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    We found 1 Kotak Mahindra Bank Personal Loan
    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
    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 2305 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

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    Personal Loan BYTES FROM OUR KITCHEN

    Kotak Mahindra Bank Personal Loan

    Kotak Mahindra Bank is an Indian bank and financial service firm established in 195. It was previously known as Kotak Mahindra Finance Limited, a non-banking financial company. In February 2003, Kotak Mahindra Finance Ltd, the group's flagship company was given the licence to carry on banking business by the Reserve Bank of India (RBI). Kotak Mahindra Finance Ltd. is the first company in the Indian banking history to convert to a bank. As of 2011 to October 2013, it has more than 500 branches, over 1,000 ATMs. Kotak Mahindra Bank offer personal loan with Minimal documentation, attractive interest rate. Continue reading to view more details about this loan.


    You're probably eligible for an Kotak Mahindra Bank Personal Loan if you are

    01
    02
    03
    04

    At least 21 years old

    Less than 55 years old

    Salaried / Self “ Employed
    with regular income

    Earn more than the minimum
    income required


    Your Kotak Mahindra Bank Personal Loan amount eligibility is based on these factors

    01
    02
    03

    Minimum income required
    Rs. 30,000 per month

    Maximum allowed personal loan is Rs. 15 lakhs

    EMIs of other loans lower
    your eligibility


    Increase your eligible Kotak Mahindra Bank Personal Loan amount by these steps

    01
    02

    Pay off your credit card bills

    Choose longer tenure loan 12 months to 60 months


    Documentation needed to apply for an Kotak Mahindra Bank Personal Loan

    • 1. Signed application form with photograph
    • 2.Copy of passport/voter ID card/driving license
    • 3. Processing fee cheque
    • 4. Last 3 months bank statement/6 months bank passbook
    • 5. Documentation for salaried applicants:
      • Latest salary slip
      • Current dated salary certificate with the latest Form 16
    • 6. Documentation for self-employed applicants:

      • Latest Bank statement
      • Latest ITR or Form 16

    Kotak Mahindra Bank Personal Loan Interest RatesUpdated on 20 Nov 2017

    Kotak Mahindra Bank Personal Loan Details
    Interest Rate 10.99% to 17.99%
    Processing Fees Up to 2.5% of the Loan amount
    Loan Tenure 1 year to 5 years
    Pre-Closure charges Preclosure permitted after 12 months. 5% of principal outstanding (plus applicable tax) afterwards.
    Guarantor Requirement No guarantor required

    Kotak Mahindra is one of the major private sector players in the Indian banking sector. It is presently the 4th largest private bank in terms of market capitalization in India. Established in 2003, Kotak Mahindra Bank holds the distinction of being the only financial services group (Kotak Mahindra Finance Ltd), to successfully foray into the banking sector in India.

    About Kotak Mahindra Bank Personal Loan

    Kotak personal loans are available for all Indian citizens between 21 years and 5 years. With Kotak Personal Loan, you are one step closer to the goals and dreams of meeting diverse financial needs. The loans may be availed for any personal reason such as holidays, weddings, educational fees, home improvement, buying durables, and lots more.

    Why choose Kotak Personal Loan?

    Kotak is among the reputed private sector banks operating in India. The bank, in its little over a decade of existence, has positioned itself well in the national banking arena, with more than 1,100 branches throughout the country.

    Kotak Mahindra is a highly awarded bank. The innovative products and processes employed by the bank position it among the most tech-savvy organizations in the country. It has regularly won awards from top financial magazines and organizations, such as BusinessWorld (Best Medium Sized Bank 2013), CNBC TV1 (Innovative Usage of Data 2013), Outlook (Best Emerging Bank 2013), Campaign India Digital Crest Awards (Best Usage of Viral Marketing, First Twitter Banking Product, Best Digital Strategy), and many others.

    Features of Kotak Mahindra Personal Loan

    • Loans can be availed from a minimum of Rs. 50,000 up to a maximum of Rs. 15 lakhs.
    • Flexible options for repayment, with loan periods extending up to 5 years.
    • Prospective customers can opt for the ˜Bank Doorstep Service wherein they can get an appointment with the bank, which will then send a representative for any clarification and completing formalities.
    • Competitive interest rates, and fast and hassle-free processing of applications.
    • No collateral or security needed.
    • Identity proof, 1 photograph, residential address proof, age proof, signature proof, ownership proof, income details, and last 6 months banking statements are required before applying for Kotak personal loan.

    BankBazaar is the top personal loan information portal in India. The website offers a range of free services to visitors including loan and insurance information and comparison, application, and financial tools such as EMI Calculator.

