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 2340 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
      "Good"
      0.5 4.0/5 "Great!"
      My personal loan was taken with KOTAK bank . The tenure period was 5 years and the loan amount was 1.5 lakhs . The rate of interest was between 10-11% which was satisfactory . The customer service and responses was up to the mark. The loan was approved on time and the process fee was also reasonable.
      Was this review helpful? 1
      , mumbai
      Reviewed on Dec 09, 2017
    • Kotak Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have my personal loan with KOTAK bank . I have taken 1 lakh and the interest rate was 12.5% which was avergae in the market . The tenure period was 4 years and the processing fee was bit high here but they have sanctioned the loan with the committed time.
      Was this review helpful? 0
      , faridabad
      Reviewed on Dec 09, 2017
    • Kotak Personal Loan
      "Approchable for personal loan"
      0.5 2.0/5 "Expected more"
      I have taken a personal loan from Kotak Mahindra . The approved loan amount is 1.2 lakhs. The monthly EMI is 6000 for 24 months. The approved rate of interest is 10.99%. The communication with the bank is good. The documentation process was too much.
      Was this review helpful? 1
      , bangalore
      Reviewed on Dec 09, 2017
    • Kotak Personal Loan
      "Best Bank for loan"
      0.5 5.0/5 "Blown Away!"
      My personal loan was taken with Kotak Bank. It is a pre approval loan without any documentation and no verification. The disbursement was happened in one minute. I didn't even to pay the processing fee earlier. It was a great experience with Kotak Bank. The charges and interest rate is also normal.
      Was this review helpful? 0
      , kolkata
      Reviewed on Dec 09, 2017
    • Kotak Personal Loan
      "Needs to improve on ROI"
      0.5 4.5/5 "Excellent!"
      My personal experience was very good with Kotak Mahindra Bank, the process was quite long, it took 20-25 days for the loan amount to get approved, there was some issue with the signature on the documents so it was delayed. When it comes to customer service, it was good and they responded on time, documents were collected door step. The tenure of this loan is 3 years and the rate of interest of 14.5% is high when compared to all other banks.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Dec 08, 2017
    • Kotak Personal Loan
      "Better service"
      0.5 4.0/5 "Great!"
      I have applied for the personal loan from Kotak Mahindra Bank, my loan application was approved and the requested amount was disbursed. The process was smooth, it took 12-13 days for the loan amount to get approved. Rate of interest is 10.99% which is nominal when compared to other banks. Customer service from KMB was good and they responded on time, documents were collected door step.
      Was this review helpful? 0
      , kolkata
      Reviewed on Dec 08, 2017
    • Kotak Personal Loan
      "Better service"
      0.5 4.0/5 "Great!"
      The personal loan service was good with Kotak mahindra bank and they took 10days to disburse my loan amount. The rate of interest is average and I am satisfied with it. The required loan amount has been given and I happy with it. The customer support is prompt with Kotak mahindra bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 08, 2017
    • Kotak Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have taken why personal loan with KOTAK bank which was a very convenient and hassle free process. The loan amount was 2 lakhs and the rate of interest was 12% which was avergae in the market . The EMI period was 3 years .They have provided door step service for collecting document and the processing fee was 3000.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Dec 08, 2017
    • Kotak Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      It was a good personal loan experience with Kotak Mahindra Bank, i am happy with the services which they provided me. Customer service was good and they responded on time, they provided door step service to collect the documents. The process was very smooth, it took 10 days for the loan amount to get approved. There is a penalty of 5% on pre closure and part payment. The rate of interest of 14.29 is high when compared to other banks.
      Was this review helpful? 1
      , new delhi
      Reviewed on Dec 07, 2017
    • Kotak Personal Loan
      "Good service"
      0.5 3.5/5 "Pretty good"
      My personal loan application was approved with Kotak Mahindra Bank and the experience was quite good. It took 10 days for the loan amount to get approved. The process was smooth, customer service was good and they provided door step service to collect the documents. The rate of interest was high when compared to all other banks.
      Was this review helpful? 0
      , kolkata
      Reviewed on Dec 07, 2017
    • Kotak Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      The Kotak mahindra bank took long time to give response and there was lack of communication among their own executives. The customer support was not up to the mark 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.
      Was this review helpful? 0
      , new delhi
      Reviewed on Dec 07, 2017
    • Kotak Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The Kotak mahindra bank personal loan process need to be improved . They took longer than higher because they took a week time to disburse the loan amount after the documentation process. The rate of interest is less when compared with other banks.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Dec 07, 2017
    • Kotak Personal Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have taken a personal loan with Kotak Mahindra Bank,the loan amount is one lakh.The rate of interest is nominal as compared to other banks.They took almost two weeks to complete the loan request.I have given post dated cheques to clear my EMI.The overall service is an average.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Dec 07, 2017
    • Kotak Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have my personal loan with KOTAK bank . The loan amount was 2.5 lakhs and the interest rate was 14% which was very high in the market . The customer service and responses was up to the mark. They have provided door step service for collecting document and the process was nominal here so I would like to recommend their service to others.
      Was this review helpful? 0
      , pune
      Reviewed on Dec 07, 2017
    • Kotak Personal Loan
      "Need to Improve"
      0.5 1.0/5 "Really Bad"
      I have my personal loan with KOTAK Bank . The loan process was not good. Here since they have asked me to submit list of documents. The loan amount was 4 lakhs and the interest rate was 10.99%which was average in the market. I am not satisfied with the customer service here since they did not clearly mention everything and hidden charges was also there.
      Was this review helpful? 0
      , pune
      Reviewed on Dec 07, 2017
    • Kotak Personal Loan
      "Need Transparency "
      0.5 3.0/5 "Satisfactory"
      The personal service was not transparent and they haven't fulfilled the query, because I have applied for the top up personal loan but the approved loan amount was different and the disbursed amount was lower than that, They customer support is not up to the mark with Kotak mahindra. The rate of interest and the charges are average with kotak mahindra.
      Was this review helpful? 0
      , chennai
      Reviewed on Dec 07, 2017
    • Kotak Personal Loan
      "Needs to improve on Customer Service"
      0.5 2.0/5 "Expected more"
      My personal loan experience with Kotak Mahindra bank was not up to the mark. There was no issues with the bank, they provided door step service to collect the documents. The process was very quick and my loan amount was approved within the given time. Customer service was not good, they did not explain about the processing fees, they charged Rs 10000 for one assist and another 5000 rs which they do not have explanation. The rate of interest was high when compared to other banks.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 06, 2017
    • Kotak Personal Loan
      "Dissatisfactory"
      0.5 1.0/5 "Really Bad"
      I am not satisfied with the Kotak Mahindra Bank service. Whenever I call the customer support they don't give the proper information, they said to be on line and then call will be disconnected. The rate of interest was okay. The documentation process was done @ doorstep.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Dec 06, 2017
    • Kotak Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I had taken my personal loan with Kotak Mahindra Bank through online channel. The rate of interest was 18%, it was high when compared to other banks. The executive came to my place and collected all the documents. After collecting the documents, they disbursed 2,80,000 rupees.
      Was this review helpful? 0
      , new delhi
      Reviewed on Dec 06, 2017
    • Kotak Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      I had applied for a personal loan with Kotak Mahindra.I had requested for five lakhs.Rate of interest is 15.99% its very high as compared to other banks,other additional charge like processing fees is 15000 deducted from my loan amount,they had processed the request within a week.
      Was this review helpful? 0
      , pune
      Reviewed on Dec 06, 2017
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