Personal Loan Interest Rate
Kotak Mahindra Bank provides Personal Loans at attractive interest rates.
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Kotak Mahindra Bank provides Personal Loans at attractive interest rates.
Apply Now for best personal loan deals!
Personal Loans made easy and accessible with competitive interest rates and loan charges.
Personal Loan Credit Facilities |
Interest Rate and Charges Applicable |
---|---|
Interest Rate for Personal Loan |
10.99% p.a. |
Loan Processing Charges (Non-refundable) |
Up to 3% of loan amount + Applicable Taxes |
Pre - Payment Charges |
For loans disbursed on or before - 1st February 2020 - Part Pre payment is not allowed For loans disbursed after 1st February 2020 -Post completion of 12 months - Part-Prepayment is allowed up to 20% of Principal loan outstanding. It is allowed only once per financial year. Payment of INR 500 + taxes to be made for every instance of pre-payment |
Repayment Mode Swap Charges |
INR 500 + Taxes per instance |
EMI Bounce Charges |
INR 500 + Taxes per instance |
How to Avail Low Personal Loan Interest Rate
You can use Kotak’s Personal Loan EMI Calculator. Just enter the loan amount, interest rate and tenure. The breakup of principal and interest amounts will be instantly displayed for you.
Now find your personal loan eligibility using a calculator. With no existing liabilities, you can borrow Rs. 225,000 as loan amount
The EMI payable on a personal loan of Rs. 200,000 for 1 year with 10.99% per annum is Rs. 17,675.
Personal loan interest rates can be calculated using either the flat rate or reducing balance method.
Levies the interest rate on the principal amount for the total tenure
Charges personal loan interest rate on the outstanding principal after every EMI payment
With the reduced balancing method, interest amount is calculated every month, allowing borrowers to pay lesser interest.
A great financial record helps you get the lowest personal loan interest rate.
Personal loan interest rates formula:
EMI = (P + Total Interest Payable)/Tenure in Months
Total Interest Payable = P x R x N/100
EMI = P x R x (1 + R)*N/[(1 + R)*N - 1]
In these formulas,
P = Principal
R = Interest Rate
N = Tenure in Months
Get an affordable personal loan from Kotak Bank.
Various factors are considered while deciding the personal loan interest rates for each borrower. So, keep these points in mind to get yourself a low interest personal loan:
Guide to better personal finance
Kotak Mahindra Bank provides Personal Loans to our eligible applicants at a minimum interest rate of 10.99% per annum.
The personal loan interest rate at Kotak Mahindra Bank starts from 10.99% per annum.
For eligible applicants, personal loan interest rates start from 10.99% per annum at Kotak Mahindra Bank.
If you submit the required personal loan documents,