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

    We found 2 Kotak Personal Loan Interest Rates

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    11.49% - 20.15% Fixed
    Up to 2%
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    12.99% - 14.50% Fixed
    0.99% to 2% One time fee
    45L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 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 1875 Users

    Fees & Charges

    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 + Service tax.
    Age 21 to 58 years
    Prepayment Charges Lock in period of 12 months. After 12 months, 5% foreclosure charges + service tax on outstanding principal amount.
    Foreclosure Charges 5% foreclosure charges + service tax 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.

    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
      "Its Better"
      0.5 4.0/5 "Great!"
      After giving the loan request to Kotak Mahindra bank, they had called me and shared the loan process update. But due to the personal reason I had postponed the plan. Other banks are providing beneficial interest rate but Kotak charges high rate.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 27, 2017
    • Kotak Personal Loan
      "Good overall"
      0.5 4.0/5 "Great!"
      Kotak Mahindra Bank has been good in the services for the personal loan. The team contacted me on time and informed me the details. The loan could not process due to the banking norms. I was offered a normal interest rate and processing charges.
      Was this review helpful? 0
      , faridabad
      Reviewed on May 27, 2017
    • Kotak Personal Loan
      "Timely process has to be done"
      0.5 4.0/5 "Great!"
      I am not happy with Kotak Mahindra personal loan process, they took more than a month and they processed an EMI before sanctioning the loan. I took the amount of 3 lakhs with the tenure of 3 years and my EMI is 10,802, its running without any issues.
      Was this review helpful? 0
      , chennai
      Reviewed on May 27, 2017
    • Kotak Personal Loan
      "Not happy with the services & interest rate"
      0.5 3.0/5 "Satisfactory"
      I am not too happy with Kotak Mahindra Bank as they were delaying to contact me by a week or two. The bank was also high on the rate of interest and the processing charges, when compared to what the other banks offer. I cancelled the application and moved ahead with another bank for the personal loan.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on May 27, 2017
    • Kotak Personal Loan
      "Good in Response"
      0.5 5.0/5 "Blown Away!"
      When I decided to take the personal loan, I approached Kotak Mahindra Bank through online source. But later I did not avail the loan due to my personal reasons. I do not have any issues with the bank for the loan process. In fact, I received proper response from the bank.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on May 27, 2017
    • Kotak Personal Loan
      "Respond has to be improved"
      0.5 4.0/5 "Great!"
      Still now there is no information from Kotak Mahindra, why my loan application got rejected. Nobody called from the bank to check the loan process or nobody contacted me to collect the documents, I am not happy with their service they should improve.
      Was this review helpful? 0
      , noida
      Reviewed on May 27, 2017
    • Kotak Personal Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      Initially, Kotak Mahindra Bank contacted me , they collected all my documents for the personal loan process, then there was no response from their end after some days they have contacted and they said Rate of interest will not be charged but later on after disbursement of loan they have charged certain amount however there was no proper communications from them after that.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 26, 2017
    • Kotak Personal Loan
      "Worst Customer service"
      0.5 1.0/5 "Really Bad"
      I have applied personal loan with Kotak Mahendra, They didn't even bothered about my personal loan application. Because they did not gave any response towards my personal loan application. I would like to suggest that kotak Mahendra can be focused a lot on the customers application in future.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 26, 2017
    • Kotak Personal Loan
      "Better service"
      0.5 4.0/5 "Great!"
      Kotak Mahendra gives very less loan amount, with a nominal interest rate. But the loan amount was really low that was the reason I haven't got the loan with Kotak Mahendra. They also gave the prompt response and they have communicated well. I would suggest Kotak to increase the loan amount to the customers who are eligible for the loan. Overall I would say it is a better service.
      Was this review helpful? 0
      , noida
      Reviewed on May 25, 2017
    • Kotak Personal Loan
      "Very good services"
      0.5 5.0/5 "Blown Away!"
