Multiple banks. Different interest rates. Call it a "conflict of interest".
Multiple banks. Different interest rates. Call it a "conflict of interest".
  • loading

    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.2,000 Amazon Voucher
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    Kotak Personal Loan Interest Rates is Rated as "Pretty good" by 2407 Users
    Personal Loan BYTES FROM OUR KITCHEN

    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.

    Apply for Personal Loan

    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
      "Better"
      0.5 4.0/5 "Great!"
      Kotak has offered 12.69% interest rate for the personal which was high. But normally the rate of interest was low compared to others. The loan disbursement on time. I had applied for 3.50L. The total duration is 5 years. The charges are applicable for pre closure .My documents are collected by the executive.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Jan 20, 2018
    • Kotak Personal Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      They have sanctioned the personal loan was around 1L 52K, in my account it came 1L 46K so I have asked them to share the break-up. But I haven't received yet anyway I don't required now, its okay they started debiting the installment. The rate of interest was more compared to other banks. The processing fee is applicable.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 20, 2018
    • Kotak Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      My personal loan was taken with KOTAK bank. The loan mount was 4 lakhs and the tenure period was 4 years . The Interest rate was 12% average In the market.I had a very good loan experience here and the charges were also nominal. My experience was good and its recommendable.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 20, 2018
    • Kotak Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      My personal loan was taken with KOTAK bank.The loan amount was 1 lakh and the interest rate was 16.99% which is bit high than other banks. The EMI period was 3 years. Ere the pre closure is after 1 year and the processing was also nominal. My overall experience was excellent and I am happy with the service.
      Was this review helpful? 0
      , jaipur
      Reviewed on Jan 20, 2018
    • Kotak Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      My personal loan was taken was taken with KOTAK bank. The loan amount was 1.60 lakh and the Interest rate was 14% which is bit high than other banks in the market.The loan process was quite easy and the processing fee was nominal. My overall experience was good and its recommendable.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 20, 2018
    • Kotak Personal Loan
      "Good "
      0.5 5.0/5 "Blown Away!"
      I am completely happy with kotak service. It shows interest rate as low but when I compare with the other banks the full amount was more than close it. The documentation process was simple and they provided a doorstep service. The loan was disbursed on time.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 19, 2018
    • Kotak Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have got the personal loan from KOTAK MAHINDRA BANK around a year ago. They have disbursed the loan amount within 3 days of time. The customer support was prompt with KOTAK MAHINDRA BANK. It was a pre approved loan because I have applied the loan through mobile application.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 19, 2018
    • Kotak Personal Loan
      "Good service"
      0.5 4.5/5 "Excellent!"
      Got the personal loan amount within 15days of time . The rate of interest is nominal with the Kotak mahindra bank . The customer support service is prompt with the Kotak mahindra bank. The documents were collected on time with the kotak mahindra bank. I would say I am satisfied with the loan amount.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 19, 2018
    • Kotak Personal Loan
      "Good"
      0.5 3.5/5 "Pretty good"
      My personal loan was taken with KOTAK bank. The Interest rate was 11% which is avergae in the market. The tenure period was 2 years. I had a very good experience here but they have much time for sanctioning the loan. The processing fee was 3000 . They have provided door step serveice for collecting documents.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 18, 2018
    • Kotak Personal Loan
      "Very Good"
      0.5 4.0/5 "Great!"
      I have got the personal loan with the Kotak mahindra bank and the response was pretty good one. I would like to say that the rate of interest was around 10.99% and the customer service was very good too. I am really happy with the Kotak mahindra bank.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jan 18, 2018
    • Kotak Personal Loan
      "Faster approval & good service"
      0.5 4.5/5 "Excellent!"
      It was a good experience with Kotak on my personal loan. The process was easy and good. The rate of interest was normal. I took 1L as a personal loan and have to pay monthly around 2000 rupees. It was for a tenure of 5 years. The executive came to my place and collected all the documents.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 17, 2018
    • Kotak Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I had the great experience with the Kotak mahindra bank for the personal loan, which got disbursed. Response is very quick and am very happy with them. I would like to say that the rate of interest is around 16%. I am happy with the Kotak mahindra bank credit card.
      Was this review helpful? 0
      , greater noida
      Reviewed on Jan 17, 2018
    • Kotak Personal Loan
      "Need to be quick and fast"
      0.5 2.5/5 "Just OK"
      Initially the Kotak mahindra bank promised that they will disburse the loan amount within 4 days of time but they failed to do it, they took around 20days of time. Even I have submitted the documents on time before the time frame. The customer support and their executives need to be quick and fast in their process.
      Was this review helpful? 0
      , pune
      Reviewed on Jan 17, 2018
    • Kotak Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The kotak mahindra bank had given me good response in regards to my personal loan application. The customer support told that they don't have option to upload the documents through online so they personally asked me to come and visit their bank to get the loan amount. The response was really good with kotak mahidndra bank. I am satisfied with the kotka mahindra bank service.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jan 16, 2018
    • Kotak Personal Loan
      "Good service with the High interest"
      0.5 3.0/5 "Satisfactory"
      The kotak bank has offered me a personal loan based on my credit card. They have disbursed the loan amount with in 3days of time. I am satisfied with the loan amount because they have approved the required loan amount. The rate of interest and the charges were high when compared with others.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 16, 2018
    • Kotak Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The paper work was done in quick time. The rate of interest is bit high when compared with others. The customer support and the response was good with the Kotak Mahindra bank. They have disbursed the loan amount in 2 weeks of time. They could have provide within a week time, but the documentation process took some time.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jan 16, 2018
    • Kotak Personal Loan
      "very good service"
      0.5 5.0/5 "Blown Away!"
      I have my personal loan application approved with Kotak Mahindra bank and the experience was good. The loan amount is for Rs 3.9 lakhs with the rate of interest of 14.65% which is bit high when compared to all other banks. The process was smooth and i received my loan amount within 1 week. I am not aware of the processing fees and the tenure of this loan is 5 years. Customer service was good and they collected documents on time.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 15, 2018
    • Kotak Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My Personal loan experience with Kotak Mahindra bank was quite good, the process was very smooth and i received my loan amount within 1 week. The loan amount i requested for is Rs 2 lakhs and the rate of interest is 10.99% which is nominal when compared to other banks. Customer service was good and they collected documents on time. The tenure of this loan is 4 years and it was a good service overall from KMB.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Jan 15, 2018
    • Kotak Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      My Personal loan experience with Kotak Mahindra bank was average, the process was quite long and the documents were not collected on the exact venue. When it comes to customer service, it was good and they responded on time. I did not get any alerts on the status of the application. The rate of interest of 10.99% is nominal when compared to other banks. The requested amount was disbursed and the tenure of this loan is 2 years.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 15, 2018
    • Kotak Personal Loan
      "Prcocess needs to be faster"
      0.5 3.0/5 "Satisfactory"
      My personal loan was taken with Kotak Mahindra Bank. The rate of interest was normal like other banks. I took 1,96,000 rupees as a personal loan. I am paying monthly 18,000 through ECS. The documents are submitted online. I got a proper response but the process was very slow. They took more than 20 days for the loan disbursement.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 13, 2018
    Common Loader Icon
     Loading your search... Loading your search...
  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.