How To Use Kotak Personal Loan EMI Calculator in An Efficient Way?

The need for a personal loan could arise at any instance in your life. While it may possible that this need could vary from one individual to another, the need for cash remains the same for everyone becasue it is the only solution to such problems. The need may be for funding your next trip to Kerala or it could be for paying your credit card outstandings or it could be for funding your child’s marriage. One thing is clear here, that whatever your need is for, you don’t need to panic even a bit because there are several lenders that provide a personal loan to the needy customers.

Kotak Mahindra Bank is one of the leading private banks of India that also provide personal loan to the customers. The most promising thing about this is the Kotak personal loan interest rate which is pretty affordable in the current market standards. In this article, we would be giving you some crucial information about the way by which you can use the Kotak Personal loan EMI Calculator and how interest rates hold so much importance in estimating the EMI. So, keep reading if you want to learn more about it.

What is the importance of Interest Rate in EMI Calculations?

When you opt for a personal loan, you have to repay it via easy monthly installments, or say EMIs. Let’s say that you decide to opt for a personal loan of INR 2 lakhs for a period of 2 years. So you have to repay it back with the interest within 2 years via 24 easy EMIs. When we talk about EMI, we want to tell you that your EMI amount is made up of principal amount and interest amount. So whatever interest rate your lender will offer you, it will have a direct impact on your EMI amount. Higher the interest rate will be, the higher the EMI amount. And vice versa. Kotak personal loan interest rate ranges from 10.99% to 20.99% per annum which can be considered as pretty affordable in the current market standards.

Moreover, your interest rate depends on a myriad of factors such as your age, repayment capability, monthly income, employment type, and CIBIL score. A good credit score can help you in getting a lower rate of interest as compared to an individual who have a poor CIBIL score.

What are the details that you will need to use EMI Calculator?

Like any other normal calculator, you would need a certain set of values to feed to the Kotak Personal Loan EMI Calculator. These values are required loan amount, rate of interest, and required tenure. With the help of Kotak personal loan, you could get an amount ranging from INR 50,000 to a maximum of INR 15 lakhs. This is the first detail that you will need to fill in the calculator. The other two are interest rates and required months to repay the loan. You could choose a maximum of 60 months to repay the loan back.

As soon as you will feed all the details into it, the EMI calculator will give you the exact EMI details of your loan. Apart from this, you also would get to know the interest payable and the total amount payable over the loan period.