Multiple banks. Different interest rates. Call it a "conflict of interest".
Multiple banks. Different interest rates. Call it a "conflict of interest".
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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.2,000 Amazon Voucher
    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 2399 Users
    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 21 Jan 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.

    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
      "Better"
      0.5 4.0/5 "Great!"
      Kotak has offered 12.69% interest rate for the personal which was high. But normally the rate of interest was low compared to others. The loan disbursement on time. I had applied for 3.50L. The total duration is 5 years. The charges are applicable for pre closure .My documents are collected by the executive.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Jan 20, 2018
    • Kotak Personal Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      They have sanctioned the personal loan was around 1L 52K, in my account it came 1L 46K so I have asked them to share the break-up. But I haven't received yet anyway I don't required now, its okay they started debiting the installment. The rate of interest was more compared to other banks. The processing fee is applicable.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 20, 2018
    • Kotak Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      My personal loan was taken with KOTAK bank. The loan mount was 4 lakhs and the tenure period was 4 years . The Interest rate was 12% average In the market.I had a very good loan experience here and the charges were also nominal. My experience was good and its recommendable.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 20, 2018
    • Kotak Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      My personal loan was taken with KOTAK bank.The loan amount was 1 lakh and the interest rate was 16.99% which is bit high than other banks. The EMI period was 3 years. Ere the pre closure is after 1 year and the processing was also nominal. My overall experience was excellent and I am happy with the service.
      Was this review helpful? 0
      , jaipur
      Reviewed on Jan 20, 2018
    • Kotak Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      My personal loan was taken was taken with KOTAK bank. The loan amount was 1.60 lakh and the Interest rate was 14% which is bit high than other banks in the market.The loan process was quite easy and the processing fee was nominal. My overall experience was good and its recommendable.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 20, 2018
    • Kotak Personal Loan
      "Good "
      0.5 5.0/5 "Blown Away!"
      I am completely happy with kotak service. It shows interest rate as low but when I compare with the other banks the full amount was more than close it. The documentation process was simple and they provided a doorstep service. The loan was disbursed on time.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 19, 2018
    • Kotak Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have got the personal loan from KOTAK MAHINDRA BANK around a year ago. They have disbursed the loan amount within 3 days of time. The customer support was prompt with KOTAK MAHINDRA BANK. It was a pre approved loan because I have applied the loan through mobile application.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 19, 2018
    • Kotak Personal Loan
      "Good service"
      0.5 4.5/5 "Excellent!"
      Got the personal loan amount within 15days of time . The rate of interest is nominal with the Kotak mahindra bank . The customer support service is prompt with the Kotak mahindra bank. The documents were collected on time with the kotak mahindra bank. I would say I am satisfied with the loan amount.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 19, 2018
    • Kotak Personal Loan
      "Good"
      0.5 3.5/5 "Pretty good"
      My personal loan was taken with KOTAK bank. The Interest rate was 11% which is avergae in the market. The tenure period was 2 years. I had a very good experience here but they have much time for sanctioning the loan. The processing fee was 3000 . They have provided door step serveice for collecting documents.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 18, 2018
    • Kotak Personal Loan
      "Very Good"
      0.5 4.0/5 "Great!"
      I have got the personal loan with the Kotak mahindra bank and the response was pretty good one. I would like to say that the rate of interest was around 10.99% and the customer service was very good too. I am really happy with the Kotak mahindra bank.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jan 18, 2018
    • Kotak Personal Loan
      "Faster approval & good service"
      0.5 4.5/5 "Excellent!"
      It was a good experience with Kotak on my personal loan. The process was easy and good. The rate of interest was normal. I took 1L as a personal loan and have to pay monthly around 2000 rupees. It was for a tenure of 5 years. The executive came to my place and collected all the documents.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 17, 2018
    • Kotak Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I had the great experience with the Kotak mahindra bank for the personal loan, which got disbursed. Response is very quick and am very happy with them. I would like to say that the rate of interest is around 16%. I am happy with the Kotak mahindra bank credit card.
      Was this review helpful? 0
      , greater noida
      Reviewed on Jan 17, 2018
    • Kotak Personal Loan
      "Need to be quick and fast"
      0.5 2.5/5 "Just OK"
      Initially the Kotak mahindra bank promised that they will disburse the loan amount within 4 days of time but they failed to do it, they took around 20days of time. Even I have submitted the documents on time before the time frame. The customer support and their executives need to be quick and fast in their process.
      Was this review helpful? 0
      , pune
      Reviewed on Jan 17, 2018
    • Kotak Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The kotak mahindra bank had given me good response in regards to my personal loan application. The customer support told that they don't have option to upload the documents through online so they personally asked me to come and visit their bank to get the loan amount. The response was really good with kotak mahidndra bank. I am satisfied with the kotka mahindra bank service.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jan 16, 2018
    • Kotak Personal Loan
      "Good service with the High interest"
      0.5 3.0/5 "Satisfactory"
      The kotak bank has offered me a personal loan based on my credit card. They have disbursed the loan amount with in 3days of time. I am satisfied with the loan amount because they have approved the required loan amount. The rate of interest and the charges were high when compared with others.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 16, 2018
    • Kotak Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The paper work was done in quick time. The rate of interest is bit high when compared with others. The customer support and the response was good with the Kotak Mahindra bank. They have disbursed the loan amount in 2 weeks of time. They could have provide within a week time, but the documentation process took some time.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jan 16, 2018
    • Kotak Personal Loan
      "very good service"
      0.5 5.0/5 "Blown Away!"
      I have my personal loan application approved with Kotak Mahindra bank and the experience was good. The loan amount is for Rs 3.9 lakhs with the rate of interest of 14.65% which is bit high when compared to all other banks. The process was smooth and i received my loan amount within 1 week. I am not aware of the processing fees and the tenure of this loan is 5 years. Customer service was good and they collected documents on time.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 15, 2018
    • Kotak Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My Personal loan experience with Kotak Mahindra bank was quite good, the process was very smooth and i received my loan amount within 1 week. The loan amount i requested for is Rs 2 lakhs and the rate of interest is 10.99% which is nominal when compared to other banks. Customer service was good and they collected documents on time. The tenure of this loan is 4 years and it was a good service overall from KMB.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Jan 15, 2018
    • Kotak Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      My Personal loan experience with Kotak Mahindra bank was average, the process was quite long and the documents were not collected on the exact venue. When it comes to customer service, it was good and they responded on time. I did not get any alerts on the status of the application. The rate of interest of 10.99% is nominal when compared to other banks. The requested amount was disbursed and the tenure of this loan is 2 years.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 15, 2018
    • Kotak Personal Loan
      "Prcocess needs to be faster"
      0.5 3.0/5 "Satisfactory"
      My personal loan was taken with Kotak Mahindra Bank. The rate of interest was normal like other banks. I took 1,96,000 rupees as a personal loan. I am paying monthly 18,000 through ECS. The documents are submitted online. I got a proper response but the process was very slow. They took more than 20 days for the loan disbursement.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 13, 2018
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