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    We found 1 Kotak Personal Loan Eligibility Calculator
    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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    Kotak Personal Loan Eligibility Calculator is Rated as "Pretty good" by 2541 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
      "Good service"
      0.5 3.5/5 "Pretty good"
      It was a good experience with Kotak Mahindra bank for personal loan, the loan amount was for Rs 3 lakhs with nominal interest rate in the market. The process was quite long and it took 15 days to receive the loan amount. Customer service was good and they followed up on time.
      Was this review helpful? 1
      , kolkata
      Reviewed on Aug 17, 2018
    • Kotak Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from Kotak Mahindra bank and my loan experience was very good, the loan amount was for Rs 2 lakhs with nominal interest rate. They charge 2% as preclosure charges for this loan. The process was quick with this bank and the tenure period is 5 years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Aug 17, 2018
    • Kotak Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've taken a personal loan from the Kotak Mahindra Bank for 80000. They offered a best interest rate of 12.5% and there were no unwanted charges as well. It was a hassle free loan experience with the card their services.
      Was this review helpful? 3
      , vadodara
      Reviewed on Aug 16, 2018
    • Kotak Personal Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      Rate of interest is good, loan was processed and reached me on time, customer service was good , they sent the EMI char through mail, but they can reduce the duplicate mails, which makes me confused, which is the correct attachment, to check with it.
      Was this review helpful? 2
      , new delhi
      Reviewed on Aug 14, 2018
    • Kotak Personal Loan
      "GOOD SERVICE "
      0.5 3.0/5 "Satisfactory"
      Clarity about the product and the process from the bank end can be even more better, actually i feel like its required more information on their services as well. If they provide with more clarity it would be up to the mark, so its an average service which i can say, about interest it can be even more less, i would have been more happier.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Aug 14, 2018
    • Kotak Personal Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      My personal loan was taken with KOTAK BANK 1 year back.The loan amount was 1 lakh . The customer service and responses was very nice The tenure period was 5 years here. The documentation process was good but after 15-20 days only the loan was disbursed.
      Was this review helpful? 3
      , bangalore
      Reviewed on Aug 14, 2018
    • Kotak Personal Loan
      "good"
      0.5 3.0/5 "Satisfactory"
      The process was good overall at Kotak Mahindra Bank for the personal loan. They were on time to process the loan and I got the loan as required. The rate of interest and processing charges is competitive and it is better that the other banks. The rate of interest is of 10.99% and the processing charges is normal. The tenure is for five years.
      Was this review helpful? 2
      , pune
      Reviewed on Aug 13, 2018
    • Kotak Personal Loan
      "Not satisfied"
      0.5 2.5/5 "Just OK"
      The experience with Kotak Mahindra Bank is not that satisfactory. Though the process was on time, as the processing charges are higher than other banks and there was a extra charge for insurance. The rate of interest is also high, it is around 15%. The total personal loan amount is 1.3 Lakh and I got 97K in my account.
      Was this review helpful? 1
      , gurgaon
      Reviewed on Aug 13, 2018
    • Kotak Personal Loan
      "Satisfied with the service"
      0.5 4.0/5 "Great!"
      The process was good overall at Kotak Mahindra Bank for the personal loan. They were on time to process the loan and I got the loan as required. The rate of interest and processing charges is competitive and it is better that the other banks. The rate of interest is of 10.99% and the processing charges is normal. The tenure is for five years.
      Was this review helpful? 2
      , kolkata
      Reviewed on Aug 11, 2018
    • Kotak Personal Loan
      "Convenient process"
      0.5 5.0/5 "Blown Away!"
      The process for the personal loan is good and there are no hassles as there is no documentation involved for a existing customer. The customer service and response is good. I am also comfortable with the rate of interest and processing charges with Kotak Mahindra Bank.
      Was this review helpful? 8
      , new delhi
      Reviewed on Aug 02, 2018
    • Kotak Personal Loan
      "Nice experience"
      0.5 5.0/5 "Blown Away!"
