Kotak Mahindra Bank Personal Loan

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Kotak Mahindra Bank offers personal loans with amounts up to Rs 40 lakh at an interest rate starting from 10.99% per annum for tenures up to 6 years. The bank provides a fast loan approval process, the option for partial prepayment, and simplified documentation for individuals with a regular salary. Additionally, Kotak Mahindra Bank extends instant personal loan services in major commercial and metropolitan cities across India. Explore further to learn about the features of Kotak Personal Loans.

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Kotak Mahindra Bank

Max. Loan Amt.

Up to ₹10L

Rate of Interest

10.99% - 36%

Tenure up to

Upto 6 Years

Processing Fee

Up to 3%

Check Eligibility
Lowest Income requirement 100% Digital Process*

Kotak Mahindra Bank Personal Loan Interest Rates

Kotak Bank offers personal loans with interest rates starting at 10.99% per annum. Although specific details about differential interest rates based on credit score, occupation, income, or other factors are not disclosed by the bank, it's common for lenders to evaluate factors such as monthly income, job profile, employer's profile, and credit score when determining personal loan interest rates for applicants. These considerations help lenders tailor interest rates based on the individual financial profile of the borrower.

Kotak Mahindra Bank Personal Loan Highlights

Interest Rate 10.99% p.a. onwards
Loan Amount Up to Rs 40 lakh
Loan Tenure Up to 6 years
processing Fees Up to 3% 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 23 December 2024

Banks/NBFCs Interest Rates(p.a.)
Axis Bank 10.49% onwards Apply Now
IndusInd Bank 10.49% onwards Apply Now
IDFC First Bank 10.49% onwards Apply Now
HDFC Bank 10.50% onwards Apply Now
ICICI Bank 10.50% onwards Apply Now
Kotak Mahindra Bank 10.99% onwards Apply Now
Tata Capital 10.99% onwards Apply Now
Bajaj Finserv 11.00% onwards Apply Now
Federal Bank 11.49% onwards Apply Now
DMI Finance 12.00% - 40.00% Apply Now
L&T Finance 12.00% onwards Apply Now
Kreditbee 12.25% - 30.00% Apply Now
MoneyTap 12.96% onwards Apply Now
Piramal Finance 12.99% onwards Apply Now
Aditya Birla 13.00% onwards Apply Now
MoneyView 15.96% onwards Apply Now
Cashe 27.00% onwards Apply Now

Also read: Best Personal Loan Interest Rate

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Loan Product Interest rates (p.a.)
Processing Charges Up to 3% of loan amount
Stamping Charges As per respective State’s Stamp Act
Overdue Interest 3% per month
Credit Appraisal Charges Up to 5% of loan amount, up to Rs 7,500 + GST
Credit Administration Charges Up to 5% of loan amount, up to Rs 7,500 + GST
Collection Charges 30% + GST of cheque /instrument dishonor charges + overdue interest
Dishonor Charges per instance Rs 750 + GST
Foreclosure Charges 0-12 months: Lock-in period 1- 3 years: 4% + GST 3 years onwards: 2% + GST
Part Pre-payment Charges Rs 500 + GST per instance
No due NIL
Duplicate Issue of NOC NIL
Copy of CIBIL Rs 50 + GST
Copy of records pertaining to his transactions Rs 200 + GST

Also read: Best Personal Loan in India

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Kotak Bank Personal Loan for Travel

  • Purpose: You can get a personal loan for your travels from Kotak Mahindra Bank. This loan can cover all your holiday expenses, such as flights, tours, accommodation, and travel essentials.
  • Loan Amount: Rs 50,000- 40 lakh
  • Tenure: 1 to 5 years

Kotak Bank Personal Loan for Marriage

  • Purpose: Individuals have the opportunity to access the Kotak Marriage Loan to fulfill their financial needs related to wedding expenses.
  • Loan Amount: Rs 50,000- 40 lakh
  • Tenure: 1 to 5 years

Kotak Bank Medical Loan

  • Purpose:  Kotak Mahindra Bank provides a Medical Loan to help individuals manage unforeseen medical emergencies or cover the costs of necessary treatments.
  • Loan Amount: Rs 50,000- 40 lakh
  • Tenure: 1 to 5 years

Also read: Best Personal Loan Status

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1. Eligibility: Applicants working in MNCs, private limited companies, or public limited companies can apply for Kotak Mahindra Bank Personal Loan.

