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    Kotak Mahindra Bank Personal loan

    Kotak Mahindra bank offers personal loans to its customers starting from the interest rate of 10.99% p.a.

    • Processing fee of 2.5% 
    • Loans offered up to Rs.15 lakh
    • Repayment tenure up to 5 years
    • Minimal paperwork
    More
    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
    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 "Great!" by 2969 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Personal Loan BYTES FROM OUR KITCHEN

    Features of Kotak Mahindra Bank personal loan

    • 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.

    Loan overview

    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
     

    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 the EMI calculation works for Kotak Mahindra Bank personal loans? 

    Let’s consider the example below. You take a personal loan of Rs.1 lakh from the bank. The bank charges an interest rate of 10.99% p.a. for a loan tenure of 1 year. The repayment schedule for this loan is given as follows: 

    Months  Principal  Interest  EMI (principal + interest)  Balance  Percentage of loan paid to date 
    Apr  Rs.7,922  Rs.916  Rs.8,838  Rs.92,078  7.92% 
    May  Rs.7,994  Rs.843  Rs.8,838  Rs.84,084  15.92% 
    Jun  Rs.8,068  Rs.770  Rs.8,838  Rs.76,016  23.98% 
    Jul  Rs.8,142  Rs.696  Rs.8,838  Rs.67,875  32.13% 
    Aug  Rs.8,216  Rs.622  Rs.8,838  Rs.59,658  40.34% 
    Sep  Rs.8,291  Rs.546  Rs.8,838  Rs.51,367  48.63% 
    Oct  Rs.8,367  Rs.470  Rs.8,838  Rs.43,000  57.00% 
    Nov  Rs.8,444  Rs.394  Rs.8,838  Rs.34,556  65.44% 
    Dec  Rs.8,521  Rs.316  Rs.8,838  Rs.26,035  73.97% 
    Jan  Rs.8,599  Rs.238  Rs.8,838  Rs.17,436  82.56% 
    Feb  Rs.8,678  Rs.160  Rs.8,838  Rs.8,757  91.24% 
    Mar  Rs.8,757  Rs.80  Rs.8,838  Rs.0  100.00% 
     

    How Kotak Mahindra Bank compares with other lenders? 

    Fees and charges  Kotak Mahindra Bank Personal Loan  HDFC Bank Personal Loan  Citibank Personal Loan  Yes Bank Personal Loan 
    Interest rate  10.99% p.a. onwards  15.5% p.a. onwards  10.99% p.a. onwards  10.75% p.a. onwards 
    Processing fee  2.5% + GST  2.5% + GST  0.25% to 3.00% + GST  2.5% + GST 
    Foreclosure charges  5% of the outstanding loan amount  2% to 4% of the outstanding loan amount  Up to 4% of the principal outstanding  0% to 4% of the outstanding loan amount 
    Late payment fee  3% of the overdue amount per month  2% of the overdue amount per month  Contact the bank for details  2% of the overdue amount per month 
     

    Brief Summary

    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.

    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.

        

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    Kotak Mahindra Bank Personal Loan Reviews

