Monthly EMI: ₹8,301 at 10% for 7 years. Total interest: ₹1,97,284.
| Year | Principal | Interest | Balance |
|---|
With a ₹5 Lakh education loan from Kotak Mahindra Bank at 10% for 7 years, you will pay a monthly EMI of ₹8,301. The total amount payable is ₹6,97,284, of which ₹1,97,284 is interest.
At 10% interest rate for 7 years, the EMI for ₹5 Lakh Education Loan from Kotak Mahindra Bank is ₹8,301 per month. Total interest payable: ₹1,97,284.
Kotak Mahindra Bank offers Education Loan at 10.00 - 16.00% p.a. The actual rate may vary based on your credit score, income, and the loan amount.
For ₹5 Lakh at 10% for 7 years, you would pay approximately ₹1,97,284 as total interest, making the total repayment ₹6,97,284.
Kotak Mahindra Bank's prepayment policy for Education Loan: Nil. Making prepayments can significantly reduce your total interest outgo.
Kotak Mahindra Bank offers competitive rates starting from 10.00 - 16.00% with tenure up to 10 years. Compare with other banks on this page to find the best option for your ₹5 Lakh education loan.