Kotak Credit Card Loan Calculator

EMI Formula:

\[ EMI = \frac{P \times R \times (1+R)^N}{(1+R)^N - 1} \]

EMI Amount:

Total Payment:

Total Interest:

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1. What is EMI?

EMI (Equated Monthly Installment) is the fixed payment amount a borrower pays to a lender at a specified date each calendar month. For Kotak credit card loans, EMI payments are used to pay off both principal and interest each month.

2. How EMI Calculation Works

The calculator uses the standard EMI formula:

\[ EMI = \frac{P \times R \times (1+R)^N}{(1+R)^N - 1} \]

Where:

\( P \) — Principal loan amount (Rs)
\( R \) — Monthly interest rate (annual rate divided by 12, in decimal)
\( N \) — Loan tenure in months

Explanation: The formula calculates the fixed monthly payment that would pay off the loan with interest over the specified term.

3. About Kotak Credit Card Loans

Details: Kotak Mahindra Bank offers credit card loans that allow cardholders to convert purchases into EMIs or take personal loans against their credit limit.

4. Using the Calculator

Tips: Enter the principal amount in Rs, annual interest rate in percentage, and loan tenure in months. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What interest rates does Kotak charge on credit card loans?
A: Interest rates typically range from 12% to 24% per annum, depending on your credit profile and loan tenure.

Q2: Are there any processing fees for Kotak credit card loans?
A: Yes, Kotak usually charges a processing fee of 1-3% of the loan amount plus GST.

Q3: Can I prepay my Kotak credit card loan?
A: Yes, but prepayment charges may apply depending on the loan terms.

Q4: How does this differ from regular credit card purchases?
A: Loan EMIs have fixed repayment schedules and often lower interest rates than revolving credit card balances.

Q5: What happens if I miss an EMI payment?
A: Late payment fees will apply and it may negatively impact your credit score.