09 MARCH, 2022

Sunita wanted to avail a personal loan to fund her daughter's wedding. She checked her eligibility and collected all the relevant documents. However, she did not know her affordability for the loan and was reluctant to avail the loan unless she knew how much she would need to pay towards the loan every month. A friend of hers introduced her to Kotak Bank’s interest rate calculator. She was informed that the interest rate calculator can help her determine her monthly interest amount for the personal loan repayment.

 

If you are planning to avail a personal loan in future, you must know about our interest rate calculator.

 

What is Kotak Bank’s interest rate calculator?

Our interest rate calculator, also known as the personal loan EMI calculator, is an online tool that you can use to compute the monthly interest for your personal loan. With this calculator, you can estimate the amount you need to pay as monthly interest on your personal loan. With the interest rate calculator, you can also find the total repayment amount and monthly EMI amount.  

 

Why use Kotak Bank’s interest rate calculator?

 

  • It is free and simple

Look for the interest rate calculator on our website and use it for free. You can use it any number of times and at any time of the day. Moreover, it is easy to use. All you need is to input the required values to see the results. You can use the calculator multiple times to modify the results too. 

 

  • It is error-free

You can make mistakes while calculating the interest amount manually. But the calculator results are error-free and accurate. You can rely on it as the results and make decisions accordingly.

 

  • It helps determine affordability

With the help of this calculator, you can know the monthly interest amount and the EMI towards your personal loan before applying. Knowing these two values can help you determine the amount of loan you can afford and repay comfortably. 

 

  • It helps in financial planning

With our personal loan interest rate calculator, you can create a balanced budget and plan your finances efficiently. 

 

How to use the calculator?

To use this calculator, you need to input variable values related to your personal loan. You can compute your interest amount for a personal loan with the following steps:

  • Visit Kotak Bank’s website and click on the personal loan EMI calculator
  • Enter the loan value you want to borrow
  • Enter the interest rate
  • Enter the tenure of the loan
  • The results will be displayed instantly on the right side. You can see your monthly EMI, interest component and total payable amount. You can alternately use the slider to input the values in the calculator.

 

While the lender determines the interest rate, you can calculate your interest amount with the help of a personal loan calculator. However, you must know that the figures of the calculator are indicative, and you would need to contact the bank’s representative for specific details.

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Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.