Kotak Mahindra Bank Personal Loan

Kotak Mahindra Bank Personal Loan Highlights
Interest Rate	10.99% p.a. onwards
Loan Amount	Up to Rs 35 lakh
Tenure	Up to 6 years
Processing Fees	Up to 5% of loan amount
Minimum Monthly Income	For Corporate Borrowers: Rs 25,000 For Non-corporate Salary Borrowers: Rs 30,000 Employee of Kotak Mahindra Bank: Rs 20,000

Note: Rates as of 15th January 2025

 

Apply for Kotak Personal Loan

*Applicable for selected customers

Kotak Mahindra Bank Personal Loan Interest Rates

Kotak Bank Personal Loan interest rates start from 10.99% p.a. onwards. While the bank has not disclosed the differential interest rates for its personal loan applicants based on credit-score, occupation, income or other parameters, lenders usually consider monthly income, job profile, employer’s profile, credit score, etc. of their loan applicants for setting their personal loan interest rates.

Personal Loan Variants	Interest Rate (p.a.)
Personal loans up to Rs 35 lakhs	10.99% p.a. onwards
Personal Loan Overdraft	13.50% p.a. onwards
Payday Loan	10% p.a. onwards

Kotak Personal Loan Processing Fees and Charges

Particulars	Charges
Processing Charges	Up to 5% of the loan amount For Payday loan – Rs 150 onwards For Salaried applicants – Up to 3% of the loan amount
Stamping Charges	As per respective State’s Stamp Act
Overdue Interest	3% per month
Penal Charges	8% p.a. on overdue amount
EMI Dishonor Charges per instance	Rs 750 + GST
Lock in period	No lock-in period for post payment of first EMI
Foreclosure Charges	Up to 3 years – 4% + taxes on outstanding principal; After 3 years – 2% + taxes on outstanding principal
Part Pre-payment Charges	Rs 500 + GST per instance (Part-Prepayment is allowed up to 20% of the principal loan outstanding after completion of 12 months. The facility is allowedonce in a year)
Physical SOA or Amortization schedule	Once in a year- No charge; Post that – Rs 200 per request
Cancellation charges for Digitally availed loans within cooling off period (Cooling off period is Transaction+4days)	NIL
Cancellation charges for Non-Digital loans availed through offline channels (Cancellation is allowed only before first EMI date and no cooling off period is applicable)	Rs 1,000 or 1% of principal outstanding, whichever is higher
Cancellation charges for Digitally availed loans after cooling-off period (Cancellation is allowed only before the first EMI date)	Rs 1,000 or 1% of principal outstanding, whichever is higher

Compare the personal loan processing fees charged by top lenders

Types of Kotak Mahindra Bank Personal Loans

Kotak Bank Personal Loan Up to Rs 35 lakhs

• Purpose: Kotak Mahindra Bank offers personal loan of up to Rs 35 lakhs to meet financial needs for managing unexpected expenses.
• Loan Amount: Up to Rs 35 lakhs
• Tenure: Up to 6 years

Kotak Bank Personal Loan Overdraft

• Purpose: Salaried applicants can avail personal loan overdraft facility to meet their financial requirements for managing unexpected expenses.
• Loan Amount: Rs 1 lakhs- Rs 20 lakhs
• Tenure: Up to 6 years

Kotak Bank Pre-approved Personal Loan

• Purpose:  Kotak Mahindra Bank offers preapproved personal loan to its eligible salaried Kotak customers to meet educational expenses, dream wedding, home repairs, travel getaway, or scooter or for any other purposes.
• Tenure: Up to 4 years

Payday Loan

• Purpose: Applicants can digitally apply for a Payday loan from Kotak Mahindra Bank to meet any financial requirements
• Loan Amount: Rs 3,000- 1.5 lakh
• Tenure: 1 to 5 years

Kotak Bank Personal Loan Balance Transfer

• Purpose:  Kotak Mahindra Bank offers personal loan balance transfer facility to those existing personal loan borrowers of other bank and NBFCs who wishes to transfer their existing personal loan at lower interest rates
• Loan Amount: Rs 50,000- Rs 40 lakh
• Tenure: Up to 4 years

Know more about the various types of personal loan schemes and their features

Eligibility for Kotak Mahindra Personal Loan

For Personal Loan Up to Rs 35 lakhs

• Applicants employed with an MNC, a private limited company or a public limited company are eligible for Kotak Mahindra Bank Personal Loan
• Minimum age of the applicant should be 21 years at the time of loan application and 60 years at the time of loan maturity
• The minimum monthly income requirement for availing Kotak Mahindra Personal Loan for corporate borrowers is Rs 25,000, for non-corporate salary borrowers is Rs 30,000 and for employees of Kotak Mahindra Bank is Rs 20,000
• Individual applying for Kotak Personal Loan should at least be a graduate
• The prospective personal loan borrower should have a work experience of at least 1 year

