Kotak Mahindra Bank Personal Loan: Interest Rate, Eligibility, Processing & Customer Care

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KOTAK MAHINDRA BANK PERSONAL LOAN

ABOUT KOTAK MAHINDRA BANK PERSONAL LOAN :

Kotak Mahindra Bank is one the most trusted banks for personal loans. It is an Indian private sector bank and its headquarters at Mumbai. Kotak Mahindra Bank offers banking and financial services for corporate and retail customers. Common uses of a personal loan from Axis Bank include :

  • Education expenses

  • Wedding in the family

  • House improvement 

  • Holiday expenses

BENEFITS OF KOTAK MAHINDRA BANK PERSONAL LOAN :

1. Fast approval :

Kotak mahindra bank provides personal loan approval in a very speedy way for the customers so they don't have to waste their precious time for loan approval. They can easily get approval for the personal loan either online or offline.

2. Less documentation :

Kotak Mahindra Bank required less documentation for the processing of personal loans.The documents submitted by the customers are KYC, address proof and income proof with the loan application form. It is not required to submit so many documents for a personal loan. The process of documentation is very simple and fast.

3. Flexible loan tenure period :

The Kotak Mahindra Bank personal loans are taken to meet their sudden needs of the customers. It provides a flexible loan tenure period of minimum 1 year and maximum 5 years for salaried employees and for self employed professions the maximum loan tenure is upto 3 years with this you can easily repay your loan.

4. Best interest rate :

The minimum interest rate of Kotak Mahindra Bank personal loans is 10.50% and the maximum interest rate is 16.99%. Basically the rate of interest will be decided by the bank according to the customer age, employment type, overall profile and the most probably Cibil score. 

 

FEE AND CHARGES OF KOTAK MAHINDRA BANK PERSONAL LOAN :

TYPE

CHARGES

Processing fee

Upto 2.5% of loan amount

Stamping fee

As per respective states Stamp ACT

Overdue charges

3% of overdue amount

Preclosure charges

5% of principal outstanding plus applicable tax

Dishonor charge

Rs.750

   

DOCUMENTS REQUIRED FOR KOTAK MAHINDRA BANK PERSONAL LOAN :

TYPE

DOCUMENTS

Identity  proof

Aadhar card, pan card, driving license, passport etc.

Address proof

Aadhar card, voter id, rental agreement, registry and utility bills

Income proof

Last 3 month salary slip, last 6 months bank statement, latest ITR

 

ELIGIBILITY CRITERIA FOR KOTAK MAHINDRA BANK PERSONAL LOAN :

ELIGIBLE 

Salaried, self-employed, private sector employees, government employees, doctors, teachers, Employees of various public and private companies, local bodies. 

AGE

21 years to 55 years at the time of loan maturity

INCOME

Minimum Income is Rs 15,000

 

COMPARE OTHER BANK PERSONAL LOAN INTEREST RATE :

BANKS

INTEREST RATES

AXIS Bank Personal Loan

12% to 24%

SBI Personal Loan

11.30% to 16.40%

SBI Xpress Bandhan

12.15% to 15.15%

SBI Xpress Credit Personal Loan

11.50% to 12%

HDFC Bank Personal loan

10.75% to 21.50%

Kotak Mahindra Bank Personal Loan

10.50% to 16.99%

Yes Bank Personal Loan

20.00% to 22.00%

Citi Bank Personal Loan

10.50% to 17.99%

ICICI Bank Personal Loan

10.99% to 16.25%

Standard Chartered Bank Personal Loan

11.00% to 19.20%

IDBI Bank Personal Loan

12.00% to 14.00%

RBL Bank Personal Loan

14.00% to 23.00%

HSBC Bank Personal Loan

10.75% to 17.84%

IndusInd Bank Personal Loan

11.00% to 16.75%

Bank of Baroda Personal Loan

7.65% to 12.65%

Bank of India Personal Loan

12.15% to 14.15%

Canara Bank Personal Loan

12.05% onwards

 

