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
    11% - 16.49% 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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    Fees & Charges
    Good to Know
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    Customer Reviews

    Kotak Personal Loan Interest Rates is Rated as "Pretty good" by 1939 Users

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    Promised Interest Rate

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    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
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I haven't proceeded with Kotak Mahindra bank because of their interest rate. I have chosen HDFC bank for my personal loan. The customer service and the response with Kotak Mahindra is good and supportive. The rate of interest is high with Kotak mahindra when compared with HDFC bank. I would say I got an average service from Kotak Mahindra.
      Was this review helpful? 0
      , pune
      Reviewed on Jul 19, 2017
    • Kotak Personal Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I have applied personal loan with Kotak mahindra but they haven't proceed loan because the Kotak executive informed me that I am not eligible to get the loan because my salary haven't met their eligibility criteria.The customer service and the response is very good with kotak mahindra. The rate of interest is nominal with Kotak.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jul 15, 2017
    • Kotak Personal Loan
      "Better Service"
      0.5 1.0/5 "Really Bad"
      I applied for the personal loan with Kotak Mahindra bank but I did not take the loan from it because I could not produce the salary slip. Other than that I do not have any issues with the bank I got good response from the bank when I applied for the loan.
      Was this review helpful? 2
      , bangalore
      Reviewed on Jul 11, 2017
    • Kotak Personal Loan
      "Interest rate is high"
      0.5 1.0/5 "Really Bad"
      I approached kotak mahindra bank for the personal loan but I got to know that the rate of interest is high so I requested them to reduce the interest rate but they are not ready to reduce and said that this is the final rate. Hence I did not avail the personal loan from them. But I got good response for my loan application.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 11, 2017
    • Kotak Personal Loan
      "Its Average"
      0.5 3.0/5 "Satisfactory"
      I have processed my personal loan with Bajaj Finserv because I already some loan with that financial institute, hence I didn't go head with Kotak Mahindra for the personal loan and also I already submitted my documents with Bajaj Finserv they processed my loan. But Kotak Mahindra interest rate is good compared to Bajaj Finserv.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jul 11, 2017
    • Kotak Personal Loan
      "Good response"
      0.5 4.0/5 "Great!"
      Actually I was planning to get the persona loan for my marriage but my parents managed it so I just dropped the plan in taking the personal loan. Kotak bank is good in response and they responded well when I approached them for the loan.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 11, 2017
    • Kotak Personal Loan
      "Charges should be reduced"
      0.5 2.0/5 "Expected more"
      Kotak Mahindra responded very well on the loan process, But they charged me huge interest rate. I took the loan amount of Rs.3 lakhs with 16% of interest rate and also they have taken some processing fee of Rs. 15,000 from the disbursement amount.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 11, 2017
    • Kotak Personal Loan
      "Slow process"
      0.5 2.0/5 "Expected more"
      I applied for the personal loan with Kotak Mahindra bank but I did not take the loan from them as they were asking for extra documents. Also their response and their customer service is not much good it is average only. The loan process also very slow with them. It would be good if their loan process is much effective.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 11, 2017
    • Kotak Personal Loan
      "Need to reduce the interest rate"
      0.5 3.0/5 "Satisfactory"
      Kotak gave me 11.5% of interest but other banks like HDFC and ICICI is providing only 10.99% of interest for HCL employees. In Kotak for the personal loan they taking some Rs.2500 as processing fee and insurance amount from the disbursement and one more thing I asked the principal amount of Rs.4.5 lakhs but they ready to sanction only Rs.4 lakhs, I am not fine with that, hence I didn't process with them.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 11, 2017
    • Kotak Personal Loan
      "Charges should be flexible"
      0.5 5.0/5 "Blown Away!"
      I have salary account with Kotak Mahindra, and I took my first loan with Kotak Mahindra. Their customer service is good and over taken by ING VYSYA service. Being an existing customer of bank they gives always better offer in the market. They provided preclosure option after a year however there will charges applicable.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 10, 2017
    • Kotak Personal Loan
      "Hassle free"
      0.5 4.5/5 "Excellent!"
      Overall experience was good with Kotak Mahindra, they just taken three to four days to collect the documents and they sanction the amount within five days. Kotak Mahindra approved the loan of Rs. 4.4 lakhs and they taken Rs.2400 rupees from the disbursement even their interest rate is pretty good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 10, 2017
    • Kotak Personal Loan
      "Not satisfied"
      0.5 2.0/5 "Expected more"
      I approached kotak mahindra bank for the personal loan They contacted me and informed me the details and checked about my requirement then they have arranges executive to collect my documents after collecting third day they are saying salary criteria is not matching your loan cannot be processed.
      Was this review helpful? 0
      , vadodara
      Reviewed on Jul 10, 2017
    • Kotak Personal Loan
      "Satifactory service"
      0.5 3.0/5 "Satisfactory"
      It was a smooth process with Kotak bank related to the personal loan.The loan process was very easy.They have not applied any charge in the loan process.The executive who handled the loan process was very friendly to me in assisting in 2014 I have availed this personal loan.
      Was this review helpful? 0
      , jaipur
      Reviewed on Jul 09, 2017
    • Kotak Personal Loan
      "Good services"
      0.5 3.5/5 "Pretty good"
      I could not go ahead for the personal loan with Kotak Mahindra bank due to the salary criteria. The customer services was good and the team is also responsive as well on time. The interest rate and processing charges were very much average which would be around 13%.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 07, 2017
    • Kotak Personal Loan
      "Good Response"
      0.5 4.0/5 "Great!"
      Kotak Mahindra bank was very responsive when I applied for the loan. They provided a good response but actually due to the credit score constrains I could not take the loan from them. Otherwise I do not have any issues with the bank. It was good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 07, 2017
    • Kotak Personal Loan
      "No Response"
      0.5 1.0/5 "Really Bad"
      I did not receive any calls or messages from Kotak Mahindra bank on my personal loan application. I just received a single call on which they said they would come and collect the documents but no one has visited my place for document collection but they closed my application.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jul 07, 2017
    • Kotak Personal Loan
      "Good In Followups"
      0.5 4.0/5 "Great!"
      Acually I had received good followup calls and information from Kotak Mahindra bank for the personal loan but I do not know why they had closed my loan application. Meantime I got the call from third party and my loan got approved with ICICI bank. Kotak bank has no part payment option only foreclosure is available.
      Was this review helpful? 0
      , greater noida
      Reviewed on Jul 07, 2017
    • Kotak Personal Loan
      "Average "
      0.5 3.0/5 "Satisfactory"
      I had not taken the personal loan with the Kotak Mahindra bank because I got the better deal with some other bankers. Response was good one with the Kotak Mahindra bank and I got the call after one to two days of time. I would like to suggest that they can reduce the rate of interest.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 03, 2017
    • Kotak Personal Loan
      "No Reply from the bank"
      0.5 2.0/5 "Expected more"
      I approached kotak mahindra bank for the personal loan. I applied for the loan with them and they had not responded properly towards my loan application. I am an existing customer of Kotak bank. I applied for 2 lakhs but I did not receive any kind of response from them.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jul 01, 2017
    • Kotak Personal Loan
      "Zero response"
      0.5 2.0/5 "Expected more"
      I did not go ahead with Kotak Mahindra bank as it was a complete zero response from them. I had applied for a personal loan and there were no calls to even acknowledge my details. No information on the interest rate and processing charges as well.
      Was this review helpful? 1
      , new delhi
      Reviewed on Jun 30, 2017
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