    Managed by people with advanced finance skills, BankBazaar provides calculated and highly precise results for all types of customers.

    BankBazaar has a detailed section on Kotak Personal Loans where visitors can find information related to the various aspects of the loan such as interest rates, EMI amount, eligibility, best features, and so on. It is also the best place to compare if your choice is the best one, or if there are other options even more suited for you.

    BankBazaar offers a highly simplified loan application process. The whole process of searching for a loan, comparing loans from different providers, and finally getting redirected to the online registration page of company website (if any) can be done within a couple of minutes. All you have to do is click on the relevant options, and instantly you will be shown a list of all loans that are good for you. Some of the questions to answer include:

    • Location
    • Loan amount
    • Workplace
    • Salary credit information
    • Working since
    • Staying at
    • Choice of EMI amount

    Relevant options are provided after each question, and users have to select the answers best describing their preferences. Once this step is completed, users can view, compare, and apply for Kotak Personal Loan.

    Kotak Mahindra Bank offers its customers personal loans enabling them to fulfil their immediate financial requirements such as weddings, hospital bills, etc.

    The government has introduced Marginal Cost of funds based Lending Rate (MCLR) to calculate the interest rate applicable on a loan. MCLR considers factors like tenor premium, operating costs, marginal cost of funds, Cash Reserve Ratio (CRR) and others to provide a fair rate of interest. The MCLR system, which came into effect on 1st of April, can be chosen for all new loans.

    Kotak Mahindra Bank Marginal Cost of funds based Lending Rate (MCLR)

    MCLR system automatically applies for new customers and old customers will be charged as per the old system. However, if old customers wishes to migrate to MCLR, it is possible.

    TenorRate
    Overnight8.90% p.a
    One Month9.00% p.a
    Three Month9.25% p.a
    Six Month9.40% p.a
    One Year9.60% p.a
    Two year9.65% p.a
    Three year9.65% p.a

    Kotak Mahindra Bank Base and Prime Lending Rates (For existing borrowers)

    If you availed a loan before MCLR benchmarks came into force, you can choose to stick to the traditional interest platform where you pay interest as per the base rate or can migrate to MCLR system.

    Base Rate9.50 % per annum, effective October 5, 2015
    Benchmark Prime Lending Rate18.25% per annum, effective October 5, 2015

    Kotak Mahindra Bank personal loan interest rate (Base Rate)

    Interest rates that are calculated using Base rate will depend on tenure, loan amount and purpose. At Kotak Mahindra Bank, interest rates typically vary between 11.50% per annum and 24.00% per annum.

    Note: All rates mentioned above are applicable as of June 14, 2016. Kotak Mahindra Bank can change these rates at its own discretion. Borrowers are advised to check prevailing rates while applying for a loan.

    Loans are available for salaried individuals who are Indian residents working at MNCs, public companies, and other large private organizations. The income showed must be more than Rs. 25,000 per month, and the applicant must be between 21 years to 5 years of age. Also, at least graduates are eligible to apply for this loan. The applicants have to be staying in the city where they are applying for loan for at least an year before actual application, and should have a minimum 2 years of overall work experience.

    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.

    Apply for Personal Loan

    1. How do I check my loan status?
    2. Customers can check their loan status by logging in to BankBazaars website and navigating to the concerned banks personal loan page.

      Alternatively, customers can go to the official website of Kotak Mahindra bank and click on the Application Status tab on the left sidebar. You can access this sidebar by selecting any option on the home page such as About Us, Download Forms, and so on.

    3. Where can I find the Kotak personal loan application form?
    4. The Kotak Personal Loan application form can be found at the bottom of the home page in the Download Forms section. In this section you will have to select choices in the three fields to get the respective personal financing form.

    5. Can I check my Kotak personal loan statement online?
    6. Yes, it is possible to check loan statement online by visiting the official site and logging in to your loan account.

    7. What are the pre-closure charges and the pre-closure process?
    8. Pre-closure or foreclosure is not possible in the first year of loan repayment. After that, however, customers can opt for foreclosure by paying 5% foreclosure charges plus GST on the principal amount. Foreclosures have to be informed beforehand via email or letter. Once the intimation period (30 days) is over, customers will receive foreclosure statement from the bank. The full payment cheque has to be submitted at least a week before next due instalment.

      The full payment may be made via cash/cheque/DD in favour of œKotak Mahindra Bank. Once this amount is accepted, customers will receive a No Objection Certificate (NOC) as well as remaining Post Dated Cheques to the registered address within the next fortnight.