OTHER LOAN PRODUCTS OF KOTAK MAHINDRA BANK :

1. Kotak Mahindra Bank Personal Loan 

2. Kotak Mahindra Bank Business Loan 

3. Kotak Mahindra Bank Holiday Loan 

4. Kotak Mahindra Bank Car Loan 

5. Kotak Mahindra Bank Commercial Vehicle Loan 

 

HOW TO APPLY FOR KOTAK MAHINDRA BANK PERSONAL LOAN :

There are 2 ways by which you can apply for the personal loan i.e. Online & Offline

1. Offline method : You have to visit the Kotak Mahindra bank branch

2. Online method :

  • Browse to Kotak Mahindra bank official portal

  • In “Personal” section look for “Loan” 

  • In loan section click on “ personal Loan”

  • Fill the application form 

  • Attached all required documents with application form

  • After submitting your application form you will get notification through bank about loan status

 

HOW TO CALCULATE EMI OF KOTAK MAHINDRA BANK PERSONAL LOAN :

To calculate the EMI of Kotak Mahindra Bank personal loan by this formula :

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

where,

EMI = Equated Monthly Installment

P = Principal Loan Amount

R = Monthly Interest Rate

N = Number of Monthly Installments

 

FREQUENTLY ASKED QUESTIONS :

1. How much interest rate charged by Kotak Mahindra Bank personal loan?

From 10.50% to 16.99% interest rate charged by Kotak Mahindra Bank personal loan.

2. What is the tenure of Kotak Mahindra Bank personal loan?

For salaried the tenure is 1 to 5 years and for self employed profession the ttenure is 1 to 3 years of Kotak Mahindra Bank personal loan.

3. Is age an important factor to get Kotak Mahindra Bank personal loan?

Yes, age is an important factor to get a Kotak Mahindra Bank personal loan and the age should be at least 21 to 55 years at the time of maturity.

4. How to apply for an Kotak Mahindra Bank personal loan?

For Kotak Mahindra Bank personal loan you can Apply online and offline both.

5. What loan amount is charged by Kotak Mahindra Bank personal loan?

The loan amount is charged by Kotak Mahindra Bank personal loan is Rs. 50000 to 25 lakh.

Last Updated on : 07/Sep/2020

Know More About

Kotak Mahindra Bank Personal Loan

You're eligible for a Kotak Mahindra Bank Personal Loan if you:


Are legally adult enough to handle it


Have still got it


Get a regular pay check


Make more than a basic buck

Your eligibility depends on:


Earn more than minimum income required


Maximum allowed Personal Loans is Rs. 10K to Rs. 45 lakhs


EMIs of other loans loweryour eligibility

Boost your eligibility by:


Pay off your credit card bills


Choose longer tenure loan up to 5 years

Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:

  • 1. Photo ID and age proof
  • 2. Signed application form with photograph
  • 3. Residence proof
  • 4. Last 6 months bank statement
  • 5. Documentation for salaried applicants:
    • Last 3 months salary - slips
    • Form 16 or Income Tax Returns
  • 6. Documentation for self-employed applicants:
    • Last 3 years Income Tax Returns with computation of Income
    • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

Kotak Mahindra Bank Personal Loan Interest Rates

Updated on 25 Nov 2017

Kotak Mahindra Bank Personal Loan Details
Interest Rate (Monthly reducing balance) 10.5% - 16.99%
Processing Fees Upto 2.50% of the loan amount
Loan Tenure 1 year to 5 years
Pre-closure Charges Varies with bank
Guarantor Requirement Varies with bank

Personal Loans EMI Calculator

Loan Amount

|
1L
|
50L
|
100L
|
150L
|
2Cr

Interest Rate

%
|
5
|
10
|
12.5
|
17.5

Loan Tenure

|
1
|
10
|
20
|
25
|
0
|
120
|
240
|
300


Your Monthly Loan EMI


₹24,959