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
    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 2035 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.

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  • Personal Loan Reviews

    • Kotak Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It was a very good service from KOTAK ,interest rate was fine. Compare to other banks fees and charges was nominal with KOTAK MAHINDRA . Even the documentation part was also fine with KOTAK ,never had any issue with KOTAK service till now so overall it was an excellent service .
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 22, 2017
    • Kotak Personal Loan
      "Average"
      0.5 2.0/5 "Expected more"
      I have already taken the personal loan with the Kotak Mahidnra and the interest rate was very huge like it was around 17%. I would like to say that the customer service is also a kind of okay for me and the response is good one.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 22, 2017
    • Kotak Personal Loan
      "Not satisfied"
      0.5 2.0/5 "Expected more"
      I did not get the pretty good experience with the Kotak Mahindra bank for the personal loan, which I have applied. Customer service and other things has to be get improved. I would like to suggest that they have to stick with the words.
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 22, 2017
    • Kotak Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have got the personal loan with the Kotak mahindra bank within two weeks of time. Response is very nice and they are actually supportive too. I would like to say that the customer service is also providing the smooth service.
      Was this review helpful? 0
      , pune
      Reviewed on Sep 22, 2017
    • Kotak Personal Loan
      "Rate of interest should be compromised"
      0.5 2.0/5 "Expected more"
      I have applied for a personal loan application with KOTAK MAHINDRA BANK the rate of interest provided from the bank was 11.99% which is nearly 12%. But HDFC offered me 11.25% rate of interest for 3 lakhs rupees and an amount of 4000 plus GST will also be applicable against the loan.4000
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 21, 2017
    • Kotak Personal Loan
      "Customer service is good. But need to be more clear"
      0.5 4.0/5 "Great!"
      Kotak Mahindra Bank was good in the process for the personal loan. The bank did so many investigations, actually it is a good part. But the one thing, I was not okay with is they sent me a credit card without my consent. No one can use the credentials like that. When I asked them about it they say it was a part of promotion. I called the bank and cancelled the card and after which I received a call that the card is cancelled but I have not got any SMS or email on the same. I was to get it in 7 to 8 days, but it has been 15 days now. The interest rate was a good deal. It was around 10%.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Sep 21, 2017
    • Kotak Personal Loan
      "Criteria should be compromised"
      0.5 1.0/5 "Really Bad"
      With KOTAK MAHINDRA BANK i have applied for a personal loan. The executive contacted for the verification did not contacted me for so long and unfortunately i have to do the follow up calls. Later they informed due the low credit score it is not possible to provide the loan.
      Was this review helpful? 0
      , pune
      Reviewed on Sep 20, 2017
    • Kotak Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      Due to some personal reasons I haven't proceed with Kotak Mahindra personal loan application. The response was not up to the mark with KOTAK MAHINDRA. They need to focused in their response part, The rate of interest which they have offered was high when compared with others banks.
      Was this review helpful? 0
      , kolkata
      Reviewed on Sep 20, 2017
    • Kotak Personal Loan
      "Not satisfied"
      0.5 3.0/5 "Satisfactory"
      I have approached KOTAK bank for my personal loan. They need to improve their customer service and responsiveness as there was no call from the bank end regarding my personal loan process. The rate of interest was15-16% which was high comparing to other banks.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 20, 2017
    • Kotak Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      My experience with KOTAK was excellent because I have taken my personal loan and they have offered me the best rate of interest since I am a privilege customer to them . I have not walked in to my home branch or to the nearest bank of KOTAK ever as they are providing door step services for all the process which is really comfortable . They sanctioned the loan with committed time.
      Was this review helpful? 0
      , new delhi
      Reviewed on Sep 19, 2017
    • Kotak Personal Loan
      "KOTAK personal loan"
      0.5 5.0/5 "Blown Away!"
      When I was trying to take a personal loan KOTAK approached me. KOTAK was very good in providing services. They had done a comparison and provided me the best quote. No discount was offered on the processing fees and charges. KOTAK has also informed me about the foreclosure too. Prepayment options are also there and I pay the monthly installments on time.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 19, 2017
    • Kotak Personal Loan
      "IT WAS OK ."
      0.5 4.0/5 "Great!"
      The expereince that I had with KOTAK MAHENDRA PERSONAL LOAN process was OK . It was a kind of faster approval it totally took me something around 5 to 6 days for the whole personal loan process . 3 days it took me for the approval and then other 3 days the bank took for getting the load amount dispersed to my account . it was a fast approval personal loan i kind of liked it.
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 18, 2017
    • Kotak Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I can't go with the Kotak mahidnra personal loan because i have a low credit score. The customer support of kotak mahindra as gave me a call and informed me about the status of the product. The customer service gave prompt response in regards to my personal loan application. The rate of interest is nominal when compared with others.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 18, 2017
    • Kotak Personal Loan
      "Service should be improved"
      0.5 1.0/5 "Really Bad"
      I have applied for a personal loan with KOTAK MAHINDRA BANK. first they gave me calls regarding the application with them. But later the executive called me back and told me as my credit score is too low the bank is not willing to provide loan for now.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 18, 2017
    • Kotak Personal Loan
      "Approachable service"
      0.5 2.0/5 "Expected more"
      I applied for a personal loan application with KOTAK MAHINDRA BANK. At first i got a call from the executive and then they did not gave me any response. So i met the competitors and taken a loan from HDFC bank. But i don't find any issue with the bank personally.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 18, 2017
    • Kotak Personal Loan
      "Need Improvement"
      0.5 5.0/5 "Blown Away!"
      I have never got any calls from Kotak Mahindra bank in regards to my personal loan application. The customer service need to be improved with Kotak Mahindra, they have to focus in the customers application. The rate of interest is high when compared with other banks.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 18, 2017
    • Kotak Personal Loan
      "Not good not bad"
      0.5 2.0/5 "Expected more"
      I have approached KOTAK bank for my personal loan. My gross salary was low so they have rejected my personal loan application. Their customer service and responses was reallu not up the mark .Their representative collected all my documents and not explained about the process. He gave hope but the application was rejected which was disappointing. The rate of interest was 14.20% which is bit high and the fees and charges are not bad.
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 16, 2017
    • Kotak Personal Loan
      "Worst"
      0.5 2.0/5 "Expected more"
      I find Kotak bank services are not upto the mark they should maintain correct data their representatives dont have apt information because i have applied for personal loan where at first they said that you are eligible and at last no response from them regarding the status the interest rate is also too high when compared .
      Was this review helpful? 0
      , pune
      Reviewed on Sep 16, 2017
    • Kotak Personal Loan
      "Details are not consistent"
      0.5 3.5/5 "Pretty good"
      After a lot of confusion I received my personal loan from Kotak Mahindra bank. It took 20 days of process. The internal process of the bank needs improvement and the executives need to be consistent in what is conveyed. The interest rate kept changing from person to person. I finally got a rate of 13.25% and the processing fees was of 2%.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 16, 2017
    • Kotak Personal Loan
      "Bad experience"
      0.5 4.0/5 "Great!"
      I have approached Kotak bank for the personal loan where it was processed based on my minimal transactions the loan amount was disbursed with a high rate of interest and very high processing fee which is not good but over all services are good when compared to others. Also the tenure period is low which needs to be improved more.
      Was this review helpful? 0
      , new delhi
      Reviewed on Sep 15, 2017
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