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    Kotak Mahindra Bank Personal loan

    Kotak Mahindra Bank offers personal loans with interest rates starting from 10.99% onwards. A flexible repayment tenure up to 5 years is provided for customers. Customers can choose a loan amount between Rs.50,000 and Rs.15 lakh based on their requirements. The bank charges a processing fee of 2.5% of the loan amount before disbursing it.
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    We found 1 Kotak Mahindra Bank Personal loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    11.25% - 19.99% Fixed
    Up to 2.5%
    25L Max
    1-5 years
    Response Time : Within 30 minutes
    Rs.750 Amazon Voucher 100% PAPERLESS APPROVAL
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    Kotak Mahindra Bank Personal loan is Rated as "Pretty good" by 2831 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Personal Loan BYTES FROM OUR KITCHEN

    Personal loans provide quick access to funds during emergency financial needs. The personal loan offered by Kotak Mahindra Bank is intended just for that purpose. If you are having a sudden financial emergency, you may reach out to Kotak Mahindra and apply for a personal loan. The reasonable interest rates and flexible repayment options can help you take care of your emergency financial needs without leaving a big dent in your monthly budget. Let’s check out the different aspects of the Kotak Mahindra Bank personal loan.

    Some of the key features of Kotak Mahindra personal loan are given below:

    Interest rate Loan amount Benefits
    Ranges from 10.99% to 24% Minimum: Rs.50,000 Maximum: Rs.15 lakh
    • Easy online application process
    • Minimal paperwork and faster processing
    • Hassle-free loan disbursal process

    Why choose Kotak Mahindra Bank personal loan?

    The reasons for choosing Kotak Mahindra Bank personal loan are listed as follows:

    • Instant loans for unforeseen expenses
    • Minimal documentation and immediate processing of loans
    • Easy access to funds for any purpose including marriage, higher education, vacation, emergency medical needs, etc.

    Fees and charges

    The fees and charges associated with Kotak Mahindra Bank personal loan are given as follows:

    Processing charges up to 2.5% of the loan amount + GST
    Stamping charges as per respective state’s Stamp Act
    Credit appraisal charges up to 5% of the loan amount subject to a maximum of Rs.7,500
    Overdue interest charges 3% per month, compounded monthly
    Dishonour Rs.750 per instance
    Collection charges 30% of dishonour charges + overdue interest
    CIBIL report charges Rs.50 + GST
    No due certificate Rs.500 + GST

    Eligibility for Kotak Mahindra Bank personal loan

    The eligibility criteria for Kotak Mahindra Bank personal loan are listed as follows:

    • Anyone between the ages of 21 years and 58 years can get access to this loan.
    • The applicant must be an active employee of a public or private sector company for at least one year.
    • The applicant must earn at least Rs.20,000 per month to be eligible for this loan.
    • The applicant must at least be a graduate.
    • The applicant must be a resident of the current city for at least one year.

    Documents required

    The following list of documents must be submitted to get the personal loan offered by Kotak Mahindra Bank:

    • Proof of identity (PAN, Aadhar, driving license, voter’s ID, etc.)
    • Proof of residence (Utility bill, passport, etc.)
    • 3 passport size photographs
    • Salary slips for at least 3 months
    • Bank statement for the last 3 months

    How do I calculate Kotak Personal Loan EMI?

    EMI calculation is a straightforward task with BankBazaars dedicated Personal Loan EMI Calculator financial tool. By making a few selections, customers can check the EMI amounts for various tenures and loan amounts, and decide on the best plan for them. Visitors can access the EMI calculator by following the steps detailed below:

    • On the home page, theres a tab called ˜Financial Tools.
    • The dropdown menu when you hover the cursor over Financial Tools tab shows ˜Personal Loan EMI Calculator option.
    • Next, select the loan amount and period that you are most comfortable with by dragging the marker on the respective scales on the screen. The tenure is capped at 5 years, while the loan amount is capped at 30 lakhs.
    • In the next field (˜Interest Rate), you have to select the interest rate that is applicable on the loan you are planning to take. The ˜Fee field has pre-filled figures in it, you simply have to type in your selection.
    • After all the details have been confirmed, on pressing the ˜Calculate button, you will be taken to a new page with all the relevant EMI details.

    The information detailed here will be very helpful when planning loan repayments as they are based on concrete data.

    FAQs for Kotak Mahindra Bank personal loan

    What is the loan tenure for Kotak Mahindra Bank personal loan?

    The repayment options are quite flexible in Kotak Mahindra Bank. Customers can choose the loan repayment tenure between 1 year and 5 years.