    9. How can I receive my Repayment Schedule?
    10. The Repayment Schedule can be downloaded from the official bank website. Customers may also walking to the nearest customer care branch for a copy of the same, or email/call the bank directly for a copy. The schedule will generally be sent within the next 4 hours.

    11. When is the NOC dispatched?
    12. NOC has to be requested from the bank on maturity of the loan through email/letter. This will then be issued in the next fortnight if no complications are found.

      For foreclosures, NOC will be received as discussed above.

      In case of a Top Up loan, the foreclosure statement from the old loan will be issued in the next 15 days.

    13. How do I postpone/reschedule my EMI payments?
    14. Postponing or rescheduling of EMI payments on personal loans is not possible.

    15. Do I have to pay extra charges to change the instalment payment date?
    16. The instalment date may be changed within the available dates, i.e 1st, 5th, and 10th of every month. Changing dates will incur PDC swap charges and rescheduling charges on every change, apart from a standard GST.

      For changing instalment dates, customers have to submit a written request with appropriate reasons for the requested date change. This request has to be submitted along with the rescheduling charges a week before EMI payment date, and also a week after that.

    17. How do I change my mode of instalment payment from PDC to ECS?
    18. For this, you will first need the ECS Mandate form, and duly fill and sign it. A security cheque (blank and undated) in favour of Kotak Mahindra Bank also needs to be drawn. The cheque should mention ˜Not more than loan amount at the bottom.

      6 other blank and undated security cheques need to be submitted drawn toward Kotak Mahindra Bank. The cheques should mention ˜Not more than 3 times the EMI amount.

      Customers have to pay Rs. 500 + GSTes as applicable as PDC swap charges.

    19. Is it possible to view my repayment schedule?
    20. Yes, the repayment schedule is available for free.

      • Open BankBazaar.com, access ˜Personal Loan EMI Calculator (within the ˜Financial Tools tab at the top of a page), and enter relevant loan repayment details. You will be shown a detailed breakup of repayment amounts and related information.
      • Call, email, or visit the nearest Kotak Mahindra customer care branches. The official schedule will be mailed within the next 2 working days.

    21. How do I contact customer care for more details on Kotak Personal Loans?
    22. BankBazaar has a robust customer support service that employs knowledgeable finance professionals to help customers out whenever needed. Our customer care will be delighted to help you out with your Kotak Personal Loan application. You can reach us at +91-44-439100 between 10am to 7 pm from Monday to Saturday. You can also chat with us at +91-940231 on WhatsApp.

    Find Kotak Mahindra Bank IFSC Code:

