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    Kotak Personal Loan Eligibility Calculator

    We found 2 Kotak Personal Loan Eligibility Calculator

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    11.49% - 20.15% Fixed
    Up to 2%
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    12.99% - 14.50% Fixed
    0.99% to 2% One time fee
    45L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews

    Kotak Personal Loan Eligibility Calculator is Rated as "Pretty good" by 1875 Users

    Personal Loan BYTES FROM OUR KITCHEN

    About Kotak Mahindra Bank Personal Loan

    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

    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

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  • Personal Loan Reviews

    • Kotak Personal Loan
      "Its Better"
      0.5 4.0/5 "Great!"
      After giving the loan request to Kotak Mahindra bank, they had called me and shared the loan process update. But due to the personal reason I had postponed the plan. Other banks are providing beneficial interest rate but Kotak charges high rate.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 27, 2017
    • Kotak Personal Loan
      "Good overall"
      0.5 4.0/5 "Great!"
      Kotak Mahindra Bank has been good in the services for the personal loan. The team contacted me on time and informed me the details. The loan could not process due to the banking norms. I was offered a normal interest rate and processing charges.
      Was this review helpful? 0
      , faridabad
      Reviewed on May 27, 2017
    • Kotak Personal Loan
      "Timely process has to be done"
      0.5 4.0/5 "Great!"
      I am not happy with Kotak Mahindra personal loan process, they took more than a month and they processed an EMI before sanctioning the loan. I took the amount of 3 lakhs with the tenure of 3 years and my EMI is 10,802, its running without any issues.
      Was this review helpful? 0
      , chennai
      Reviewed on May 27, 2017
    • Kotak Personal Loan
      "Not happy with the services & interest rate"
      0.5 3.0/5 "Satisfactory"
      I am not too happy with Kotak Mahindra Bank as they were delaying to contact me by a week or two. The bank was also high on the rate of interest and the processing charges, when compared to what the other banks offer. I cancelled the application and moved ahead with another bank for the personal loan.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on May 27, 2017
    • Kotak Personal Loan
      "Good in Response"
      0.5 5.0/5 "Blown Away!"
      When I decided to take the personal loan, I approached Kotak Mahindra Bank through online source. But later I did not avail the loan due to my personal reasons. I do not have any issues with the bank for the loan process. In fact, I received proper response from the bank.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on May 27, 2017
    • Kotak Personal Loan
      "Respond has to be improved"
      0.5 4.0/5 "Great!"
      Still now there is no information from Kotak Mahindra, why my loan application got rejected. Nobody called from the bank to check the loan process or nobody contacted me to collect the documents, I am not happy with their service they should improve.
      Was this review helpful? 0
      , noida
      Reviewed on May 27, 2017
    • Kotak Personal Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      Initially, Kotak Mahindra Bank contacted me , they collected all my documents for the personal loan process, then there was no response from their end after some days they have contacted and they said Rate of interest will not be charged but later on after disbursement of loan they have charged certain amount however there was no proper communications from them after that.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 26, 2017
    • Kotak Personal Loan
      "Worst Customer service"
      0.5 1.0/5 "Really Bad"
      I have applied personal loan with Kotak Mahendra, They didn't even bothered about my personal loan application. Because they did not gave any response towards my personal loan application. I would like to suggest that kotak Mahendra can be focused a lot on the customers application in future.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 26, 2017
    • Kotak Personal Loan
      "Better service"
      0.5 4.0/5 "Great!"
      Kotak Mahendra gives very less loan amount, with a nominal interest rate. But the loan amount was really low that was the reason I haven't got the loan with Kotak Mahendra. They also gave the prompt response and they have communicated well. I would suggest Kotak to increase the loan amount to the customers who are eligible for the loan. Overall I would say it is a better service.
      Was this review helpful? 0
      , noida
      Reviewed on May 25, 2017
    • Kotak Personal Loan
      "Very good services"
      0.5 5.0/5 "Blown Away!"
