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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% - 18.15% Fixed
    Up to 2.5%
    25L Max
    1-5 years
    Response Time : Within 30 minutes
    Rs.1,000 Amazon Voucher
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    Kotak Personal Loan Interest Rates is Rated as "Pretty good" by 2490 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 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.

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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"
      0.5 2.5/5 "Just OK"
      I have approached KOTAK bank for my personal loan .They have canceled my request with out any intimations. I was looking for 6 lakhs and the interest rate was 14.99% which is very high . The customer service and responses was not good.My experience was not up to the mark.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 20, 2018
    • Kotak Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      The rate of interest and the charges were quite high with the KOTAK MAHINDRA BANK persona loan process and I have got the loan amount within a week time. The customer support service and the response is good from the Kotak mahindra bank. I would say I got excellent service.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 18, 2018
    • Kotak Personal Loan
      "Average service"
      0.5 2.0/5 "Expected more"
      The kotak mahindra bank personal loan service is not up to the mark and they haven't gave me proper response in regards to my personal loan application. they took around 20 days of time to completed the personal loan process. The rate of interest is fine but the charges are very high with the Kotak .
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 16, 2018
    • Kotak Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The personal loan service was good and i have got prompt response from them. The customer support service is good from the Kotak mahindra bank. I have got the loan amount within 3 to 4 days of time. The required loan amount has been given but the hidden charges can be reduced.
      Was this review helpful? 0
      , gurgaon
      Reviewed on May 16, 2018
    • Kotak Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      The personal loan service was good from the Kotak mahindra bank and I have got the loan amount within a day time. The customer support service and the response is good from the kotak mahindra. The required loan amount has been given and I am satisfied with tit. The rate of interest and the charges are quite high with Kotak when compared with others.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 16, 2018
    • Kotak Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have postponed the Personal loan plan at present so that was the reason I haven't got the personal loan from the Kotak mahindra bank. The customer support service and the response was good from the Kotak mahindra bank. The rate of interest and the charges where quite high when compared with others.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 16, 2018
    • Kotak Personal Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      The interest was quite low which made me to choose this institution. I did not find any other bank with it where the representative has suggested me. But later on there was a rate of interest showing high to almost 20%. There was not much discussion with the customer executive have been made. Even the company was not listed because of the reason it was being dropped.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 13, 2018
    • Kotak Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I was in need of a personal loan for my sisters marriage expenses therefore for purpose I had applied for the personal loan. There has also been other banks which had offers. The rate of interest was too much high during that time when compared with the other banks which were offering personal loan.
      Was this review helpful? 0
      , pune
      Reviewed on May 11, 2018
    • Kotak Personal Loan
      "Very good service"
      0.5 4.0/5 "Great!"
      The service which they had provided when i had applied for this loan was quite good. During that time the rate of interest was good as well. Since i have a loan which has got sanctioned from another bank i have closed this loan from them. But overall it was a good loan.
      Was this review helpful? 0
      , pune
      Reviewed on May 11, 2018
    • Kotak Personal Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      The kotak mahindra bank haven't gave me any response in concern to my personal loan application. The costumer support service gave a call back and explained me about the products but after that there was no responses for them , so that easy the reason I haven;t got the loan from them.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 11, 2018
    • Kotak Personal Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have applied for the personal loan from the Kotak mahindra bank ,but there was no response from the kotak Mahindra bank in regards to my personal loan . The customer support service and the response need to be improved from the Kotak Mahindra bank. The rate of interest was quite high with the Kotak Mahindra bank personal loan.
      Was this review helpful? 0
      , kolkata
      Reviewed on May 10, 2018
    • Kotak Personal Loan
      "Need improvement"
      0.5 1.0/5 "Really Bad"
      There was no response from the Kotak mahindra bank in regards to my personal loan application. The loan application need to give prompt response from the Kotak mahindra bnak and they need to focus on their customers. The service need to be improved from Kotak.
      Was this review helpful? 0
      , chennai
      Reviewed on May 08, 2018
    • Kotak Personal Loan
      "Not satisfied"
      0.5 2.0/5 "Expected more"
      I have approached KOTAK bank for my personal loan but the loan was not approved due to my very low cybil score.The customer service and responses was not good at all.The loan amount was 4 lakhs and the interest rate was also very high so my overall experience was not good.,
      Was this review helpful? 0
      , chennai
      Reviewed on May 08, 2018
    • Kotak Personal Loan
      "GOOD SERVICE"
      0.5 5.0/5 "Blown Away!"
      Using Kotak mahindra bank for 4 years for personal loan , they actually helped me in time with the loan. But am not satisfied with the tenure period and rate of interest , even asked their customer care and response which i got is okay .Rate of interest is high so i have to pay more in emi.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 04, 2018
    • Kotak Personal Loan
      "Services are good"
      0.5 5.0/5 "Blown Away!"
      My personal loan is with Kotak Mahindra Bank. It was a very easy process to get my loan. It was a pre approved loan and I got the loan in few minutes. I could do it in my net banking itself. The rate of interest was reasonable, it was of 11% and the processing charges are normal too.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 04, 2018
    • Kotak Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      I have taken a personal loan with Kotak Mahindra bank and my loan experience was good. The loan amount was based on my requirements and the rate of interest was nominal when compared to other banks. The tenure period for this loan is 4 years and they charge 2% for preclosure.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 30, 2018
    • Kotak Personal Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      The personal loan process is not up to the mark with the Kotak mahindra bank and I got the personal loan from the Kotak mahindra bank around 9 months ago., The customer support service and the response is average with the Kotak mahindra bank . The required loan amount has been given and I am satisfied with it. The rate of interest and the charges are average with the Kotak mahindra bank personal loan services.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 30, 2018
    • Kotak Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a personal loan with KMB and my loan experience was good, the loan amount was for Rs 5 lakhs with high interest rate when compared to other banks. The tenure period for this loan is 5 years and they charge 4% of the principal amount for preclosure.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 26, 2018
    • Kotak Personal Loan
      "Good"
      0.5 3.0/5 "Satisfactory"
      I have my personal loan with AXIS Bank. The loan amount was 3 lakhs and the interest rate was 16.75% which is high . The EMI period was 3 years . The process was very easy but it took a month for the loan . They did not sanctioned the loan with the committed time. The processing fee was 2% which is nominal.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 25, 2018
    • Kotak Personal Loan
      "Good service"
      0.5 4.5/5 "Excellent!"
      My personal loan was taken with KOTAK BANK . The loan amount was 15 lakhs an the interest rate was 15.25% which is bit high and the tnrue period was 3 years . The customer service and resp0omses was up to the mark. The processing fee was nominal. They have provide door step service for selecting documents but they have delayed the process.
      Was this review helpful? 0
      , kolkata
      Reviewed on Apr 25, 2018
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