    Kotak Mahindra Bank Personal Loan Reviews

    • Kotak Personal Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      It was a good experience with KOTAK for my personal loan service they provide me with a good interest rate 13 % which is nice compare to others in the market and the documents have been collected from my door step and the payments where through ecs it was a awesome service from KOTAK for my personal loan service.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Nov 17, 2017
    • Kotak Personal Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      My personal loan got approved with Kotak mahindra bank. The customer support gave me quick response in regards to my personal loan application and I would like to suggest the same response need to be given to all other customers. The rate of interest and the charges are low with Kotak mahindra
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 17, 2017
    • Kotak Personal Loan
      "Overall good"
      0.5 4.0/5 "Great!"
      Kotak Mahindra Bank is excellent in the personal loan process and they were on time as well and with minimum effort the money came in to my account. The rate of interest is a bit high. It was around 14% for the tenure of five years. I asked for 3 years though. The processing charges was waive off.
      Was this review helpful? 0
      , kolkata
      Reviewed on Nov 17, 2017
    • Kotak Personal Loan
      "Better service"
      0.5 4.0/5 "Great!"
      I have applied for the personal loan from Kotak Mahindra bank, my loan application was closed because there was no pre closure and part payment options. Customer service part was good, they responded on time and gave all the right information. The rate of interest is nominal when compared to other banks.
      Was this review helpful? 0
      , pune
      Reviewed on Nov 17, 2017
    • Kotak Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have applied for the personal loan from Kotak Mahindra Bank, my loan application was closed because i had an issue with my CIBIL score. The customer service was good and they responded on time, there was no issue from the bank side and they followed up regularly. The rate of interest was high when compared to others in market.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 16, 2017
    • Kotak Personal Loan
      "Service need to be improved "
      0.5 2.0/5 "Expected more"
      The Kotak mahindra bank has asked me to submit the salary slip to proceed with the personal loan with Kotak mahindra bank. The customer support was average with Kotak mahindra. The rate of interest which was offered by Kotak was average when compared with others.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 15, 2017
    • Kotak Personal Loan
      "Good"
      0.5 3.0/5 "Satisfactory"
      My personal loan was taken with Kotak. Initially I got a msg saying 3L 9K will be disbursed finally I had received 2L 96K. It was a good experience but little delayed for the disbursement. The document collection was complicated. The interest rate was good comparatively to other banks.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 15, 2017
    • Kotak Personal Loan
      "Below average service"
      0.5 1.0/5 "Really Bad"
      The response was not given by Kotak mahindra in concern to my personal loan application. I never got any kind of call back from Kotak mahindra. The response need to be improved the Kotak Mahindra bank . The customer support need to be focused with Kotak mahindra.
      Was this review helpful? 0
      , faridabad
      Reviewed on Nov 15, 2017
    • Kotak Personal Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      The rate of interest was high with Kotak mahindra personal loan , so that was the reason I haven't got the personal loan from Kotak mahindra. The response part need to be improved with Kotak mahindra. The rate of interest need to be reduced as per the customer requirement.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 15, 2017
    • Kotak Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      With KOTAK Bank it was a good experience with them for the personal loan process . The customer service was good , delivered . The bank gave me a full approval on the amount i asked for . The rate of interest was 13% and the processing fee was 2.5K charged to me . The bank did not provide me pre closure option . Over all it was a good service i received .
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 15, 2017
    • Kotak Personal Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      I have applied for a personal loan with KOTAK but they said my salary was not under bank criteria and the interest rate they offered me was 11 % which was fine and the customer service was good it was a good experience with KOTAK for my personal loan service.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 14, 2017
    • Kotak Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I am very much happy with the service of KOTAK MAHINDRA ,I use to get regular followups and the processing fee was also very good with KOTAK MAHINDRA compare to others in the market, it was a very fast and immediate response from KOTAK MAHINDRA for my personal loan service.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 13, 2017
    • Kotak Personal Loan
      "Better"
      0.5 3.0/5 "Satisfactory"
      I have approached Kotak for personal loan. They said I am eligible for 2L 60K. My documents are submitted to the executive and they came for verification to my office. That time employee's are less in the office, its been rejected due to bank norms. They have taken one month time, it would be better if they inform earlier. Based on this personal loan experience, I am not happy with Kotak.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 11, 2017
    • Kotak Personal Loan
      "Good service"
      0.5 4.5/5 "Excellent!"
      I have applied for a personal loan from KOTAK MAHINDRA BANK. Later i got the amount from some other source so i could not able to proceed and closed the personal loan application The response was good from them.The gave regular follow up calls.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 11, 2017
    • Kotak Personal Loan
      "Not satisfied with Interest "
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from KOTAK MAHINDRA BANK.The approved loan amount was 4 lakhs. The rate of interest was 13.5percentage. The documentation with the bank well done. The EMI is 10000 with 5 years of tenure. The response and customer service was good.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 11, 2017
    • Kotak Personal Loan
      "Approchable bank"
      0.5 5.0/5 "Blown Away!"
      I could not able to avail the personal loan from KOTAK MAHINDRA BANK just because i have got the money from some other source. But in future if i am planning to take any personal loan then i will consider KOTAK MAHINDRA BANK. The customer support and response with the bank is good and comfortable.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 11, 2017
    • Kotak Personal Loan
      "Behavior of Kotak mahindra bank representative. "
      0.5 0.5/5 "Unacceptable"
      For my Personal Loan application with Kotak Mahindra I did receive a Call from the Bank and had a detailed discussion about the Loan. Poor Experience with KOTAK MAHINDRA BANK(Pune). Bank representative behavior is very rude. Behave like a uneducated person.
      Was this review helpful? 0
      , pune
      Reviewed on Nov 10, 2017
    • Kotak Personal Loan
      "Satisfied"
      0.5 5.0/5 "Blown Away!"
      My application has been closed because there is a delay on my card payment dues. I have submitted this bill along with my documents. The customer service and response is good. ROI is nominal. They provided a doorstep service for documents. The processing fee is also minimal.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 10, 2017
    • Kotak Personal Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      It was a good experience with KOTAK for my personal loan service but I feel the process was little delay and the interest rate is 16 % which is little high compare to others in the market still the service was good with KOTAK for my personal loan service.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 10, 2017
    • Kotak Personal Loan
      "Worst service"
      0.5 1.0/5 "Really Bad"
      It was a good experience with KOTAK for my personal loan service but only once I got the call from KOTAK staffs after that there was no proper response from them no proper information they never called me ,I am not much happy with the service of KOTAK for my personal loan service.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 10, 2017
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