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    We found 1 Kotak Personal Loan Eligibility Calculator
    Bank Name
    Interest Rate Range
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    Tenure Range
    10.99% - 18.15% Fixed
    Up to 2.5%
    25L Max
    1-5 years
    Response Time : Within 30 minutes
    Rs.1,000 Amazon Voucher
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    Kotak Personal Loan Eligibility Calculator is Rated as "Pretty good" by 2494 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
      "Good. Can do better in the rates"
      0.5 4.0/5 "Great!"
      It was a nice experience with Kotak Mahindra bank. The documents were collected on time and the process was smooth too. I had taken a personal loan. The rate of interest is around 15% which is moderate and the processing fees and charges are very much nominal.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 24, 2018
    • Kotak Personal Loan
      "Good. Can reduce the ROI and charges"
      0.5 4.0/5 "Great!"
      I have taken a personal loan with Kotak Mahindra Bank. It was a nice process and a short process as well. The documents was also collected on time. The loan disbursed was okay for me. The rate of interest is around 14% and there was a processing fee too which is on the higher side.
      Was this review helpful? 0
      , gurgaon
      Reviewed on May 22, 2018
    • Kotak Personal Loan
      "Average"
      0.5 2.5/5 "Just OK"
      I have approached KOTAK bank for my personal loan .They have canceled my request with out any intimations. I was looking for 6 lakhs and the interest rate was 14.99% which is very high . The customer service and responses was not good.My experience was not up to the mark.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 20, 2018
    • Kotak Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      The rate of interest and the charges were quite high with the KOTAK MAHINDRA BANK persona loan process and I have got the loan amount within a week time. The customer support service and the response is good from the Kotak mahindra bank. I would say I got excellent service.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 18, 2018
    • Kotak Personal Loan
      "Average service"
      0.5 2.0/5 "Expected more"
      The kotak mahindra bank personal loan service is not up to the mark and they haven't gave me proper response in regards to my personal loan application. they took around 20 days of time to completed the personal loan process. The rate of interest is fine but the charges are very high with the Kotak .
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 16, 2018
    • Kotak Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The personal loan service was good and i have got prompt response from them. The customer support service is good from the Kotak mahindra bank. I have got the loan amount within 3 to 4 days of time. The required loan amount has been given but the hidden charges can be reduced.
      Was this review helpful? 0
      , gurgaon
      Reviewed on May 16, 2018
    • Kotak Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      The personal loan service was good from the Kotak mahindra bank and I have got the loan amount within a day time. The customer support service and the response is good from the kotak mahindra. The required loan amount has been given and I am satisfied with tit. The rate of interest and the charges are quite high with Kotak when compared with others.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 16, 2018
    • Kotak Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have postponed the Personal loan plan at present so that was the reason I haven't got the personal loan from the Kotak mahindra bank. The customer support service and the response was good from the Kotak mahindra bank. The rate of interest and the charges where quite high when compared with others.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 16, 2018
    • Kotak Personal Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      The interest was quite low which made me to choose this institution. I did not find any other bank with it where the representative has suggested me. But later on there was a rate of interest showing high to almost 20%. There was not much discussion with the customer executive have been made. Even the company was not listed because of the reason it was being dropped.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 13, 2018
    • Kotak Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I was in need of a personal loan for my sisters marriage expenses therefore for purpose I had applied for the personal loan. There has also been other banks which had offers. The rate of interest was too much high during that time when compared with the other banks which were offering personal loan.
      Was this review helpful? 0
      , pune
      Reviewed on May 11, 2018
    • Kotak Personal Loan
      "Very good service"
      0.5 4.0/5 "Great!"
      The service which they had provided when i had applied for this loan was quite good. During that time the rate of interest was good as well. Since i have a loan which has got sanctioned from another bank i have closed this loan from them. But overall it was a good loan.
      Was this review helpful? 0
      , pune
      Reviewed on May 11, 2018
    • Kotak Personal Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      The kotak mahindra bank haven't gave me any response in concern to my personal loan application. The costumer support service gave a call back and explained me about the products but after that there was no responses for them , so that easy the reason I haven;t got the loan from them.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 11, 2018
    • Kotak Personal Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have applied for the personal loan from the Kotak mahindra bank ,but there was no response from the kotak Mahindra bank in regards to my personal loan . The customer support service and the response need to be improved from the Kotak Mahindra bank. The rate of interest was quite high with the Kotak Mahindra bank personal loan.
      Was this review helpful? 0
      , kolkata
      Reviewed on May 10, 2018
    • Kotak Personal Loan
      "Need improvement"
      0.5 1.0/5 "Really Bad"
      There was no response from the Kotak mahindra bank in regards to my personal loan application. The loan application need to give prompt response from the Kotak mahindra bnak and they need to focus on their customers. The service need to be improved from Kotak.
      Was this review helpful? 0
      , chennai
      Reviewed on May 08, 2018
    • Kotak Personal Loan
      "Not satisfied"
      0.5 2.0/5 "Expected more"
      I have approached KOTAK bank for my personal loan but the loan was not approved due to my very low cybil score.The customer service and responses was not good at all.The loan amount was 4 lakhs and the interest rate was also very high so my overall experience was not good.,
      Was this review helpful? 0
      , chennai
      Reviewed on May 08, 2018
    • Kotak Personal Loan
      "GOOD SERVICE"
      0.5 5.0/5 "Blown Away!"
      Using Kotak mahindra bank for 4 years for personal loan , they actually helped me in time with the loan. But am not satisfied with the tenure period and rate of interest , even asked their customer care and response which i got is okay .Rate of interest is high so i have to pay more in emi.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 04, 2018
    • Kotak Personal Loan
      "Services are good"
      0.5 5.0/5 "Blown Away!"
      My personal loan is with Kotak Mahindra Bank. It was a very easy process to get my loan. It was a pre approved loan and I got the loan in few minutes. I could do it in my net banking itself. The rate of interest was reasonable, it was of 11% and the processing charges are normal too.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 04, 2018
    • Kotak Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      I have taken a personal loan with Kotak Mahindra bank and my loan experience was good. The loan amount was based on my requirements and the rate of interest was nominal when compared to other banks. The tenure period for this loan is 4 years and they charge 2% for preclosure.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 30, 2018
    • Kotak Personal Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      The personal loan process is not up to the mark with the Kotak mahindra bank and I got the personal loan from the Kotak mahindra bank around 9 months ago., The customer support service and the response is average with the Kotak mahindra bank . The required loan amount has been given and I am satisfied with it. The rate of interest and the charges are average with the Kotak mahindra bank personal loan services.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 30, 2018
    • Kotak Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a personal loan with KMB and my loan experience was good, the loan amount was for Rs 5 lakhs with high interest rate when compared to other banks. The tenure period for this loan is 5 years and they charge 4% of the principal amount for preclosure.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 26, 2018
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