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 2041 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
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  • Kotak Personal Loan Interest Rates Reviews

    • Kotak Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      The personal loan service was prompt from Kotak Mahindra, but within the time they process my personal loan application. I have arranged the required loan amount so that was the reason I haven't got the loan with kotak. The rate of interest is nominal with Kotak mahindra.
      Was this review helpful? 0
      , faridabad
      Reviewed on Sep 23, 2017
    • Kotak Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The Kotak mahindra executives took around 3week time to disburse my loan amount. The rate of interest which they have offered was high when compared with others banks. The required loan amount was not disbursed and I am not satisfied with the loan amount.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 23, 2017
    • Kotak Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It was a very good service from KOTAK ,interest rate was fine. Compare to other banks fees and charges was nominal with KOTAK MAHINDRA . Even the documentation part was also fine with KOTAK ,never had any issue with KOTAK service till now so overall it was an excellent service .
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 22, 2017
    • Kotak Personal Loan
      "Average"
      0.5 2.0/5 "Expected more"
      I have already taken the personal loan with the Kotak Mahidnra and the interest rate was very huge like it was around 17%. I would like to say that the customer service is also a kind of okay for me and the response is good one.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 22, 2017
    • Kotak Personal Loan
      "Not satisfied"
      0.5 2.0/5 "Expected more"
      I did not get the pretty good experience with the Kotak Mahindra bank for the personal loan, which I have applied. Customer service and other things has to be get improved. I would like to suggest that they have to stick with the words.
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 22, 2017
    • Kotak Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have got the personal loan with the Kotak mahindra bank within two weeks of time. Response is very nice and they are actually supportive too. I would like to say that the customer service is also providing the smooth service.
      Was this review helpful? 0
      , pune
      Reviewed on Sep 22, 2017
    • Kotak Personal Loan
      "Rate of interest should be compromised"
      0.5 2.0/5 "Expected more"
      I have applied for a personal loan application with KOTAK MAHINDRA BANK the rate of interest provided from the bank was 11.99% which is nearly 12%. But HDFC offered me 11.25% rate of interest for 3 lakhs rupees and an amount of 4000 plus GST will also be applicable against the loan.4000
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 21, 2017
    • Kotak Personal Loan
      "Customer service is good. But need to be more clear"
      0.5 4.0/5 "Great!"
      Kotak Mahindra Bank was good in the process for the personal loan. The bank did so many investigations, actually it is a good part. But the one thing, I was not okay with is they sent me a credit card without my consent. No one can use the credentials like that. When I asked them about it they say it was a part of promotion. I called the bank and cancelled the card and after which I received a call that the card is cancelled but I have not got any SMS or email on the same. I was to get it in 7 to 8 days, but it has been 15 days now. The interest rate was a good deal. It was around 10%.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Sep 21, 2017
    • Kotak Personal Loan
      "Criteria should be compromised"
      0.5 1.0/5 "Really Bad"
      With KOTAK MAHINDRA BANK i have applied for a personal loan. The executive contacted for the verification did not contacted me for so long and unfortunately i have to do the follow up calls. Later they informed due the low credit score it is not possible to provide the loan.
      Was this review helpful? 0
      , pune
      Reviewed on Sep 20, 2017
    • Kotak Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      Due to some personal reasons I haven't proceed with Kotak Mahindra personal loan application. The response was not up to the mark with KOTAK MAHINDRA. They need to focused in their response part, The rate of interest which they have offered was high when compared with others banks.
      Was this review helpful? 0
      , kolkata
      Reviewed on Sep 20, 2017
    • Kotak Personal Loan
      "Not satisfied"
      0.5 3.0/5 "Satisfactory"
      I have approached KOTAK bank for my personal loan. They need to improve their customer service and responsiveness as there was no call from the bank end regarding my personal loan process. The rate of interest was15-16% which was high comparing to other banks.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 20, 2017
    • Kotak Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      My experience with KOTAK was excellent because I have taken my personal loan and they have offered me the best rate of interest since I am a privilege customer to them . I have not walked in to my home branch or to the nearest bank of KOTAK ever as they are providing door step services for all the process which is really comfortable . They sanctioned the loan with committed time.
      Was this review helpful? 0
      , new delhi
      Reviewed on Sep 19, 2017
    • Kotak Personal Loan
      "KOTAK personal loan"
      0.5 5.0/5 "Blown Away!"
      When I was trying to take a personal loan KOTAK approached me. KOTAK was very good in providing services. They had done a comparison and provided me the best quote. No discount was offered on the processing fees and charges. KOTAK has also informed me about the foreclosure too. Prepayment options are also there and I pay the monthly installments on time.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 19, 2017
    • Kotak Personal Loan
      "IT WAS OK ."
      0.5 4.0/5 "Great!"
      The expereince that I had with KOTAK MAHENDRA PERSONAL LOAN process was OK . It was a kind of faster approval it totally took me something around 5 to 6 days for the whole personal loan process . 3 days it took me for the approval and then other 3 days the bank took for getting the load amount dispersed to my account . it was a fast approval personal loan i kind of liked it.
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 18, 2017
    • Kotak Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I can't go with the Kotak mahidnra personal loan because i have a low credit score. The customer support of kotak mahindra as gave me a call and informed me about the status of the product. The customer service gave prompt response in regards to my personal loan application. The rate of interest is nominal when compared with others.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 18, 2017
    • Kotak Personal Loan
      "Service should be improved"
      0.5 1.0/5 "Really Bad"
      I have applied for a personal loan with KOTAK MAHINDRA BANK. first they gave me calls regarding the application with them. But later the executive called me back and told me as my credit score is too low the bank is not willing to provide loan for now.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 18, 2017
    • Kotak Personal Loan
      "Approachable service"
      0.5 2.0/5 "Expected more"
      I applied for a personal loan application with KOTAK MAHINDRA BANK. At first i got a call from the executive and then they did not gave me any response. So i met the competitors and taken a loan from HDFC bank. But i don't find any issue with the bank personally.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 18, 2017
    • Kotak Personal Loan
      "Need Improvement"
      0.5 5.0/5 "Blown Away!"
      I have never got any calls from Kotak Mahindra bank in regards to my personal loan application. The customer service need to be improved with Kotak Mahindra, they have to focus in the customers application. The rate of interest is high when compared with other banks.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 18, 2017
    • Kotak Personal Loan
      "Not good not bad"
      0.5 2.0/5 "Expected more"
      I have approached KOTAK bank for my personal loan. My gross salary was low so they have rejected my personal loan application. Their customer service and responses was reallu not up the mark .Their representative collected all my documents and not explained about the process. He gave hope but the application was rejected which was disappointing. The rate of interest was 14.20% which is bit high and the fees and charges are not bad.
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 16, 2017
    • Kotak Personal Loan
      "Worst"
      0.5 2.0/5 "Expected more"
      I find Kotak bank services are not upto the mark they should maintain correct data their representatives dont have apt information because i have applied for personal loan where at first they said that you are eligible and at last no response from them regarding the status the interest rate is also too high when compared .
      Was this review helpful? 0
      , pune
      Reviewed on Sep 16, 2017
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