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    We found 1 Kotak Personal Loan Eligibility
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    10.99% - 18.15% Fixed
    Up to 2.5%
    25L Max
    1-5 years
    Response Time : Within 30 minutes
    Rs.750 Amazon Voucher 100% PAPERLESS APPROVAL
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    Good to Know
    Eligibility Criteria
    Customer Reviews
    Kotak Personal Loan Eligibility is Rated as "Pretty good" by 2718 Users

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    Promised Interest Rate

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    Personal Loan BYTES FROM OUR KITCHEN

    Kotak Mahindra Bank was incepted in the year 1985. It offers personal loan to help an individual financially. An individual can avail personal loan to meet the unexpected expenses arising due to some medical emergency, to have a dream vacation, to pay your college fees, for meeting your wedding expenses, to re-decorate to home or to buy consumer durables.

    Kotak Mahindra Bank Personal Loan Eligibility for Salaried and Self-employed Applicants

    Kotak Mahindra Bank Personal Loan Interest Rates 2018
    Particulars Salaried Self-Employed
    Age (Min-Max) 21 to 58 years 21 to 58 years
    Income Rs.25,000 per month (minimum) -
    Guarantor Not required Not required
    CIBIL Score 750 and above 750 and above
    Minimum Loan Amount Rs.50,000 Rs.50,000
    Maximum Loan Amount Rs.15 lakhs Rs.15 lakhs
    Minimum Loan Tenure 1 year 1 year
    Maximum Loan Tenure 5 years 5 years
    Interest Rate 11.5% to 24% 11.5% to 24%
    Processing Fee Up to 2% + Tax Up to 2% + Tax
    Prepayment Charge After 12 EMIs, 5% of principal outstanding + Service Tax After 12 EMIs, 5% of principal outstanding + Service Tax

    Factors affecting Kotak Mahindra Bank Personal Loan Eligibility

    There are many factors that affect the applicant's’ eligibility. Bank prefer to give loans to those who are capable of repaying the loan and who do not default on making the payments. Some factors that affect an applicant’s personal loan eligibility are:

    • Residence: The personal loans are easily sanctioned to those living in metro cities. The preference is also given to those who have their own home than compared to those living in a rented flat. As those who have their own home will not have an additional financial burden of paying the rent. He will also have a higher disposable income.
    • Income: The level of income indicates how much you are capable of repaying the loans and paying the EMIs on time. This affects the total loan amount that will be sanctioned to you. If your income is higher, the chances of you getting a bigger amount loan is higher.
    • Age:The age of the applicant is another factor that the bank will consider before offering you a loan. If you are too young, the banks will be hesitant to give you a loan as there is a higher chance of the applicant shifting the job.
    • Type of employment: The self- employed stand a lower chance of getting a loan than compared to salaried individual and salaried professionals. Self-employed have inconsistent income when compared to salaried individuals.
    • Employment status: An applicant who has stayed in a company for a longer period will get higher preference. It shows stability of income flow and the bank can be assured that the applicant is having constant cash flow to pay for the EMIs.

    How CIBIL score affects your Kotak Mahindra Bank Personal Loan Eligibility?

    When an applicant applies for a loan with Kotak Mahindra Bank, the bank runs a credit check on the applicant and reviews his credit report. If the CIBIL Score is above 750, the bank will further consider your application and go through your credit report. The bank will take into consideration the loans that you have taken previously and closed. The bank will check the credit payment history to check how efficiently you have repaid the loan. It also considers the types of loans that the applicant has taken and checks if he has a good mix of both secured and unsecured loans.

    If you have agreed to settle for a loan due to certain financial constraints, then it gets recorded in the credit report and stays in the report for 6 years. The settlement of the loan is considered as a negative remark and hence the Kotak Mahindra Bank might not offer you a personal loan as they might be unsure about your capacity to repay the loan.

    How to increase Kotak Mahindra Bank Personal Loan Eligibility?

    You can do the following to increase Kotak Mahindra Bank personal loan eligibility :

    • Maintain a good credit history: Be sure to pay all your previous EMIs on time and that you do not miss out on any deadlines. Find ways to increase your CIBIL score and don’t let the banks offer you any settlement on loans.
    • Get lower EMIs on existing loans: If you are able to refinance your existing loan for a lower interest rate or extend the tenure of the existing loan, you can reduce the EMIs each month and ensure that you do not miss out on payments and it becomes affordable to you pay the EMIs on time.
    • Prepayment: If you have lesser EMIs left on any loan, then prepay them and close the loan. The applicant will then have a higher disposable income to show to the bank and hence the chances of the applicant getting the loan is higher.
    • Have both secured and unsecured loans: Have a mix of both the types of loan. The secured loans are favourably looked at and it shows the bank that you do have managed to attain some assets over the period of time and not just built credit.
    • Don’t apply for too many loans: If you are in need of a loan, then do not go around applying at all banks and wait to get lucky. All the banks will run a credit check and it gets recorded in your credit report. This will also look bad on your report and affects your credit score.
    • Don’t have too many credit cards: Having too many credit cards is also unfavourable. Though you may not have used the credit on all of the cards, it considerably lowers your overall credit limit.

