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
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    Kotak Personal Loan Interest Rates is Rated as "Pretty good" by 2109 Users

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    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 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

    Kotak Personal Loan Interest Rates Reviews

    • Kotak Personal Loan
      "Average experience"
      0.5 3.0/5 "Satisfactory"
      Due to the bank norms Kotak Mahindra Bank could not proceed ahead for the personal loan. The team responded on time and informed me the details. It was a average experience as there are other banks who have offered me a loan and better services and rate.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Oct 17, 2017
    • Kotak Personal Loan
      "Horrible experience"
      0.5 1.0/5 "Really Bad"
      They did. It was horrible experience. 1 month to get the loan to approved.. Nobody came to collect the document. I had a horrible experience with Kotak. It took a month to approve the loan, which is quiet high compared what other Banks are doing. The issue was with the document collecting team, they failed for 3 consecutive weeks to come and collect the documents. The communication they put forward was poor.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 17, 2017
    • Kotak Personal Loan
      "Not satisfied"
      0.5 2.5/5 "Just OK"
      It was not a good experience with Kotak Mahindra Bank for the personal loan. They collected my documents and after which they did not respond back. I did not get the status of my application as well. Not sure on the rate of interest rate and processing charges.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 17, 2017
    • Kotak Personal Loan
      "Loan got approved fastly"
      0.5 4.5/5 "Excellent!"
      My loan got disbursed pretty fastly and without much of a task. I required the loan pretty urgently, this Bank understood the need and fastracked the whole process. Only thing I found a little disappointed about was the Rate of Interest of 14.49%, wherein the running market rate is 13%.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Oct 17, 2017
    • Kotak Personal Loan
      "Good. High ROI"
      0.5 3.5/5 "Pretty good"
      I did not go ahead with Kotak Mahindra bank because I dropped my plans to take the personal loan. The response was on time. They contacted me and informed me the details. The interest rate was around 15% which was high and charges is also on the higher side.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 17, 2017
    • Kotak Personal Loan
      "Good"
      0.5 3.0/5 "Satisfactory"
      I have not taken the personal loan from Kotak Mahindra Bank because I got a better deal from another bank. The customer service was good and they contacted me on time. The rate of interest was of 13.99% and the processing charges was also normal. There were no options for part payment.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 17, 2017
    • Kotak Personal Loan
      "Not satisfied"
      0.5 1.0/5 "Really Bad"
      I had applied for a personal loan with Kotak Mahindra bank as I was told that it is a paper less process. But finally the executive contacted me and requested me to submit the hard copies of my paper work. So I cancelled my application as I am not happy with the bank.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 16, 2017
    • Kotak Personal Loan
      "Satisfactory"
      0.5 4.0/5 "Great!"
      I found the experience with Kotak Mahindra Bank to be very satisfactory. The rate of Interest of 14.49 % sounded reasonable and was something I found on par with the market standard. Also the process for the completion of the application was quick.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 16, 2017
    • Kotak Personal Loan
      "Good Service"
      0.5 4.5/5 "Excellent!"
      I have approached Kotak Mahindra on my personal loan. They offered me interest rate as 14.99 which is expensive, where HDFC offers 12.99. It was a paperless approval, satisfied with the customer service, The EMI period for my personal loan is 4 years.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 16, 2017
    • Kotak Personal Loan
      "Good services"
      0.5 3.0/5 "Satisfactory"
      The process to get the personal loan is good at Kotak Mahindra Bank. They collected the documents on time and processed the details. The only problem is that they have disbursed the loan on September 1st and taken the first EMI after 15 days. I have also received a credit card without my consent. I have submitted my documents for a loan and they have used the same for the card as well which is not secured and professional.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 16, 2017
    • Kotak Personal Loan
      "Average service "
      0.5 4.0/5 "Great!"
      I had applied for m a personal loan for an amount of five lakhs.Rate of interest is nominal as compared to other banks in the market.They had processed my loan in a short span of time. Overall I am happy to bank with kotak for futher financial products in future.
      Was this review helpful? 0
      , jaipur
      Reviewed on Oct 16, 2017
    • Kotak Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The service was good from KOTAK, but they took very long for the process to complete and even the rate of interest was high which is 16.75% and they have asked for the documents like my adhar card, 6 months bank statement ,6 months salary statement and id proof and they verified my documents and proceesed the service of KOTAK was very good for my personal account.
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 16, 2017
    • Kotak Personal Loan
      "Good "
      0.5 3.0/5 "Satisfactory"
      The perosonal provides by kotak was good i got a great deal with decent intrest rate as far as the time concerned for processingthey werent quick enough, too many documentationd and follow ups done...overall an ok service apart from getting a good deal..
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 15, 2017
    • Kotak Personal Loan
      "Unhappy with the services"
      0.5 1.0/5 "Really Bad"
      Kotak Mahindra bank contacted me for the personal loan and collected my documents. After they collected my documents I got no information from them that the loan got declined. Though I followed up so much the bank took two months to inform me the status.
      Was this review helpful? 0
      , jaipur
      Reviewed on Oct 15, 2017
    • Kotak Personal Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      I have taken a personal loan from Kotak Mahindra bank and the process was very lengthy for me. It took 15 days for them to process the loan. The interest rate and processing charges was okay. I was comfortable with it. But I would not recommend the bank.
      Was this review helpful? 0
      , noida
      Reviewed on Oct 15, 2017
    • Kotak Personal Loan
      "Very good service"
      0.5 4.0/5 "Great!"
      I have applied for the personal loan from Kotak Mahindra, i am happy that my loan application was approved and the required amount was disbursed. It was a good experience, the customer service was good, all the formalities were completed on time. They provided a door step service to collect the documents. I am also satisfied with the rate of interest.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 15, 2017
    • Kotak Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      Kotak mahindra disbursed my loan amount within 15days of time. The customer service is average with Kotak mahindra. The service need to be prompt with Kotak mahindra. The rate of interest is high with Kotak mahindra when compared with other banks.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 14, 2017
    • Kotak Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The service is good with Kotak mahindra. The customer support was average with Kotak mahindra. The delay has been made by kotak mahindra team. The required loan amount was been disbursed and I am satisfied with it. The rate of interest is little on a higher side but I am satisfied with it.
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 14, 2017
    • Kotak Personal Loan
      "Long process"
      0.5 4.0/5 "Great!"
      It was a extremely long process with Kotak Mahindra bank for the personal loan. They took three months for the process. Every time I contacted them, they kept giving me dates and it finally got disbursed this month. I hardly received the loan I am receiving a message that the EMI will be deducted.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 14, 2017
    • Kotak Personal Loan
      "Good coordination"
      0.5 4.0/5 "Great!"
      It was a good experience with Kotak Mahindra bank for the personal loan, as it was a door step service. They came over and collected all the documents and signatures. There were couple of managers who contacted me and guided me as I did not have few papers. They coordinated well. The interest rate and charges was on a higher side. It was around 14%.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 14, 2017
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