Kotak Mahindra Bank Car Loan EMI Calculator

Kotak Mahindra Bank also offers you car loans that have attractive interest rates. These car loans can make it easier to purchase a car and repay the loan through an EMI.

This EMI amount or the equated monthly installment needs to be paid by you for a fixed period each month. It is also easy to know how much your EMI amount will be when you use the Kotak Mahindra Bank car loan calculator. 

What is the Kotak Car Loan Calculator?

The Kotak Mahindra Bank car loan calculator is a robust online tool that will allow you to instantly know the EMI on a car loan from the bank without having to manually do the calculations. You can also use this calculator for free online, and all you need to do is visit the page.

This calculator operates on a formula that has been pre-programmed into it, and you will not be required to do any manual calculations. Also, the calculator will not ask you to log in or register in order to use it - you can use it for free.

How Will the Kotak Car Loan EMI Calculator Help You?

The Kotak Mahindra Bank car loan calculator can be an assistance to you in knowing your EMI amount beforehand. You can make decisions regarding down payments, banks, car types, interest, and processes. It will help you to efficiently plan around the monthly budget to pay off the EMI every month.

You can also compare different values in order to know the combination that will suit your financial standing the best. 

How Can I Use the Car Loan Calculator Kotak Bank?

Using the Kotak Mahindra Bank car loan calculator is very simple and easy. You can just key in the information that has been mentioned below:

1) Principal

This will be the sum that you want to borrow from the bank.

2) Rate

It is the interest rate that Kotak Mahindra Bank is offering for a car loan.

3) Tenure

This is the term period for which you want the loan to be.

After these information sets have been adjusted on the calculator, you can instantly see the EMI amount. Another bonus point is that you can also view the total interest you will be paying on the loan.

What is the Formula I Need In Order to Calculate the EMI for Car Loans from Kotak Mahindra Bank?

Since the Kotak Mahindra Bank car loan calculator uses a formula box, it can be calculated in the method mentioned below:

[PxRx(1+R)^N]/[(1+R)^N-1]

P - It is the Principal amount

R - It is the Rate of Interest on the loan

N - It is The Tenure of the loan

This formula can be demonstrated through an example.

Ramya wants to borrow a car loan from Kotak Mahindra Bank in June 2022. The information about the loan is as follows:

P = Rs. 4.2 lakhs

R = 6.2%

N = 4 Years (48 months)

EMI = [4,20,000 x 12/100/12 x (1+6.2/100/12)^48] / [(1+6.2/100/12)^48-1]

EMI = Rs. 9,902

The Amortization Table to Present the Break-Even of the Kotak Mahindra Bank Car Loan

According to the example that has been mentioned above, you can look at the loan break-even points for further clarity:

What are the Advantages of Using the Kotak Mahindra Car Loan EMI Calculator?

There are various beneficial reasons why you need to use the Kotak Mahindra Bank calculator from Groww, and you can see some of the major reasons here:

• You can use the Kotak Mahindra Bank car loan EMI calculator to instantly find out how much your EMI will be.
• The calculator will only ask you for basic information that you will be aware of. 
• You can use it as a tool of comparison to opting for different tenures and loan amounts from Kotak Mahindra Bank.
• You can also use this tool from Groww for free and without having to log in or register.