Multiple banks. Different interest rates. Call it a "conflict of interest".
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.2,000 Amazon Voucher free
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    Customer Reviews
    Kotak Personal Loan Eligibility Calculator is Rated as "Pretty good" by 2391 Users
    Personal Loan BYTES FROM OUR KITCHEN

    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 4.0/5 "Great!"
      The kotak mahindra bank had given me good response in regards to my personal loan application. The customer support told that they don't have option to upload the documents through online so they personally asked me to come and visit their bank to get the loan amount. The response was really good with kotak mahidndra bank. I am satisfied with the kotka mahindra bank service.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jan 16, 2018
    • Kotak Personal Loan
      "Good service with the High interest"
      0.5 3.0/5 "Satisfactory"
      The kotak bank has offered me a personal loan based on my credit card. They have disbursed the loan amount with in 3days of time. I am satisfied with the loan amount because they have approved the required loan amount. The rate of interest and the charges were high when compared with others.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 16, 2018
    • Kotak Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The paper work was done in quick time. The rate of interest is bit high when compared with others. The customer support and the response was good with the Kotak Mahindra bank. They have disbursed the loan amount in 2 weeks of time. They could have provide within a week time, but the documentation process took some time.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jan 16, 2018
    • Kotak Personal Loan
      "very good service"
      0.5 5.0/5 "Blown Away!"
      I have my personal loan application approved with Kotak Mahindra bank and the experience was good. The loan amount is for Rs 3.9 lakhs with the rate of interest of 14.65% which is bit high when compared to all other banks. The process was smooth and i received my loan amount within 1 week. I am not aware of the processing fees and the tenure of this loan is 5 years. Customer service was good and they collected documents on time.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 15, 2018
    • Kotak Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My Personal loan experience with Kotak Mahindra bank was quite good, the process was very smooth and i received my loan amount within 1 week. The loan amount i requested for is Rs 2 lakhs and the rate of interest is 10.99% which is nominal when compared to other banks. Customer service was good and they collected documents on time. The tenure of this loan is 4 years and it was a good service overall from KMB.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Jan 15, 2018
    • Kotak Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      My Personal loan experience with Kotak Mahindra bank was average, the process was quite long and the documents were not collected on the exact venue. When it comes to customer service, it was good and they responded on time. I did not get any alerts on the status of the application. The rate of interest of 10.99% is nominal when compared to other banks. The requested amount was disbursed and the tenure of this loan is 2 years.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 15, 2018
    • Kotak Personal Loan
      "Prcocess needs to be faster"
      0.5 3.0/5 "Satisfactory"
      My personal loan was taken with Kotak Mahindra Bank. The rate of interest was normal like other banks. I took 1,96,000 rupees as a personal loan. I am paying monthly 18,000 through ECS. The documents are submitted online. I got a proper response but the process was very slow. They took more than 20 days for the loan disbursement.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 13, 2018
    • Kotak Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      The loan process was fine with Kotak Mahindra Bank. They offered a nominal interest rate for the personal loan. The customer service and response was good. They offered me 18L but I had taken only 5L. I am paying monthly around 16K through ECS and cheque. The only problem is I haven't received my loan id yet.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 11, 2018
    • Kotak Personal Loan
      "Interest rate to be reduced"
      0.5 3.0/5 "Satisfactory"
      The loan process was good with Kotak Mahindra Bank. They took 3 week for the approval. The rate of interest was 14.5% and the processing fee was around 2000 to 3000 rupees. The executive had explained all the things very clearly. The interest rate was little bit more compared to other banks.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 11, 2018
    • Kotak Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      The rate of interest was 16% for my personal loan which was nominal. They charged 6000 rupees as a processing fee. I had taken 2L with Kotak for 3 years. The documents are collected by the executive at doorstep. The customer service and response was good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 11, 2018
    • Kotak Personal Loan
      "Satisfactory"
      0.5 4.0/5 "Great!"
      I am happy with kotak service on my personal loan. The customer service and response was good. They offered a interest rate of 10.9% compared to other banks which was low. I have taken around 3L with tenure period of 5years. I had to pay 6K every month through ECS.
      Was this review helpful? 0
      , noida
      Reviewed on Jan 10, 2018
    • Kotak Personal Loan
      "Personal loan with KOTAK "
      0.5 4.0/5 "Great!"
      I have taken a personal Loan from Kotak.The approved loan amount was 4 lakhs 91 thousand. The given rate of interest was 10.9%. The monthly EMI comes around 13461. the total tenure is for48 months. They have taken a insurance amount of 10000.There was some processing fees.When i received the document they have given the loan amount as 512605. However insurance amount was paid from my end.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 10, 2018
    • Kotak Personal Loan
      "Need to reduce the charges"
      0.5 3.5/5 "Pretty good"
      My personal loan was taken with Kotak through online channel. They are checking more on cheque bounce. The customer service and response was moderate. The rate of interest was 14% and the processing fee was very high. The loan was disbursed within one or two days.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 10, 2018
    • Kotak Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      Experience with the Kotak mahindra bank for the personal loan was around 14% and the response was all good. The loan amount got disbursed within a month of time. Everything is fine one for me with the Kotak mahindra bank and am really happy with the Kotak mahindra bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 10, 2018
    • Kotak Personal Loan
      "Very good"
      0.5 3.5/5 "Pretty good"
      My personal loan was taken with KOTAK BANK . The loan amount was 1.5 lakhs and the Interest rate was 14.49% which was bit high than other banks . The EMI period was 3 years . The processing fee was also high here. I had a very smooth and quick loan process here .
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 10, 2018
    • Kotak Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have my personal loan with KOTAK BANK. The loan amount was 3,5 lakhs and the Interest rate was 12% which was average In the market. The tenure period was 5 years . The processing fee was nominal but I was not Informed about it . It was a smooth process here so I would like to recommend to others.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 10, 2018
    • Kotak Personal Loan
      "Personal loan with KOTAK MAHINDRA"
      0.5 3.0/5 "Satisfactory"
      I have taken a personal loan from KOTAK MAHINDRA BANK and the approved loan amount was 2 lakhs. The rate of interest was 10.99% with a monthly EMI of 6700. The total tenure was for 3 years. the processing fee was around 2000 rupees.The loan process was too long.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 09, 2018
    • Kotak Personal Loan
      "Better service"
      0.5 4.0/5 "Great!"
      My personal loan was taken with KOTAK BANK. The loan amount was 2 lakhs and the interest rate was 16.99% which was very high than other banks in the market. The loan process was very good and the loan was approved on time. They have provided door step service for collecting documents,.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jan 09, 2018
    • Kotak Personal Loan
      "Service is good"
      0.5 3.0/5 "Satisfactory"
      I took a Personal Loan from KOTAK worth Rs.5.5 Lakhs. They have offered me a high interest rate of 14% though. The overall experience with them has been alright though.The repayment option which they have is also pretty good too. Their services are good though.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 07, 2018
    • Kotak Personal Loan
      "Better service"
      0.5 4.0/5 "Great!"
      My personal loan was taken with KOTAK bank 6 months back. The loan amount was 2 lakhs and the interest rate was 14% which was very high than other banks. The loan process was really good and the processing fee was 2%. The customer service and responses was satisfactory . My overall experience was really good..
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 03, 2018
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