Checking your expenses is a good habit and when you take a loan, it becomes even more important. Kotak Mahindra Bank offers low rates on personal loans. Still, it is your responsibility and the right to be aware of your EMIs. For such purposes, a loan EMI calculator is used. This tool takes into account the personal loan interest rate offered by Kotak Mahindra Bank.
In this article, we have given Kotak personal loan interest rate with the help of which you can calculate your EMI. We have also given the eligibility criteria, documents checklist and an example showing how EMI calculator works.
What is the eligibility required to apply for the loan?
The eligibility you need to match if you want a personal loan from Kotak Bank is as follows:
- If you a salaried person working with any MNC or with Public and Private limited companies
- Your age must be above 21 years and below 58 years at the time of applying for the loan
- Your net monthly income should be above Rs. 20,000/-
- You must be a graduate
- You must have been the resident of the city for more than 1 year
- You must have a total work experience of at least a year
What are the documents you need to have?
The documents checklist that you must have at the time of applying for the loan are:
- Application Form
- 1 Photograph
- Identity Proof
- Residence Proof
- Age Proof
- Signature Proof
- Ownership Proof
- Income Details
- Bank Account State
How can you apply for a personal loan?
To apply for Kotak Bank personal loan, you can either the nearest bank branch or apply online. The online procedure is simpler and quick. You only have to fill up the form which requires your basic information. The existing customers will find the process quicker as the bank already has their KYC track record. Later, you will have to upload the listed documents and then apply.
What is Kotak personal loan interest rate at present?
As mentioned, Kotak Mahindra Bank offers one of the lowest interest rates on personal loans and other loan as well. To be precise, the bank is currently offering 10.99% per annum onwards which is given to the most suitable profile. To get this rate, the applicants must have a really good salary and credit history.
How can you calculate the EMI?
As you know that you have to mention the loan amount, interest rate and tenure in the calculator. For example, if you are taking a personal loan with the following details. The rates taken are for example purposes only and you can check your EMI for different values by using Kotak personal loan EMI calculator:
Loan amount- ₹2,00,000
Interest rate- 11.99% p.a.
Tenure- 5 years
The EMI, Total Interest Outgo, and Total Amount (Principal+Interest) will be as follows:
Total Interest Outgo- ₹66,873
Total Amount- ₹2,66,873
With the above information on Kotak personal loan interest rate, you must have got the idea how can you get this rate and loan. So, to use the advantages of a budget personal loan from Kotak Mahindra Bank, prepare yourself accordingly.