Multiple banks. Different interest rates. Call it a "conflict of interest".
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    We found 1 Kotak Personal Loan Interest Rates
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    Interest Rate Range
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    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 2567 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 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.

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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 service"
      0.5 3.0/5 "Satisfactory"
      The experience i had in getting this personal loan has been okay, where the loan amount which they had provided had been sufficient and the interest rate with them also had been nominal. Their customer support also had been helpful at times and has been responsive. There has not been any hassle faced with them so far.
      Was this review helpful? 3
      , hyderabad
      Reviewed on Sep 19, 2018
    • Kotak Personal Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      The process in getting this loan has been smooth and easy and the loan amount also had been satisfactory as well. The interest rate with them has been quite okay and there has been some processing fee which they had charged. Their customer support and their staff responses also had been very good as well.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 17, 2018
    • Kotak Personal Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      It was an average experience with Kotak Mahindra bank for personal loan, the process took 30 days to complete and the customer support was not up to the mark. The loan amount was based on my requirement and the rate of interest was nominal when compared to other banks.
      Was this review helpful? 1
      , chennai
      Reviewed on Sep 17, 2018
    • Kotak Personal Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      The process in getting this loan had taken almost three to four days and the process had been easy. The loan amount which they had provided has been satisfactory and the interest rate also been good as well. There has not been any charges which they had been charged also had been good when compared with the market rate.
      Was this review helpful? 2
      , new delhi
      Reviewed on Sep 17, 2018
    • Kotak Personal Loan
      "Good Service"
      0.5 3.5/5 "Pretty good"
      I've taken a personal loan form the Kotak Mahindra Ban. The loan amount 3 lacs, interest rate was more, customer support is waiting time at the branches are high. They need to stick to their timings and appointments.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Sep 15, 2018
    • Kotak Personal Loan
      "Average Service"
      0.5 2.0/5 "Expected more"
      I had chosen to go with them since the EMI was very low with them and the process in getting this loan has been taken more time than usual. It took almost a month in getting the loan. The loan amount was satisfactory and the interest rate was quite reasonable. Their customer support and their staff responses also had been good in the initial times but it has gone not so well in the late days.
      Was this review helpful? 1
      , mumbai
      Reviewed on Sep 14, 2018
    • Kotak Personal Loan
      "Looking for less interest rate"
      0.5 4.0/5 "Great!"
      My personal loan application was approved with Kotak Mahindra bank and my experience was good, the process was smooth and i received my loan amount in 10 days. The rate of interest was nominal when compared to others. Customer service was good and they responded on time.
      Was this review helpful? 1
      , pune
      Reviewed on Sep 12, 2018
    • Kotak Personal Loan
      "Good"
      0.5 3.5/5 "Pretty good"
      I have taken my personal loan with KOTAK BANK . The loan amount was 4 lakhs and the interest rate was satisfactory . The tenure period was 5 years .They have sanctioned the loan with the committed time and the processing fee was also high. The customer service and responses was good.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 12, 2018
    • Kotak Personal Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I have taken personal loan through KOTAK BANK , i receive my loan with in 4 days the process was too quick with this bank , i did not face any issues while getting loan and at the time of documentation . Rate of interest is 13% and processing fee is also very much nominal .
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 12, 2018
    • Kotak Personal Loan
      "Good. Can do better"
      0.5 4.5/5 "Excellent!"
      I have taken a personal loan with Kotak Mahindra Bank. The experience was good, but there was a delay in the process. I was told that I would receive the loan in six days, but it took three weeks. I received the loan as needed. The rate of interest is around 11% and the processing fees was charged as well.
      Was this review helpful? 2
      , chennai
      Reviewed on Sep 11, 2018
    • Kotak Personal Loan
      "Time consuming"
      0.5 1.0/5 "Really Bad"
      I have taken a personal loan from the Kotak Mahindra bank for 2.5 lacs, the interest rate was 14% , It took so much time to get approved and finally I got the loan amount. They need to work on the processing and application and ensure a timely disbursal.
      Was this review helpful? 4
      , bangalore
      Reviewed on Sep 05, 2018
    • Kotak Personal Loan
      "Need to reduce charges"
      0.5 5.0/5 "Blown Away!"
      My experience with Kotak Mahindra bank for personal loan was good, the loan amount was for Rs 4 lacs with high interest rate when compared to other banks. The charges are high on preclosure. Customer service was good and i preclosed the loan is 2 years.
      Was this review helpful? 4
      , bangalore
      Reviewed on Sep 05, 2018
    • Kotak Personal Loan
      "AVERAGE"
      0.5 4.0/5 "Great!"
      I have taken personal loan from KOTAK BANK , the rate of interest is 10.99 % initially they said different rate and later they charge different interest rate . . Customer service is not up the mark . Processing fee is 10000 and tenure period is 24month .
      Was this review helpful? 2
      , bangalore
      Reviewed on Sep 01, 2018
    • Kotak Personal Loan
      "Poor Service"
      0.5 2.0/5 "Expected more"
      I've taken a personal loan from the Kotak Mahindra Bank. The process was smooth, there were issues with the EMI auto debit and my cheque got bounced and Credit score also got affected. They need to be more precise with the payments collection.
      Was this review helpful? 1
      , pune
      Reviewed on Aug 31, 2018
    • Kotak Personal Loan
      "excellent"
      0.5 5.0/5 "Blown Away!"
      My loan amount was taken with KOTAK BANK , there is no hidden charges with this bank . Customer service and their follow up is good , the process of getting loan is too quick . My tenure period is 5year and rate of interest is 11.99% and it is nominal in the market . Processing fee is nominal and they gave preclosere option too .
      Was this review helpful? 3
      , indore
      Reviewed on Aug 30, 2018
    • Kotak Personal Loan
      "Good overall "
      0.5 4.0/5 "Great!"
      My personal loan is with Kotak Mahindra Bank. The process to get the loan was smooth and there was no delay. But the details like processing fee is not transparent and due to which the loan amount was lesser than expected. The rate of interest is of 13.75%.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Aug 29, 2018
    • Kotak Personal Loan
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I've taken a personal loan from the Kotak Mahindra Bank. The Rate of interest was high. The whole application process was easy and hassle free. They need to keep the interest rate in par with the market rate.
      Was this review helpful? 1
      , bangalore
      Reviewed on Aug 28, 2018
    • Kotak Personal Loan
      "ROI and charges very high"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan with Kotak Mahindra Bank. The customer services and response is good. There are no issues in the process. They have provided the loan on time. But they have offered a very high rate of interest which is of 22% and the processing fee is high too. It is recommended only in an emergency.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Aug 28, 2018
    • Kotak Personal Loan
      "Good. Can do better"
      0.5 3.0/5 "Satisfactory"
      My personal loan is with Kotak Mahindra Bank. The customer services and response is okay, but could have been more better if they were quick. Since the documentation was not signed there was a delay. The rate of interest offered to me is of 10.99%.
      Was this review helpful? 2
      , bangalore
      Reviewed on Aug 27, 2018
    • Kotak Personal Loan
      "Good loan"
      0.5 4.0/5 "Great!"
      Processing and documentation was easy, there was no issues in processing the documents, i feel like rate of interest in normal, also there was no issues in transferring the funds to my account, over all everything is fine and customer service is a also good with them its good.
      Was this review helpful? 0
      , chennai
      Reviewed on Aug 25, 2018
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