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Kotak Personal Loan EMI Calculator - Mar 2021

Kotak Bank Personal Loan Calculator

Last Updated 03rd Mar 2021

Get monthly EMI as low as ₹ 2,556 per lakh on Kotak Bank personal loan. Personal loan EMI in Kotak Bank depends upon loan amount, loan tenure, interest rate, monthly salary and company that you work for.

Loan Amount1 Year Loan3 Year loan4 Year loan
₹ 3 Lakh₹ 26,431₹ 9,737₹ 7,667
₹ 6 Lakh₹ 52,861₹ 19,473₹ 15,333
₹ 12 Lakh₹ 1,05,722₹ 38,946₹ 30,666
Personal Loan EMI Calculator Or Free Corona Health Insurance Cover of up to ₹5 lakh
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Best Offers on Personal Loan offerOffers
Bank/NBFCs Rate* EMI per Lakh* Action
HDFC Bank10.50%₹ 2,149Check Eligibility
Bajaj Finserv12.99%₹ 2,275Check Eligibility
ICICI Bank10.75%₹ 2,162Check Eligibility

* Starting From

Personal Loan EMI Calculator Kotak

  • Personal Loan EMI (or equated monthly instalment) is a fixed amount of money paid by you to Kotak Bank against the loan taken for repayment of your loan and payment of interest 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 ₹ 2,556 per lakh for a tenure of 48 months and lowest rate of interest at 10.40%.
  • Kotak Bank Personal loan EMI calculator is a convenient and reliable tool that helps the loan borrower determine the loan repayment schedule. In addition to that, the Kotak Bank personal loan EMI calculator helps first-time loan borrowers to ensure whether they should opt for a loan or not.

Personal loan EMI calculator at different tenures

Personal Loan EMI for different loan amounts and tenures @ 10.40% interest rate

Loan Amount (Rs.)2 Years3 Years4 Years
1 Lakh ₹ 4,633 ₹ 3,246 ₹ 2,556
3 Lakh ₹ 13,899 ₹ 9,737 ₹ 7,667
5 Lakh ₹ 23,165 ₹ 16,228 ₹ 12,778
10 Lakh ₹ 46,330 ₹ 32,455 ₹ 25,555
  • 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 years.
  • Each EMI includes a component of interest payment and principal repayment. Even as EMIs remain constant, every month, there is a change in the 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.
Kotak Bank Personal Loan Interest Calculator
Personal Loan EMI for ₹ 1 Lakh loan amount at lowest 10.40% interest rate offered by Kotak Bank for different tenures
Calculated Results for Kotak Bank Home Loan EMI 2 years 3 years 4 years
Kotak Bank EMI for a loan amount Rs. 1 lakh at 10.40% ₹ 4,633 ₹ 3,246 ₹ 2,556
Total amount you pay back to the bank including principal and interest ₹ 1.11 Lakh ₹ 1.17 Lakh ₹ 1.23 Lakh
Interest you have to pay during the loan tenure ₹ 11,192 ₹ 16,856 ₹ 22,688

The above table shows that EMI paid on 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 ₹ 1 Lakh loan from Kotak Bank for 48 years, you pay the lowest EMI of ₹ 2,556. However, you pay an interest of ₹ 22,688 on a ₹ 1 Lakh loan.
In contrast, if you take a ₹ 1 Lakh loan from Kotak Bank at the lowest loan rate for 2 years, you pay a higher EMI of ₹ 4,633 and pay an interest of only ₹ 11,192 which is less than half of what you pay for a 48 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 that you have borrowed from Kotak Bank. If you apply for a higher loan amount, your monthly EMI will be high. Kotak Bank gives a minimum loan of ₹ 1 Lakh, which can go upto an amount of ₹ 15 Lakh.
  • Interest rate - Higher interest rate increases your loan EMI as well as the total cost of the loan. Kotak Bank personal loan interest rate for salary account holders can be lower than their quote rates, which can reduce the overall cost of loan and EMI. Lowest interest rate offered by Kotak Bank is 10.40%. However, it is advisable to do complete market research and compare rates online before you apply for a 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 a loan for a maximum tenure of 4 years.

Personal Loan Amortization Calculator

An amortization schedule is a table of periodic loan payments that shows the amount of principal and the amount of interest that comprise each payment until the loan is paid off at the end of its term.

In the Amortization schedule, your Personal Loan monthly EMI will be equal, but the component of EMI, which consists of interest payment and principal payment will not remain the same every month, it keeps on changing.

