Is Kotak personal loan suitable for your urgent money requirements?
Posted by Anika Sharma on December 17th, 2019
Kotak Mahindra Bank gives personal loans to the customers at an attractive rate of interest. Using the loan amount you can manage the wedding expenses, plan a vacation and can do more. The applied Kotak personal loan interest rate is also low and you can pay the borrowed amount in a flexible loan tenure up to 5 years. There are many online tools and services are provided by the bank to the customer for a trouble free loan application. To know about the Kotak Bank personal loan details read the given article.
Kotak Personal Loan interest rate and repayment duration
The user gets a fixed loan interest rate on their loan amount that ranges from 10.99% to 24% per annum. And, Kotak Bank Personal loan interest rate depends on the applicant’s capacity for payment. If the user income is fully consumed in his monthly expenses then a high-interest rate would be charged on the loan amount. So, you can carefully check the loan eligibility criteria before applying for Kotak personal loan. Because, if you apply with less eligibility then your application can get rejected or maybe a high-interest rate imposed on the loan amount.
To pay the loan you just need to link your bank account if you are not an existing Kotak Bank customer to use the auto-debit method. Otherwise, you can also pay the loan amount using the ECS, PDCs, NACH method for easy loan installment. The equated monthly loan installment (EMI) of your Kotak Personal loan can be calculated using the Kotak Mahindra EMI loan calculator.
What is Kotak Mahindra EMI loan Calculator and how to use it?
Kotak Mahindra Bank provides you the privilege to estimate the loan EMIs before applying for it. Using the loan calculator, the user can simply generate the monthly installments by mentioning the loan details. And, you can use the Kotak personal loan EMI calculator by visiting the bank official website. From the product option click on personal loan and when you are directed to the personal loan page you will find the “calculate EMI” button. When you click on that button you the EMI calculator will appear on your screen. The EMI calculator works in a mathematical formula [P x R x (1+R)^N]/[(1+R)^N-1], where P is the loan amount, R is the loan interest rate and N is the loan tenure.
To know the calculator working suppose if you borrow a loan amount of INR 5 lakh from Kotak Mahindra at an interest rate of 14.99% for 5 years. Then the Kotak personal EMI calculator generates the accurate EMI that would be approx. INR 11,895.
Instant Loan disbursal with minimum documentation and charges from Kotak Mahindra Bank
The customers get the benefit of loan disbursal in 3 seconds with the efficient Kotak Mahindra Bank services, but this privilege is only for the bank customers. You can apply for the Kotak personal loan by visiting the bank branch or website. Just submit a few documents to the bank like aadhar card, PAN card, salary slip, income tax return report and address proof. After that a lower processing fee you have to pay for the personal loan that would be 2.50% of the borrowed amount. Now, resolve your fund related needs with Kotak personal loan an easier solution for all the problems.
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About the AuthorAnika Sharma
Joined: December 16th, 2019
Articles Posted: 2
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