      Kotak Mahindra bank provided me a personal loan which no other bank did and I am happy for the support and services. The interest rate and processing charges was also reasonable and I had no issues in the documentation as well. I got the funds on time.
      Was this review helpful? 0
      , pune
      Reviewed on May 24, 2017
    • Kotak Personal Loan
      "Satisfied"
      0.5 4.0/5 "Great!"
      I did not have sufficient documents , so only I did not get the personal loan from Kotak mahindra bank, rest everything else was okay for me, also I have not faced any issues with them. Rate of interest offered by the bank was around 12%, which is really good.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 24, 2017
    • Kotak Personal Loan
      "Excellent Work in Processing Personal Loan"
      0.5 5.0/5 "Blown Away!"
      I would like to thank and appreciate "Mr Saumendra Subudhi (Relationship Manager ) & team specially Mr. Vinod & Mr. Santosh Kumar S". For taking my case as a priority and working over it . I am truly satisfied with your attitude and care for your customers. You all made it true not by words but by actions that Kotak cares and stands for its Customers. Once again thank you guys for the effort u put in.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 24, 2017
    • Kotak Personal Loan
      "Bank explained details clearly"
      0.5 4.0/5 "Great!"
      I am very happy with Kotak Mahindra bank as they did not delay but informed me about all the terms and conditions on time. The bank could not proceed for my personal loan due to the salary criteria. The rate of interest was around 11% and the processing charges was normal.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on May 24, 2017
    • Kotak Personal Loan
      "They need an improvement on customer's service part"
      0.5 2.0/5 "Expected more"
      Initially, Kotak Mahindra Bank contacted me , they collected all my documents for the personal loan process, then there was no response from their end. I tried reach them but non of them responded hence I am unable to take personal loan from them...
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 24, 2017
    • Kotak Personal Loan
      "Good Bank"
      0.5 2.0/5 "Expected more"
      Five months back I had taken personal loan from Kotak Mahindra Bank. The loan amount is five plus lakhs and the interest rate is far good than the other banks. The good thing about Kotak is they do not have a lot of rules and regulations and their rate of interest will be too good. But the drawback is their customer service is not at all approachable. Easily I got the loan from the bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 24, 2017
    • Kotak Personal Loan
      "High Rate of Interest"
      0.5 3.0/5 "Satisfactory"
      I thought to take a personal loan from Kotak Mahindra bank so I applied with them. But then, I am not feel comfortable with their rate of interest as it is very high than the other banks. So I just closed the application. But I got good response from the bank.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 23, 2017
    • Kotak Personal Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      The services provided by Kotak Mahindra bank was very much aveage. I had applied for a personal loan and I received a call and the team checked about my requirement. I was promised that some one would come over and collect my documents, but no one did and I could not proceed ahead for the loan.
      Was this review helpful? 0
      , gurgaon
      Reviewed on May 23, 2017
    • Kotak Personal Loan
      "Recommendable Bank"
      0.5 5.0/5 "Blown Away!"
      When I approached Kotak Mahindra Bank for the personal loan, I received very good response from them and they processed the loan application without any delay. It was smooth and prefect throughout the process. The rate of interest is normal one with them.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 23, 2017
    • Kotak Personal Loan
      "Not satisfactory"
      0.5 2.0/5 "Expected more"
      I applied from a different online channel for a personal loan with Kotak Mahindra bank and once the details reached the bank, the rate of interest was way higher than what I was eligible for and to what I was informed about at the first stage. I was informed about a rate of around 11% and Kotak was offering me 14%. The loan amount was also varying.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 23, 2017
    • Kotak Personal Loan
      "Be professional"
      0.5 1.0/5 "Really Bad"
      When I approached Kotak Mahindra Bank for the personal loan, their executives interrogated me. A particular lady from Kotak called me and she was really rude. From that day onwards I decided not to use the services of KOTAK in my life, even I would not use Kotak ATMS too. Also I got call from her manager too, even the manager is also speaking same as the lady. I would not recommend this bank to others.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 22, 2017
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