Illustration: How to read an amortization schedule

Suppose if you take a Personal Loan of ₹ 2.50 Lakh for 4 years at an interest rate of 10.40%. EMI calculated for this loan amount is ₹ 6,389 and the total annual EMIs to be paid annually is ₹ 76,665. The EMI schedule of loan for 4 years is explained below in the table –

Amortization Schedule for a Personal Loan of ₹ 2.50 Lakh over the 4 years

Year Interest paid during the year Principal repaid during the year Total amount paid during the year (Interest + Principal) Outstanding Principal
2021 ₹ 19,981 ₹ 43,906 ₹ 63,888 ₹ 2,06,094
2022 ₹ 18,723 ₹ 57,942 ₹ 76,665 ₹ 1,48,152
2023 ₹ 12,402 ₹ 64,264 ₹ 76,665 ₹ 83,888
2024 ₹ 5,390 ₹ 71,275 ₹ 76,665 ₹ 12,613
2025 ₹ 164 ₹ 12,613 ₹ 12,778 -₹ 0

Each Personal Loan EMI consists of both amounts of interest as well as the principal repaid. The interest component of EMI goes down while the principal component goes up in both cases while doing the calculation.

In the above illustration, on a Personal Loan of ₹ 2.50 Lakh, taken at the lowest interest rate of 10.40%, EMI paid is ₹ 6,389 and an annual total of EMIs is ₹ 76,665, the interest component is ₹ 23,514 while the principal component is ₹ 53,152 in year 1 of loan disbursement. You repay only 21.26% of the total principal after paying 12 EMIs during the first year.

In year 4, the interest component of EMI is around 5.41%, while the principal component is around 94.59%. Upto 4 years, you have cumulatively repaid 100% of your total Personal Loan.

Kotak Bank Personal Loan Interest 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 the above formula,

P = Loan amount. This can range from ₹ 1 Lakh to ₹ 15 Lakh

r = Rate of interest per month. Current rate is 10.40%

n = tenure in month. For Kotak Bank, this can be 48 months

How to decide the right amount of EMI?

As a borrower, calculating right amount of EMI is a function of your loan requirement, your monthly income, repayment capacity as well as the amount of monthly instalment you can afford to pay out from your monthly income. As a guide, follow the below steps to estimate the EMI amount that is advisable for you.

  • 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, a personal loan is an unsecured loan that 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 the 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 evaluate your current monthly expenses including any EMI obligations that you have on your current loan accounts. 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 loan eligibility is a function of 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 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 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 treatment in case of emergencies, paying additional debts, marriage expenses and other personal finance requirements.
  • Key Features
    • Loan available for both salaried individuals and self-employed professionals.
    • Borrowers within the age group of 22 and 55 years.
    • Loan amount of minimum ₹ 1 Lakh to ₹ 15 Lakh.
    • Loan Tenure 1 to 4 years.
    • Interest rates in the range of 10.40% to 17.99%.
    • Lowest EMI of ₹ 2,556 per lakh.
  • Processing Fees: Starting from Rs.999 of loan amount. This is to be paid at the time of loan application
  • Special schemes: Kotak Bank offers customised personal loan interest rates and schemes for a 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 are online tools which give out EMI calculations using 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.

In case you prepay your personal loan, the outstanding balance on your loan reduces. In this scenario, Kotak Bank will allow you to reduce your loan tenure or reduce your EMI. The right decision is dependent on you monthly budget and personal preference. You should opt to reduce your EMI if you want to have a higher monthly spend budget or you should opt to lower your tenure if you want to save on your total interest outgo and want to close your loan quickly. You can calculate the change in your EMI by inputting the outstanding personal loan amount from Kotak Bank, the interest rate and the remaining tenure in the EMI calculator.

Other Loan Calculators

FAQs

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

It is advised to calculate personal loan EMI in advance before 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 10.40% interest rate for a maximum of 48 months, and hence lowest EMI on per lakh loan amount is ₹ 2,556. However, Kotak Bank may offer a lower interest rate and EMI for their salary account holders or existing bank customers can vary.

How can I pre close Kotak Bank personal loan?

You can preclose your Kotak Bank personal loan by visiting the branch with the required set of documents. Submit the form of preclosure, pay the amount and take the acknowledgement of balance amount that you have paid.

What are the prepayment charges on Kotak Bank ?

Kotak Bank offers you an option of prepayment after 12 months at 5% foreclosure charges.

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

Yes, Kotak Bank charges a certain amount of processing fee to process your loan application. Currently, Kotak Bank charges a processing fee of Starting from Rs.999 on Personal Loan.

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 a 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 loan disbursal.

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 a personal loan from Kotak Bank that will increase your loan eligiblity as the income of the co-applicant is also taken into account.

Can we pay more than EMI in Kotak Bank personal loan?

