How much personal loan can I get on a ₹30,000 salary?

Loan eligibility depends on factors such as credit score, employment stability, and existing obligations. You need to check with Kotak Mahindra Bank for the exact loan amount.

Can I increase my personal loan amount after approval?

No, the loan amount cannot be increased once disbursed. However, you can apply for a top-up loan or a new personal loan, subject to eligibility

What is the maximum personal loan amount offered by Kotak Bank?

Kotak Mahindra Bank offers personal loans of up to ₹20 lakh, depending on income, credit score, and repayment capacity.

What is the processing fee for Kotak Bank personal loans?

The bank charges a processing fee of up to 5% of the loan amount + taxes.

How long does it take to disburse a personal loan?

Kotak Mahindra Bank usually disburses loans within 24-72 hours of application and document submission. Pre-approved loans can be sanctioned instantly in just 3 seconds through the digital process.

What factors affect the interest rate on Kotak personal loans?

Interest rates depend on age, credit score, monthly income, job profile, repayment history, and other eligibility factors.

Can I foreclose my Kotak Bank personal loan?

Yes, foreclosure is allowed after 12 months of disbursal. A 4% prepayment charge is applicable.

What is the minimum credit score required?

Applicants should have a credit score of 730 or above to be eligible.

Does credit score affect the loan interest rate?

Yes. A higher credit score indicates better creditworthiness, which usually helps in getting loans at lower interest rates.

Kotak Mahindra Bank Personal Loan – Instant Approval & Low Interest Rates

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

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 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 the loan amount
Minimum Monthly Income	For Kotak Bank Salary account holders: Rs 25,000 For Non-Kotak Bank Salary Account holders: Rs 30,000

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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.

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

Kotak Personal Loan EMI Calculator

Principal Loan Amount *

Interest Rate (% p.a) *

Loan Term (Years) *

Total Repayment = Principal + Interest

Monthly EMI

Rs. 0

Total Interest

Rs. 0

Total Repayment

Rs. 0

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 the respective State’s Stamp Act
Overdue Interest	3% per month
Penal Charges	8% p.a. on the 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 allowed once in a year)
Physical SOA or Amortization schedule	Once 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

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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