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
    11.49% - 20.15% Fixed
    Up to 2%
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free
    What you'll love
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    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews

    Kotak Personal Loan Interest Rates is Rated as "Pretty good" by 1908 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 + Service tax.
    Age 21 to 58 years
    Prepayment Charges Lock in period of 12 months. After 12 months, 5% foreclosure charges + service tax on outstanding principal amount.
    Foreclosure Charges 5% foreclosure charges + service tax 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.

     Kotak Personal Loan Offers

    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
      "Need Improvement"
      0.5 2.0/5 "Expected more"
      At the start I applied for a loan amount of 1,30,000, next day I was in need of 2,80,000 but KOTAK had disbursed 1,30,000 much before that. I was trying to reach the executives but none turned up. They simply sent me a text message stating that the executives would get in touch with me after 5 days of time. Therefore KOTAK needs to be more customer oriented. As far as the rates are concerned it is low when compared with others in the market.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 21, 2017
    • Kotak Personal Loan
      "Excellent "
      0.5 5.0/5 "Blown Away!"
      Experience was good and quick with the Kotak Mahindra bank for the personal loan, which I have got. The rate of interest was around 11.5% and the customer service, response was also went in the smooth way. There were no hindrances, which I have faced with the Kotak mahindra bank.
      Was this review helpful? 0
      , thane
      Reviewed on Jun 21, 2017
    • Kotak Personal Loan
      "Good Service"
      0.5 3.0/5 "Satisfactory"
      The company which I work is a Partnership firm and the Kotak Mahindra was about to collect my documents to proceed with my Personal loan, but no one turned up and I never got a call, any text message, mails regarding my personal loan application. I guess my company is not listed under the Kotak Mahindra banks criteria. The rate of interest is nominal when compared with others.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 21, 2017
    • Kotak Personal Loan
      "Its Good"
      0.5 4.0/5 "Great!"
      I had approached Kotak Mahindra for the personal loan when there was a need, later on I don't have requirement to take personal loan. That's the reason why, I had closed my loan application. Kotak Mahindra response is good, they had called me with regards to the loan process, but I don't any interest to proceed further with them with regards to the loan.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 21, 2017
    • Kotak Personal Loan
      "Need to be revise the rate of interest"
      0.5 3.0/5 "Satisfactory"
      I got the personal loan with the Kotak mahindra bank and the loan amount got disbursed within two weeks of time, The services are fine one with them till now and the response is good one. Interest rate and the processing charges were something huge.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 20, 2017
    • Kotak Personal Loan
      "Improper response"
      0.5 1.0/5 "Really Bad"
      I had not received proper response from Kotak Mahindra Bank for the personal loan. What are the documents I had submitted all are qualified and eligible for the loan. But I had received a call from Kotak where a lady spoke with me. She said that I am not eligible for the loan in a rude way and closed my application. Then I approached HDFC bank and got the loan.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 20, 2017
    • Kotak Personal Loan
      "They have to improvemise their customer service"
      0.5 2.0/5 "Expected more"
      I took personal loan from HDFC, Because I felt Kotak Mahindra interest rate is high. When I approached for the loan Kotak they offered me 14% of interest, but HDFC offered 12.99%. But I guess there is no processing fee for personal loan in Kotak. Finally I have not availed loan from Kotak, infact no one have contacted me for the loan process.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 20, 2017
    • Kotak Personal Loan
      "High Interest Rate"
      0.5 3.0/5 "Satisfactory"
      I had received good response from Kotak Mahindra Bank for the personal loan. Meantime I was trying with other banks for the loan because the interest rate is higher with Kotak than the other banks. Other than that I had no issues with Kotak for the loan process.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 19, 2017
    • Kotak Personal Loan
      "DISSATISFIED"
      0.5 1.0/5 "Really Bad"
      When I approached Kotak Mahindra Bank for the personal loan, I did not get any good response from them and the drawback is that they delayed my loan about three weeks and I have to escalate it, to sort out all things.. It was not that smooth and prefect throughout the process. The rate of interest was 15% which is high when compared with others.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Jun 17, 2017
    • Kotak Personal Loan
      "Kotak mahindra bank is such a fraud bank "
      0.5 0.5/5 "Unacceptable"
