Multiple banks. Different interest rates. Call it a "conflict of interest".
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    We found 1 Kotak Personal Loan Eligibility Calculator

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    11.49% - 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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    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews

    Kotak Personal Loan Eligibility Calculator is Rated as "Pretty good" by 1918 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
     Kotak Personal Loan Offers

    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
      "Need Improvement"
      0.5 1.0/5 "Really Bad"
      The Kotak Mahindra bank didn't give any kind of response in concern to my personal loan application. They gave a call after 2 to 3 weeks from the day they sent my application. They need to be quick and fast in their response. The rate of interest is nominal with Kotak Mahindra. The customer service needs to be focused a lot on their customers.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 27, 2017
    • Kotak Personal Loan
      "Average Service"
      0.5 2.0/5 "Expected more"
      The Kotak Mahindra did not approve my personal loan saying that my office location and the residential location doesn't suits the eligibility criteria, so that was the reason I haven't proceed with Kotak Mahindra Personal loan. The rate of interest is a bit high, when compared with others. The charges need to be decreased with Kotak Mahindra bank.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jun 27, 2017
    • Kotak Personal Loan
      "Communication part should be improved"
      0.5 2.0/5 "Expected more"
      I am ready to avail Kotak Mahindra personal loan, but they rejected my loan application without initmation, Infact I didn't receive any call or any message from them and no one came to collect the documents. I would like to suggest them to improve their communication part, also they need to be more transparent in their process.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jun 27, 2017
    • Kotak Personal Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      The services from Kotak Mahindra bank has been good and they were on time to give me the details. I did not take the personal loan from them because I was not comfortable with the rate of interest and processing charges. Else the process was good and smooth.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 25, 2017
    • Kotak Personal Loan
      "Improper Service"
      0.5 1.0/5 "Really Bad"
      I had applied for the personal loan with Kotak Mahindra Bank. On the receipt of my application, bankers contacted me and inquired about the required information. Post which they had collected the required documents in order to proceed further, but unfortunately they did not proceed my loan application also I never heard anything from them. There was no communication from Kotak post collected my documents for the personal loan.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 24, 2017
    • Kotak Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I had got the personal loan from Kotak mahindra bank, Within 7 days of the time they have disbursed my loan. The executives came to my place, they have collected all my required documents.The rate of interest was nominal with Kotak Mahindra. The required loan amount has been disbursed by kotak. I am happy with the loan amount too.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 24, 2017
    • Kotak Personal Loan
      "Looking for better offer"
      0.5 4.0/5 "Great!"
      Kotak Mahindra is always one of the best bank, I don't have any issues with them. As per their own policy they have offered me the interest rate of around 16% it is a bit high when compared to other competitor and apart from that, they are charging some processing fees too. Hence I dont wish to go with them instead, I would love to go with Canara Bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 23, 2017
    • Kotak Personal Loan
      "Below average service"
      0.5 1.0/5 "Really Bad"
      The rate of interest was too low but the documentation charges and the additional charges were really high with Kotak Mahindra personal loan. I got the disbursement within 20 working days from Kotak Mahindra. The service need to be quick and fast in future. The customer service and the executives needs an improvement with Kotak Mahindra bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 22, 2017
    • Kotak Personal Loan
      "They should be transparent in their process"
      0.5 1.0/5 "Really Bad"
      When I put a request for Kotak personal loan through online channel, I found their interest was 16.49%. After submitting all my application through online, Kotak executive called and informed the interest rate was 16.99%. Finally when my loan was under processing, they were saying one by one charges like processing and insurance fee. Finally they rejected the application.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 22, 2017
    • Kotak Personal Loan
      "Good services"
      0.5 4.0/5 "Great!"
      Since I was preoccupied with other work. I could not respond to Kotak Mahindra Bank for the personal loan. There were continuous calls and messages from them requesting me to take the loan. Not sure on the interest rate and processing charges.
      Was this review helpful? 0
      , jaipur
      Reviewed on Jun 22, 2017
    • Kotak Personal Loan
      "Need Improvement"
      0.5 2.0/5 "Expected more"
