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    We found 1 Kotak Personal Loan Eligibility Calculator
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    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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    Kotak Personal Loan Eligibility Calculator is Rated as "Pretty good" by 2576 Users

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    Kotak Personal Loan Eligibility Calculator

    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.

    Important Personal Loan Related Pages

    Personal Loan Reviews

    • Kotak Personal Loan
      "Nice process overall"
      0.5 5.0/5 "Blown Away!"
      I bank with Kotak Mahindra Bank for the personal loan. I have taken a loan of 50K and the process to get the loan is fine. The rate of interest and processing charges is normal too. There are no hassles after the loan was processed too. Good overall.
      Was this review helpful? 1
      , mumbai
      Reviewed on Oct 13, 2018
    • Kotak Personal Loan
      "In all good"
      0.5 4.0/5 "Great!"
      Kotak Mahindra Bank is pretty good in the personal loan services. The customer support is fine and they are very quick to collect the paper work and process the loan. The rate of interest and processing charges are on the higher side though. In all good.
      Was this review helpful? 4
      , bangalore
      Reviewed on Oct 12, 2018
    • Kotak Personal Loan
      "Very Good Service"
      0.5 3.5/5 "Pretty good"
      Once when i compared with the other banks which has been offering the credit limit with them has been comparatively less. The process in getting this loan has been smooth and easy and the loan amount which they had disbursed has fulfilled my requirements. There has been a processing fee which was charged by them which was a little high. Their customer support has also been helpful at times.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Oct 10, 2018
    • Kotak Personal Loan
      "Very Good Service"
      0.5 4.5/5 "Excellent!"
      The process in getting this loan has been so easy and everything has been done within two minutes where it has been an instant loan. The loan amount which they had provided had been sufficient and the interest rate with them has been less when compared with the market rate. There has been some nominal charges which had been made by them and their customer support also had been good as well.
      Was this review helpful? 2
      , bangalore
      Reviewed on Oct 10, 2018
    • Kotak Personal Loan
      "Satisfactory"
      0.5 4.0/5 "Great!"
      I have taken a personal loan on the credit card with Kotak Mahindra Bank. It was a very nice and easy process. I had applied for it through the mobile and one call too. I got the loan within a week. I had no hassles to get the loan and the after loan services are good.
      Was this review helpful? 2
      , vadodara
      Reviewed on Oct 10, 2018
    • Kotak Personal Loan
      "Good service "
      0.5 5.0/5 "Blown Away!"
      I have taken my personal loan through KOTAK MAHINDRA BANK , the tenure period is 5year and they gave preclosere option with this bank . The processing fee is nominal with this bank . Their service is better, Overall the whole loan process was easy and hassle free.
      Was this review helpful? 3
      , hyderabad
      Reviewed on Oct 08, 2018
    • Kotak Personal Loan
      "Nonsense bankers"
      0.5 0.5/5 "Unacceptable"
      This is not a bank. This is fraud finance company. They torturing customer without knowing or checking the latest statement. Bank managers are like a uneducated nonsense. Bank agency torturing customers even in Sunday. If we inform them, already paid, they won't accept and again again calling with last month statement. Really the customer experience with Kotak is like jumping from a suside point with self interest. Nearly 40 people called for last two days for no balance customer. I m trying to stop the continues calls by explaining with my Kotak online latest statement but they are saying it's not true. They are not accepting their own bank online statement. What a bank it is. I m getting ready to go commissioner office and complaint with all proof. Don't choose this non sense bankers. This is my personal experience today.
      Was this review helpful? 9
      , coimbatore
      Reviewed on Sep 30, 2018
    • Kotak Personal Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      It has been a very good experience i had with them where the process in getting this loan had been smooth and easy. The loan amount which they had provided had been satisfactory but the interest rate with them has been a little on the higher end when compared with the market rate.
      Was this review helpful? 6
      , new delhi
      Reviewed on Sep 27, 2018
    • Kotak Personal Loan
      "Very Good Service"
      0.5 5.0/5 "Blown Away!"
      It has been a very good experience i had with them where the loan amount which they had provided had been satisfactory. The interest rate of 8.09% also had been nominal when compared with the market rate. Their customer support and their staff responses also had been good where they had been helpful enough during the process.
