To calculate EMI for a loan from Kotak Mahindra Bank, you can use the following formula:
EMI=P×r×(1+r)n(1+r)n−1EMI=(1+r)n−1P×r×(1+r)n
Where:
PP is the principal loan amount
rr is the monthly interest rate (annual rate divided by 12)
nn is the loan tenure in months
Kotak Mahindra Bank offers an online EMI calculator on their website. Simply input your loan amount, interest rate, and tenure to get the EMI instantly. This helps in planning your finances effectively before availing a loan.