Personal Loan EMI calculator
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How to Calculate Your Personal Loan EMI
Go to Personal Loan page on Kotak website
Navigate to the EMI Calculator section
Choose loan amount, tenure and interest rate
Payable EMI will be instantly displayed
Kotak Bank’s online personal loan calculator is a safe and simple tool. Some of its benefits are:
A personal loan EMI is the monthly repayment done towards the loan liability. EMI stands for Equated Monthly Installment. Each monthly installment of the loan contains the principal amount of the loan and the interest payable. By paying the EMIs every month throughout the loan tenure, you can repay the loan liability completely.
Your Personal Loan EMI mainly depends on 3 important factors:
Your loan amount and interest rate in turn depend on some other financial and professional factors, such as:
Use a personal loan calculator to check your payable EMI.
ou have to pay the personal loan EMI in cash, cheque, or through ECS facilities. Usually, payment of the EMI is automated, wherein your bank account is automatically debited with the amount of the EMI as and when it is due.
At Kotak Mahindra Bank we have a fast personal loan application process. The approval process is also quick. If you meet the eligibility criteria and submit all the required documents, then you can expect the approval on your personal loan application in as less as 48 hours. Our online application process allows quick disbursements, in just 3 seconds. You can even track your application status on the Kotak Bank website.
For quick approvals, make sure you go through the eligibility parameters and documentation list. Kotak Mahindra Bank has a simple eligibility requirement. Individuals in the age group of 21 and 60 years can apply. They must be graduates with at least one-year employment. Kotak Mahindra Bank expects a minimum documentation from the borrowers. You need to submit documents like application form, your photographs, proof of identity and residence, to name a few.
After 3 EMI payments, you can foreclose your loan with a single-time payment, however, loan foreclosure comes at an additional charge.
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If you want to reduce the EMI of your loan, you can opt for a higher tenure.
As you increase the loan term, your EMI reduces. Alternatively, you can reduce the loan amount to reduce the EMIs.
The lender fixes the personal loan interest rate. However, you can negotiate the rate if you have a higher income or a good credit score. So your EMI reduces if the lending institution agrees to lower the personal loan interest rate.
A personal loan amortization schedule is a loan repayment table.
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.
If you want to borrow a personal loan of Rs. 20 lakhs at an 11 % per annum rate of interest for a period of 5 years, you have to pay an EMI of Rs. 43,485 per month.
