Multiple banks. Different interest rates. Call it a "conflict of interest".
  • loading

    We found 1 Kotak Personal Loan Interest Rates
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    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 100% PAPERLESS APPROVAL
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    Kotak Personal Loan Interest Rates is Rated as "Pretty good" by 2525 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Personal Loan BYTES FROM OUR KITCHEN

    Kotak Personal Loan Interest Rates

    Overview of Kotak Bank Personal Loans

    Kotak Bank Personal Loans are an easy and efficient credit option that can help an individual with unexpected expenses, plan a vacation, pay fees, make arrangements for weddings and the like. In short, personal loans from Kotak can aid in almost any expenditure that one hasn’t actually planned for in advance and help in making the best of a worst situation at times. Personal loans from Kotak Bank are readily available through minimal documentation and low waiting periods.

    Kotak Bank Personal Loan Interest Rates

    Kotak Bank Personal Loan interest rates have seen a surge and fall in the last few years following changes in the repo rate from RBI. As of July 2015, the rates for personal loans from Kotak Bank range from 13-24% and might be applicable for salaried and self-employed individuals. The interest rates are variable for different customers and categories of customers and are at the sole discretion of the bank.

    Kotak Personal Loan Interest Rates 2018

    Particulars Salaried
    Interest Rate 11.5% p.a. to 24% p.a.
    Loan Amount Minimum: Rs.50,000 Maximum: Rs.15 lakh
    Loan Tenure 12 to 60 months
    Lowest EMI Rs.1,100 (calculated at lowest loan amount taken for the maximum loan tenure at minimum permissible interest rate).
    Processing Fee Up to 2% of the loan amount + GST.
    Age 21 to 58 years
    Prepayment Charges Lock in period of 12 months. After 12 months, 5% foreclosure charges + GST on outstanding principal amount.
    Foreclosure Charges 5% foreclosure charges + GST on outstanding principal amount.

    Calculating Interest on Kotak Personal Loan

    After availing a personal loan of any amount from Kotak Bank, the loan amount needs to be paid back in equated monthly installments (EMIs) and every EMI consists of a portion of the principal amount as well as the interest charged. As the personal loan moves towards maturity, the principal portion gradually increases and the interest portion decreases.

    The method for calculating the EMI on a personal loan can be mentioned as follows -

    E = P*r*[(1+r)^n/((1+r)^n-1)]

    Here E - Monthly EMI, r - rate of interest per month, n - number of years.

    For a ballpark figure of Rs. 1,00,000 at an interest rate of 13% with a loan tenure of 1 year, the first payable EMI would be Rs. 44,659 out of which the interest will account for Rs. 4,557.

    For example, a personal loan of Rs. 10,00,000 for a period of 3 years at an interest rate of 13% from Kotak Bank would have the following scenario for the EMI to be paid (starting from August 2015) -

    YearTotal Payment (INR)Balance (INR)Principal Portion (INR)Interest Portion (INR)
    20151,68,4708,83,1931,16,80751,663
    20165,75,7933,47,0193,07,40196,927
    20174,04,3272,25,9613,49,83254,495
    20182,35,85802,25,9619,897

    It is to be noted that though the amounts of principal and interest keep varying throughout the loan tenure, the total EMI amount doesn’t change much.

    Apply for Personal Loan

    Factors affecting Kotak Personal Loan Interest Rates

    Kotak Personal Loan interest rates stay the same for any salaried individual who has been approved for availing a personal loan. The approval process might be dependent on several factors such as -

    • Personal loan amount - Based on the amount of personal loan applied for, the interest rate might be changed beyond the advertised rate for specific customers or categories of customers. A higher loan amount could cause a lower or higher rate of interest
    • Tenure of the personal loan - Based on the discretion of the bank, a longer tenure might have a lower or higher rate of interest
    • Repayment capacity - Kotak Bank keeps a tab on the income and consequently the repayment capability of a customer. Depending on amount of cash inflows and transactions carried out by a customer, the bank might offer some leniency on personal loan interest rates
    • Income - Income plays an important part in making sure if one is eligible for even applying for the loan. Additionally, the bank may change the interest rate for a personal loan based on the income of a customer
    • Assets - Presence of fixed and movable financial assets play a crucial loan in improving the financial picture of one’s life. Based on the same, Kotak Bank might provide a preferential rate of interest for personal loans
    • Relationship with the bank - An existing customer of Kotak Bank is bound to get preference when applying for a personal loan and the bank might consider providing a better rate of interest to the customer
    • CIBIL scores - Approval of a personal loan takes one’s credit history into account. So, the CIBIL score might also work in favour of getting a better interest rate from the bank

    All the above factors notwithstanding, any change in the advertised interest rates is at the sole discretion of the bank.