If you have funds, then you can pay more than the regular EMI on your loan. This will reduce your interest burden along with the outstanding principal. You can also pay one additional EMI every year to reduce loan tenure and in turn interest amount.

How can I pay my Kotak Bank loan EMI?

You can pay the EMI on personal loan by using ECS facility or standing instruction. You can also visit the branch and submit the EMI cheque.

Compare Personal Loan EMI of All Banks

Kotak Bank Personal Loan Customer Care Number, Email, Application Status, Branches
City Customer Care Number
Agra 011-66006022
Ahmedabad 079-66006022
Ambala 080-66006022
Anand 079-66006022
Aurangabad Bihar 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
Sonipat 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 Reviews 4.5/5  by 71 customers
MyLoanCare Service
4.7/5.0
Banks Service
4.3/5.0
K R Ashok Kumar, Bangalore
Reviewed on 19th Feb 2020
4 / 5 stars
Kotak Bank Personal Loan Availed in Feb 2020

They took almost 10 days for the process and for document verification.Read more...

T Prakash, Chennai
Reviewed on 11th Feb 2020
4 / 5 stars
Kotak Bank Personal Loan Availed in Feb 2020

The executive quickly processed my loan application. The amount was delayed only for one day.Read more...

Harish Sekar, Chennai
Reviewed on 31st Jan 2020
5 / 5 stars
Kotak Bank Personal Loan Availed in Jan 2020

It was a good experience. MyLoanCare did follow up for each step throughout the loan process. Their Read more...

Satabdo Dhar, Kolkata
Reviewed on 22nd Jan 2020
5 / 5 stars
Kotak Bank Personal Loan Availed in Jan 2020

Awesome service will recommend this to my friends and family.Read more...

Latish P K, Hyderabad
Reviewed on 21st Jan 2020
5 / 5 stars
Kotak Bank Personal Loan Availed in Jan 2020

Fantastic experience with constant updates from the MyLoanCare team.Read more...

Haridhar Urla, Hyderabad
Reviewed on 30th Dec 2019
4 / 5 stars
Kotak Bank Personal Loan Availed in Dec 2019

The loan process is much smoother than other banks.Read more...

Prakash Chavhan, Vadodara
Reviewed on 28th Dec 2019
5 / 5 stars
Kotak Bank Personal Loan Availed in Dec 2019

Good interaction with Kuldeep from MyLoanCare and with Kotak bank for a personal loan.Read more...

Mageshwari Vasudevan, Chennai
Reviewed on 27th Dec 2019
3.5 / 5 stars
Kotak Bank Personal Loan Availed in Dec 2019

Not bad. All services were good. The document process took time otherwise good response.Read more...

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Kotak Bank Personal Loan News - Mar 2021
  • 2021-02-18 : Kotak Remit launched to send money abroad directly from phone
    Kotak Mahindra launched its outward forex remittance service, Kotak Remit. The service will allow its users to directly send money abroad from their phones. The feature is live on the Kotak Mobile Banking App.
  • 2021-01-27 : Kotak Mahindra Bank Q3 net profit up 16%
    Kotak Mahindra Bank posted a net profit of Rs 1,853.5 crore as against Rs 1,595.90 crore last year. The bank reported a growth of 16% on a year-on-year basis backed by home, personal, car, two wheeler and gold loan along with business and mudra loans.
  • 2020-10-16 : Kotak Mahindra Bank launches festive offers
    Kotak Bank introduced festive offers to lure customers. Individuals can avail special offers on other banking products including savings accounts, debit & credit cards and no-cost EMI payments. Festive offers include home loans starting at 7% p.a plus savings of up to Rs. 20 lakh on Balance Transfer cases. Further, the bank is offering 50% waiver on Processing Fee on Car Loans, Two-wheeler Loans, Agri-Business, Commercial Vehicle and Construction Equipment.
  • 2020-07-27 : Kotak Mahindra Bank Q1 net dips 8.5% to Rs. 1,244 cr
    Kotak Mahindra Bank reported a fall of 8.5% in its standalone net profit at Rs.1,244 crores for the quarter ending 30 June 2020. It was Rs. 1,360 crores in the year-ago period. The net interest income backed by retail loans home, personal, gold, car loans and two-wheeler loans along with business and mudra loans increased by 17.81% to Rs. 3,723.85 crore.
  • 2020-06-01 : Kotak Mahindra Bank extends EMI moratorium till August.
    In line with Reserve Bank of India directive on the extension of the loan EMIs moratorium on personal, home, two-wheeler, car and gold loans, Kotak Mahindra Bank extended the deferment of the EMIs till August. Reserve Bank of India and Kotak aims to help customers sail through the economic crisis caused by coronavirus pandemic.
*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. Read More
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