    FAQs on Kotak Mahindra Bank Personal Loan Eligibility

    Q. What are the age limits required for a salaried individual to take a Kotak Mahindra Bank personal loan?

    A. At the time of taking the loan the minimum age requirement is 21 years and at the maximum age is 58 years.

    Q. Is there a minimum income requirement for a salaried applicant?

    A. Yes, the applicant's net monthly salary must be a minimum of Rs.25,000.

    Q. Is there a minimum educational qualification required to avail the personal loan from Kotak Mahindra Bank?

    A. Yes, the applicant must be a graduate.

    Q. What is the work experience that is required for a salaried individual who wish to avail the personal loan from Kotak Mahindra Bank?

    A. The applicant must have minimum 2 years of work experience.

    Q. What is the minimum and maximum loan sanctioned by Kotak Mahindra Bank?

    A. The minimum amount sanctioned towards personal loan is Rs.50,000 and the maximum amount is Rs.15 lakhs.

    Important Personal Loan Related Pages

    Personal Loan Reviews

    • Kotak Personal Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I applied for a personal loan with Kotak Bank and my application was considered and was taken care. There was a proper follow up and loan application was processed on time. Interest rates given on loan amount seems to be reasonable and i am happy with the overall services.
      Was this review helpful? 2
      , new delhi
      Reviewed on Feb 14, 2019
    • Kotak Personal Loan
      "AVERAGE"
      0.5 5.0/5 "Blown Away!"
      There is no particular reason for taking the personal loan the with the KOTAK MAHINDRA BANK. They have offered the rate of interest which is higher when compared to the others. It took 14-20 days to get the loan, the amount is good, there is processing fee.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Feb 13, 2019
    • Kotak Personal Loan
      "Looking for less interest rate"
      0.5 4.0/5 "Great!"
      My experience with personal loan from KMB was good, the process was smooth and i received my loan amount on time. Rate of interest of 16% was high when compared to other banks. Customer service was good and they responded on time. Tenure period is 60 months.
      Was this review helpful? 0
      , jaipur
      Reviewed on Feb 12, 2019
    • Kotak Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had taken this loan a pretty while back and the process in getting this loan has been quite good. The loan amount which they had provided has been fulfilled the needs and the charges which they had made has been nominal as well and the interest rate has also been quite normal.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 12, 2019
    • Kotak Personal Loan
      "Good in Service"
      0.5 5.0/5 "Blown Away!"
      I applied for a personal loan with Kotak bank and my application was considered and was taken care. There was a proper follow up and loan application was processed on time. Interest rates given on loan amount is reasonable and i am happy with the overall services.
      Was this review helpful? 0
      , kolkata
      Reviewed on Feb 12, 2019
    • Kotak Personal Loan
      "Good Service"
      0.5 3.5/5 "Pretty good"
      I had applied for a personal loan with Kotak Bank and with Kotak this is my first loan. The interest rates given on my loan amount is reasonable and i am happy with the overall services. There was not much documentation and things were smooth and easy.
      Was this review helpful? 1
      , pune
      Reviewed on Feb 12, 2019
    • Kotak Personal Loan
      "Looking for less interest rate"
      0.5 4.5/5 "Excellent!"
      My experience was good with KMB for personal loan, the process took 1 week to complete. I did a balance transfer from other bank. Initially the rate of interest was 11% but they increased to 13%. Customer service was good and they responded on time. Loan amount was for Rs 5 lacs with tenure period of 5 years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 12, 2019
    • Kotak Personal Loan
      "Satisfactory "
      0.5 5.0/5 "Blown Away!"
      I got a best deal from Kotak Mahindra on the personal loan, I have taken the amount of 2.51 lakhs for the tenure of three years, they were deducted some processing fee and with the gst. The bank have sanctioned the loan on time without any hassles.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 11, 2019
    • Kotak Personal Loan
      "Not satisfied"
      0.5 1.0/5 "Really Bad"
      My experience was not good with KMB for personal loan, the loan was processed on 30th Jan 2019 but i received the loan amount on 3rd feb, it took 15 days to process. There was no proper communication from the customer support and no proper response. Rate of interest was high when compared to other banks.
      Was this review helpful? 1
      , vijayawada
      Reviewed on Feb 11, 2019
