Personal Loan EMI Calculator

A personal loan EMI and interest rate calculator is an online tool offered by Kotak Mahindra Bank that helps you determine the EMI amount for a personal loan based on interest rate and repayment months.

Loan amount requirement

Minimum ₹ 50,000

Interest Rate

Minimum 10.99%

Repay Tenure (Months)

Till March 2025

Equated Monthly Installments (EMI)

₹ 10000

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Principal

₹

50,00,000

Interest Payable

₹

2,00,000

View Amortization Table

Personal Loan Amortization Schedule

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Emi Nos	Opening Principal	EMI	Interest	Principal Repayment	Closing Principal

See Less

Monthly obligation should not be greater than Monthly Net Income

Apply Instant Personal Loan Online @ 10.99%

Get Personal loan online upto ₹35 Lakhs at 10.99% interest for upto 6 years.

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Personal Loan EMI for Different Amounts

Explore how your monthly EMI changes for different personal loan amounts, helping you plan your budget effectively. Compare these calculated Personal Loan EMIs for various loan amounts to find the best fit for your financial goals.

Loan Amount	EMI based on 10.99% Interest Rate & 6 Years Tenure
₹50,000 Personal Loan EMI	₹951
₹1 Lakh Personal Loan EMI	₹1,902
₹2 Lakh Personal Loan EMI	₹3,805
₹3 Lakh Personal Loan EMI	₹5,708
₹4 Lakh Personal Loan EMI	₹7,611
₹5 Lakh Personal Loan EMI	₹9,514
₹6 Lakh Personal Loan EMI	₹11,417
₹7 Lakh Personal Loan EMI	₹13,320
₹8 Lakh Personal Loan EMI	₹15,223
₹9 Lakh Personal Loan EMI	₹17,126
₹10 Lakh Personal Loan EMI	₹19,028
₹15 Lakh Personal Loan EMI	₹28,543
₹20 Lakh Personal Loan EMI	₹38,057
₹25 Lakhs Personal Loan EMI	₹47,572
₹30 Lakhs Personal Loan EMI	₹57,086
₹35 Lakhs Personal Loan EMI	₹66,601

How to use Kotak Mahindra Bank’s Personal Loan EMI Calculator?

Here are the steps to use Kotak Mahindra Bank personal loan EMI Calculator online

Step 1: Specify Loan amount requirement.
Step 2: Enter Interest Rate.
Step 3: Choose Repay tenure in months.

Your EMI will be automatically calculated and displayed.

To check your eligibility, you can use the personal loan eligibility calculator.

Benefits of Personal Loan EMI Calculator

Key Benefits:

Helps individuals plan their expenses better by estimating the monthly outflow towards loan repayment, aiding in budgeting.
Facilitates comparison between different loan amounts, interest rates, and tenures, allowing borrowers to choose the most suitable option.
Instantly computes EMIs without manual calculations, saving time and effort.
Empower borrowers to make informed decisions by visualising the impact of different loan parameters on monthly obligations.
Personal Loan interest calculators allow users to assess their financial capabilities and obligations before applying for a loan, ensuring realistic expectations.
Provides clarity on the financial commitment involved, fostering transparency between the borrower and the lending institution.
Enables borrowers to adjust loan parameters to find an EMI structure that aligns with their financial comfort.

How is EMI on Personal Loan Calculated?

Calculating the EMI for a Personal Loan involves using a formula that considers three essential factors: loan amount, interest rate, and tenure (in months). To streamline this process, individuals use a Personal Loan EMI and interest Calculator. It helps in understanding the financial implications of a loan by allowing borrowers to calculate Personal Loan EMIs effortlessly.

The personal loan interest rate calculator is valuable for those looking to take a Personal Loan. It offers insights into monthly repayment amounts and facilitates better financial planning. It also empowers borrowers to make informed decisions and ensures a clear understanding of their financial commitments throughout the loan tenure.

Personal Loan EMI Calculation Formula

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

P represents the principal loan amount
R represents the monthly interest rate, calculated by dividing the annual rate by 12 and converting it to a decimal.
N denotes the loan tenure measured in months.

The steps involved in using this formula are:

Convert the annual interest rate to a monthly rate by dividing it by 12 and then converting it to a decimal.
Convert the tenure of the loan from years to months.
Plug these values into the formula to calculate the EMI.

Understanding the Personal Loan Amortization Schedule

A personal loan amortisation schedule is a detailed table that outlines the repayment process of your loan over time. This table typically contains the following fields:

EMI Nos: The serial number of each Equated Monthly Installment (EMI) payment.
Opening Principal: The remaining principal amount at the beginning of each period.
EMI: The fixed monthly payment amount.
Interest: The portion of the EMI that goes towards interest payment.
Principal Repayment: The portion of the EMI that goes towards repaying the principal amount.
Closing Principal: The remaining principal amount after each EMI payment.

This schedule helps you understand how your loan balance decreases over time and how much of each payment is applied to interest versus the principal.

How to Reduce EMI Amount on a Personal Loan?

To reduce the EMI amount on a Personal Loan, consider these measures.

Consider exploring balance transfer possibilities to move to a lower interest rate initially. Making partial prepayments whenever feasible can significantly reduce the overall loan burden.
Opt for a step-down EMI plan where repayments decrease gradually, especially beneficial for those nearing retirement.
Utilise online Personal Loan Calculators to make informed decisions.
Proper debt management ensures a Personal Loan remains a helpful financial tool without becoming a source of stress. It can be maintained with the calculations achieved with the loan calculator.

Related Calculators

Personal Loan Eligibility Calculator

Business Loan EMI Calculator

Home Loan EMI Calculator

Gold Loan EMI Calculator

Car Loan EMI Calculator

Frequently Asked Questions

What is Personal Loan EMI?

EMIs, or Equated Monthly Instalments, refer to the payments that borrowers need to make to repay their Personal Loans fully. They are composed of both the principal amount and interest charges and these EMIs remain consistent over the entire duration of the loan term.

What is a personal loan amortization schedule?

A personal loan amortization schedule is a loan repayment table. The table shows the details of how the loan is repaid and the interest paid in each installment.

What is the EMI for a 10 lakhs personal loan?

An EMI Calculator can help you find out the EMI amount you have to pay every month against the amount of loan you wish to borrow for the tenure of your choice.

To calculate the EMI for a personal loan of Rs.10 lakhs, visit the personal loan EMI calculator page on Kotak Mahindra Bank’s website. Add the loan amount of Rs. 10 lakhs. After that choose a rate of interest, for example, you select 11 % per annum. Finally, add the repayment tenure that you want to choose, for example, 5 years. Based on the calculation with Kotak Bank personal loan EMI Calculator, the resultant EMI will be Rs 21,742. Keep in mind that a shorter tenure will increase the EMI amount and a longer tenure will keep it low.

What is the EMI for a 20 lakhs personal loan?

If you want to borrow a personal loan of Rs. 20 lakhs at an 10.99 % per annum rate of interest for 5 years, you have to pay an EMI of Rs. 38,057 per month.

What is the EMI for a 5 lakhs personal loan?

For a personal loan of Rs. 5 lakhs with a repayment tenure of 5 years and an interest rate of 11 % per annum, you have to pay an EMI of Rs. 10,871. The total amount payable will be Rs. 652,273, of which Rs. 152,273 will be towards the interest.

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