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Kotak Mahindra Bank offers personal loans for customers with a minimum monthly salary of Rs.20,000 at attractive interest rates between 10.50% to 16.99% p.a. Based on their eligibility, customers can avail loans between Rs.50,000 and Rs.15 lakh and choose a tenure subject to a minimum of 1 year and a maximum of 5 years. Kotak Mahindra Bank charges a processing fee up to 2.5% of the loan amount.
Particulars | Salaried |
Interest Rate | 10.50% - 16.99%p.a. |
Processing Fee | Up to 2.5% + GST |
Loan Tenure | 1 to 5 years |
Loan Amount | Rs.50,000 – Rs.15 lakh |
Salary / Income | Minimum monthly income of Rs.20,000 |
Employment Status | Salaried Individual |
Credit Score | 750 |
Lowest EMI per Lakh | Rs.2,187 |
Pre-Payment/Foreclosure Charges | 5% of Outstanding Principal + GST |
Overdue EMI Interest | 3% per month on the amount due |
1. For individuals with a monthly salary of Rs.20,000
Let’s assume that Mr. Mohan has applied for a personal loan from Kotak Mahindra Bank, and since he has no loan repayment history or a credit card, his credit score is below average. Due to the risk involved, Kotak Mahindra Bank set an interest rate of 19.99% p.a. on the Rs.1 lakh loan amount that he has availed. The bank has also charged him a processing fee of 2.5% on the loan amount of Rs.1 lakh. To repay the loan amount of Rs.1 lakh in 12 months, Mr. Mohan will have to pay an EMI of Rs.9,263.
Month | Principal Paid(A) | Interest Paid(B) | Total Payment (A+B) | Outstanding Loan Balance |
1 | Rs. 7,597 | Rs. 1,666 | Rs. 9,263 | Rs. 92,403 |
2 | Rs. 7,724 | Rs. 1,539 | Rs. 9,263 | Rs. 84,679 |
3 | Rs. 7,852 | Rs. 1,411 | Rs. 9,263 | Rs. 76,827 |
4 | Rs. 7,983 | Rs. 1,280 | Rs. 9,263 | Rs. 68,844 |
5 | Rs. 8,116 | Rs. 1,147 | Rs. 9,263 | Rs. 60,727 |
6 | Rs. 8,251 | Rs. 1,012 | Rs. 9,263 | Rs. 52,476 |
7 | Rs. 8,389 | Rs. 874 | Rs. 9,263 | Rs. 44,087 |
8 | Rs. 8,529 | Rs. 734 | Rs. 9,263 | Rs. 35,559 |
9 | Rs. 8,671 | Rs. 592 | Rs. 9,263 | Rs. 26,888 |
10 | Rs. 8,815 | Rs. 448 | Rs. 9,263 | Rs. 18,073 |
11 | Rs. 8,962 | Rs. 301 | Rs. 9,263 | Rs. 9,111 |
12 | Rs. 9,111 | Rs. 152 | Rs. 9,263 | Rs. 0 |
2. For individuals with a monthly salary of Rs.45,000
Let’s assume that Mr. Anbu earns a monthly salary of Rs.45,000 and applied for a personal loan of Rs.3.5 lakh. Since Mr. Anbu has had a personal loan with Kotak Mahindra Bank in the past and has made his payments on time, he has a good relationship with the bank and a good credit score and repayment track record. Kotak Mahindra Bank sets the lowest possible interest rate of 11.25% on the loan amount and charges a processing fee of 1% of the total loan amount to be availed. Mr. Anbu also chooses a repayment tenure of 12 months, which works in his favour with regard to the interest rate that was set by the bank. To repay the loan on time and keep his credit score optimum, Mr. Anbu will have to pay an EMI of Rs.30,975.
Month | Principal Paid(A) | Interest Paid(B) | Total Payment (A+B) | Outstanding Loan Balance |
1 | Rs. 27,693 | Rs. 3,281 | Rs. 30,974 | Rs. 3,22,307 |
2 | Rs. 27,953 | Rs. 3,022 | Rs. 30,975 | Rs. 2,94,354 |
3 | Rs. 28,215 | Rs. 2,760 | Rs. 30,975 | Rs. 2,66,139 |
4 | Rs. 28,479 | Rs. 2,495 | Rs. 30,974 | Rs. 2,37,660 |
5 | Rs. 28,746 | Rs. 2,228 | Rs. 30,974 | Rs. 2,08,914 |
6 | Rs. 29,016 | Rs. 1,959 | Rs. 30,975 | Rs. 1,79,898 |
7 | Rs. 29,288 | Rs. 1,687 | Rs. 30,975 | Rs. 1,50,610 |
8 | Rs. 29,562 | Rs. 1,412 | Rs. 30,974 | Rs. 1,21,047 |
9 | Rs. 29,840 | Rs. 1,135 | Rs. 30,975 | Rs. 91,208 |
10 | Rs. 30,119 | Rs. 855 | Rs. 30,974 | Rs. 61,088 |
11 | Rs. 30,402 | Rs. 573 | Rs. 30,975 | Rs. 30,687 |
12 | Rs. 30,687 | Rs. 288 | Rs. 30,975 | Rs. 0 |
You will have to submit proof of identification, income, address, bank statements for the last 3 months, and 3 passport-size photographs.
The personal loan schemes offered Kotak Mahindra Bank are unsecured, which means that no collateral will be required to avail a loan of Rs.15 lakh from Kotak Mahindra Bank.
Unfortunately, Kotak Mahindra Bank offers unsecured personal loans for salaried individuals only.
Kotak Mahindra Bank charges 3% per month as late payment charges of the overdue amount.
Yes, the top-up option is available for existing personal loan customers of the bank.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
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