2. Age Criteria: Minimum age requirement is 21 years at the time of application and 60 years at the time of loan maturity.

3. Monthly Income:

  • Corporate borrowers: Minimum monthly income of Rs 25,000.
  • Non-corporate salary borrowers: Minimum monthly income of Rs 30,000.
  • Kotak Mahindra Bank employees: Minimum monthly income of Rs 20,000.

4. Education: Applicants must be at least graduates.

5. Work Experience: A minimum work experience of 1 year is required for those applying for a Kotak Personal Loan.

Furthermore, Kotak Mahindra Bank takes into consideration the credit score of personal loan applicants, similar to other lenders, as part of the evaluation process for determining eligibility.

Also read: Best Personal Loan Eligibility

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1. Passport, Aadhar card, driving license, voter ID, PAN card for ID verification. 2. Passport, utility bill, leave and license agreement for residential verification. 3. Bank statement for the last 3 months. 4. Salary slip for the last 3 months. 5. 2-3 passport size photographs.

Also ReadBest Personal Loan Documents Required

EMI Calculator

Also read: Best Personal Loan EMI Calculator

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Personalized solutions & certainty of approval

  • Offers from Top Lenders: Access the best loan offers from a network of 30+ partner Banks, NBFCs, and Fintechs, all available in one place.
  • Compare & Select: Easily review and compare loan offers from leading banks, NBFCs, and fintechs, allowing you to choose the best option with just a few clicks.
  • Personalized solutions & certainty of approval: At MybankingTips, we organize personal loan options based on your credit score and eligibility. This makes it easier for you to pick the best offer with the highest likelihood of getting approved.
  • Pre-Approved Loans: Periodically, you receive pre-approved personal loan offers based on your credit health. These options feature low processing fees, attractive interest rates, and require minimal documentation.
  • Unbiased advice: If you have any questions or need assistance, MybankingTips team of experts can be invaluable in liaising with lender Banks/NBFCs to help you secure the most suitable personal loan.
  • Complete Digital Process: As a fully digital organization, MybankingTips.com offers a seamless online experience. You can easily obtain personal loans from the convenience of your home, with minimal paperwork and a completely digital process.
  • Document Pickup: If physical documentation is necessary, MybankingTips representatives will collect the required documents from your location on a prearranged date and time after you apply for the loan. There's no need for you to personally visit the lender to submit documents, as MybankingTips takes care of this on your behalf at no additional cost.
  • End-to-end Assistance: From exploring loan options to receiving the approved loan amount in your bank account, Team MybankingTips stands by you. Working behind the scenes with the lenders, we ensure you have a seamless and delightful experience throughout the process.
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1. What is the minimum credit score required to avail personal loan from Kotak Mahindra Bank?

The applicants should have a credit score of 700 and above to avail personal loan from Kotak Mahindra Bank.

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

Kotak Mahindra Bank ensures personal loan approval and disbursal within 48 hours upon submission of the loan application and necessary documents. Moreover, the bank also provides the option for instant personal loans, approved in just 3 seconds, requiring minimal documentation.

Also read: Best Personal Loan Balance Transfer

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

he interest rates for Kotak Mahindra Bank Personal Loan applicants are determined based on factors such as age, credit score, minimum monthly income, job profile, repayment history, and other relevant criteria.

4. Can my credit score influence the personal loan interest rate?

Yes, your credit score can impact your personal loan interest rate. A higher credit score signifies greater creditworthiness and lower credit risk for the lender. Consequently, individuals with higher credit scores often qualify for lower interest rates on their personal loans.

Also read: Best Personal Loan Salaried Employees

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

You have the option to foreclose your personal loan account after 12 months from the disbursal date, but keep in mind that prepayment charges of 4% are applicable. It's important to be aware of the advantages and disadvantages of personal loan prepayment before deciding to do so.

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