    Is it possible to foreclose the personal loan?

    Yes. It is possible to foreclose the personal loan after 12 months of continuous EMI payments. The bank must be given a foreclosure notice at least 30 days before the payment. Kotak Mahindra Bank has foreclosure charges of 5% of the outstanding loan amount + applicable service tax. Once the payment is made, the bank will send the No Objection Certificate and remaining postdated cheques (if any) to you within 15 days.

    Can I do part prepayments on my personal loan?

    No. Kotak Mahindra Bank does not allow part prepayment on personal loans at present.

    What is the personal loan top-up facility offered by Kotak Mahindra Bank?

    Personal loan top-up refers to the process by which a customer gets an additional loan over the outstanding loan amount. This is subject to Kotak Mahindra’s lending policy and the customer’s creditworthiness. During this process, the bank will check for any EMI overdue, outstanding loans, bounced cheques, borrower’s job stability, etc., before issuing the top-up loan.

    What is Personal Loan Balance Transfer?

    This is a process by which the outstanding loan amount is transferred from one financial institution to another. This is done mainly to take advantage of the lower interest rates offered by another bank. This could help you bring down your overall debt burden.

    What is the installment payment date for the personal loan? Can I choose the date based on my convenience?

    The installment repayment dates are 5th and 10th of every month. Customers can choose between these two days while signing up for the loan.

    Will I get a repayment schedule for my loan?

    Customers can download their repayment schedule from the official website of the bank anytime they want. If you are not able to download, you may visit the nearest branch office and get the repayment schedule by providing your personal loan details.

    Can I postpone my EMI payment for a specific month in case of an emergency?

    No. The bank does not allow postponing or rescheduling of EMI payments. If you are not able to make the payment for one month, you must repay the outstanding installment along with the overdue charges and late fees.

