finance expet
93 Points
Joined May 2024
To calculate your monthly installment for a loan from Kotak Mahindra Bank, you can use the EMI (Equated Monthly Installment) formula:
EMI = [P * r * (1+r)^n] / [(1+r)^n-1],
where P is the principal loan amount, r is the monthly interest rate (annual rate/12), and n is the loan tenure in months. Alternatively, Kotak Mahindra Bank offers an online EMI calculator on their website. Just enter your loan amount, interest rate, and tenure to get the monthly installment. This tool simplifies the process and provides quick, accurate results.