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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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    Customer Reviews
    Kotak Personal Loan Eligibility is Rated as "Pretty good" by 2624 Users

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    Kotak Personal Loan Eligibility

    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

    Personal Loan Reviews

    • Kotak Personal Loan
      "Not user friendly loan"
      0.5 3.0/5 "Satisfactory"
      Got my personal loan 2.5 years ago. I have received the loan amount of 4.5 lakhs and they have provided me a interest rate of 17% which is quite high. Processing fee also high. I have paid the EMI of Rs. 12000 and i have selected the tenure period of 5 years. There is no partial payment and pre-closure facility available.
      Was this review helpful? 2
      , bangalore
      Reviewed on Dec 07, 2018
    • Kotak Personal Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      I had a personal loan with Kotak Mahindra Bank earlier and the interest rate and charges was higher when compared to the other banks. They also need to work on the services and the process of providing the loan. It has not been a up to the mark experience.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 07, 2018
    • Kotak Personal Loan
      "Need to be more clear in details"
      0.5 1.0/5 "Really Bad"
      Kotak Mahindra Bank is where I have taken my personal loan. The process was not up to the mark as the bank was not clear and transparent in the details and process for the loan. They need to provide the details of the rate of interest and charges and EMI date and payment amount and also the loan amount too. So I can decide if I need the loan or not. They sent me all the details only after they got my signature on the papers. The rate of interest is of 15.75%.
      Was this review helpful? 0
      , pune
      Reviewed on Dec 07, 2018
    • Kotak Personal Loan
      "Can do better in the services"
      0.5 2.0/5 "Expected more"
      Kotak Mahindra Bank has offered me a personal loan. I received the loan one week late. The documentation was collected on time. The loan amount was not as needed. I needed a loan of three lakhs and I got 1.6 Lakhs. The rate of interest is of 19% and the processing fees is of 7k.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Dec 05, 2018
    • Kotak Personal Loan
      "Satisfactory"
      0.5 3.0/5 "Satisfactory"
      Kotak Mahindra bank has offered me the personal loan. It took a week more than expected. They could be more sooner. The rate of interest was around 11%. There was a processing fee too. The after loan services are also good and satisfactory for me.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 05, 2018
    • Kotak Personal Loan
      "Provides best interest rate in the market"
      0.5 5.0/5 "Blown Away!"
      The loan was delayed due to their office branch issue. Other than the kotak services was fine. Processing fee was bit high compared to other bank but the interest rate and good enough which is available in the market rather than other bank. I have applied the loan amount of Rs. 3 lakhs and i have chosen the tenure period of 24 months.
      Was this review helpful? 0
      , kolkata
      Reviewed on Dec 05, 2018
    • Kotak Personal Loan
      "Loan experience is good"
      0.5 5.0/5 "Blown Away!"
      The process for the personal loan was good at Kotak Mahindra bank. They contacted me on time and processed my paper work soon too. I received the loan with ease without any delay. The interest rate and processing charges are also nominal. Good overall.
      Was this review helpful? 0
      , mumbai
      Reviewed on Dec 05, 2018
    • Kotak Personal Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I am not happy with the services provided by KMB for personal loan, the process was delayed and i did not get any documents so far. The loan amount was for Rs 9 lacs with nominal interest rate and the tenure period is 5 years. Customer service was good and they collected documents on time.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Dec 04, 2018
    • Kotak Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It was a good experience i had with this loan and i got the loan on time. The loan amount which they had provided has been sufficient and the interest rate with them has been fine. There has been some processing fee which they had charged but there has not been any other charges made by them.
      Was this review helpful? 0
      , pune
      Reviewed on Dec 04, 2018
    • Kotak Personal Loan
      "Very easy to get a loan"
      0.5 4.5/5 "Excellent!"
