Personal loan interest rate is an important factor of your loan deal as the personal loan interest amount is included in your monthly installment. A great financial record can get you the lowest personal loan interest rate. Kotak Mahindra Bank offers a lucrative personal loan interest rate to our customers.
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,
Get an affordable personal loan from Kotak Bank.
Getting an affordable personal loan is easy if you monitor your financial behaviour. You can avail a low personal loan interest rate if you can:
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:
You can use Kotak’s Personal Loan EMI Calculator. Just enter the loan amount, interest rate and tenure. The breakup of principal and interest amounts will be instantly displayed for you.
Now find your personal loan eligibility using a calculator. With no existing liabilities, you can borrow Rs. 225,000 as loan amount.
The EMI payable on a personal loan of Rs. 200,000 for 1 year with 10.99% per annum is Rs. 17,675.
Manager – Client relationship ( BYJUS)
When compared with other banks I felt Kotak is very transparent to the customers.
Reviewed on 06/02/2022
Assistant Credit Manager
This is the 3rd time I am availing a personal loan with Kotak. The overall experience with the team each time has been simply superb.
Reviewed on 04/20/2022
Kotak team have done their best to approve the personal loan as fast as possible. Thanking their sincere effort.
Reviewed on 03/24/2022
The Personal Loan offers were very Good and better than other Banks, would prefer Kotak Bank for future requirements too.
Reviewed on 06/08/2022
I really appreciate the support I got from the team while availing the personal loan online. The process is very smooth and easy.
Reviewed on 05/19/2022
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,