The EMI payable on a personal loan of Rs. 200,000 for 1 year with 10.99% per annum is Rs. 17,675.
Personal loan interest rates can be calculated using either the flat rate or reducing balance method.
Levies the interest rate on the principal amount for the total tenure
Charges personal loan interest rate on the outstanding principal after every EMI payment
With the reduced balancing method, interest amount is calculated every month, allowing borrowers to pay lesser interest.
A great financial record helps you get the lowest personal loan interest rate.
Personal loan interest rates formula:
EMI = (P + Total Interest Payable)/Tenure in Months
Total Interest Payable = P x R x N/100
EMI = P x R x (1 + R)*N/[(1 + R)*N - 1]
In these formulas,
P = Principal
R = Interest Rate
N = Tenure in Months
Get an affordable personal loan from Kotak Bank.
Various factors are considered while deciding the personal loan interest rates for each borrower. So, keep these points in mind to get yourself a low interest personal loan:
Kotak Mahindra Bank provides Personal Loans to our eligible applicants at a minimum interest rate of 10.99% per annum.
The personal loan interest rate at Kotak Mahindra Bank starts from 10.99% per annum.
For eligible applicants, personal loan interest rates start from 10.99% per annum at Kotak Mahindra Bank.
If you submit the required personal loan documents,