      According to my eligibility they have offered me a personal loan with Kotak Mahindra. I'm not sure about the interest rate but i have received the loan on time. I have no idea about the processing fee. The documentation process was easy. I have chosen the loan amount of 1.5 lakhs.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Dec 04, 2018
    • Kotak Personal Loan
      "Good Services"
      0.5 4.0/5 "Great!"
      Kotak Mahindra services are excellent. I have taken the personal loan by last month. I have received the loan amount. I have got the loan amount of Rs. 2.70 lakhs. They have offered me ainterest rate of 10.99% which i'm okay with it. Processing charges are Rs. 3000. I'm not sure about the partial payment and pre-closure facility.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Dec 04, 2018
    • Kotak Personal Loan
      "Good experience"
      0.5 4.0/5 "Great!"
      It was a good experience with KMB for personal loan, the process was smooth and i received my loan amount within 1 week. I requested the loan amount for Rs 2 lacs but they approved for Rs 1.02 lacs. Rate of interest was nominal when compared to others. Customer service was good and the tenure period for this loan is 2 years.
      Was this review helpful? 1
      , mumbai
      Reviewed on Dec 03, 2018
    • Kotak Personal Loan
      "Good Experience"
      0.5 5.0/5 "Blown Away!"
      Kotak Mahindra interest rate is standard as per other banks, I took the loan amount for Rs. 50,000 for the tenure of 5 years, EMI amt around Rs.1206,they didn't give part payment or foreclosure option. I need to confirm about the charges for foreclosure.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Dec 03, 2018
    • Kotak Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have been holding my personal loan with KOTAK MAHINDRA BANK, the loan amount they have charged me is sufficient, i have taken loan on behalf of my friend, and the rate of interest they have charged me up to 16% it is bit high, i had negotiated with them, but they have not decrease it, and the processing fee they have charge me was nominal, i have taken loan up to 4-5 years.
      Was this review helpful? 3
      , mumbai
      Reviewed on Nov 29, 2018
    • Kotak Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a preapproved loan with KMB and my experience was good, the loan amount was for Rs 2 lacs with nominal interest rate when compared to others. Customer service was good and they followed up on time. Tenure period for this loan is 2 years.
      Was this review helpful? 4
      , chennai
      Reviewed on Nov 29, 2018
    • Kotak Personal Loan
      "Average"
      0.5 4.0/5 "Great!"
      I have applied the personal loan with Kotak Mahindra Bank through online channel. They have taken 2 weeks for the loan disbursement. The customer service and response was good. I am satisfied with the interest rate and am not happy with the extra charges like service charge and processing fee which was more.
      Was this review helpful? 2
      , kolkata
      Reviewed on Nov 27, 2018
    • Kotak Personal Loan
      "Good service"
      0.5 4.5/5 "Excellent!"
      My personal loan was taken with KOTAK MAHINDRA BANK , the process was simple and easy. The tenure period is 3 years but there is no preclosere option . Customer service was good and they responded on time they answer point to point to all my question .
      Was this review helpful? 1
      , bhubaneshwar
      Reviewed on Nov 26, 2018
    • Kotak Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      The personal loan experience is good with Kotak Mahindra Bank. The process was simple and easy. The tenure period is 3 years and I have completed 2 years. The payment mode is ECS. The rate of interest and charges are little high when compared with others.
      Was this review helpful? 3
      , bangalore
      Reviewed on Nov 21, 2018
    • Kotak Personal Loan
      "Need to reduce ROI"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan with KMB and my expeirence was good, the loan amount was for Rs 4 lacs with high interest rate when compared to other banks. Customer service was good and they responded on time. The tenure period for this loan is 5 years.
      Was this review helpful? 2
      , new delhi
      Reviewed on Nov 20, 2018
    • Kotak Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      My personal loan experience was good with KMB, there was delay in collecting the documents so it took 10 days to receive the loan amount. I requested loan amount for Rs 3.5 lacs but they gave only Rs 1 lac with high interest rate. Customer service was good and they responded on time.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Nov 20, 2018
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