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    We found 1 Kotak Personal Loan Eligibility Calculator
    Bank Name
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    Tenure Range
    10.99% - 17.99% Fixed
    Up to 2.5%
    15L Max
    1-5 years
    Response Time : Within 30 minutes
    Rs.1,000 Amazon voucher free
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    Kotak Personal Loan Eligibility Calculator is Rated as "Pretty good" by 2321 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
      "Services are good"
      0.5 5.0/5 "Blown Away!"
      It was a very convenient process with Kotak Mahindra Bank for the personal loan. I only had to place a request online and within three days I got the funds in my account without any documentation. The ECS deduction is also happening on time without any form filling for it.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 21, 2017
    • Kotak Personal Loan
      "Approchable bank"
      0.5 4.0/5 "Great!"
      I have applied for a personal loan with KOTAK MAHINDRA BANK. Every thing with the bank was good. The executive came to my place to collect the documents. Its was a tension free experience. The follow up from the bank end was also good. I can recommend this bank.
      Was this review helpful? 0
      , noida
      Reviewed on Nov 21, 2017
    • Kotak Personal Loan
      "Needs to improve with ROI"
      0.5 2.0/5 "Expected more"
      I have applied for the personal loan from Kotak Mahindra Bank, my loan application was closed because they did not give loan for the person who works in proprietary firm. When it comes to customer service, it was good and they responded on time. The rate of interest is way high when compared to all other banks.
      Was this review helpful? 0
      , pune
      Reviewed on Nov 21, 2017
    • Kotak Personal Loan
      "Good for personal loan"
      0.5 4.0/5 "Great!"
      As i have postponed the plan of taking the personal loan my application has been closed with Kotak mahindra. In future, if i am planning to take a personal loan i would certainly consider Kotak.The customer service and the follow up call from the bank end was very much comfortable.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 20, 2017
    • Kotak Personal Loan
      "Average service"
      0.5 2.0/5 "Expected more"
      I applied for my personal loan service from KOTAK the service was good the response was prompt I use to get regular followups during the process but there was little during the dispercement also I feel there was no proper communication with the executives and the customers it was a average experience with KOTAK for my personal loan service.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 20, 2017
    • Kotak Personal Loan
      "No response"
      0.5 2.0/5 "Expected more"
      I have applied for a personal loan with KOTAK MAHINDRA BANK but i did not got any proper response from the bank end. Thus my application got closed. I waited for a call from the bank end and no one turned up till now. That was really disappointing.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 20, 2017
    • Kotak Personal Loan
      "Recommedable"
      0.5 5.0/5 "Blown Away!"
      I had applied for a personal loan with KOTAK MAHINDRA BANK. Later i had no requirement with the bank so i close the personal loan application with with KOTAK MAHINDRA BANK. I can recommend this bank as the service with the bank is good and friendly.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 20, 2017
    • Kotak Personal Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      It was a good experience with KOTAK for my personal loan service they provide me with a good interest rate 13 % which is nice compare to others in the market and the documents have been collected from my door step and the payments where through ecs it was a awesome service from KOTAK for my personal loan service.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Nov 17, 2017
    • Kotak Personal Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      My personal loan got approved with Kotak mahindra bank. The customer support gave me quick response in regards to my personal loan application and I would like to suggest the same response need to be given to all other customers. The rate of interest and the charges are low with Kotak mahindra
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 17, 2017
    • Kotak Personal Loan
      "Overall good"
      0.5 4.0/5 "Great!"
      Kotak Mahindra Bank is excellent in the personal loan process and they were on time as well and with minimum effort the money came in to my account. The rate of interest is a bit high. It was around 14% for the tenure of five years. I asked for 3 years though. The processing charges was waive off.
      Was this review helpful? 0
      , kolkata
      Reviewed on Nov 17, 2017
    • Kotak Personal Loan
      "Better service"
      0.5 4.0/5 "Great!"
      I have applied for the personal loan from Kotak Mahindra bank, my loan application was closed because there was no pre closure and part payment options. Customer service part was good, they responded on time and gave all the right information. The rate of interest is nominal when compared to other banks.
      Was this review helpful? 0
      , pune
      Reviewed on Nov 17, 2017
    • Kotak Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have applied for the personal loan from Kotak Mahindra Bank, my loan application was closed because i had an issue with my CIBIL score. The customer service was good and they responded on time, there was no issue from the bank side and they followed up regularly. The rate of interest was high when compared to others in market.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 16, 2017
    • Kotak Personal Loan
      "Service need to be improved "
      0.5 2.0/5 "Expected more"
      The Kotak mahindra bank has asked me to submit the salary slip to proceed with the personal loan with Kotak mahindra bank. The customer support was average with Kotak mahindra. The rate of interest which was offered by Kotak was average when compared with others.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 15, 2017
    • Kotak Personal Loan
      "Good"
      0.5 3.0/5 "Satisfactory"
      My personal loan was taken with Kotak. Initially I got a msg saying 3L 9K will be disbursed finally I had received 2L 96K. It was a good experience but little delayed for the disbursement. The document collection was complicated. The interest rate was good comparatively to other banks.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 15, 2017
    • Kotak Personal Loan
      "Below average service"
      0.5 1.0/5 "Really Bad"
      The response was not given by Kotak mahindra in concern to my personal loan application. I never got any kind of call back from Kotak mahindra. The response need to be improved the Kotak Mahindra bank . The customer support need to be focused with Kotak mahindra.
      Was this review helpful? 0
      , faridabad
      Reviewed on Nov 15, 2017
    • Kotak Personal Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      The rate of interest was high with Kotak mahindra personal loan , so that was the reason I haven't got the personal loan from Kotak mahindra. The response part need to be improved with Kotak mahindra. The rate of interest need to be reduced as per the customer requirement.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 15, 2017
    • Kotak Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      With KOTAK Bank it was a good experience with them for the personal loan process . The customer service was good , delivered . The bank gave me a full approval on the amount i asked for . The rate of interest was 13% and the processing fee was 2.5K charged to me . The bank did not provide me pre closure option . Over all it was a good service i received .
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 15, 2017
    • Kotak Personal Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      I have applied for a personal loan with KOTAK but they said my salary was not under bank criteria and the interest rate they offered me was 11 % which was fine and the customer service was good it was a good experience with KOTAK for my personal loan service.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 14, 2017
    • Kotak Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I am very much happy with the service of KOTAK MAHINDRA ,I use to get regular followups and the processing fee was also very good with KOTAK MAHINDRA compare to others in the market, it was a very fast and immediate response from KOTAK MAHINDRA for my personal loan service.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 13, 2017
    • Kotak Personal Loan
      "Better"
      0.5 3.0/5 "Satisfactory"
      I have approached Kotak for personal loan. They said I am eligible for 2L 60K. My documents are submitted to the executive and they came for verification to my office. That time employee's are less in the office, its been rejected due to bank norms. They have taken one month time, it would be better if they inform earlier. Based on this personal loan experience, I am not happy with Kotak.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 11, 2017
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