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    Kotak Personal Loan Interest Rates

    Kotak Mahindra Bank offers personal loans that can help you fulfill your unplanned and emergency financial needs. Find out the current Kotak personal loan interest rate so that you can calculate the total cost and monthly cost of your personal loan.

    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.750 Amazon Voucher 100% PAPERLESS APPROVAL
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    Kotak Personal Loan Interest Rates is Rated as "Pretty good" by 2679 Users

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    Personal Loan BYTES FROM OUR KITCHEN
    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.

    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.

    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) -

    Year Total Payment (INR) Balance (INR) Principal Portion (INR) Interest Portion (INR)
    2015 1,68,470 8,83,193 1,16,807 51,663
    2016 5,75,793 3,47,019 3,07,401 96,927
    2017 4,04,327 2,25,961 3,49,832 54,495
    2018 2,35,858 0 2,25,961 9,897

    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

    Kotak Personal Loan Interest Rates Reviews

    • Kotak Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have been using with the personal loan from the Kotak BANK , there service is too good, they have charged me nominal rate of interest in this loan they have charged me up to 10.99% it is nominal, and even processing fee they have charged me was nominal they have charged me up to 1% . but they have taken stamp duty charges and credit appraisal charges as well,the loan amount they have given me was sufficient.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jan 21, 2019
    • Kotak Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have been holding my personal loan with KOTAK MAHINDRA BANK, the loan amount they have given me was not sufficient they have given me up to 2,90,000 as loan amount i have expected up to 3,00,000 as loan amount, and the rate of interest they have charged me was high like while applying they have said that they will be charging 15.75% but they have charged up to 16.75% and they have taken me processing fee up to 10,000 including gst it was bit high, there was 10-12 days delay in getting loan amount.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Jan 21, 2019
    • Kotak Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have been holding my personal loan with KOTAK MAHINDRA BANK, the loan amount they have given me was sufficient , they have charged me rate of interest was nominal they have charged me up to 15.99% was nominal, and the processing fee they have charged me was nominal there was no delay in loan , bu there was many deduction they have given me up to 8,000-9,000 it high , and emi option on 10 jan it got auto debited but in 11-12 jan again it came to my account stating that it got bounce, i need to check with the customer.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 20, 2019
    • Kotak Personal Loan
      "Average Service"
      0.5 2.0/5 "Expected more"
      It was not a good experience i had with this loan where the interest rate with them has been around 18% which was very high when compared with the market rate and the charges which they had made also has been very high. Their customer support response has also not been good.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 20, 2019
    • Kotak Personal Loan
      "Not satisfied"
      0.5 3.0/5 "Satisfactory"
      Actually have started the loan with Kotak Mahindra Bank by last month. It is a balance transfer and they have not provide me any breakup of my loans which am not happy. After completing one year, other banks are providing the information but here is not happened. The rate of interest and charges are slightly better.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 19, 2019
    • Kotak Personal Loan
      "Response has to be Quick"
      0.5 3.5/5 "Pretty good"
      At the time i was looking for a personal loan , i had applied with Kotak Mahindra Bank. My application was taken care and it was processed but there was a bit delay. After approval it took 20 days to get the money credited to my account. The interest rates were reasonable and it were somewhere around 11%, but the fine charges are very high in Kotak.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 19, 2019
    • Kotak Personal Loan
      "Average"
      0.5 1.0/5 "Really Bad"
      I have taken a personal loan from Kotak Mahindra Bank and it was closed in the year of 2018. My experience is not good, have not received NOC on time. They need to improve the customer service. The rate of interest is more compared to others. The documentation process was easy but foreclosure is very difficult.
      Was this review helpful? 4
      , pune
      Reviewed on Jan 18, 2019
    • Kotak Personal Loan
      "Loan processing time is very good"
      0.5 4.0/5 "Great!"
      My personal loan was processed with Kotak Mahindra Bank through online portal. I have expected the minimum interest rate around 14 to 15% but they have charged me 16%. The processing fee was around 8% due to my urgency so have proceeded it. I have submitted the documents online also executive came to collect few documents.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 18, 2019
    • Kotak Personal Loan
      "Unhappy with the services"
      0.5 1.0/5 "Really Bad"