      Kotak Mahindra bank provided me a personal loan which no other bank did and I am happy for the support and services. The interest rate and processing charges was also reasonable and I had no issues in the documentation as well. I got the funds on time.
      Was this review helpful? 0
      , pune
      Reviewed on May 24, 2017
    • Kotak Personal Loan
      "Satisfied"
      0.5 4.0/5 "Great!"
      I did not have sufficient documents , so only I did not get the personal loan from Kotak mahindra bank, rest everything else was okay for me, also I have not faced any issues with them. Rate of interest offered by the bank was around 12%, which is really good.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 24, 2017
    • Kotak Personal Loan
      "Excellent Work in Processing Personal Loan"
      0.5 5.0/5 "Blown Away!"
      I would like to thank and appreciate "Mr Saumendra Subudhi (Relationship Manager ) & team specially Mr. Vinod & Mr. Santosh Kumar S". For taking my case as a priority and working over it . I am truly satisfied with your attitude and care for your customers. You all made it true not by words but by actions that Kotak cares and stands for its Customers. Once again thank you guys for the effort u put in.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 24, 2017
    • Kotak Personal Loan
      "Bank explained details clearly"
      0.5 4.0/5 "Great!"
      I am very happy with Kotak Mahindra bank as they did not delay but informed me about all the terms and conditions on time. The bank could not proceed for my personal loan due to the salary criteria. The rate of interest was around 11% and the processing charges was normal.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on May 24, 2017
    • Kotak Personal Loan
      "They need an improvement on customer's service part"
      0.5 2.0/5 "Expected more"
      Initially, Kotak Mahindra Bank contacted me , they collected all my documents for the personal loan process, then there was no response from their end. I tried reach them but non of them responded hence I am unable to take personal loan from them...
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 24, 2017
    • Kotak Personal Loan
      "Good Bank"
      0.5 2.0/5 "Expected more"
      Five months back I had taken personal loan from Kotak Mahindra Bank. The loan amount is five plus lakhs and the interest rate is far good than the other banks. The good thing about Kotak is they do not have a lot of rules and regulations and their rate of interest will be too good. But the drawback is their customer service is not at all approachable. Easily I got the loan from the bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 24, 2017
    • Kotak Personal Loan
      "High Rate of Interest"
      0.5 3.0/5 "Satisfactory"
      I thought to take a personal loan from Kotak Mahindra bank so I applied with them. But then, I am not feel comfortable with their rate of interest as it is very high than the other banks. So I just closed the application. But I got good response from the bank.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 23, 2017
    • Kotak Personal Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      The services provided by Kotak Mahindra bank was very much aveage. I had applied for a personal loan and I received a call and the team checked about my requirement. I was promised that some one would come over and collect my documents, but no one did and I could not proceed ahead for the loan.
      Was this review helpful? 0
      , gurgaon
      Reviewed on May 23, 2017
    • Kotak Personal Loan
      "Recommendable Bank"
      0.5 5.0/5 "Blown Away!"
      When I approached Kotak Mahindra Bank for the personal loan, I received very good response from them and they processed the loan application without any delay. It was smooth and prefect throughout the process. The rate of interest is normal one with them.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 23, 2017
    • Kotak Personal Loan
      "Not satisfactory"
      0.5 2.0/5 "Expected more"
      I applied from a different online channel for a personal loan with Kotak Mahindra bank and once the details reached the bank, the rate of interest was way higher than what I was eligible for and to what I was informed about at the first stage. I was informed about a rate of around 11% and Kotak was offering me 14%. The loan amount was also varying.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 23, 2017
    • Kotak Personal Loan
      "Be professional"
      0.5 1.0/5 "Really Bad"
      When I approached Kotak Mahindra Bank for the personal loan, their executives interrogated me. A particular lady from Kotak called me and she was really rude. From that day onwards I decided not to use the services of KOTAK in my life, even I would not use Kotak ATMS too. Also I got call from her manager too, even the manager is also speaking same as the lady. I would not recommend this bank to others.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 22, 2017
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