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
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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 2109 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
      "Not satisfied"
      0.5 1.0/5 "Really Bad"
      I had applied for a personal loan with Kotak Mahindra bank as I was told that it is a paper less process. But finally the executive contacted me and requested me to submit the hard copies of my paper work. So I cancelled my application as I am not happy with the bank.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 16, 2017
    • Kotak Personal Loan
      "Satisfactory"
      0.5 4.0/5 "Great!"
      I found the experience with Kotak Mahindra Bank to be very satisfactory. The rate of Interest of 14.49 % sounded reasonable and was something I found on par with the market standard. Also the process for the completion of the application was quick.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 16, 2017
    • Kotak Personal Loan
      "Good Service"
      0.5 4.5/5 "Excellent!"
      I have approached Kotak Mahindra on my personal loan. They offered me interest rate as 14.99 which is expensive, where HDFC offers 12.99. It was a paperless approval, satisfied with the customer service, The EMI period for my personal loan is 4 years.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 16, 2017
    • Kotak Personal Loan
      "Good services"
      0.5 3.0/5 "Satisfactory"
      The process to get the personal loan is good at Kotak Mahindra Bank. They collected the documents on time and processed the details. The only problem is that they have disbursed the loan on September 1st and taken the first EMI after 15 days. I have also received a credit card without my consent. I have submitted my documents for a loan and they have used the same for the card as well which is not secured and professional.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 16, 2017
    • Kotak Personal Loan
      "Average service "
      0.5 4.0/5 "Great!"
      I had applied for m a personal loan for an amount of five lakhs.Rate of interest is nominal as compared to other banks in the market.They had processed my loan in a short span of time. Overall I am happy to bank with kotak for futher financial products in future.
      Was this review helpful? 0
      , jaipur
      Reviewed on Oct 16, 2017
    • Kotak Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The service was good from KOTAK, but they took very long for the process to complete and even the rate of interest was high which is 16.75% and they have asked for the documents like my adhar card, 6 months bank statement ,6 months salary statement and id proof and they verified my documents and proceesed the service of KOTAK was very good for my personal account.
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 16, 2017
    • Kotak Personal Loan
      "Good "
      0.5 3.0/5 "Satisfactory"
      The perosonal provides by kotak was good i got a great deal with decent intrest rate as far as the time concerned for processingthey werent quick enough, too many documentationd and follow ups done...overall an ok service apart from getting a good deal..
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 15, 2017
    • Kotak Personal Loan
      "Unhappy with the services"
      0.5 1.0/5 "Really Bad"
      Kotak Mahindra bank contacted me for the personal loan and collected my documents. After they collected my documents I got no information from them that the loan got declined. Though I followed up so much the bank took two months to inform me the status.
      Was this review helpful? 0
      , jaipur
      Reviewed on Oct 15, 2017
    • Kotak Personal Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      I have taken a personal loan from Kotak Mahindra bank and the process was very lengthy for me. It took 15 days for them to process the loan. The interest rate and processing charges was okay. I was comfortable with it. But I would not recommend the bank.
      Was this review helpful? 0
      , noida
      Reviewed on Oct 15, 2017
    • Kotak Personal Loan
      "Very good service"
      0.5 4.0/5 "Great!"
      I have applied for the personal loan from Kotak Mahindra, i am happy that my loan application was approved and the required amount was disbursed. It was a good experience, the customer service was good, all the formalities were completed on time. They provided a door step service to collect the documents. I am also satisfied with the rate of interest.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 15, 2017
    • Kotak Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      Kotak mahindra disbursed my loan amount within 15days of time. The customer service is average with Kotak mahindra. The service need to be prompt with Kotak mahindra. The rate of interest is high with Kotak mahindra when compared with other banks.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 14, 2017
    • Kotak Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The service is good with Kotak mahindra. The customer support was average with Kotak mahindra. The delay has been made by kotak mahindra team. The required loan amount was been disbursed and I am satisfied with it. The rate of interest is little on a higher side but I am satisfied with it.
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 14, 2017
    • Kotak Personal Loan
      "Long process"
      0.5 4.0/5 "Great!"
      It was a extremely long process with Kotak Mahindra bank for the personal loan. They took three months for the process. Every time I contacted them, they kept giving me dates and it finally got disbursed this month. I hardly received the loan I am receiving a message that the EMI will be deducted.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 14, 2017
    • Kotak Personal Loan
      "Good coordination"
      0.5 4.0/5 "Great!"
      It was a good experience with Kotak Mahindra bank for the personal loan, as it was a door step service. They came over and collected all the documents and signatures. There were couple of managers who contacted me and guided me as I did not have few papers. They coordinated well. The interest rate and charges was on a higher side. It was around 14%.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 14, 2017
    • Kotak Personal Loan
      "Rate of Interest is little higher"
      0.5 4.0/5 "Great!"
      I choose Kotak Mahindra after high recommendations from my friends and to my surprise they are good too. The loan amount got sanctioned pretty quickly and was disbursed on time. I felt the 14.5% Rate of Interest looks a little higher compared to other banks.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 13, 2017
    • Kotak Personal Loan
      "Better experience"
      0.5 4.0/5 "Great!"
      My Experience with Kotak Mahindra Bank was very good. It was a very quick approval from the bank and they disbursed the loan amount soon. Since I maintain my salary account with Kotak have approached for personal loan. Rate of Interest is nominal as 13.75% they did have processing fee.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 13, 2017
    • Kotak Personal Loan
      "Kotak is good"
      0.5 3.0/5 "Satisfactory"
      Kotak Mahindra is a good bank, I applied for a personal Loan and got the same within few days. Unfortunately, due to some issue my first EMI didn't get through and consiquently the cheque got bounced and have been charged an additional charge of Rs. 750. I also believe this would affect my Credit score. I expected this bank could have contacted me earlier rather than calling me after almost 10 days.
      Was this review helpful? 0
      , secunderabad
      Reviewed on Oct 13, 2017
    • Kotak Personal Loan
      "good experience"
      0.5 4.5/5 "Excellent!"
      My personal loan was taken with KOTAK bank 2 years back. The loan amount was 5 lakh and the rate interest was 12% which was average. The EMI period was 5 years and they have sanctioned the loan with the committed . They have even provided door step service for the documentation collection. My overall experience was good here.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 13, 2017
    • Kotak Personal Loan
      "Average service"
      0.5 3.5/5 "Pretty good"
      I have applied for personal loan from Kotak Mahindra, I am happy that my loan application was approved and the loan amount was disbursed. The customer service was average because they did not disclose what will be the rate of interest. They provided a door step service for the collection of documents. I was in need of loan so i got it and my experience was good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 13, 2017
    • Kotak Personal Loan
      "Process should be faster"
      0.5 3.5/5 "Pretty good"
      Kotak Mahindra taken long time to disburse the amount, they took more than 20 days to complete the process. I have submitted the documents in the first week but their was too delay. Apart from them, everything good including interest rate. I would like to suggest them their loan process should be faster.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 13, 2017
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