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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 2340 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 11 Dec 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"
      0.5 4.0/5 "Great!"
      My personal loan was taken with KOTAK bank . The tenure period was 5 years and the loan amount was 1.5 lakhs . The rate of interest was between 10-11% which was satisfactory . The customer service and responses was up to the mark. The loan was approved on time and the process fee was also reasonable.
      Was this review helpful? 1
      , mumbai
      Reviewed on Dec 09, 2017
    • Kotak Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have my personal loan with KOTAK bank . I have taken 1 lakh and the interest rate was 12.5% which was avergae in the market . The tenure period was 4 years and the processing fee was bit high here but they have sanctioned the loan with the committed time.
      Was this review helpful? 0
      , faridabad
      Reviewed on Dec 09, 2017
    • Kotak Personal Loan
      "Approchable for personal loan"
      0.5 2.0/5 "Expected more"
      I have taken a personal loan from Kotak Mahindra . The approved loan amount is 1.2 lakhs. The monthly EMI is 6000 for 24 months. The approved rate of interest is 10.99%. The communication with the bank is good. The documentation process was too much.
      Was this review helpful? 1
      , bangalore
      Reviewed on Dec 09, 2017
    • Kotak Personal Loan
      "Best Bank for loan"
      0.5 5.0/5 "Blown Away!"
      My personal loan was taken with Kotak Bank. It is a pre approval loan without any documentation and no verification. The disbursement was happened in one minute. I didn't even to pay the processing fee earlier. It was a great experience with Kotak Bank. The charges and interest rate is also normal.
      Was this review helpful? 0
      , kolkata
      Reviewed on Dec 09, 2017
    • Kotak Personal Loan
      "Needs to improve on ROI"
      0.5 4.5/5 "Excellent!"
      My personal experience was very good with Kotak Mahindra Bank, the process was quite long, it took 20-25 days for the loan amount to get approved, there was some issue with the signature on the documents so it was delayed. When it comes to customer service, it was good and they responded on time, documents were collected door step. The tenure of this loan is 3 years and the rate of interest of 14.5% is high when compared to all other banks.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Dec 08, 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 approved and the requested amount was disbursed. The process was smooth, it took 12-13 days for the loan amount to get approved. Rate of interest is 10.99% which is nominal when compared to other banks. Customer service from KMB was good and they responded on time, documents were collected door step.
      Was this review helpful? 0
      , kolkata
      Reviewed on Dec 08, 2017
    • Kotak Personal Loan
      "Better service"
      0.5 4.0/5 "Great!"
      The personal loan service was good with Kotak mahindra bank and they took 10days to disburse my loan amount. The rate of interest is average and I am satisfied with it. The required loan amount has been given and I happy with it. The customer support is prompt with Kotak mahindra bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 08, 2017
    • Kotak Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have taken why personal loan with KOTAK bank which was a very convenient and hassle free process. The loan amount was 2 lakhs and the rate of interest was 12% which was avergae in the market . The EMI period was 3 years .They have provided door step service for collecting document and the processing fee was 3000.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Dec 08, 2017
    • Kotak Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      It was a good personal loan experience with Kotak Mahindra Bank, i am happy with the services which they provided me. Customer service was good and they responded on time, they provided door step service to collect the documents. The process was very smooth, it took 10 days for the loan amount to get approved. There is a penalty of 5% on pre closure and part payment. The rate of interest of 14.29 is high when compared to other banks.
      Was this review helpful? 1
      , new delhi
      Reviewed on Dec 07, 2017
    • Kotak Personal Loan
      "Good service"
      0.5 3.5/5 "Pretty good"
      My personal loan application was approved with Kotak Mahindra Bank and the experience was quite good. It took 10 days for the loan amount to get approved. The process was smooth, customer service was good and they provided door step service to collect the documents. The rate of interest was high when compared to all other banks.
      Was this review helpful? 0
      , kolkata
      Reviewed on Dec 07, 2017
    • Kotak Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      The Kotak mahindra bank took long time to give response and there was lack of communication among their own executives. The customer support was not up to the mark with the Kotak mahindra bank. The required loan amount has been given and I am satisfied with it. The rate of interest and the charges are average with the Kotak mahindra.
      Was this review helpful? 0
      , new delhi
      Reviewed on Dec 07, 2017
    • Kotak Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The Kotak mahindra bank personal loan process need to be improved . They took longer than higher because they took a week time to disburse the loan amount after the documentation process. The rate of interest is less when compared with other banks.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Dec 07, 2017
    • Kotak Personal Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have taken a personal loan with Kotak Mahindra Bank,the loan amount is one lakh.The rate of interest is nominal as compared to other banks.They took almost two weeks to complete the loan request.I have given post dated cheques to clear my EMI.The overall service is an average.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Dec 07, 2017
    • Kotak Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have my personal loan with KOTAK bank . The loan amount was 2.5 lakhs and the interest rate was 14% which was very high in the market . The customer service and responses was up to the mark. They have provided door step service for collecting document and the process was nominal here so I would like to recommend their service to others.
      Was this review helpful? 0
      , pune
      Reviewed on Dec 07, 2017
    • Kotak Personal Loan
      "Need to Improve"
      0.5 1.0/5 "Really Bad"
      I have my personal loan with KOTAK Bank . The loan process was not good. Here since they have asked me to submit list of documents. The loan amount was 4 lakhs and the interest rate was 10.99%which was average in the market. I am not satisfied with the customer service here since they did not clearly mention everything and hidden charges was also there.
      Was this review helpful? 0
      , pune
      Reviewed on Dec 07, 2017
    • Kotak Personal Loan
      "Need Transparency "
      0.5 3.0/5 "Satisfactory"
      The personal service was not transparent and they haven't fulfilled the query, because I have applied for the top up personal loan but the approved loan amount was different and the disbursed amount was lower than that, They customer support is not up to the mark with Kotak mahindra. The rate of interest and the charges are average with kotak mahindra.
      Was this review helpful? 0
      , chennai
      Reviewed on Dec 07, 2017
    • Kotak Personal Loan
      "Needs to improve on Customer Service"
      0.5 2.0/5 "Expected more"
      My personal loan experience with Kotak Mahindra bank was not up to the mark. There was no issues with the bank, they provided door step service to collect the documents. The process was very quick and my loan amount was approved within the given time. Customer service was not good, they did not explain about the processing fees, they charged Rs 10000 for one assist and another 5000 rs which they do not have explanation. The rate of interest was high when compared to other banks.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 06, 2017
    • Kotak Personal Loan
      "Dissatisfactory"
      0.5 1.0/5 "Really Bad"
      I am not satisfied with the Kotak Mahindra Bank service. Whenever I call the customer support they don't give the proper information, they said to be on line and then call will be disconnected. The rate of interest was okay. The documentation process was done @ doorstep.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Dec 06, 2017
    • Kotak Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I had taken my personal loan with Kotak Mahindra Bank through online channel. The rate of interest was 18%, it was high when compared to other banks. The executive came to my place and collected all the documents. After collecting the documents, they disbursed 2,80,000 rupees.
      Was this review helpful? 0
      , new delhi
      Reviewed on Dec 06, 2017
    • Kotak Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      I had applied for a personal loan with Kotak Mahindra.I had requested for five lakhs.Rate of interest is 15.99% its very high as compared to other banks,other additional charge like processing fees is 15000 deducted from my loan amount,they had processed the request within a week.
      Was this review helpful? 0
      , pune
      Reviewed on Dec 06, 2017
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