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    We found 1 Kotak Personal Loan Eligibility Calculator

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    11% - 16.49% Fixed
    Up to 2.5%
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free
    What you'll love
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    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews

    Kotak Personal Loan Eligibility Calculator is Rated as "Pretty good" by 1939 Users

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    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
    Apply for Personal Loan

    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.

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  • Personal Loan Reviews

    • Kotak Personal Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I haven't proceeded with Kotak Mahindra bank because of their interest rate. I have chosen HDFC bank for my personal loan. The customer service and the response with Kotak Mahindra is good and supportive. The rate of interest is high with Kotak mahindra when compared with HDFC bank. I would say I got an average service from Kotak Mahindra.
      Was this review helpful? 0
      , pune
      Reviewed on Jul 19, 2017
    • Kotak Personal Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I have applied personal loan with Kotak mahindra but they haven't proceed loan because the Kotak executive informed me that I am not eligible to get the loan because my salary haven't met their eligibility criteria.The customer service and the response is very good with kotak mahindra. The rate of interest is nominal with Kotak.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jul 15, 2017
    • Kotak Personal Loan
      "Better Service"
      0.5 1.0/5 "Really Bad"
      I applied for the personal loan with Kotak Mahindra bank but I did not take the loan from it because I could not produce the salary slip. Other than that I do not have any issues with the bank I got good response from the bank when I applied for the loan.
      Was this review helpful? 2
      , bangalore
      Reviewed on Jul 11, 2017
    • Kotak Personal Loan
      "Interest rate is high"
      0.5 1.0/5 "Really Bad"
      I approached kotak mahindra bank for the personal loan but I got to know that the rate of interest is high so I requested them to reduce the interest rate but they are not ready to reduce and said that this is the final rate. Hence I did not avail the personal loan from them. But I got good response for my loan application.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 11, 2017
    • Kotak Personal Loan
      "Its Average"
      0.5 3.0/5 "Satisfactory"
      I have processed my personal loan with Bajaj Finserv because I already some loan with that financial institute, hence I didn't go head with Kotak Mahindra for the personal loan and also I already submitted my documents with Bajaj Finserv they processed my loan. But Kotak Mahindra interest rate is good compared to Bajaj Finserv.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jul 11, 2017
    • Kotak Personal Loan
      "Good response"
      0.5 4.0/5 "Great!"
      Actually I was planning to get the persona loan for my marriage but my parents managed it so I just dropped the plan in taking the personal loan. Kotak bank is good in response and they responded well when I approached them for the loan.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 11, 2017
    • Kotak Personal Loan
      "Charges should be reduced"
      0.5 2.0/5 "Expected more"
      Kotak Mahindra responded very well on the loan process, But they charged me huge interest rate. I took the loan amount of Rs.3 lakhs with 16% of interest rate and also they have taken some processing fee of Rs. 15,000 from the disbursement amount.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 11, 2017
    • Kotak Personal Loan
      "Slow process"
      0.5 2.0/5 "Expected more"
      I applied for the personal loan with Kotak Mahindra bank but I did not take the loan from them as they were asking for extra documents. Also their response and their customer service is not much good it is average only. The loan process also very slow with them. It would be good if their loan process is much effective.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 11, 2017
    • Kotak Personal Loan
      "Need to reduce the interest rate"
      0.5 3.0/5 "Satisfactory"
      Kotak gave me 11.5% of interest but other banks like HDFC and ICICI is providing only 10.99% of interest for HCL employees. In Kotak for the personal loan they taking some Rs.2500 as processing fee and insurance amount from the disbursement and one more thing I asked the principal amount of Rs.4.5 lakhs but they ready to sanction only Rs.4 lakhs, I am not fine with that, hence I didn't process with them.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 11, 2017
    • Kotak Personal Loan
      "Charges should be flexible"
      0.5 5.0/5 "Blown Away!"
      I have salary account with Kotak Mahindra, and I took my first loan with Kotak Mahindra. Their customer service is good and over taken by ING VYSYA service. Being an existing customer of bank they gives always better offer in the market. They provided preclosure option after a year however there will charges applicable.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 10, 2017
    • Kotak Personal Loan
      "Hassle free"
      0.5 4.5/5 "Excellent!"
      Overall experience was good with Kotak Mahindra, they just taken three to four days to collect the documents and they sanction the amount within five days. Kotak Mahindra approved the loan of Rs. 4.4 lakhs and they taken Rs.2400 rupees from the disbursement even their interest rate is pretty good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 10, 2017
    • Kotak Personal Loan
      "Not satisfied"
      0.5 2.0/5 "Expected more"
      I approached kotak mahindra bank for the personal loan They contacted me and informed me the details and checked about my requirement then they have arranges executive to collect my documents after collecting third day they are saying salary criteria is not matching your loan cannot be processed.
      Was this review helpful? 0
      , vadodara
      Reviewed on Jul 10, 2017
    • Kotak Personal Loan
      "Satifactory service"
      0.5 3.0/5 "Satisfactory"
      It was a smooth process with Kotak bank related to the personal loan.The loan process was very easy.They have not applied any charge in the loan process.The executive who handled the loan process was very friendly to me in assisting in 2014 I have availed this personal loan.
      Was this review helpful? 0
      , jaipur
      Reviewed on Jul 09, 2017
    • Kotak Personal Loan
      "Good services"
      0.5 3.5/5 "Pretty good"
      I could not go ahead for the personal loan with Kotak Mahindra bank due to the salary criteria. The customer services was good and the team is also responsive as well on time. The interest rate and processing charges were very much average which would be around 13%.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 07, 2017
    • Kotak Personal Loan
      "Good Response"
      0.5 4.0/5 "Great!"
      Kotak Mahindra bank was very responsive when I applied for the loan. They provided a good response but actually due to the credit score constrains I could not take the loan from them. Otherwise I do not have any issues with the bank. It was good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 07, 2017
    • Kotak Personal Loan
      "No Response"
      0.5 1.0/5 "Really Bad"
      I did not receive any calls or messages from Kotak Mahindra bank on my personal loan application. I just received a single call on which they said they would come and collect the documents but no one has visited my place for document collection but they closed my application.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jul 07, 2017
    • Kotak Personal Loan
      "Good In Followups"
      0.5 4.0/5 "Great!"
      Acually I had received good followup calls and information from Kotak Mahindra bank for the personal loan but I do not know why they had closed my loan application. Meantime I got the call from third party and my loan got approved with ICICI bank. Kotak bank has no part payment option only foreclosure is available.
      Was this review helpful? 0
      , greater noida
      Reviewed on Jul 07, 2017
    • Kotak Personal Loan
      "Average "
      0.5 3.0/5 "Satisfactory"
      I had not taken the personal loan with the Kotak Mahindra bank because I got the better deal with some other bankers. Response was good one with the Kotak Mahindra bank and I got the call after one to two days of time. I would like to suggest that they can reduce the rate of interest.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 03, 2017
    • Kotak Personal Loan
      "No Reply from the bank"
      0.5 2.0/5 "Expected more"
      I approached kotak mahindra bank for the personal loan. I applied for the loan with them and they had not responded properly towards my loan application. I am an existing customer of Kotak bank. I applied for 2 lakhs but I did not receive any kind of response from them.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jul 01, 2017
    • Kotak Personal Loan
      "Zero response"
      0.5 2.0/5 "Expected more"
      I did not go ahead with Kotak Mahindra bank as it was a complete zero response from them. I had applied for a personal loan and there were no calls to even acknowledge my details. No information on the interest rate and processing charges as well.
      Was this review helpful? 1
      , new delhi
      Reviewed on Jun 30, 2017
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