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Kotak Mahindra Bank Personal loan

Kotak Mahindra Bank is one of the reputed private sector banks in the country and a highly awarded bank. Personal loans from Kotak Mahindra Bank can be availed from Rs.50,000 to Rs.15 lakh.

We found 1 Kotak Mahindra Bank Personal loan
Bank Name
Interest Rate Range
Processing Fee Range
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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Customer Reviews
Kotak Mahindra Bank Personal loan is Rated as "Pretty good" by 2646 Users

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Personal Loan BYTES FROM OUR KITCHEN

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.

Kotak Mahindra Bank Personal Loan Interest RatesUpdated on 17 Dec 2018

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.

Kotak Mahindra Home Improvement Loan

Have you been planning to develop or renovate your home? In case you are worried about the high expenses associated with it, you can apply for Kotak Mahindra Home Improvement Loan. You can utilise the funds from this loan for flooring, painting, waterproofing, tiling, plumbing, decoration, electric work, borewell work, etc. Your loan amount will range from 75% to 90% of your home improvement expenses. The rate of interest will typically be up to 14% p.a. The tenure for this loan is up to 15 years. However, this will differ from borrower to borrower.

Kotak Mahindra Bank Stock Ace

Have you invested in any stock or security? You can get a loan against this stock if it is approved by Kotak Mahindra Bank. Under Kotak Stock Ace, you can apply for a term loan or an overdraft. Your tenure for this loan will be 1 year. You can then renew it if you want. The documentation process for this loan scheme is simple. The minimum loan amount provided under this scheme is Rs.5 lakh. You can draw up to 50% of the value of your shares. You can apply for this loan online or by directly going to a bank branch.

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.

Tenor Rate
Overnight 8.90% p.a
One Month 9.00% p.a
Three Month 9.25% p.a
Six Month 9.40% p.a
One Year 9.60% p.a
Two year 9.65% p.a
Three year 9.65% 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 Rate 9.50 % per annum, effective October 5, 2015
Benchmark Prime Lending Rate 18.25% 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 Kotak 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.

Kotak Personal Loan Status

Did you recently apply for a personal loan from Kotak Mahindra Bank? If you are wondering how to find out its status, you can visit the official website of the bank and monitor its status. You will get accurate information regarding your personal loan status. You can track the status through your loan application form number. You will need to keep the details ready with you when you sit down to check your status. You may even call the bank’s helpline number to check the status of your loan. The call centre of the bank works from 9 am to 6 pm.

Kotak Personal Loan Customer Care Number

When you have any question or complaint regarding personal loans from Kotak Mahindra Bank, you can reach out to the bank by calling their customer care number. The bank has a domestic helpline number and a different helpline number for calling from abroad. You may also send an email to the bank with your exact query or complaint. The bank also has a reliable grievance redressal system. Apart from the customer care helpline numbers, the bank also has exclusive phone banking numbers for different cities. A personal loan customer can call the relevant city’s number and get instant assistance.

Kotak Mahindra Bank Personal Loan - Super Duper Deals December’18

Kotak Mahindra Bank is a leading bank in the country that caters to the financial requirements of several people. If you are looking for a personal finance, you could check out the various personal loan options provided by Kotak Mahindra Bank.

If you do not want to visit a bank branch, you can apply conveniently on the official website of BankBazaar. You can apply for a loan while sitting on your bed or at your office desk or even while travelling! When you apply for a Kotak Mahindra Bank personal loan on BankBazaar.com, you can enjoy exclusive promotions and offers!

With the Diwali Bonus Wali Deals coming in the month of December’18, you can apply for amazing personal loan options on BankBazaar.com at affordable prices! Amazon has collaborated with BankBazaar to give you exciting benefits through the December’18 Flash Sale. This way, you can enjoy attractive advantages and also procure great personal loan products from Kotak Mahindra Bank.

BankBazaar Super Duper Deals December’18 Flash Sale on Kotak Mahindra Bank Personal Loan

BankBazaar has partnered with Amazon India in order to make sure that you have a great March this year when you apply for a personal loan from select banks including Kotak Mahindra Bank.

If you apply for a personal loan from Kotak Mahindra Bank via BankBazaar.com, you will receive a gift voucher from Amazon once your personal loan is disbursed.

How to Apply for BankBazaar Super Duper Deals December’18 Flash Sale?