      Was this review helpful? 1
      , chennai
      Reviewed on Sep 26, 2018
    • Kotak Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      The experience i had in getting this personal loan has been okay, where the loan amount which they had provided had been sufficient and the interest rate with them also had been nominal. Their customer support also had been helpful at times and has been responsive. There has not been any hassle faced with them so far.
      Was this review helpful? 4
      , hyderabad
      Reviewed on Sep 19, 2018
    • Kotak Personal Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      The process in getting this loan has been smooth and easy and the loan amount also had been satisfactory as well. The interest rate with them has been quite okay and there has been some processing fee which they had charged. Their customer support and their staff responses also had been very good as well.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 17, 2018
    • Kotak Personal Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      It was an average experience with Kotak Mahindra bank for personal loan, the process took 30 days to complete and the customer support was not up to the mark. The loan amount was based on my requirement and the rate of interest was nominal when compared to other banks.
      Was this review helpful? 1
      , chennai
      Reviewed on Sep 17, 2018
    • Kotak Personal Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      The process in getting this loan had taken almost three to four days and the process had been easy. The loan amount which they had provided has been satisfactory and the interest rate also been good as well. There has not been any charges which they had been charged also had been good when compared with the market rate.
      Was this review helpful? 6
      , new delhi
      Reviewed on Sep 17, 2018
    • Kotak Personal Loan
      "Good Service"
      0.5 3.5/5 "Pretty good"
      I've taken a personal loan form the Kotak Mahindra Ban. The loan amount 3 lacs, interest rate was more, customer support is waiting time at the branches are high. They need to stick to their timings and appointments.
      Was this review helpful? 3
      , hyderabad
      Reviewed on Sep 15, 2018
    • Kotak Personal Loan
      "Average Service"
      0.5 2.0/5 "Expected more"
      I had chosen to go with them since the EMI was very low with them and the process in getting this loan has been taken more time than usual. It took almost a month in getting the loan. The loan amount was satisfactory and the interest rate was quite reasonable. Their customer support and their staff responses also had been good in the initial times but it has gone not so well in the late days.
      Was this review helpful? 3
      , mumbai
      Reviewed on Sep 14, 2018
    • Kotak Personal Loan
      "Looking for less interest rate"
      0.5 4.0/5 "Great!"
      My personal loan application was approved with Kotak Mahindra bank and my experience was good, the process was smooth and i received my loan amount in 10 days. The rate of interest was nominal when compared to others. Customer service was good and they responded on time.
      Was this review helpful? 2
      , pune
      Reviewed on Sep 12, 2018
    • Kotak Personal Loan
      "Good"
      0.5 3.5/5 "Pretty good"
      I have taken my personal loan with KOTAK BANK . The loan amount was 4 lakhs and the interest rate was satisfactory . The tenure period was 5 years .They have sanctioned the loan with the committed time and the processing fee was also high. The customer service and responses was good.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Sep 12, 2018
    • Kotak Personal Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I have taken personal loan through KOTAK BANK , i receive my loan with in 4 days the process was too quick with this bank , i did not face any issues while getting loan and at the time of documentation . Rate of interest is 13% and processing fee is also very much nominal .
      Was this review helpful? 1
      , mumbai
      Reviewed on Sep 12, 2018
    • Kotak Personal Loan
      "Good. Can do better"
      0.5 4.5/5 "Excellent!"
      I have taken a personal loan with Kotak Mahindra Bank. The experience was good, but there was a delay in the process. I was told that I would receive the loan in six days, but it took three weeks. I received the loan as needed. The rate of interest is around 11% and the processing fees was charged as well.
      Was this review helpful? 2
      , chennai
      Reviewed on Sep 11, 2018
    • Kotak Personal Loan
      "Time consuming"
      0.5 1.0/5 "Really Bad"
      I have taken a personal loan from the Kotak Mahindra bank for 2.5 lacs, the interest rate was 14% , It took so much time to get approved and finally I got the loan amount. They need to work on the processing and application and ensure a timely disbursal.
      Was this review helpful? 4
      , bangalore
      Reviewed on Sep 05, 2018
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