| Monthly EMI | ₹ |
| Principal amount | ₹ |
| Total interest | ₹ |
| Total amount | ₹ |
Your Amortization Details (Yearly/Monthly)
The Kotak Mahindra Bank gives their customers personal loans that can r all the way up to Rs. 25 lakhs. These personal loans have a tenure of up to 5 years. The loans can also be disbursed easily and with prepayment facilities on various schemes. This bank also gives out instant loans in metropolitan and commercial cities of the country.
The Kotak Mahindra Bank personal loans can also be easily repaid through EMIs, and when you want to know what the EMI would be for a loan that you want to take out from the Kotak Mahindra Bank through the Kotak Mahindra Bank personal loan EMI calculator.
The Personal Loan Calculator Kotak is an online tool that anyone can use in order to know what their EMI for each month would be for a personal loan from Kotak Mahindra Bank. This calculator works on a formula, and that formula can produce instant results for the amounts.
You will also get to use the Kotak Mahindra Bank personal loan calculator for free from the portal of Groww.
The Kotak Mahindra Personal Loan Calculator is also a tool that can be used multiple times to compare different values and tenures that will allow you to choose what EMI amount is the most suitable for you.
The Kotak Mahindra Bank personal loan calculator can let you know how much the interest amount is, along with the EMI amount that will be accrued on your personal loan each month.
There are various benefits to using the Kotak Mahindra Bank personal loan calculator from Groww, and some of the very crucial benefits of using the calculator are:
The Kotak Mahindra Bank personal loan calculator uses a standard formula that gives you the most accurate results, and the formula is:
EMI = [ P x R x (1+R) ^ N ]/[(1+R)^N-1]
This expanded formula stands for:
P - Principal Amount
N - Tenure of the Loan
R - Interest Rate of the Personal Loan
This formula can also be explained through an example of a personal loan from Kotak Mahindra Bank, which is mentioned below.
Mrs Gayathri wants to take a personal loan from Kotak Mahindra Bank. She takes out the personal loan from Kotak Mahindra Bank in the month of July 2022.
Here, the principal amount of the Kotak Mahindra Bank personal loan is Rs. 1.5 lakhs, for a time period of 5 years, and at the rate of 7%.
The details of the personal loan of Kotak Mahindra Bank are:
Principal Amount = Rs. 1.5 lakhs
Interest rate = 7%
Tenure = 5 Years
Therefore,
EMI = Rs. 2,970
Based on the example that has been given above, we can look at the break-up points of the repayment of the personal loan from Kotak Mahindra Bank. This is the schedule for the repayment of the loan each year, and the combination of the interest and the principal amount:
|
Year |
Interest Paid |
Principal Paid |
Total Payment |
Outstanding Loan |
|
2022 |
5,065 |
12,755 |
17,820 |
1,37,244 |
|
2023 |
8,756 |
26,889 |
35,645 |
1,10,357 |
|
2024 |
6,812 |
28,829 |
35,641 |
81,527 |
|
2025 |
4,729 |
30,914 |
35,643 |
50,612 |
|
2026 |
2,492 |
33,150 |
35,642 |
17,463 |
|
2027 |
357 |
17,463 |
17,820 |
0 |