    How does the CIBIL Score affect Personal Interest Rates of Kotak Bank?

    A personal loan can serve as an emergency financial airbag, but a bit of planning always helps and it especially comes in handy when dealing with CIBIL scores. Along with a credit history report, scores from CIBIL play a pivotal role in furthering the case of getting a personal loan approved from Kotak Bank. CIBIL scores range from 300 to 900 and a score above 700 is considered a good one. Scores above 750 might allow the bank to consider offering a better rate of interest to the customer. Else the rates might be higher than expected. Doing a check on the CIBIL score and fixing the same to an appreciable level might help in getting preferential interest rates.

    Key Points regarding Kotak Bank Personal Loan Interest Rates

    Availing a Kotak Bank personal loan is easy for salaried individuals who meet the base minimum eligibility criteria, however, the following points should be borne in mind -

    • The interest rates in Kotak Bank for personal loan is subject to the repo rate of RBI and may come down further, but not with an immediate effect
    • The Personal Loan interest rates in Kotak Bank are fixed, not floating and are among the best rates available in the market
    • Personal loans from Kotak Bank don’t require a security or a collateral, addition of such factors may not have any impact on the interest rate
    • On approaching Kotak Bank for a personal loan, the bank will already have a look at your credit score. Based on the same, the loan amounts might be vary, but there might not be any change in the interest rates

    Kotak Personal Loan Interest Rates Reviews

    • Kotak Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've taken a personal loan from the Kotak Mahindra bank. I have taken 1 lac, I got the loan with in 2 days. I applied online banking. The interest rate is low. It was a very fast personal loan experience with the bank and their services.
      Was this review helpful? 3
      , pune
      Reviewed on Jul 14, 2018
    • Kotak Personal Loan
      "They should connect with the customers"
      0.5 1.0/5 "Really Bad"
      It is okay to loan get rejected. There should be some problem in my side. For that they did not given any call from Kotak. I did not received the message like loan application number and details of the loan. I'm still looking for the loan of 2 lakhs. It was applied the amount of 4 lakhs. Somebody came to my place to collect the documents. They have offered me nothing and i don't know any details about the loan
      Was this review helpful? 1
      , mumbai
      Reviewed on Jul 10, 2018
    • Kotak Personal Loan
      "Process was bit delay"
      0.5 5.0/5 "Blown Away!"
      The approved loan was 5 lakhs. The rate of interest was 10.99%. The monthly EMI is 11000 for a tenure for 5 years. There was no processing fee or documentation charges. The service was really good. But it was some delay in between for the process.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 04, 2018
    • Kotak Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have take personal loan from the Kotak mahindra bank bank which they approved in quickly and the amount is reflected in next day ,its instant approve process. As am satisfied with the rate of interest which is nominal one . They provided the tenure period of 1 year and i make the payment monthly though ECS. There are nominal processing fees also.
      Was this review helpful? 0
      , noida
      Reviewed on Jul 04, 2018
    • Kotak Personal Loan
      "Good bank to take personal loan"
      0.5 5.0/5 "Blown Away!"
      It took lots of time to disburse the loan. I had done a many follow up from them. Their is a lots of issues while processing the loan. They used to say will process the loan within 24 hours and their is no proper intimation also from them. They never called for the delay of the loan. The relationship manager did not give any proper response. They have provided the interest rate of around 13%. And processing fee of 0.5%.
      Was this review helpful? 0
      , jaipur
      Reviewed on Jun 30, 2018
    • Kotak Personal Loan
      "Not satisfied"
      0.5 1.0/5 "Really Bad"
      I have not got the personal loan with the Kotak mahindra bank because of some other reasons. I would like to say that the interest rate is around 14% for the personal loan. Everything is better one with the Kotak mahindra bank.
      Was this review helpful? 0
      , thane
      Reviewed on Jun 27, 2018
    • Kotak Personal Loan
      "Very Good Service"
      0.5 3.0/5 "Satisfactory"
      The process in getting the loan has been easy and smooth. But the interest rate with them has been high as they had been charging 14.5%. The loan amount which i was looking for was 4L and they had provided me with 2L and there has not been any issues with that. They also had been having a very good customer support which is always reachable.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 25, 2018
    • Kotak Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The experience with them had been very good so far and the process in getting the loan had been very good. The loan amount which they had given had been satisfactory and the interest rate with them had been normal. There has not been any kind of issues faced with them so far with the services which they had been providing.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 25, 2018
    • Kotak Personal Loan
      "Good Top up Plan"
      0.5 4.5/5 "Excellent!"
      I have applied the loan top up with the Kotak Mahindra bank for my existing loan with other bank. I have to pay the EMI of Rs. 4995 every month. I will pay easily by using the net banking. They are charging me a interest rate of 10.99%. The customer care service is prompt.
      Was this review helpful? 0
      , kochi
      Reviewed on Jun 21, 2018
    • Kotak Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      It has been a very good experience with them so far. The process in getting the loan has been very good and simple. It has taken almost 15 days in getting the loan amount and the loan amount had been satisfactory. But the interest rate has been a little high compared with the other banks.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 19, 2018
    • Kotak Personal Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I've applied for a personal loan with the Kotak Mahindra bank. I got the loan with in 3 days, Documentation was easy. The interest rate is normal when comparing with other banks in the market. The whole loan process was smooth as as a breeze...
      Was this review helpful? 0
      , kochi
      Reviewed on Jun 16, 2018
    • Kotak Personal Loan
      "Very good"
      0.5 4.0/5 "Great!"
      My personal loan was taken with KOTAK Bank 6 years back. The loan amount was 1 lakh and the given interest rate was satisfactory . The tenrue period was 2 years . I had a very good process and its was very simple. The customer service and responses was up to the mark. I have not faced any inconvenience with the service here. The processing fee was nominal.
      Was this review helpful? 0
      , noida
      Reviewed on Jun 16, 2018
    • Kotak Personal Loan
      "Prompt services from Kotak "
      0.5 4.0/5 "Great!"
      My loan got delayed due to the annual closing of the banking process. I have mailed to them regarding the delay. But i never got the reply from them. But relationship manager was good. She always give proper response whenever i called her. Their is no hidden charges. Whatever they have promised about the interest rate, they have maintained. They have to be handle with care. Actually, My loan got approved, but i got the money late. If anyone needs of money, then it is not good. Very Lengthy documentation process. They have got more than 100 signatures in the documents which has to be improved. But it is a hassle free services from the Kotak bank.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 10, 2018
    • Kotak Personal Loan
      "Best "
      0.5 5.0/5 "Blown Away!"
      I have the personal loan with the Kotak mahindra bank and the interest rate is around 11%. I would like to say that the response is good one and I have got the loan amount within a week of time. I am really happy with them.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 07, 2018
    • Kotak Personal Loan
      "Very good"
      0.5 4.0/5 "Great!"
      My personal loan was taken with KOTAK BANK 2 years back. The loan amount was 1 lakh and the process was very quick. I am completely satisfied with their Mobile application which is very convenient and through which i have taken instant loan. The processing fee was nominal.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 07, 2018
    • Kotak Personal Loan
      "Not satisfied"
      0.5 1.0/5 "Really Bad"
      My personal loan was taken with KOTAK BANK.I have requested for 3 lakhs loan amount but due to my low Cybil score they have issues just 2.5 lakhs which was not pre informed when i they have processed it . The customer service and responses was not up to the mark. Their interest rate was 17% which is very high and the processing free was also high here .
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 06, 2018
    • Kotak Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken this loan on the last November, the process in getting this loan has been very easy and smooth. The loan has got at the correct time and the loan amount had been satisfactory. The interest which they had been charging had been wonderful. The banking services had been ahead when compared with the other banks.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jun 06, 2018
    • Kotak Personal Loan
      "If you follow up you will get the loan"
      0.5 5.0/5 "Blown Away!"
      Processing fee is like anything other banks. I have done a regular follow up with the loan team. I don't think so i would have get my loan without my follow up. The commitment was given to me is not met. They said you will get the loan tomorrow. The same word they are saying for at least a week. Without proper follow up it not way to get loan. Around 12% as a interest rate.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 06, 2018
    • Kotak Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      I have taken a personal loan from Kotak Mahindra bank and it was overall a good experience. The loan amount was for Rs 1.5 lakhs with high interest rate when compared to other banks. The process was quite long and it took 20 days to disburse the loan. The tenure period for this loan is 48 months.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 06, 2018
    • Kotak Personal Loan
      "To give better service to attract the customer. "
      0.5 3.0/5 "Satisfactory"
      Customer care service is worst. Employees don't know how to deal with their customer. I called to customer care, to know the confirmation of loan. They keep on giving different number. They themselves don't know proper status of the customer's information. I got message like my loan got approved. But it took 20 days to get the loan after my loan approved.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 06, 2018
    Common Loader Icon
     Loading your search... Loading your search...
  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.