Kotak Mahindra Bank Personal Loan EMI Calculator

You can use the Kotak Mahindra Bank Personal Loan EMI Calculator to know your EMIs. This easy-to-use calculator requires basic details. This includes your personal loan amount, applicable interest rates, and your preferred repayment tenure. Upon entering these details, the calculator will instantly display the estimated EMI, total interest payable, and the overall amount that you need to pay.

Understanding the calculation behind your personal loan EMI is important when calculating a personal loan. A personal loan EMI calculator uses the following formula:

EMI = P x R x (1 + R)N – (1 + R)N-1

Where,

• P being the Principal Loan Amount

• R being the monthly interest amount

• N being the loan tenure

Example

Let’s assume you were to take a personal loan of ₹5,00,000 from Kotak Mahindra Bank at an interest rate of 10.99% p.a. for a tenure of 5 years or 60 months.

• Annual Interest Rate: 10.99% p.a.

• Monthly Interest Rate: 10.99 / 12 = 0.009158

• EMI: 5,00,000 x 0.009158 x (1.009158)60 / (1.009158)60-1

• EMI: ₹10,869

This would mean that your monthly obligation would be ₹10,869 per month for the next 60 months. This amount is inclusive of both interest and principal amount.

There are several factors that affect the EMI for a Kotak Mahindra Bank’s Personal Loan. Here are the primary factors that influence the amount that you need to repay:

Loan Amount

The loan amount, also known as the principal amount, is the amount that you are borrowing and is the key foundation of your loan. A higher loan amount makes for a larger monthly instalment, which increases your overall repayment.

Interest Rate

The rate of interest that you receive impacts the cost of borrowing. A higher interest rate leads to increased EMIs, which makes the cost of borrowing more expensive.

Loan tenure

The duration of your personal loan impacts your overall EMI repayment plan. A longer tenure results in lower EMIs, but it also results in a higher interest payout.

Credit Score

Kotak Mahindra determines interest rates based on your credit profile—higher scores can lead to lower EMIs. To improve your chances of getting better terms, it's smart to check your CIBIL score early in the process.

Paying your Kotak Mahindra Bank Personal Loan EMI on time is important to maintain a good CIBIL score and avoid any late charges. Kotak Mahindra Bank offers several different methods to make this process effortless:

Auto-debit Facility

You can set up an auto-debit mandate from your Kotak Mahindra Bank savings account. This removes the risk of missing any payments and maintains a smooth repayment record.

Online Banking

Use Kotak Mahindra Bank’s NetBanking platform to manually pay your EMIs every month. This method is secure, quick, and allows you to manage your loan account effortlessly.

Mobile App

You can use the Kotak Mahindra Bank mobile banking app to pay your EMIs anytime and from anywhere. You can complete the payment easily and receive instant confirmation.

Branch Visit

You can visit the nearest Kotak Mahindra Bank branch and make your EMI payments. You can speak to a representative to help you with the payment.