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Resources to get the best out of your Personal Loan and manage your finances prudently
EXPLORE NOWA Personal Loan EMI Calculator is essential for accurate financial planning. It helps borrowers anticipate their monthly repayment amount based on the amount they are looking to borrow, interest rates, and tenure. Kotak Mahindra Bank's Personal Loan EMI Calculator provides precise calculations that help make better financial decisions.
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A Personal Loan EMI (Equated Monthly Instalment) is basically the repaying of a loan by fixed monthly payments. These payments gradually reduce the outstanding balance throughout the agreed-upon repayment period. Initially, a significant portion of the payment goes toward covering the interest, and over time, the focus shifts to paying off more of the principal amount.
Using tools like a loan calculator, better known as a Personal Loan EMI Calculator, helps borrowers calculate interest rate and EMIs of their loan and plan their finances accordingly. Timely EMI payments ensure a structured and systematic approach to loan repayment, empowering borrowers to manage their finances effectively. Using the Personal Loan Calculator, this calculative approach allows borrowers to plan and fulfil their loan obligations steadily until the loan amount is repaid within the specified timeframe.
The steps involved in using this formula are:
1. Convert the annual interest rate to a monthly rate by dividing it by 12 and then converting it to a decimal.
2. Convert the tenure of the loan from years to months.
3. Plug these values into the formula to calculate the EMI.
Key Features:
Key Advantages:
The Calculator is also available on the official Kotak Mahindra Bank App.
To reduce the EMI amount on a Personal Loan, consider these measures.
Click here to know more about different types of personal loan
If you want to reduce the EMI of your loan, you can opt for a higher tenure.
As you increase the loan term, your EMI reduces. Alternatively, you can reduce the loan amount to reduce the EMIs.
The lender fixes the personal loan interest rate. However, you can negotiate the rate if you have a higher income or a good credit score. So your EMI reduces if the lending institution agrees to lower the personal loan interest rate.
A personal loan amortization schedule is a loan repayment table.
An EMI Calculator can help you find out the EMI amount you have to pay every month against the amount of loan you wish to borrow for the tenure of your choice.
If you want to borrow a personal loan of Rs. 20 lakhs at an 11 % per annum rate of interest for a period of 5 years, you have to pay an EMI of Rs. 43,485 per month.
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