      At the start I applied for a loan amount of 1,30,000, next day I was in need of 2,80,000 but KOTAK had disbursed 1,30,000 much before that. I was trying to reach the executives but none turned up. They simply sent me a text message stating that the executives would get in touch with me after 5 days of time. Therefore KOTAK needs to be more customer oriented. As far as the rates are concerned it is low when compared with others in the market.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 21, 2017
    • Kotak Personal Loan
      "Excellent "
      0.5 5.0/5 "Blown Away!"
      Experience was good and quick with the Kotak Mahindra bank for the personal loan, which I have got. The rate of interest was around 11.5% and the customer service, response was also went in the smooth way. There were no hindrances, which I have faced with the Kotak mahindra bank.
      Was this review helpful? 0
      , thane
      Reviewed on Jun 21, 2017
    • Kotak Personal Loan
      "Good Service"
      0.5 3.0/5 "Satisfactory"
      The company which I work is a Partnership firm and the Kotak Mahindra was about to collect my documents to proceed with my Personal loan, but no one turned up and I never got a call, any text message, mails regarding my personal loan application. I guess my company is not listed under the Kotak Mahindra banks criteria. The rate of interest is nominal when compared with others.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 21, 2017
    • Kotak Personal Loan
      "Its Good"
      0.5 4.0/5 "Great!"
      I had approached Kotak Mahindra for the personal loan when there was a need, later on I don't have requirement to take personal loan. That's the reason why, I had closed my loan application. Kotak Mahindra response is good, they had called me with regards to the loan process, but I don't any interest to proceed further with them with regards to the loan.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 21, 2017
    • Kotak Personal Loan
      "Need to be revise the rate of interest"
      0.5 3.0/5 "Satisfactory"
      I got the personal loan with the Kotak mahindra bank and the loan amount got disbursed within two weeks of time, The services are fine one with them till now and the response is good one. Interest rate and the processing charges were something huge.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 20, 2017
    • Kotak Personal Loan
      "Improper response"
      0.5 1.0/5 "Really Bad"
      I had not received proper response from Kotak Mahindra Bank for the personal loan. What are the documents I had submitted all are qualified and eligible for the loan. But I had received a call from Kotak where a lady spoke with me. She said that I am not eligible for the loan in a rude way and closed my application. Then I approached HDFC bank and got the loan.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 20, 2017
    • Kotak Personal Loan
      "They have to improvemise their customer service"
      0.5 2.0/5 "Expected more"
      I took personal loan from HDFC, Because I felt Kotak Mahindra interest rate is high. When I approached for the loan Kotak they offered me 14% of interest, but HDFC offered 12.99%. But I guess there is no processing fee for personal loan in Kotak. Finally I have not availed loan from Kotak, infact no one have contacted me for the loan process.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 20, 2017
    • Kotak Personal Loan
      "High Interest Rate"
      0.5 3.0/5 "Satisfactory"
      I had received good response from Kotak Mahindra Bank for the personal loan. Meantime I was trying with other banks for the loan because the interest rate is higher with Kotak than the other banks. Other than that I had no issues with Kotak for the loan process.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 19, 2017
    • Kotak Personal Loan
      "DISSATISFIED"
      0.5 1.0/5 "Really Bad"
      When I approached Kotak Mahindra Bank for the personal loan, I did not get any good response from them and the drawback is that they delayed my loan about three weeks and I have to escalate it, to sort out all things.. It was not that smooth and prefect throughout the process. The rate of interest was 15% which is high when compared with others.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Jun 17, 2017
    • Kotak Personal Loan
      "Kotak mahindra bank is such a fraud bank "
      0.5 0.5/5 "Unacceptable"
      I want to share my reviews. My father took a loan from Kotak bank, we paid all the instalments and the interest on time but their officers Did fraud with us, when my father deposited d money in d cc limit account, the officers blocked d money from d account nd den when we requested to unblock our account they didn't pick d call infact they took a revenge from us and bcz of shortage of money which they blocked, my business has been goes down day by day atlast we have decided dat we should have to change d bank bcz they blocked all d cc limit and as well as they took interest as well. When we deposit all d limit balance to d Kotak bank and all d charge which are due from our side we gave it to them but they did fraud with us now all d officers are denied to give property papers infact they are not giving properties registered deed along with not to close cc limit account nd now my family reputation is degrade day by day, my family is facing d financial problem bcz of Kotak bank.
      Was this review helpful? 0
      , guna
      Reviewed on Jun 16, 2017
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