Apply Now

KOTAK MAHINDRA BANK PERSONAL LOAN

When it comes to taking home loans, Kotak Mahindra Bank is the most trusted source for the same. Kotak Mahindra Bank personal loans can be availed easily at an interest rate of 10.75% per annum onwards to fulfill your dreams.

These loans are suitable for generating funds for events like financial need during home renovation, foreign travel, debt consolidation, medical expenses, and much more.

Kotak Mahindra Personal Loan Highlights

Particulars Details
Interest Rate 10.75% per annum onwards
Loan Amount Up to Rs. 20 Lakhs
Loan Tenure Up To 60 Months
Processing Fee Up to 2.5% of Loan Amount
Types of Loans Marriage Loan, Travel Loan, Medical Emergency Loan, Home Renovation Loan, etc.

Kotak Bank Personal Loan Features & Benefits

1. Flexible Tenure : The repayment tenure of Kotak Bank Personal Loan is flexible ranging from 1 Year to 5 Years for Salaried Employees, and up to 3 Years of repayment tenure for Self-Employed individuals.

2. Less Documentation : Kotak Mahindra Bank Personal Loan requires very little documentation, thus making the application process easy and a quick one.

3. Loan Amount : Kotak Mahindra Bank provides personal loans starting from Rs. 50,000 up to Rs. 20 Lakhs.

4. Balance Transfer : Kotak Personal Loan provides the facility to transfer your existing personal loan from other lenders to Kotak Mahindra Personal Loan in order to avail better terms along with lower interest rates.

Kotak Personal Loan Interest Rates 

Kotak Mahindra Bank Personal Loan Scheme Interest Rates
Kotak Mahindra Marriage Loan 10.75% Onwards
Kotak Mahindra Travel Loan 10.75% Onwards
Kotak Mahindra Medical Emergency Loan 10.75% Onwards
Kotak Mahindra Home Renovation Loan 10.75% Onwards

Kotak Mahindra Bank Personal Loan Schemes (Types)

1. Kotak Mahindra Bank Marriage Loan

Kotak Mahindra Bank Marriage Loan is offered for little finance or the entire funding of the marriage expenses. It covers every event in marriage starting from the venue, catering, photography, decoration, dress selection, and more so that you can organize your dream wedding.

Eligibility Profiles All Indian residents who are employees of either MNCs, Public and Private limited companies with a minimum age of 21 years and maximum age of 58 years
Interest Rate 10.75% Onwards
Loan Tenure Up to 5 Years
Loan Amount From Rs. 50,000 to Rs. 20 Lakhs

2. Kotak Mahindra Travel Loan

Travel Loan offered by Kotak Mahindra Bank is an unsecured personal loan that is meant for travel, holiday, and honeymoon purposes. It can cover the costs of your holidays, such as airfares, accommodation, tours, and even new travel accessories.

Eligibility Profiles All Indian residents who are employees of either MNCs, Public and Private limited companies with a minimum age of 21 years and maximum age of 58 years
Interest Rate 10.75% Onwards
Loan Tenure Up to 5 Years
Loan Amount From Rs. 1 Lakh to Rs. 20 Lakhs

3. Kotak Mahindra Medical Emergency Loan

Medical Emergency Loan offered by Kotak Mahindra bank is meant to meet the unfortunate and unforeseen expenditures.

Eligibility Profiles All Indian residents who are employees of either MNCs, Public and Private limited companies with a minimum age of 21 years and maximum age of 58 years
Interest Rate 10.75% Onwards
Loan Tenure -
Loan Amount From Rs. 50,000 to Rs. 15 Lakhs

4. Kotak Mahindra Home Renovation Loan

Home Renovation Loan offered by Kotak Mahindra Bank is meant to fulfill the purposes such as painting your home, fixing the ceiling, purchasing new furniture, and many more. 

