Your Amortization Details (Yearly/Monthly)
When you borrow or use money through your Kotak Credit Card, you will get the opportunity to convert your large purchases to EMIs through the instant EMI offered by Kotak Mahindra Bank. The EMI options of the bank are very beneficial, and you can calculate your monthly EMI using the Kotak Credit Card Interest rate calculator.
The Kotak Credit Card EMI Calculator is an online simulator that works with a formula box to calculate the EMI amount on a Kotak Bank Credit Card. It is a free and online tool that will not ask for a sign-up or log-in to use. You could use the tool as many times as you wish for free. The calculator will work within seconds to give you the EMI on your credit card borrowing, along with the interest amount you would have to pay to it.
The calculator will only work on a few basic information that you would have to provide, such as the principal amount, the Tenure, and the rate of interest. Once you have entered all that information, the calculator will calculate the whole amount of EMI you would need to pay along with the interest amount. The Kotak Credit Card EMI Calculator operates 24/7 and can be accessed online from anywhere.
Using the Kotak Credit Card EMI Calculator will enable you to get quick results of the EMI amount you would have to pay towards your Kotak Bank credit card loans. The Kotak Credit Card EMI Calculator will also eliminate the need for manual calculations of EMI. It will also rid you of any error that would occur due to manual calculations of EMIs.
The Kotak Credit Card EMI Calculator is an online tool that assists you in deciding the amount you want to borrow with your Kotak Credit Card and the dues you are ready to pay. The calculator will help you in debt management and proper financial planning as you will know your EMI beforehand. You will also not need any technical expertise to use the calculator.
In order to use the Kotak Credit Card EMI Calculator, everything that you would need to do is enter some basic information:
Principal Amount: This is the principle that you want to or have borrowed through your Kotak Credit Card.
The Tenure: This is the time period that you want to pay the debt off or the months that you will want to split your monthly instalments too.
The Interest Rate: This is the rate of interest that the bank is offering for your loan amount or the interest rate you prefer on entering.
After you have entered these three essential details into the calculator, you will be presented with the monthly EMI and the interest amount on your loan. You can also enter different numbers to compare and combine your borrowing strategy.
Here is the formula and the example of how you can calculate the EMI on your credit card bill.
E=[P×R×(1+R) n] ÷ [(1+R) n-1]
E = It is the Amount that you would have to pay each month - the EMI.
P = It is the principal amount that you borrowed.
R = It is the rate of interest.
N = It is the duration of the loan in months.
This is the formula to calculate the EMIs on your credit card bills.
According to the formula that has been mentioned above, here is an example that you can understand better.
Suppose Mr Rahul borrows Rs. 1,00,000 Kotak Bank Credit Card, for a period of 12 months, and at the rate of 9%.
E=[P×R×(1+R) n] ÷ [(1+R) n-1]
P = Rs. 1,00,000
R = 9%
N = 12 months
Based on this formula,
EMI = Rs. 8,746
Interest Amount = Rs. 4,942
Using the Kotak Bank Credit Card EMI Calculator has several benefits, and some of the most important ones are: