Multiple banks. Different interest rates. Call it a "conflict of interest".
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    We found 1 Kotak Personal Loan Interest Rates

    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
    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 1965 Users

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    Promised Interest Rate

    Customer Service

    Responsiveness

    Personal Loan BYTES FROM OUR KITCHEN

    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 2017

    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.

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    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
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  • Kotak Personal Loan Interest Rates Reviews

    • Kotak Personal Loan
      "Good service"
      0.5 3.5/5 "Pretty good"
      The Kotak mahindra executives gave a call and explained me about the product and I have given all my details and also submitted my required documents as well, they told they will be giving a call back after the approval but there was no response from Kotak mahindra, so that was the reason I haven't got the loan from Kotak mahindra bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 16, 2017
    • Kotak Personal Loan
      "All went good"
      0.5 5.0/5 "Blown Away!"
      I did not find any kind of challenges while processing my personal loan with Kotak Mahindra Bank. All their services are pretty good and even I am happy with the interest rate. The executives are quite responsible towards the customer's application and all went good.
      Was this review helpful? 0
      , new delhi
      Reviewed on Aug 16, 2017
    • Kotak Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      The Kotak mahindra service was really good in concern to my personal loan application. They gave good response as per my requirement. The Kotak mahindra executive came to my place and collected the required documents so that was the reason I have closed the personal loan application. The rate of interest is high when compared with others.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 16, 2017
    • Kotak Personal Loan
      "Good Customer Service"
      0.5 4.5/5 "Excellent!"
      To be frank, interest rate is not really good but it is ok. Kotak Mahindra bank offered a personal loan last month. I do not have any dissatisfaction with the bank for the loan process but it would be more convenient if the interest rate is bit less. Customer service is good.
      Was this review helpful? 0
      , pune
      Reviewed on Aug 14, 2017
    • Kotak Personal Loan
      "Its Good"
      0.5 5.0/5 "Blown Away!"
      The property which I was shortlisted it was not finalized hence I dropped the plan to avail personal loan, but Kotak Mahindra have contacted me and confirmed my needs and they ready to sanction full amount with nominal interest as per the market but I denied to go head.
      Was this review helpful? 0
      , noida
      Reviewed on Aug 12, 2017
    • Kotak Personal Loan
      "Its Good"
      0.5 4.0/5 "Great!"
      Kotak Mahindra offered me around 16% of interest for the personal loan, I am not fine with that rates. I asked them to negotiate the rate but based on salary, they offered me same interest rate. Then I took loan from other source, they gave me lower interest rate.
      Was this review helpful? 0
      , mumbai
      Reviewed on Aug 12, 2017
    • Kotak Personal Loan
      "Responsive"
      0.5 4.0/5 "Great!"
      Earlier there was some requirement for the finance hence I applied for the personal loan with Kotak Mahindra Bank but later I do not find any requirement for the loan therefore I did not continue the loan process and I had cancelled it. Response wise, I cannot say anything wrong about the bank because I got a very good response from them.
      Was this review helpful? 0
      , noida
      Reviewed on Aug 11, 2017
    • Kotak Personal Loan
      "Interest should be reduced "
      0.5 4.0/5 "Great!"
      I am not Compromised with Kotak Mahindra interest rate, hence I had taken loan from other bank with the interest rate 10.99 for the personal loan. But Kotak offered me 11.45% of interest, I asked them to reduced the rate but they denied process for the loan as it was offered for a lower interest.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Aug 11, 2017
    • Kotak Personal Loan
      "Wonderful "
      0.5 4.0/5 "Great!"
      My experience was good one with the Kotak Mahindra bank and the loan amount got disbursed within ten to twelve days of time. Response was good one with them and the customer service and other things are really nice one.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Aug 11, 2017
    • Kotak Personal Loan
      "Very Good"
      0.5 4.0/5 "Great!"
      I have postponed my plan hence I thought not to avail personal loan right now. Kotak Mahindra is a good even offered me the interest rate, which is better in the market but I have denied to process with them, only because of my personal reason nothing else.
      Was this review helpful? 0
      , greater noida
      Reviewed on Aug 11, 2017
    • Kotak Personal Loan
      "Looking for a better service"
      0.5 3.0/5 "Satisfactory"
      Kotak Mahindra have rejected my loan application, stating my salary did not meet with their criteria and they didn't provide any other options too. Service wise Kotak is good, they called and confirmed my requirements, even their interest rate was very much nominal.
      Was this review helpful? 0
      , chennai
      Reviewed on Aug 10, 2017
    • Kotak Personal Loan
      "Communication gap should be eliminated"
      0.5 2.0/5 "Expected more"
      Kotak have not in formed the reason, why have rejected the application. Initially I got a call, they asked to submit the documents. Then no body turned up to collect the documents from my place for further process. Hence I could not continue with them.
      Was this review helpful? 0
      , kolkata
      Reviewed on Aug 10, 2017
    • Kotak Personal Loan
      "Moderate Service"
      0.5 4.0/5 "Great!"
      For the personal loan, I approached Kotak Mahindra bank. They processed the loan without any hassles. But the interest rate was high which was 14 % something. So I had transferred the loan to the other banks. Customer service was good with Kotak.
      Was this review helpful? 0
      , chennai
      Reviewed on Aug 09, 2017
    • Kotak Personal Loan
      "Process is good. But high on ROI and charges"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan with Kotak Mahindra Bank. I had no issues with the process as I was contacted immediately and the team processes my information. It was a on time process and I got the funds as needed. The bank was high on the rate of interest which was of 13% and the processing charges was high too.
      Was this review helpful? 0
      , mumbai
      Reviewed on Aug 09, 2017
    • Kotak Personal Loan
      "Fantastic service"
      0.5 5.0/5 "Blown Away!"
      Everything is available in the Kotak Mahindra bank. They have offered me a personal loan and within a week time theyhave disbursed my loan. The requested loan amount was disbursed on time and I am happy with it. The rate of interest is nominal with Kotak mahindra.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Aug 09, 2017
    • Kotak Personal Loan
      "Good in interest rate"
      0.5 5.0/5 "Blown Away!"
      I am banking with Kotak Mahindra since 2011. Recently I had taken the personal loan from ICICI. So when I received the loan from ICICI, I got a call from Kotak and they informed me that they are willing to provide the loan with 11% of interest rate. So comparatively Kotak is more good in terms of the interest rate.
      Was this review helpful? 0
      , chennai
      Reviewed on Aug 08, 2017
    • Kotak Personal Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      The whole process for the personal loan was on time. Kotak Mahindra bank has done a neat job by collecting my papers and disbursing the loan when I needed it. The rate of interest was around 11% a bit high and processing charges was 3500 I have applied for 5 laksh received it around 4 lakhs
      Was this review helpful? 0
      , mumbai
      Reviewed on Aug 08, 2017
    • Kotak Personal Loan
      "Moderate Service"
      0.5 4.0/5 "Great!"
      Surely I had received a good service from Kotak Mahindra bank for the personal loan. Actually I did not visit the bank directly for the loan but I applied for the loan through online. Interest rate is ok and I do not have any issues with the bank with respect to the loan process.
      Was this review helpful? 0
      , kolkata
      Reviewed on Aug 07, 2017
    • Kotak Personal Loan
      "High in Charges"
      0.5 3.0/5 "Satisfactory"
      I felt interest rate is little higher with Kotak Mahindra bank than the other banks for the personal loan. Also they charged me around 15000 for processing fee. I do not know for what they had charged me with such a huge amount but I had raised a query and I am waiting for the reply till date. But they had completed the process without any delay. Customer service and their responses are good.
      Was this review helpful? 0
      , noida
      Reviewed on Aug 07, 2017
    • Kotak Personal Loan
      "Its Better"
      0.5 5.0/5 "Blown Away!"
      Kotak mahindra gave me good experience, but they have ten days to disburse the amount. Documentation process was little hassle . They have charged higher rate of interest compared to other banks. But I need loan hence I took they have fulfilled my needs.
      Was this review helpful? 0
      , mumbai
      Reviewed on Aug 04, 2017
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