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    We found 1 Kotak Personal Loan Eligibility Calculator

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    14% - 20.15% Fixed
    Up to 2%
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free
    What you'll love
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    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews

    Kotak Personal Loan Eligibility Calculator is Rated as "Pretty good" by 1981 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 4.0/5 "Great!"
      I have changed my plan to go Kolkata so that was the reason I haven't got the loan with Kotak Mahindra. The customer service was good with Kotak Mahindra. The personal loan process was good with Kotak Mahindra . The interest rate which was offered by Kotak mahindra was high when compared with others.
      Was this review helpful? 0
      , kolkata
      Reviewed on Aug 22, 2017
    • Kotak Personal Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      It was smooth and good process followed by Kotak Mahindra Bank. The process was very fast and the executives were very much helpful for me. Rate of interest for the personal loan with the Kotak Mahindra Bank was 13.75% which is a way high and it took around a weeks time to disburse the loan. Customer service is good with them. Processing charges are little bit high 2% they have charged from loan amount.
      Was this review helpful? 0
      , jaipur
      Reviewed on Aug 22, 2017
    • Kotak Personal Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      I applied for the personal loan with Kotak Mahindra and the facilities are very good. I did not find any issues with their service. Actually I have dropped the plan from opting the loan because I have arranged it through some other resources, even I received good response from them. Their service was really good. Response was always equally good.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Aug 22, 2017
    • Kotak Personal Loan
      "Its Good"
      0.5 4.0/5 "Great!"
      Kotak Mahindra gave me follow up on loan process, and also I am fine with their interest rate and charges it is nominal. But currently I have dropped the plan due to my personal reason, apart from that there was no reason to avail loan from Kotak Mahindra bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 21, 2017
    • Kotak Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      With the help of Kotak mahindra savings account I got the personal loan from Kotak mahindra. They took around 20 days to disburse my personal loan, The documentation took too much of time. The customer service was good with Kotak mahindra, they gave proper response in concern to my personal loan application. The additional charges and the processing fee is very high when compared with others., The interest rate is nominal with Kotak .
      Was this review helpful? 0
      , pune
      Reviewed on Aug 21, 2017
    • Kotak Personal Loan
      "Fast Service"
      0.5 5.0/5 "Blown Away!"
      HDFC gave me satisfactory service, within time limit they have disbursed the loan amount. I have request the amount of Rs. 2 lakhs they approved it for the interest 11.49% and also I could close the loan after a year but 4% of interest applicable from the principal. Overall I am satisfied with their door step service on loan.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Aug 21, 2017
    • Kotak Personal Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      Kotak mahindra haven't revealed the reason for closing my personal loan application. The response part need to be improved with Kotak mahindra. The Kotak mahindra need to give reason to the customer why they are closing the application. The rate of interest which was offered by kotak mahindra was standard .
      Was this review helpful? 0
      , new delhi
      Reviewed on Aug 18, 2017
    • Kotak Personal Loan
      "HIGH INTEREST"
      0.5 3.0/5 "Satisfactory"
      The sevice rendered by kotak bank was fine but the rate of charge and the proccessing fees was higher and the charges which they said was not during the process it was very much higher and I was very much disappointted with the charges of the kotak and i will not reccomend this account to my friends or relatives.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 18, 2017
    • Kotak Personal Loan
      "Nice Experience"
      0.5 3.0/5 "Satisfactory"
      I am happy with the loan, because the rate of interest is low when compared with other banks. I had taken a loan for three lakhs but I received only two lakhs ninety thousand. Also, I am unhappy with the processing fee too. Even their customer service was not good no one contacted from the bank however, I am happy with this bank and the loan which was provided by the bank.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Aug 18, 2017
    • Kotak Personal Loan
      "Moderate Service"
      0.5 3.0/5 "Satisfactory"
      I wanted to go with Kotak Mahindra bank for the personal loan process because this is my existing bank and I do hold salary account. But unfortunately, I could not take the loan from Kotak, but I availed the loan from other financial institution. The major reason behind this is, only because of the high interest rate and processing fee. The bank may consider me when I approach them for the loan as I am a 3.5 years old customer of Kotak.