      I want to share my reviews. My father took a loan from Kotak bank, we paid all the instalments and the interest on time but their officers Did fraud with us, when my father deposited d money in d cc limit account, the officers blocked d money from d account nd den when we requested to unblock our account they didn't pick d call infact they took a revenge from us and bcz of shortage of money which they blocked, my business has been goes down day by day atlast we have decided dat we should have to change d bank bcz they blocked all d cc limit and as well as they took interest as well. When we deposit all d limit balance to d Kotak bank and all d charge which are due from our side we gave it to them but they did fraud with us now all d officers are denied to give property papers infact they are not giving properties registered deed along with not to close cc limit account nd now my family reputation is degrade day by day, my family is facing d financial problem bcz of Kotak bank.
      Was this review helpful? 0
      , guna
      Reviewed on Jun 16, 2017
    • Kotak Personal Loan
      "Not recommendable"
      0.5 2.0/5 "Expected more"
      My experience with Kotak Mahindra bank is not satisfactory. The rate of interest is very high and so is the processing fees and they are forcibly asking me to take add on facilities like wallet insurance. This is for a personal loan process and the bank is not recommendable.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 16, 2017
    • Kotak Personal Loan
      "Interest rate and charges has to be reduced"
      0.5 4.0/5 "Great!"
      I took personal loan in the year 2006 from Kotak Mahindra, initially they committed they would be charging the interest rate around 11 to 12% but when I was processed my loan with them, they charged around me 15% of interest, whatever it may be, if they give clear information about the loan process that would be great.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 16, 2017
    • Kotak Personal Loan
      "Need Improvement"
      0.5 3.0/5 "Satisfactory"
      Initially Kotak mahindra was very good in the process after submitting the documents again they have asked me to submit the missed out document, then I felt that they are taking too much of time. I have choose the other bank. The documentation process need to be improved with Kotak Mahindra. The rate of interest was nominal with Kotak Mahindra. I would say it was an average service.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 15, 2017
    • Kotak Personal Loan
      "Loan process should be flexible"
      0.5 3.0/5 "Satisfactory"
      Kotak personal loan interest rate is not upto the mark, finally I have loan due to my personal commitment. I have taken the amount of Rs.1.8 lakh for the tenure of three years. They charged 14% of interest and with some processing fee. It would be better, if their loan process is flexible and it is as per the market.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 15, 2017
    • Kotak Personal Loan
      "Average Service"
      0.5 4.0/5 "Great!"
      The Kotak Mahindra didn't gave any kind of proper response in concern to my personal loan application . They have disbursed my loan within 20 days. They have promised to disburse within a week time but they have failed to do it. The rate of interest is nominal with Kotak Mahindra. I am happy about the loan amount, but the additional charges can be reduced in future.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jun 14, 2017
    • Kotak Personal Loan
      "Not Responsive"
      0.5 1.0/5 "Really Bad"
      I had submitted the documents for the personal loan with Kotak Mahindra bank and the verification is done. But whenever I call the guy who collected the documents he is not picking up the call. Also I did not receive any kind of status update from Kotak Mahindra bank. It has been almost two months when I applied for the loan but till now there are no updates.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 14, 2017
    • Kotak Personal Loan
      "Better Service"
      0.5 4.0/5 "Great!"
      Kotak Mahindra Bank delivered good service for my personal loan. Interest rate is good as per the current market rate. I had no problem with Kotak in taking the personal loan. They provided a very good customer service and their response is good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 12, 2017
    • Kotak Personal Loan
      "Not satisfied"
      0.5 1.0/5 "Really Bad"
      Kotak mahindra bank had denied to process my personal loan application without any reason. Kotak mahindra bank had taken a lot of time to process my application and the rate of interest was on higher end. I dont have any suggestion for them till now.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Jun 10, 2017
    • Kotak Personal Loan
      "Poor service"
      0.5 3.0/5 "Satisfactory"
      Another bad experience with Kotak Mahindra was for the personal loan. I had submitted the cheque and all the other documents and I was told that the amount would be disbursed on that same day. I waited for a week and got no funds. So I visited the bank and they were not even aware that my application was declined. Worst of all they informed me that it is not a must for them to convey the message to me about my loan being rejected.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 10, 2017
    • Kotak Personal Loan
      "Good Experience"
      0.5 4.5/5 "Excellent!"
      I was in need, Kotak Mahindra have understand my requirements and sanctioned the loan. Though interest rate was higher side than other bank. They fulfilled my requirements, I really satisfied with their loan process and the service which they provided.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 02, 2017
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