      It has not been a good experience with Kotak Mahindra Bank for the personal loan. They have taken many signatures at one go and now I am facing hassles for the first EMI as they say there is a signature mismatch. The rate of interest is very high, it is of 12.7% and the the processing fee is of 10500 which is very high. I also had to submit the documents once more physically. I was told it is a paper less process.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jan 18, 2019
    • Kotak Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I took a personal loan from the Kotak Mahindra Bank. Only one reason i am giving 4 stars is the disbursement time was too late apart from this the Loan Process was very fast, their interest rate is nominal and the documentation part is very good. Overall it has been very good experience.
      Was this review helpful? 1
      , gurgaon
      Reviewed on Jan 18, 2019
    • Kotak Personal Loan
      "My personal loan experience"
      0.5 1.0/5 "Really Bad"
      I have taken a personal loan from Kotak. When i applied for the loan they have said the interest rate was 10% but after sanctioned the loan they have charged me 20% as a interest rate without any prior information. I have applied the loan through online. I have given enough documents with the reference proof.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 17, 2019
    • Kotak Personal Loan
      "Not i have expected from Kotak"
      0.5 4.0/5 "Great!"
      There are lots of difference between my communication and their action. There were many customer care executive spoke with me with the different details. There are some hidden charges for that they have informed me after sanctioning the loan. Because of the fast process, i have chosen the Kotak bank for my personal loan.
      Was this review helpful? 1
      , pune
      Reviewed on Jan 17, 2019
    • Kotak Personal Loan
      "Average loan services"
      0.5 4.0/5 "Great!"
      Interest rate and processing charges are too high. They have charged me 4% as a processing fee and interest rate was bit high when i compared to others. I have applied the loan amount of Rs. 3.5 lakhs. I have received the loan on time. Their collection executive came to my place and collected my documents.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 17, 2019
    • Kotak Personal Loan
      "Best in service"
      0.5 5.0/5 "Blown Away!"
      I had taken a personal loan with Kotak Bank and the services were satisfactory. The interest rates were reasonable and it was 8.35%. There was no delay happened in my application at the time of applying. The overall services are quite good in Kotak.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 17, 2019
    • Kotak Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I took a personal Loan from KOTAK MAHINDRA BANK . The Application process was smooth and the loan amount was credited to my account with in few days. The documentation was also very fast. I am happy with their services considering the loan experience. The tenure period is 48 month .
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 17, 2019
    • Kotak Personal Loan
      "Need to improve the service"
      0.5 2.0/5 "Expected more"
      I have done a balance transfer from Kotak Mahindra Bank and not received the cheque to HDFC. The customer service is not responding properly, am trying to contact my relationship manager for last 10 days and wrote email as well but no answer. The rate of interest was fine but there was too many charges. The loan duration is 5 years.
      Was this review helpful? 1
      , mumbai
      Reviewed on Jan 14, 2019
    • Kotak Personal Loan
      "Charges should be reduced"
      0.5 3.0/5 "Satisfactory"
      There was more charges on the personal loan, Kotak Mahindra taken around Rs. 6000 from 1.3 lakh for the tenure of 34 months. They gave me the part payment and foreclosure, only charges need to be reduced as per the bank norms, remaining all fine with them.
      Was this review helpful? 1
      , new delhi
      Reviewed on Jan 14, 2019
    • Kotak Personal Loan
      "Good and need to reduce the rate of interest"
      0.5 4.0/5 "Great!"
      I have applied my personal loan with Kotak Mahindra through online. The rate of interest is little on the higher side. They have taken around 7 days to deliver the loan, I can do part payment and foreclosure with 5% which is higher. The documents are submitted online.
      Was this review helpful? 1
      , mumbai
      Reviewed on Jan 12, 2019
    • Kotak Personal Loan
      "Excellent Service"
      0.5 4.5/5 "Excellent!"
      The process in getting this Personal loan has been quick and there has not been any hassle in the process. The loan amount has been sufficient and the interest rate with them has been nominal. There has not been any additional charges which they had made and the processing fee was nominal.
      Was this review helpful? 1
      , pune
      Reviewed on Jan 09, 2019
    • Kotak Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The process in getting this loan has been quite simple and smooth where there was not been any hassle. The loan amount which they had provided has been sufficient and the interest rate with them has been quite high when compared with the market rate and there has been some charges which they had made as well.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Jan 09, 2019
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