When it comes to calculated monthly installment, it is the sum of the interest and principle which is payable every month for a personal loan. Now you must be thinking, how Kotak Mahindra Bank personal loan EMI calculator do this? Well, EMI is concerned area, and you need some hassle-free manner to use.
It’s one magical tool, which can tell briefly about monthly EMI. You can open this site and enter few details like amount, tenure, and interest rate. After the submission, the tool can tell you accurate monthly EMI which can pay to the lenders. It’s an effective and smartest way to know own EMI. Do you know the other advantage of this tool? Until or unless you are not satisfied with the report, you can put all the details again an again and check it. It’s the biggest support in the tool.
Which Part Is Critical While Applying For A Personal Loan?
Your eligibility, KYC, and income factor matters a lot when preparing yourself for a personal loan. It is a concerned area, and you should check online before to apply. According to the bank, both categories a salaried or self-employed can apply. Let’s find out their requirements.
Eligibility Factor For A Salaried
- You should be between 21 to 58 years
- Total work experience minimum two years
- Your minimum net monthly income Rs 18,000
- And share a registered mobile number
KYC Factor For A Salaried Individual
- Identity Proof: Passport, voter ID, and driving license
- Address Proof: Ration card, latest electricity bill, and Aadhaar card
- Age Proof: Photo ration card with date of birth, PAN card, and employer certificate
- Income Proof: Latest salary slip, a copy of income tax return, and six-month bank statement
Always keep in mind that your approval based on below eligibility factors.
- Monthly income
- Monthly expenses
- Any other loan
- Credit history
- Job stability
- Relationship with the bank
- Category of your employer
Why Is It Important To Know Personal Loan Interest Rates?
When you are going to take financial support from any bank, that time interest rate also matters a lot. It can depend on individual bank’s. According to the Kotak bank, your interest rates range is 10.99% to 20.99% with Rs 50,000 to Rs 2 lakhs for five years. If we talk about processing fee, then it is 0.99% to 2.50% of the loan amount with GST.
If you are still confused and want a more clear vision for a personal loan, then find out about features and benefits.
- You can get attractive interest rates
- Flexible repayment option
- Quick approval on loans
- Minimal paperwork and hassle-free processing
- And no security required
If you have any issue related to Kotak Mahindra Bank personal loan EMI calculator, then call on 24*7 toll-free customer care helpline – 1860 266 2666. You can ask product related any problems. The executives are glad to give you a prompt response. So without any hesitation call on a toll-free number.