Eligibility Profiles All Indian residents who are employees of either MNCs, Public and Private limited companies with a minimum age of 21 years and maximum age of 58 years
Interest Rate 10.75% Onwards
Loan Tenure Up to 15 Years
Loan Amount Up to 20 Lakhs

Kotak Mahindra Bank Personal Loan Fees and Charges

The following are the key fees and charges other than interest charges applicable to a personal loan from Kotak Mahindra Bank:

Details Amount
Processing Fees Up to 2.5% of the loan amount + GST
Stamping Fees As per the respective state’s Stamp Act
Credit appraisal charges Up to 5% of the loan amount subject to a maximum of Rs.7,500
Overdue interest charges 3% per month, compounded annually
Dishonor Rs. 750 per instance
Collection Charges 30% of Dishonor charges + overdue interest
CIBIL Report Charges Rs. 50 + GST
No due certificate Rs. 500 + GST

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

Kotak Mahindra Bank Personal Loan Eligibility Criteria

In order to avail of Kotak Mahindra Bank Personal loan, an individual has to meet certain eligibility criteria put up by the bank.

CRITERIA DETAILS
Minimum Age 21 Years 
Maximum Age 55 Years
Minimum Income Rs. 20,000 per month
Nationality Indian
Employment type Salaried, self-employed, private sector employees, government employees, doctors, teachers, Employees of various public and private companies, local bodies.

Kotak Mahindra Bank Personal Loan Documents Required

In order to avail of a Kotak Mahindra Bank Personal loan, an individual has to provide certain documents required by the bank.

ID Proof
  • Aadhar Card
  • PAN Card
  • Driving License
  • Voter’s ID Card
  • Employment ID
Address Proof
  • Aadhar Card
  • PAN Card
  • Driving License
  • Voter’s ID Card
  • Employment ID
  • Rental Agreement
Income Proof For Salaried
  • 3 months salary slips
  • Last 2 years ITR or FORM 16
  • Bank Statement for last 2 years

Kotak Mahindra Bank Personal Loan EMI Calculator

A Personal loan calculator helps you to know the amount of EMIs that you need to pay towards your Personal Loan. 

As a Personal loan can go from 20 - 30 years, so you have to be aware of your monthly installments in advance. For that, you can use the EMI Calculator provided by BankSathi to calculate your monthly EMIs on your Personal Loan.

The formula for the same is:

[P x R x (1+R)^N]/[(1+R)^N-1], where

  • P stands for the ‘Principal Amount’.
  • R stands for the rate of interest set by the bank.
  • N is the number of years for which the loan has been taken.

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 the “Personal” section look for “Loan” 
  • In the loan section click on “ personal Loan”
  • Fill the application form 
  • Attached all required documents with the application form
  • After submitting your application form you will get a notification through the bank about loan status 

Kotak Mahindra Bank Personal Loan Customer Care

1860 266 2666

FAQs On Kotak Bank Personal Loan

Q.1 Is it possible to reschedule or postpone my Kotak Bank Personal Loan EMI?

No, the EMI on your Kotak Mahindra Bank cannot be postponed or rescheduled.

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

  • For salaried, the tenure is 1 to 5 years 
  • For self-employed professionals, the tenure is 1 to 3 years of Kotak Mahindra Bank personal loan. 

Q.3 How to check Kotak Bank Personal Loan Status?

You can track the Kotak Bank Personal Loan Status on the website of Kotak Bank. To do this, follow the steps given below:

  • Visit the Kotak Bank website.
  • Click on ‘Get Help’ at the top right of the page.
  • Click on ‘Help Centre’.
  • From the menu list on the page, click on ‘Loans’.
  • Click on ‘Personal Loans’.
  • Click on ‘Loan Application Status’.
  • Select ‘Loan Application Status’. 
  • Select the type of loan.
  • Fill in details like application number, PAN ID, etc.
  • The status of your loan will now be generated.

Q.4 What is a good CIBIL score required to apply for Kotak Mahindra Bank Personal Loan?

CIBIL score above 700 is considered good to apply for Kotak Mahindra Bank Personal Loan and enjoy a hassle-free journey.
 
Q.5 Is part- prepayment of personal loan possible?

No, part-prepayment facility on personal loans is not offered by Kotak Mahindra Bank.

Last Updated on : 27/Mar/2021

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%
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