    • Kotak Personal Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I recently applied for kotak mahindra bank personal loan.The loan amount they have charged me was sufficient, and the rate of interest they have 15.8% which is high market price. like i am very much concern with the rate of interest as i am corporate employee still they have charged me up to 15% which is high, as i have expected thet would be charging up to 12% maximum,and this is my first time i have taken personal loan so i have no idea they have charged processing fee high or nominal, and the loan was on time.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 11, 2019
    • Kotak Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I took personal loan with Kotak mahindra bank recently.The loan amount they have given me was not sufficient ,like i have expected up to 15,00,000 but they have just given me up to 10,00,000,so i am not much happy with loan amount, and the rate of interest they have charged me up to 13.57% it was nominal,and they have charged .5% processing fee, and there was delay in getting loan amount ,like after approval they took 2 days to get credited in account.
      Was this review helpful? 0
      , vijayawada
      Reviewed on Feb 11, 2019
    • Kotak Personal Loan
      "BETTER"
      0.5 4.0/5 "Great!"
      I have taken the personal loan with the KOTAK MAHINDRA BANK where the documentation process is not easy also the documents are more that i have submitted. I have got the loan which is sufficient and i have got the personal loan within 2 weeks.
      Was this review helpful? 1
      , vijayawada
      Reviewed on Feb 09, 2019
    • Kotak Personal Loan
      "High on ROI and charges"
      0.5 3.0/5 "Satisfactory"
      It is a good experience with Kotak Mahindra Bank. It was a very fast process and I got the personal loan in seven to eight days. I was initially told about a interest rate of around 15%, later I was informed that my company falls into category and I got a interest rate of 18.99%. There was a processing fee and insurance fee as well which was around 23k. The loan amount was for 4.9 Lakh and I received only 3.87 Lakh. I would recommend the bank to those who are in an emergency for a loan.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 08, 2019
    • Kotak Personal Loan
      "Looking for less interest rate"
      0.5 5.0/5 "Blown Away!"
      I took a personal loan with KMB and my experience was good, loan amount was sufficient and the rate of interest was nominal when compared to others. Customer service was good and they followed up on time. Tenure period for this loan is for 1 year.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 07, 2019
    • Kotak Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The process in getting this loan was not that great where it had delayed almost 3 weeks where i was looking for an immediate personal purpose. The interest rate with them was around 16% which was very high when compared with the market rate. The loan amount was okay but the processing fee and charges where pretty high.
      Was this review helpful? 2
      , bangalore
      Reviewed on Feb 04, 2019
    • Kotak Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The experience i had with this loan was quite good and the loan amount which they had provided has been sufficient as well. The interest rate with them was nominal and the charges which they had made has been nominal as well and overall it was a very good service.
      Was this review helpful? 1
      , noida
      Reviewed on Feb 04, 2019
    • Kotak Personal Loan
      "Should be polite"
      0.5 1.0/5 "Really Bad"
      They are not professional in their service, the recovery agents are very rude to the customer. Due to financial crises if one emi bounced they add more charges. They keep charging from the bank account hence my cibil score gets reduce. They voluntary do charge for the ecs.
      Was this review helpful? 1
      , mumbai
      Reviewed on Feb 04, 2019
    • Kotak Personal Loan
      "Average"
      0.5 5.0/5 "Blown Away!"
      The service is good with Kotak Mahindra Bank. The processing fee was charged more without informing me, earlier they have communicated was differed. There was no hidden charges and the interest rate was fine. They have not taken much days for the disbursement. I opted the loan for 5 years.
      Was this review helpful? 4
      , bangalore
      Reviewed on Feb 04, 2019
    • Kotak Personal Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      I had chosen to go with them since the processing fee with them was less and the interest rate which they where offering has also been good. The process in getting this loan has been quick and i got the loan in two to three days where the loan amount has been sufficient as well. Their customer support team where also helpful.
      Was this review helpful? 1
      , bangalore
      Reviewed on Feb 04, 2019
    • Kotak Personal Loan
      "Excellent service"
      0.5 4.0/5 "Great!"
      Because its overall experience is good hence i have chosen the kotak mahindra bank for my personal loan. They have given me a interest rates 15% approximately and I'm very happy about it. They have deducted the processing fee from the sanctioned amount and its a reasonable one. They have sanctioned the loan after 1 week because of the verification issue.
      Was this review helpful? 0
      , secunderabad
      Reviewed on Feb 03, 2019
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