      Kotak Mahindra Bank has offered me a personal loan too. The experience is good and there are no hassles in the process. The documentation was nominal and collected on time. The rate of interest and processing charges is normal and the process was timely.
      Was this review helpful? 6
      , new delhi
      Reviewed on Aug 01, 2018
    • Kotak Personal Loan
      "Good bank and will get anything in time"
      0.5 5.0/5 "Blown Away!"
      Kotak is very good banking. I have got a loan amount 1.5 years back. I have applied the 3 lakhs and i have received the same. They have provided me the interest rate of 11.25% and I'm not sure about the processing fee. They will check about the credit score and the documents, according to that they will provide the loan. I have received my on time.
      Was this review helpful? 7
      , bangalore
      Reviewed on Jul 27, 2018
    • Kotak Personal Loan
      "AVERAGE"
      0.5 3.0/5 "Satisfactory"
      I have taken loan with KOTAK BANK and my loan experience was good. My loan amount is 100000 and interest rate is 16.5% and it is satisfactory. I use to pay 9000 as EMI per month and tenure period is 6month. But i am not satisfied with processing fee it is 1000rs and it is too high. .The process was so smooth at the time of documentation, i did not face any problems.
      Was this review helpful? 3
      , bangalore
      Reviewed on Jul 26, 2018
    • Kotak Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken personal loan from the kotak mahindra bank . The processing fees are not there , i have chosen the tenure period of 5 years . They instantly approved the loan with in 2-3 days . Where i make the payment monthly through online net banking. Their customer service and response is good.
      Was this review helpful? 2
      , greater noida
      Reviewed on Jul 25, 2018
    • Kotak Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      The process in getting the loan had been very good and verification process had been very simple and easy. The loan amount which they had provided had been satisfactory which was about 2,20,000 and the interest rate with them also had been okay which was 18%. Overall it had been a good experience.
      Was this review helpful? 3
      , mumbai
      Reviewed on Jul 20, 2018
    • Kotak Personal Loan
      "Need to improve"
      0.5 1.0/5 "Really Bad"
      My personal loan was taken with KOTAK BANK 1.5 years back. Te loan amount was 93,000 but the interest rate was very high . The tenure period was 36 months but i pre closed it and they have collected 5% as pre closing charge. They have forced me to take this loan and the prepossess was also very lengthy. They have taken 3 week top disbursed the loan amount and the processing fee was also too high.My
      Was this review helpful? 11
      , bangalore
      Reviewed on Jul 19, 2018
    • Kotak Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've taken a personal loan from the Kotak Mahindra bank. I have taken 1 lac, I got the loan with in 2 days. I applied online banking. The interest rate is low. It was a very fast personal loan experience with the bank and their services.
      Was this review helpful? 6
      , pune
      Reviewed on Jul 14, 2018
    • Kotak Personal Loan
      "They should connect with the customers"
      0.5 1.0/5 "Really Bad"
      It is okay to loan get rejected. There should be some problem in my side. For that they did not given any call from Kotak. I did not received the message like loan application number and details of the loan. I'm still looking for the loan of 2 lakhs. It was applied the amount of 4 lakhs. Somebody came to my place to collect the documents. They have offered me nothing and i don't know any details about the loan
      Was this review helpful? 3
      , mumbai
      Reviewed on Jul 10, 2018
    • Kotak Personal Loan
      "Process was bit delay"
      0.5 5.0/5 "Blown Away!"
      The approved loan was 5 lakhs. The rate of interest was 10.99%. The monthly EMI is 11000 for a tenure for 5 years. There was no processing fee or documentation charges. The service was really good. But it was some delay in between for the process.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 04, 2018
    • Kotak Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have take personal loan from the Kotak mahindra bank bank which they approved in quickly and the amount is reflected in next day ,its instant approve process. As am satisfied with the rate of interest which is nominal one . They provided the tenure period of 1 year and i make the payment monthly though ECS. There are nominal processing fees also.
      Was this review helpful? 1
      , noida
      Reviewed on Jul 04, 2018
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