    • Kotak Personal Loan
      "Average service"
      0.5 2.5/5 "Just OK"
      I have taken my personal loan with KOTAK MAHINDRA BANK . I am not happy with the service of this bank . They promise something gave something the interest rate what they said was different and they gave was totally different . Overall it is average .
      Was this review helpful? 0
      , mumbai
      Reviewed on May 25, 2019
    • Kotak Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I am happy with the services of KOTAK MAHINDRA BANK , the documentation part was so convenient , i do not have to face any issue . The loan amount is sufficient and i am happy with that . I receive my loan amount within few days . Customer support and response was good .
      Was this review helpful? 0
      , pune
      Reviewed on May 25, 2019
    • Kotak Personal Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I have taken Personal loan through Kotak Mahindra Bank .This loan was directly aopplies with Bank itself,I have not faced any issues so ar and received the loan amount on time and it was sufficient .The rwate of interest and the processing fee was nominal.The customer service is alos good .
      Was this review helpful? 0
      , chennai
      Reviewed on May 24, 2019
    • Kotak Personal Loan
      "Very convenient"
      0.5 5.0/5 "Blown Away!"
      My preference would be Kotak Mahindra Bank, I felt like they are customer friendly and sanctioned the loan on time. There is option for upgrading the loan immediately before sanctioning the loan. I got the personal loan around 11% which was very lesser than others. My loan amount is quite high and they have not charged me a processing fee.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 24, 2019
    • Kotak Personal Loan
      "Rate of intersted to be reduce"
      0.5 2.5/5 "Just OK"
      I have taken a personal loan in kotak mahindra bank before 2 months ago.based on credit card i got kotak mahindra person loan amount is 22000 ,But rate of interest is very high 16 percentage. The loan amount disbursed with 1 day it would be great if they reduce the rate of interest.
      Was this review helpful? 1
      , hyderabad
      Reviewed on May 23, 2019
    • Kotak Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had taken a personal loan from Kotak Mahindra Bank a long time back and the experience i had was quite good. The loan was completed a while back without facing any hassle, they did not made any sort of additional charges and overall i am satisfied with the services provided.
      Was this review helpful? 2
      , chennai
      Reviewed on May 22, 2019
    • Kotak Personal Loan
      "Need to decrease charges"
      0.5 4.0/5 "Great!"
      I have taken a personal loan in KOTAK MAHINDRA bank before 3 months ago. I expect the loan amount for for 1lakh 53 thousands but i received the amount of 1lakh 45 thousands for the duration of 3 years. The rate of interest and processing fee also high in this bank.
      Was this review helpful? 3
      , bangalore
      Reviewed on May 22, 2019
    • Kotak Personal Loan
      "Charges should be lesser"
      0.5 2.0/5 "Expected more"
      The processing fee was higher with the KOTAK MAHINDRA BANK when compared to the others, loan amount was good also the rate of interest was nominal. It is without documents because i am an existing customer. The loan also closed before 2 years. The customer service rendered by them is very good.
      Was this review helpful? 1
      , ghaziabad
      Reviewed on May 20, 2019
    • Kotak Personal Loan
      "Not happy with service"
      0.5 1.0/5 "Really Bad"
      My personal loan was taken with KOTAK MAHINDRA BANK , the tenure period is sufficient . The interest rate is very high with the market rate. , I got the loan amount soon . It has been a average personal loan experience with the KOTAK bank . I ma not happy with services and loan is not satisfactory .
      Was this review helpful? 0
      , new delhi
      Reviewed on May 20, 2019
    • Kotak Personal Loan
      "Excellent"
      0.5 4.0/5 "Great!"
      I chosen kotak mahindra bank for my personal loan.i applied loan for month ago with a loan amount of 3 lakhs.and they have approved the same.i have selected the tenure period for 60 months and the given rate interest is 14% normal and customer service is good.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 20, 2019
    • Kotak Personal Loan
      "NOT SATISFIED"
      0.5 1.0/5 "Really Bad"
      I have applied for the personal loan with the personal loan with the KOTAK MAHINDRA BANK where they have given the loan amount which was lesser it was 50K and also the rate of interest they have given was higher it was 28% with this loan. I am not satisfied with this loan.
      Was this review helpful? 0
      , chennai
      Reviewed on May 20, 2019
    • Kotak Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      I had taken my Personal loan from KOTAK MAHINDRA BANK a while back and the experience had been pretty good. The process did not took much time and the loan amount has been sufficient. The rate of interest with this loan was quite nominal and even their staffs had ben quite helpful, the loan is still running.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 17, 2019
    • Kotak Personal Loan
      "Charges should be reasonable"
      0.5 1.0/5 "Really Bad"
      I taken personal loan from Kotak Mahindra bank, the principal amount was only Rs. 5000 it has the duration six months. They gave me the emi around Rs. 900 because its a short term loan, the benefits are not much great. Processing fee was also higher side.
      Was this review helpful? 2
      , jaipur
      Reviewed on May 17, 2019
    • Kotak Personal Loan
      "Faster approval"
      0.5 5.0/5 "Blown Away!"
      The interest rate is higher for the personal loan. The process is very simpler with Kotak Mahindra Bank. I got the loan instantly and have completed 2018 December. I have applied for the personal loan and got the amount also the charges are more which they have to look into it. They have charged me a processing fee and its okay.
      Was this review helpful? 1
      , ghaziabad
      Reviewed on May 13, 2019
    • Kotak Personal Loan
      "Best Service"
      0.5 4.0/5 "Great!"
      I have applied for Kotak Mahindra Bank Personal Loan through Online .The rate of interest and the processing fee was nominal ,since applied for personal loan bank agent told compulsory need to take life insurance .I have applied for the loan amount of 1.5lakhs for the tenure of 5years ,There was no issues faced while document submission .The loan amount was sufficient ,and got the loan amount on time ,The Bank executive gave all information about the loan process.
      Was this review helpful? 2
      , mumbai
      Reviewed on May 13, 2019
    • Kotak Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my personal loan with KOTAK MAHINDRA BANK, the loan amount they have charged me is sufficient and the rate of interest they have charged me was nominal and the processing fee they have charge me was nominal, still this loan is running so far i did not face any issue.
      Was this review helpful? 2
      , mumbai
      Reviewed on May 13, 2019
    • Kotak Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      One year before I have a personal loan in KOTAK bank as per my expectation i got the loan for the duration of 4 years. It is a pre approval loan so the process was easier when compare to other bank.The rate of interest is high, processing fee is applicable. The customer service is good and responsiveness .
      Was this review helpful? 0
      , new delhi
      Reviewed on May 13, 2019
    • Kotak Personal Loan
      "Need to highlight about terms & conditions"
      0.5 4.0/5 "Great!"
      I took a personal loan from Kotak Mahindra Bank through online channel. They have charged me more interest rate, I have noticed 2 things. Foreclosure charges 5% applicable and one more thing is they have kept a locking period of 12months so customer is eligible for foreclosure only after one year where other banks are not following this conditions. There was a processing fee.
      Was this review helpful? 3
      , chennai
      Reviewed on May 10, 2019
    • Kotak Personal Loan
      "Normal Service"
      0.5 3.0/5 "Satisfactory"
      The process in getting my Personal loan from KOTAK MAHINDRA BANK has been good where they had approved it immediately and the disbursement of the loan happened on the promised time. The loan amount was fine but the interest rate with them has been quite high and the charges where also on the higher end.
      Was this review helpful? 4
      , mumbai
      Reviewed on May 09, 2019
    • Kotak Personal Loan
      "Good Service"
      0.5 3.0/5 "Satisfactory"
      I had taken a Personal loan from KOTAK MAHINDRA BANK a while back and the process in getting the loan was pretty much simple. The loan amount has been sufficient but the interest rate with them has been quite high when compared with the market rate. There hasn't been any sort of extra charges which they had made.
      Was this review helpful? 0
      , thane
      Reviewed on May 09, 2019
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