  • First, you will be required to visit the official website of BankBazaar or go to the BankBazaar app.
  • Here, you can apply for any eligible personal loan option offered by Kotak Mahindra Bank. You can decide your personal loan amount and tenure, and then apply.
  • You will then receive an Amazon gift voucher worth Rs.750.
  • You will get the voucher on your registered email address which you would have given while applying for the loan.
  • You can then go to the website of Amazon or the Amazon app in order to redeem your Amazon gift voucher.

Terms and Conditions

  • You will get this voucher only if you apply for a personal loan from 1st December, 2018 to 31st December, 2018.
  • The gift voucher will be applicable only on personal loans disbursed on or before 15th February,2019.
  • The applicant should be at least 18 years old while applying for this loan.

Make this summer special and memorable by applying for a Kotak personal loan via BankBazaar.com before 31st December, 2018 to get the best deals from leading online store, Amazon India!

Kotak Mahindra Bank Personal Loan Reviews

  • Kotak Personal Loan
    "Not satisfied"
    0.5 2.0/5 "Expected more"
    I am not satisfied with the services provided by KMB for personal loan, loan amount was for Rs 1.5 lacs with high interest rate when compared to other banks. Charges are high in this bank and the tenure period for this loan is 2 years. Customer support was not up to the mark with this bank.
    Was this review helpful? 4
    , chennai
    Reviewed on Dec 13, 2018
  • Kotak Personal Loan
    "Not satisfied"
    0.5 1.0/5 "Really Bad"
    It was not a good experience with KMB for personal loan, they said the loan amount will be disbursed within 3-4 days but it took 15 days to receive the loan amount. I expected the loan amount for Rs 9 lacs but only Rs 5 lacs was approved. Tenure period is 5 years with high interest rate and the customer support was not good.
    Was this review helpful? 2
    , gurgaon
    Reviewed on Dec 13, 2018
  • Kotak Personal Loan
    "Excellent service"
    0.5 4.0/5 "Great!"
    I have applied for KOTAK MAHINDRA BANK recently, the loan amount they have given me was sufficient, and the rate of interest they have charged me was nominal, and even processing fee they have given me was nominal, and there was bit delay in loan amount as due to some internal issue , apart from that there service till now was good.
    Was this review helpful? 3
    , pune
    Reviewed on Dec 12, 2018
  • Kotak Personal Loan
    "Average service"
    0.5 3.0/5 "Satisfactory"
    I have applied for KOTAK MAHINDRA BANK recently, the loan amount they have given me is too low, i am not happy with my loan amount, the rate of interest they have charged me up to 13.5% which was nominal for me and they charged processing fee and insurance amount it was high for me .
    Was this review helpful? 1
    , vadodara
    Reviewed on Dec 12, 2018
  • Kotak Personal Loan
    "Need to improve the process"
    0.5 4.0/5 "Great!"
    I have received the loan on time from Kotak Mahindra bank. They have offered me a interest rate which is more satisfied for me. I have received the loan on time. I'm paying the premium amount of Rs. 23000. I have chosen the tenure period of 5 years. I'm not satisfied with documentation process.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Dec 12, 2018
  • Kotak Personal Loan
    "Good. Can do better"
    0.5 4.0/5 "Great!"
    I have taken a personal loan from Kotak Mahindra Bank. The documentation process takes long and it is too much of process too. The rate of interest and processing charges are is normal. They could be more sooner in the loan and document process.
    Was this review helpful? 0
    , pune
    Reviewed on Dec 12, 2018
  • Kotak Personal Loan
    "No issue with this loan"
    0.5 4.0/5 "Great!"
    There is no particular reason for choosing Kotak Mahindra bank for my personal loan. They have offered me a interest rate of 10.11% and there was a processing fee. Total tenure period of the loan is 1 year. I used to pay the EMI of Rs. 13200. I don't find any difficulties in the overall loan process
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 12, 2018
  • Kotak Personal Loan
    "BEST"
    0.5 5.0/5 "Blown Away!"
    The reason for taking the personal loan with the KOTAK MAHINDRA BANK is i am satisfied with the service of this bank. The customer service is good added on that there is no processing fee applicable with this loan. The rate of interest is 11-14%. The duration is for 6 years to pay the loan.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Dec 12, 2018
  • Kotak Personal Loan
    "Best service"
    0.5 5.0/5 "Blown Away!"
    I have been holding my personal loan with KOTAK MAHINDRA BANK, the loan amount they have given me was sufficient , they have charged me rate of interest too high they have charged me up to 14% was bit high, and the processing fee they have charged me was nominal there was no delay in loan .
