Simple Ways To Check Kotak Mahindra Bank Personal Loan Via EMI Calculator

During this COVID-19 you may require medical emergencies, study abroad, and more. In this situation, a personal loan will help you to fulfill all your financial requirements. The availability of the best bank in India personal loan is offered by Kotak Mahindra Bank with EMIs starting at Rs.2,174 per lakh. The Kotak Mahindra Bank Personal Loan is offered at the interest rate of 10.99% per annum.  

Before applying for a personal loan with Kotak Mahindra, you can use the Afinoz website’s personal loan EMI calculator to calculate the EMI due based on the loan amount, payback tenure, and interest rate. If you need to get more details, read the article mentioned below.  

Calculate Kotak Mahindra Bank Personal Loan EMI 

Assume you have a personal loan of Rs.3 lakh from Kotak Mahindra Bank, with an interest rate of 10.99% per annum and a 2.5% processing charge. The following are the repayment details for various tenures: 

Rs.3 lakh @10.99% p.a.  2 years  3 years  5 years 
Equated Monthly Instalment (EMI)   Rs. 13,981  Rs. 9,820  Rs. 6,521 
Total Interest Payable  Rs. 35,543  Rs. 53,527  Rs. 91,274 
Processing Fee  Rs. 7,500  Rs. 7,500  Rs. 7,500 
Total Amount Payable  Rs. 3,43,043  Rs. 3,61,027  Rs. 3,98,774 

With the help of the above table, you can assume the loan amount for Kotak Mahindra Bank Personal Loan EMI CalculatorYou can also check through Afinoz’s Loan EMI Calculator which is an online application that calculates EMI in seconds for a variety of loan programs. It also includes a full breakdown of loan-related costs such as processing fees and so on. The output of this program is generated instantly using repayment tables. 

Features of Kotak Mahindra Bank Personal Loan  

Here are the following features offered by the Kotak Mahindra Bank for Personal Loan applicants: 

  • Unexpected expenses may necessitate a quick borrowing. 
  • Loans are processed quickly with minimal documentation. 
  • Easy access to finances for any reason, including weddings, further education, vacations, and medical emergencies, among others. 

Kotak Mahindra Bank Personal Loan Interest Rates  

The interest rate on a personal loan offered by Kotak Mahindra starts at 10.50%, ensuring inexpensive EMIs. Individual interest rates, on the other hand, are determined by factors such as credit score, age, employment, payback history, and so on. 

Eligibility criteria of Kotak Mahindra Bank Personal loan  

Listed below are the eligibility check that helps you for checking Kotak Mahindra Personal Loan EMI Calculator: 

  • This loan is available to anyone between the ages of 21 and 58 years old. 
  • For at least one year, the applicant must have worked for a public or private company. 
  • To be eligible for this loan, the applicant must earn at least Rs.20,000 each month. 
  • At the very least, the applicant must be a graduate. 
  • For at least 1 year, the candidate must have lived in the current city. 

Documents required for Kotak Mahindra Personal Loan  

The following are the documents that are essential to submit and to get the Kotak Mahindra Bank Personal Loan:  

  • Identity proof (PAN, Aadhar, driver’s license, voter’s ID, etc.) 
  • Proof of address (Utility bill, passport, etc.) 
  • Three passport-size photos 
  • At least three months’ of payslips 
  • Last three months’ bank statement 

Benefits of using Afinoz’s Personal Loan EMI Calculator  

  • Accuracy: Afinoz’s online EMI Calculator takes into account all of the crucial aspects of a Personal Loan, such as the interest rate, loan term, and loan amount. Because the entire system is automated, the risk of errors is comparatively low. The results of these computations are more accurate than those of manual calculations. 
  • Speed: Manual EMI calculations can be tedious and time-consuming at times, as several permutations and combinations must occasionally be tried before arriving at the ultimate EMI figure. However, with Afinoz’s Personal Loan EMI Calculator, this can be done in a matter of seconds. 
  • Convenience: EMI calculators are quite easy to use and assist in making quick judgments and getting a general picture before finalizing the loan amount and EMI. 
  • Amortization Tables: The amortization table is used by the online EMI calculator to calculate the loan progress throughout the entire loan term. After the loan term is completed, the table also provides detailed information on the amount of principal as well as interest paid year by year. 
  • Graphical Representation: The online calculator also provides a graphical representation of the loan amount paid, processing fee, interest rate, and so on in the form of a pie diagram. 

Brief summary  

Personal loans give you instant access to money when you need it most. Kotak Mahindra Bank personal loan is specifically designed for this purpose. If you find yourself stuck in a financial emergency, you can apply for a personal loan from Kotak Mahindra Bank. The low-interest rates and various repayment options can help you meet your immediate financial needs without putting a significant impact on your monthly budget. You can also check the EMI via Afinoz’s Personal Loan EMI Calculator.