Additionally, Kotak Bank may also consider the credit score of its personal loan applicants, just like other lenders do while evaluating the personal loan eligibility of their applicants

For Personal Loan Overdraft

• The age of the applicant should be 21 years to 58 years
• The applicant should have a minimum CIBIL score of 730
• Minimum take home salary requirements –
  • Rs 50,000 for Kotak salary account holders
  • Rs 1 lakh for Non-Kotak salary account holders from tier 1 cities
  • Rs 70,000 for Non-Kotak salary account holders from non-tier 1 cities

For Pre-Approved Personal Loan

• The applicant is an exiting Kotak Mahindra Bank customer and has maintain a positive relationship with the bank
• The applicant has a credit score of 750 and above
• The minimum monthly income required to apply for preapproved personal loan is Rs 25,000
• The applicant has maintained record of timely payments existing loans or credit card bills without defaults

For PayDay Loan

• Salaried applicants working in MNC, public or private limited company are eligible
• The age of the applicant should be 21 years to 58 years
• The minimum net monthly income for Kotak Bank Salary Account holders is Rs 10,000

For Personal Loan Balance Transfer

• The age of the borrower should be 21 years to 60 years
• Salaried applicants having minimum 1 year of working experience at a reputed firm are eligibile
• The monthly income should be minimum Rs 20,000 to avail Kotak Bank Personal loan balance transfer
• The borrower should have a graduate degree
• The perosnal loan borrower should be living in the city where he/she want to apply for the loan transfer for minimum 1 year

Documentation Required for Kotak Personal Loan

• ID proofs like passport, Aadhar card, driving license, voter ID, PAN card
• Residential proofs like passport, utility bill, leave and license agreement
• Bank statement for past 3 months
• 2-3 passport size photographs
• Salary slip for last 3 months

Know more about Kotak Bank Personal Loan Documents

Why Apply for Personal Loans at Paisabazaar?

• Offers from Top Lenders: 30+ partner Banks/NBFCs/Fintechs provide the best available loan at one place.
• Compare & Choose: You can check and compare loan offers from top banks, NBFCs and fintechs, and choose the best option with a click of a few buttons.
• Personalized solutions & certainty of approval: On Paisabazaar, personal loan offers are ranked according to your credit score and other eligibility factors. This helps in choosing the best offer for which certainty of loan approval is the highest.
• Pre-Approved Loans: You get pre-approved personal loan offers based on your credit health from time to time. These options come with low processing fees, low interest rates and almost no documentation.
• Unbiased advice: In case of queries or need for assistance, Paisabazaar’s team of experts can be of great help in coordinating with lender Banks/NBFCs and help in getting the most-suited personal loan.
• Complete Digital Process: As a digital-only organization, Paisabazaar.com provides a completely digital experience. It helps you to avail personal loans from the comfort of your homes with almost no paperwork and a completely digital experience.
• Document Pickup: In case physical documentation is required, Paisabazaar representatives pick documents from your location on a mutually agreed date and time after you apply for the loan. You are not required to physically visit the lender to submit your documents as Paisabazaar will do the needful for you – At no extra cost.
• End-to-end Assistance: Right from looking out for a loan option to getting the sanctioned loan amount in your bank account, Team Paisabazaar remains with you and works in the background with the lenders, to give you a wonderful experience.

FAQs on Kotak Bank Personal Loan

How long does it take for the disbursal of Kotak Mahindra Bank Personal Loan?

Ans. Kotak Mahindra Bank offers personal loan approval and disbursal within 48 hours of submitting the loan application and required documents. However, the bank also sanctions instant personal loans in just 3 seconds with minimal documentation.

What factors affect the interest rates of Kotak Mahindra Bank Personal Loan applicants?

Ans. The interest rates for the applicants of Kotak Mahindra Bank Personal Loan would depend upon their age, credit score, minimum monthly income, job profile, repayment history, etc.

Are there any restrictions on foreclosing the personal loan account at Kotak Mahindra Bank?

Ans. The personal loan account can be foreclosed after 12 months of loan disbursal subject to prepayment charges of 4%. Ensure to know about the pros and cons of personal loan prepayment before prepaying your personal loan.

What is the minimum credit score required to avail personal loan from Kotak Mahindra Bank?

Ans. The applicants should have a credit score of 730 and above to avail personal loan from Kotak Mahindra Bank.

Can my credit score influence the personal loan interest rate?

Ans. Yes, your credit score can influence your personal loan interest rate. As a higher credit score indicates higher creditworthiness and lower credit risk for the lender, lenders usually set lower interest rates for loan applicants having higher credit score.