    Was this review helpful? 1
    , indore
    Reviewed on Dec 11, 2018
  • Kotak Personal Loan
    "Good service"
    0.5 4.0/5 "Great!"
    I have been holding my personal loan with KOTAK MAHINDRA BANK, the loan amount they have given me was sufficient they have given me up to 2,00,000 as loan amount and the rate of interest they have charged me was high and they have taken me processing fee up to 5765 it is nominal, there was 1 week delay in getting loan amount.
    Was this review helpful? 1
    , ahmedabad
    Reviewed on Dec 11, 2018
  • Kotak Personal Loan
    "Excellent Service"
    0.5 5.0/5 "Blown Away!"
    It has been a good experience i had with this loan and the loan amount which they had provided has been sufficient as well. The interest rate with them was around 12.8% which was okay. There has not been any sort of additional charges which they had taken for this loan.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 11, 2018
  • 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 4 year . They charge 10.99% of rate of interest . The process was too slow it too so much time to get loan amount . Loan amount they gave was satisfactory and customer service was good .
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 11, 2018
  • Kotak Personal Loan
    "Worst service through excecutive"
    0.5 1.0/5 "Really Bad"
    My personal loan was taken with KOTAK MAHINDRA BANK , the tenure period is for 2 years . They gave the option of preclsoere also . Customer service is very poor i am not satisfied with them .They charge for insurance 10000 and there is so much of hidden charges .
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 11, 2018
  • Kotak Personal Loan
    "Process is not up to the mark"
    0.5 2.0/5 "Expected more"
    I had taken a personal loan from Kotak Mahindra Bank. The process took 30 days and the loan was approved of 4.11 Lakh and the processing charges was around 16K which I was not informed about in the initial stage. The documentation was also collected multiple basis.
    Was this review helpful? 0
    , new delhi
    Reviewed on Dec 11, 2018
  • Kotak Personal Loan
    "EXCELLENT"
    0.5 5.0/5 "Blown Away!"
    The reason for taking the personal loan with the KOTAK MAHINDRA BANK is that they are providing with the lower rate of interest so i have taken this loan. The loan loan amount is good and the rate of interest is of 10.99%, there is a 2k approx processing fee also the process is quick to get the loan.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Dec 11, 2018
  • Kotak Personal Loan
    "GOOD BANKING"
    0.5 5.0/5 "Blown Away!"
    The rate of interest is best also the online application process is easier and also faster so i haev taken the personal loan with the KOTAK MAHINDRA BANK. The loan amount is sufficient and rate of interest is with 8.99%. The customer service is good and there was a processing fee applicable.
    Was this review helpful? 0
    , gurgaon
    Reviewed on Dec 11, 2018
  • Kotak Personal Loan
    "Not satisfied"
    0.5 1.0/5 "Really Bad"
    It was very bad experience with KMB for personal loan, there was lot of confusion on EMI payments. Initially they informed the tenure period will be 5 years but they gave only for 3 years. Service was not up to the mark with this bank and the charges are high. My loan was approved on 24th of November but they are asking payment on 10th December which is 15 days.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 11, 2018
  • Kotak Personal Loan
    "Average service"
    0.5 3.0/5 "Satisfactory"
    The processing took more than 30 days for personal loan from KMB, i requested the loan amount for Rs 5.5 lacs but they gave only Rs 3.5 lacs with high interest. Documents were collected twice from the customer support and they gave a false commitment. Tenure period for this loan is 5 years.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Dec 11, 2018
  • 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 2 year . They charge very high rate of interest and processing fee was also Little high . Their service is better, Overall the whole loan process was easy and hassle free. Loan amount is satisfactory .
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Dec 10, 2018
  • Kotak Personal Loan
    "Very Good Service"
    0.5 4.0/5 "Great!"
    The process in getting in this loan has been good and the loan amount has also been good. The interest rate with them has been a bit higher and there has not been any sort of charges which they had made so far. Their customer support has also been responsive as well.
    Was this review helpful? 0
    , indore
    Reviewed on Dec 10, 2018
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