    Kotak Mahindra Bank Personal Loan Reviews

    • Kotak Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I hold personal loan with Kotak mahindra bank, The loan amount was sufficient they have given me,as per my requirement they have given me loan,and the rate of interest they have charged me up to 15.99% which i felt was nominal,and even they have charged me processing fee that too was nominal they have charged, however the loan is still on going.
      Was this review helpful? 0
      , new delhi
      Reviewed on Mar 23, 2019
    • Kotak Personal Loan
      "AVERAGE"
      0.5 2.0/5 "Expected more"
      The loan got delay where i have applied the personal loan with the KOTAK MAHINDRA BANK and it took 15days to be credited. The loan amount was good which was approximately five lakhs rupees with this loan, there are so much charges applicable with the processing fee also the rate of interest was higher with this loan.
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 22, 2019
    • Kotak Personal Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I have applied for Kotak Mahindra Bank Personal Loan . The agent clearly explained the process of the loan .The rate of interest was high and the processing fee was also high. I have not faced any issues on submitting the documents. The loan amount got on time as well.The loan amount was sufficient as well .The Overall Service is Good .
      Was this review helpful? 0
      , siliguri
      Reviewed on Mar 22, 2019
    • Kotak Personal Loan
      "Need to improve the service"
      0.5 3.0/5 "Satisfactory"
      The rate of interest was high for the personal loan and it was more than 15%. The loan duration is 2 years. The customer service is not up to the mark. There was a processing fee and reasonable. The documentation process was average. Kotak has provided the required loan amount.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 22, 2019
    • Kotak Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have applied for Kotak Mahindra Bank Personal Loan . The agent clearly explained the process of the loan .The rate of interest was high and the processing fee was also high. I have not faced any issues on submiting the documents. The loan amount got on time as well.The loan amount was sufficient as well .The Overall Service is Good .
      Was this review helpful? 0
      , jaipur
      Reviewed on Mar 22, 2019
    • Kotak Personal Loan
      "Not satisfied with the service"
      0.5 1.0/5 "Really Bad"
      I had approached them for a Personal loan and the experience i had with them has not been satisfactory. They could have approached me in a much more professional way and the response could be much more improved. The interest rate which they had offered me also had been pretty much high as well.
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 22, 2019
    • Kotak Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have applied for Personal Loan directly with kotak Mahindra Bank . The agent clearly explained the process of the loan . The L oan amount was sufficient.The rate of interest washigh and the processing fee was also high .The loan amt got sanctioned on time.I have not faced any issues till now .The Overall Service is Good.
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 22, 2019
    • Kotak Personal Loan
      "Not satisfied with the service"
      0.5 2.0/5 "Expected more"
      I had applied for a Personal loan from them a while back, but the experience i had with them has not been that good. They could have informed me about the interest rate in prior and the interest rate which they had offered was higher than the other banks. Since i had to cancel this application of loan.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 22, 2019
    • Kotak Personal Loan
      "AVERAGE"
      0.5 3.0/5 "Satisfactory"
      There is no particular reason for taking the loan with the KOTAK MAHINDRA BANK the documentation was too many to sign and it should be improved, and i got the loan within 20 days which was late and took time to get the loan. The loan amount they have offered was good also the rate of interest was 11.25% which was higher than others.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 22, 2019
    • Kotak Personal Loan
      "Quick loan approval with Kotak"
      0.5 4.0/5 "Great!"
      I availed the Kotak Mahindra pre approved loan through mobile app without any paper, they gave me the best interest for the loan amount of Rs. 1 lakh it has the tenure of three years. They have very flexible emi option and they have good service too.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 21, 2019
    • Kotak Personal Loan
      "A very good personal loan"
      0.5 4.5/5 "Excellent!"
      I have been waiting for almost 1 months for getting my personal loan In Kotak mahindra bank . The delay is due to the verification of documents . Apart from that , I am overall satisfied from the customer response . Even the interest rate is comfortable for me .
      Was this review helpful? 0
      , coimbatore
      Reviewed on Mar 21, 2019
    • Kotak Personal Loan
      "Easy loan approval"
      0.5 4.0/5 "Great!"
      I have taken a personal loan from KOTAK MAHINDRA BANK the loan amount was Rs. 135000. The rate of interest is 13.5% i am happy with the rate of interest.Documentation process is also very slow executive come and collected the documents. Customer service is good.
      Was this review helpful? 0
      , pune
      Reviewed on Mar 21, 2019
    • Kotak Personal Loan
      "A Good personal loan with minimum Interest "
      0.5 4.0/5 "Great!"
      Kotak mahindra offered me a Expected amount as a Personal loan within 1 week of time . majority of the process done in on-line . My loan is for another 60 Months with affordable Rate of interest and Processing fees . A very good online support Provided by KMB .
      Was this review helpful? 0
      , pune
      Reviewed on Mar 21, 2019
    • Kotak Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      My personal loan was taken with KOTAK MAHINDRA BANK , the tenure period is good . They offered sufficient loan amount to me . Customer support and their response is good ,i receive my loan within few days . They charge nominal rate of interest high and the processing fee was good .
      Was this review helpful? 1
      , jaipur
      Reviewed on Mar 20, 2019
    • Kotak Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      My personal loan was taken with KOTAK MAHINDRA BANK .The process is very slow i have to wait for long to get my loan . I applied for 100000 but i got 97000 of loan amount there was some deduction . They charge high rate of interest 15.49% . The tenure is 3 year .
      Was this review helpful? 0
      , thane
      Reviewed on Mar 20, 2019
    • Kotak Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      The interest rate was competitive so have taken a personal loan with Kotak Mahindra Bank through online channel. They have charged me around 2500 rupees for loan amount of 3L also some additional charges are included. The loan duration is 2 years.
      Was this review helpful? 1
      , noida
      Reviewed on Mar 20, 2019
    • Kotak Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      The process in getting this loan has taken a little more time than usual and the loan amount which they had disbursed has been sufficient. The interest rate with them was a little higher and the charges has also been there. Their customer support has been helpful and was responsive during the process of getting the loan.
      Was this review helpful? 1
      , bangalore
      Reviewed on Mar 20, 2019
    • Kotak Personal Loan
      "Average Service"
      0.5 5.0/5 "Blown Away!"
      I have applied Kotak Mahindra Bank Personal Loan.I have not yet faced any issues.The agent clearly explained the process of the loan.The rate of interest was nominal and the processing fee was also nominal.The Overall Service is Good accordong to me .
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 20, 2019
    • Kotak Personal Loan
      "Good Experience"
      0.5 4.0/5 "Great!"
      The experience of Kotak personal loan is good, the verification process was very hassle free. I done the paper less documentation then the bank just taken 20 days of time to disbursement the amount. Compared to others, the rate of interest is good 13.49%.
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 20, 2019
    • Kotak Personal Loan
      "Want to reduce the rate of interest"
      0.5 1.0/5 "Really Bad"
      I have taken a personal loan from Kotak Bank the loan amount was Rs. 300000. The rate of interest is 18% i am not at all happy its too high interest they charged. Documentation process is also very slow executive come and collected the documents. Customer service is not good want to improve.I received the loan amount within 2 weeks.
      Was this review helpful? 0
      , mumbai
      Reviewed on Mar 20, 2019
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