Kotak Mahindra Bank Car Loan EMI Calculator

Planning to buy your dream car with a loan from Kotak Mahindra Bank? Use the Kotak Mahindra Bank Car Loan EMI Calculator to estimate your monthly installments easily. This user-friendly tool helps you calculate your Equated Monthly Installments (EMIs) based on the loan amount, interest rate, and tenure. Whether you're planning to buy a new or used car, the calculator provides a clear overview of your repayment plan, enabling you to make well-informed financial choices.

How to Use Wishfin Kotak Mahindra Bank Car Loan EMI Calculator?

To use the Wishfin Kotak Mahindra Bank Car Loan EMI Calculator, start by visiting Wishfin's official calculator page. Once there, you'll need to input a few basic details such as the desired loan amount, the applicable rate of interest, and the loan tenure in months. The calculator will then instantly display your estimated EMI (Equated Monthly Installment), along with a breakdown of the principal amount, total interest payable, and the overall amount payable over the loan period.

In addition to the EMI summary, the tool also provides an amortization schedule, which details how each installment is split between principal repayment and interest over time. This can help you understand the progression of your repayment and plan your finances more effectively.

Example of Kotak Mahindra Bank Car Loan EMI Calculator

Suppose you're planning to take a car loan of Rs 2,00,000 from Kotak Mahindra Bank at an interest rate of 7.70% per annum for a loan tenure of 4 years. Using the Wishfin Kotak Mahindra Bank Car Loan EMI Calculator, the EMI can be calculated as follows:

Understand with the help of a table where the interest rate was calculated at 7.70% per annum -

Formula for Calculating Kotak Mahindra Bank Car Loan EMI

Here's the EMI calculation for a Kotak Mahindra Bank Car Loan with the following details:

• Loan Amount: Rs 2,00,000
• Interest Rate: 7.70% per annum (fixed)
• Loan Tenure: 4 years (48 months)

EMI Calculation

The standard EMI formula:

EMI = [P × r × (1 + r)^n] / [(1 + r)^n – 1]​

EMI = Rs 4,873

Summary of the calculation -

• Monthly EMI : Rs 4,873 (approx.)
• Total Interest Payable : Rs 33,904
• Total Repayment Amount : Rs 2,33,904

Note - This is an approximate calculation based on a flat annual interest rate. Exact values may differ slightly depending on the bank's method of interest computation (flat vs. reducing balance).

The Lowest EMI Available on Kotak Mahindra Bank Car Loan

Documents Required For Kotak Mahindra Bank Car Loan

Here are a few of the documents that are mentioned in the table required by  Salaried Individuals

Self-Employed Firm, Proprietorship, Partnership Firm, Private/Public Companies, while applying for the Kotak Bank Car Loan -

Fees/Charges on Kotak Mahindra Bank Car Loan

Eligibility Criteria For Kotak Mahindra Bank Car Loan

If you want to apply for a Kotak Mahindra Bank Car loan, you must meet the following criteria -

• Must be an Indian resident
• Minimum monthly income of Rs 15,000
• At least 1 year of residence stability at the current address
• Minimum 1 year of continuous employment or business stability
• Age must be 21 years or above

Kotak Mahindra Bank Car Loan – Features & Benefits

• Wide Range of Car Financing Options - Choose from a variety of finance options for new and pre-owned cars with Kotak Mahindra Bank Car Loans.
• Attractive Interest Rates - Make your dream of owning a car a reality with competitive interest rates designed to suit your budget.
• Custom-Made Loan Options – Kotak provides personalized car loan plans designed to match your unique financial requirements and eligibility criteria.
• Speedy Loan Processing - Enjoy a hassle-free experience with quick and efficient loan approval and disbursal processes.
• Flexible Tenure of up to 7 Years - Repay your loan comfortably with flexible repayment tenures ranging from 1 year to 7 years.

Summary!

The Kotak Mahindra Bank Car Loan EMI Calculator is a simple online tool that helps you estimate your monthly loan repayment amount based on the loan amount, interest rate, and tenure you choose. It enables you to plan your finances more efficiently by giving a clear view of your monthly EMI, total interest payable, and overall repayment amount. Whether you're considering a new or pre-owned car, this calculator lets you customize the loan parameters to find the most suitable terms for your budget, ensuring you make an informed and confident financial choice.