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.
| 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. |
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 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 |
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 |
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 |
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. |
In order to avail of a Kotak Mahindra Bank Personal loan, an individual has to provide certain documents required by the bank.
| ID Proof |
|
| Address Proof |
|
| Income Proof | For Salaried
|
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
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 :
1860 266 2666
No, the EMI on your Kotak Mahindra Bank cannot be postponed or rescheduled.
You can track the Kotak Bank Personal Loan Status on the website of Kotak Bank. To do this, follow the steps given below:
No, part-prepayment facility on personal loans is not offered by Kotak Mahindra Bank.
Last Updated on : 27/Mar/2021Know More About
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
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