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Loans serve as ultimate financial aids in times of need. Today, we can take loans for almost anything; starting from personal loans, vehicle loans, home loans, education loans, to business loans, one can find a suitable product for all their needs. These days, banks and NBFCs are offering competitive loan products to attract consumers. Loans are processed and disbursed in as less as 48 hours to put the much needed funds in the consumers’ hands.
The loan process may have become much quicker and hassle-free these days, but there are many fine prints to be noted while availing a loan to avoid becoming a victim of ignorance. An important feature of any loan is the ‘Repayment’. One has to be prudent with the entire repayment process to reap the highest benefits out of their loan.
There are different repayment options based on your loan product, loan amount and your repayment capacity. It is important to design your loan repayment based on these factors for comfortable repayment. Because, defaulting on loan repayments has many adverse effects on your financial credibility; for one, it will affect your credit score, and secondly, it will put a negative remark on you for future loans. So, it is of paramount importance to choose a loan product that will allow for comfortable repayment based on your salary, age and other assets.
About Kotak Mahindra Bank Loan Repayment
A loan is the money you borrow from a bank or financial institution with a promise or commitment to repay the principal amount with interest. Lenders charge you interest on this loan amount to offset the possible risk they are taking by lending you money. Common types of loans people avail in India are home loans, car loans, personal loans, education loans, business loans, gold loans, etc.
Loan repayment is how the borrower pays back the borrowed money to the lender. The loan amount is repaid in equated monthly instalments called the EMI, which is made up of the interest component and the principal component.
The EMI amount, along with the interest and principal breakup are given in a schedule called the Amortization Schedule. This table gives you the exact amount of interest and principal that is deducted from your loan amount with every EMI you pay.
An Amortization Schedule is a table that shows each repayment instalment that is owed, normally on a monthly basis, and the amount of the instalment is assigned for the interest versus the principal. Amortization tables can enable a borrower to monitor what they owe and when the next instalment is expected, just as well work out the total outstanding principal or the interest on the loan.
Loan repayments are generally done through monthly EMIs. Occasionally, there is the option for Bullet Repayments too. Repayments options are largely based on the type of loan, loan amount, interest rates, chosen tenure and the repayment capability of the borrower. Let’s have a look at the two most common types of repayments available for different types of loans;
Kotak Mahindra Bank offers home loans, of up to 90% of the property value, to eligible customers. With the rate of interest coming down phenomenally during the past year, home buyers everywhere are rejoicing.
Kotak Mahindra Bank funds the purchaser of most commercial cars and vehicles manufactured by the leading companies in India. You can also get funds for vehicles that are imported.
Kotak Mahindra Bank Personal Loans are available for various needs like emergency medical expenses, home renovation, wedding, dream vacation, and many more.
Kotak Mahindra Bank offers gold loans of up to Rs.50 lakhs to eligible customers. They offer hassle-free and instant gold loans.
Kotak Mahindra Bank offers loans against different types of properties, viz; commercial, residential or industrial. This loan can be utilized for both your personal and business needs.
This is a revolutionary loan product from the bank. This is a single instalment, short term loan, that can be availed with a few clicks online. This is an instant disbursement loan.
Kotak Mahindra Bank has a comprehensive EMI calculator for the different kinds of loans they offer. It is prudent to utilize this EMI calculator to ensure that you can afford the loan repayments comfortably.
Here is how you use the EMI Calculators on the Kotak Mahindra Bank portal:
The CreditMantri website has EMI calculators for different types of loans. You can find them through this path – Home > Community > Finance Calculators.
Once you have chosen the desired calculator, you can enter different values in the loan amount, loan tenure and Rate of Interest fields to calculate the respective EMI amount (monthly), total interest payable and the total repayment amount.
This will give you a clear idea if you can afford the loan. If needed, you can pool in additional down payment or submit additional security or collateral to get better loan terms.
1. What is the most common form of loan repayment in India?
In India, most loan products offer the ‘EMI repayment’ method. This EMI amount is generally auto-debited from your bank account with the same bank or different bank. These days, a NACH mandate facilitates the auto deduction of the EMI amount from your bank account.
2. What happens if the auto-debit on your bank account bounces?
In case of insufficient balance in your bank account, or due to any other issues, the auto-debit may get rejected or bounce. In these cases, you will be immediately informed about the same and given the option to make the EMI payment, with applicable penalties, at the bank branch or on their website.
3. What is pre-payment and partial payment of loans?
Though loans are repaid with monthly EMIs, banks allow you to make occasional additional payments into your loan account that will be adjusted against the principal amount. One can make a partial prepayment or make a full prepayment and foreclose the loan. Though there are no charges for prepayments these days, one should check with the bank for any applicable charges.
4. What are the options available other than EMIs to pay a loan?
Though EMI is the most common form of loan payment, some banks allow you to make loan payments via debit card, Netbanking, UPIs, or at the branch.
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