Kotak Bank Personal Loan

Kotak Mahindra Bank

Check Eligibility

Max. Loan Amt.

Up to ₹25.00 Lakh

Rate of Interest

10.50% - 17.20%

Tenure up to

1 - 5 Years

Processing Fee

₹5% of the loan amount

Quick DisbursalSimple Process

Check Eligibility

Features of Kotak Mahindra Bank Personal Loan

• Attractive Interest Rates: Starting from 10.99% p.a.
• Processing Fee: 5% of the loan amount
• Loan Amount: Up to ₹35 lakh
• Flexible Tenure: Repayment period of up to 6 years
• Simple Process: Minimal paperwork and quick approval

Kotak Mahindra Bank Personal Loan Interest Rates

Kotak Mahindra Bank personal loan interest rates start from 10.99% p.a. onwards. The bank has not shared detailed rate slabs based on factors like credit score, income, or job profile. However, like most lenders, Kotak generally considers parameters such as monthly income, credit score, occupation, and employer profile when deciding the final interest rate for each applicant.

Kotak Personal Loan EMI Calculator

Kotak Personal Loan Processing Fees and Charges

How to Apply for Kotak Mahindra Bank Personal Loan Online

Kotak Mahindra Bank has partnered with mybankingtips to offer personal loans of up to ₹25 lakh through its official website or mobile app. With mybankingtips, you can also compare Kotak Bank offers with other top lenders like ICICI Bank, HDFC Bank, Axis Bank, and more.

Here are 5 simple steps to apply for a Kotak Mahindra Bank Personal Loan via mybankingtips:

Step 1: Start your application by entering your mobile number.

Step 2: Provide your employment details – salaried or self-employed.

Step 3: Complete secure verification using the OTP sent to your registered mobile number.

Step 4: Select the desired loan amount and mention the purpose, such as travel, medical expenses, education, or wedding.

Step 5: View personalized loan offers from Kotak Mahindra Bank and compare them with other banks. Choose the best offer and apply instantly.

Types of Kotak Mahindra Bank Personal Loans

• Kotak Bank Personal Loan
  • Purpose: To manage financial needs and unexpected expenses
  • Loan Amount: Up to ₹35 lakh
  • Tenure: Up to 6 years
     
• Kotak Bank Personal Loan Overdraft
  • Purpose: For salaried applicants to handle urgent financial needs
  • Loan Amount: ₹1 lakh – ₹20 lakh
  • Tenure: Up to 6 years
     
• Kotak Pre-approved Personal Loan
  • Purpose: For select salaried Kotak customers to meet expenses like education, wedding, home repairs, travel, scooter, etc.
  • Loan Amount: Not specified
  • Tenure: Up to 4 years
     
• Payday Loan
  • Purpose: Short-term loan to cover immediate financial requirements
  • Loan Amount: ₹3,000 – ₹1.5 lakh
  • Tenure: 1 to 5 years
     
• Kotak Personal Loan Balance Transfer
  • Purpose: Transfer existing personal loans from other banks/NBFCs to Kotak at lower interest rates
  • Loan Amount: ₹50,000 – ₹40 lakh
  • Tenure: Up to 4 years

Eligibility for Kotak Mahindra Bank Personal Loan

1. Personal Loan (Up to ₹35 lakh)

• Eligible Applicants: Salaried individuals working in MNCs, public or private limited companies
• Age: 21 to 60 years
• Income Requirement:
  • Kotak Salary Account Holders: ₹25,000 per month
  • Non-Kotak Salary Account Holders: ₹30,000 per month
• Education: Graduate/Diploma holder
• Work Experience: Minimum 1 year
• CIBIL Score: 730+
   

2. Personal Loan Overdraft

• Age: 21 to 58 years
• CIBIL Score: 730+
• Income Requirement:
  • Kotak Salary Account Holders: ₹50,000 per month
  • Non-Kotak (Tier 1 cities): ₹1 lakh per month
  • Non-Kotak (Non-tier 1 cities): ₹70,000 per month
     

3. Pre-Approved Personal Loan

• Must be an existing Kotak Mahindra Bank customer with a good track record
• CIBIL Score: 750+
• Minimum Income: ₹25,000 per month
• Condition: No defaults in past loan/credit card repayments
   

4. PayDay Loan

• Eligible Applicants: Salaried individuals working in MNCs, public or private companies
• Age: 21 to 58 years
• Income Requirement:
  • Kotak Salary Account Holders: ₹10,000 per month
     

5. Personal Loan Balance Transfer

• Age: 21 to 60 years
• Eligible Applicants: Salaried individuals with at least 1 year of work experience in a reputed firm
• Income Requirement: Minimum ₹20,000 per month
• Education: Graduate degree required
• Other Condition: Must be living in the loan application city for at least 1 year

Documentation Required for Kotak Personal Loan

• ID Proof: Passport, Aadhaar, Driving License, Voter ID, PAN Card
• Address Proof: Passport, Utility Bill, Leave and License Agreement
• Income Proof: Salary slips of last 3 months
• Bank Statement: Last 3 months
• Photographs: 2–3 passport size