      Was this review helpful? 0
      , faridabad
      Reviewed on Aug 17, 2017
    • Kotak Personal Loan
      "Dissatisfactory"
      0.5 2.5/5 "Just OK"
      I took personal loan earlier from Kotak Mahindra, it was very inconvenient process, before I got my loan disbursement, they took first month of EMI from my account. Their customer care executive are not very prompt and supportive but I got nominal interest.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 17, 2017
    • Kotak Personal Loan
      "Not flexible"
      0.5 2.0/5 "Expected more"
      KOTAK made me to run around here and there for the personal loan. one person took the request and processed the request. They called me and informed that were in of list of documents multiple times, it was a fault from their end the person who took the request did not execute the process properly before it could move to the next department. Had he completed the process on time, my loan would have got processed on time.
      Was this review helpful? 0
      , kolkata
      Reviewed on Aug 17, 2017
    • Kotak Personal Loan
      "Nice Experience "
      0.5 5.0/5 "Blown Away!"
      The experience with Kotak Mahindra Bank is nice. The process was more than satisfactory as it was on time and it a easy process as well. I am also comfortable with the interest rate and processing charges. It is normal and the after loan services are also good.
      Was this review helpful? 0
      , new delhi
      Reviewed on Aug 17, 2017
    • Kotak Personal Loan
      "Good service"
      0.5 3.5/5 "Pretty good"
      The Kotak mahindra executives gave a call and explained me about the product and I have given all my details and also submitted my required documents as well, they told they will be giving a call back after the approval but there was no response from Kotak mahindra, so that was the reason I haven't got the loan from Kotak mahindra bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 16, 2017
    • Kotak Personal Loan
      "All went good"
      0.5 5.0/5 "Blown Away!"
      I did not find any kind of challenges while processing my personal loan with Kotak Mahindra Bank. All their services are pretty good and even I am happy with the interest rate. The executives are quite responsible towards the customer's application and all went good.
      Was this review helpful? 0
      , new delhi
      Reviewed on Aug 16, 2017
    • Kotak Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      The Kotak mahindra service was really good in concern to my personal loan application. They gave good response as per my requirement. The Kotak mahindra executive came to my place and collected the required documents so that was the reason I have closed the personal loan application. The rate of interest is high when compared with others.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 16, 2017
    • Kotak Personal Loan
      "Good Customer Service"
      0.5 4.5/5 "Excellent!"
      To be frank, interest rate is not really good but it is ok. Kotak Mahindra bank offered a personal loan last month. I do not have any dissatisfaction with the bank for the loan process but it would be more convenient if the interest rate is bit less. Customer service is good.
      Was this review helpful? 0
      , pune
      Reviewed on Aug 14, 2017
    • Kotak Personal Loan
      "Its Good"
      0.5 5.0/5 "Blown Away!"
      The property which I was shortlisted it was not finalized hence I dropped the plan to avail personal loan, but Kotak Mahindra have contacted me and confirmed my needs and they ready to sanction full amount with nominal interest as per the market but I denied to go head.
      Was this review helpful? 0
      , noida
      Reviewed on Aug 12, 2017
    • Kotak Personal Loan
      "Its Good"
      0.5 4.0/5 "Great!"
      Kotak Mahindra offered me around 16% of interest for the personal loan, I am not fine with that rates. I asked them to negotiate the rate but based on salary, they offered me same interest rate. Then I took loan from other source, they gave me lower interest rate.
      Was this review helpful? 0
      , mumbai
      Reviewed on Aug 12, 2017
    • Kotak Personal Loan
      "Responsive"
      0.5 4.0/5 "Great!"
      Earlier there was some requirement for the finance hence I applied for the personal loan with Kotak Mahindra Bank but later I do not find any requirement for the loan therefore I did not continue the loan process and I had cancelled it. Response wise, I cannot say anything wrong about the bank because I got a very good response from them.
      Was this review helpful? 0
      , noida
      Reviewed on Aug 11, 2017
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