personal 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.
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 gives you two options:
- Reduce your loan tenure and keep your personal 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 in this option.
Frequently Asked Questions on Kotak EMI Calculator
Kotak Bank offers personal 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 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%.
Kotak Bank Personal Loan EMI Calculator Customer Care Number, Email, Application Status, Branches
|City||Customer Care Number|
|Mohali Sas Nagar||0161-65006022|