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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 1975 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    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.


    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 19 Aug 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.

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  • Kotak Mahindra Bank Personal Loan Reviews

    • Kotak Personal Loan
      "Moderate Service"
      0.5 3.0/5 "Satisfactory"
      I wanted to go with Kotak Mahindra bank for the personal loan process because this is my existing bank and I do hold salary account. But unfortunately, I could not take the loan from Kotak, but I availed the loan from other financial institution. The major reason behind this is, only because of the high interest rate and processing fee. The bank may consider me when I approach them for the loan as I am a 3.5 years old customer of Kotak.
      Was this review helpful? 0
      , faridabad
      Reviewed on Aug 17, 2017
    • Kotak Personal Loan
      "Dissatisfactory"
      0.5 2.5/5 "Just OK"
      I took personal loan earlier from Kotak Mahindra, it was very inconvenient process, before I got my loan disbursement, they took first month of EMI from my account. Their customer care executive are not very prompt and supportive but I got nominal interest.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 17, 2017
    • Kotak Personal Loan
      "Not flexible"
      0.5 2.0/5 "Expected more"
      KOTAK made me to run around here and there for the personal loan. one person took the request and processed the request. They called me and informed that were in of list of documents multiple times, it was a fault from their end the person who took the request did not execute the process properly before it could move to the next department. Had he completed the process on time, my loan would have got processed on time.
      Was this review helpful? 0
      , kolkata
      Reviewed on Aug 17, 2017
    • Kotak Personal Loan
      "Nice Experience "
      0.5 5.0/5 "Blown Away!"
      The experience with Kotak Mahindra Bank is nice. The process was more than satisfactory as it was on time and it a easy process as well. I am also comfortable with the interest rate and processing charges. It is normal and the after loan services are also good.
      Was this review helpful? 0
      , new delhi
      Reviewed on Aug 17, 2017
    • Kotak Personal Loan
      "Good service"
      0.5 3.5/5 "Pretty good"
      The Kotak mahindra executives gave a call and explained me about the product and I have given all my details and also submitted my required documents as well, they told they will be giving a call back after the approval but there was no response from Kotak mahindra, so that was the reason I haven't got the loan from Kotak mahindra bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 16, 2017
    • Kotak Personal Loan
      "All went good"
      0.5 5.0/5 "Blown Away!"
      I did not find any kind of challenges while processing my personal loan with Kotak Mahindra Bank. All their services are pretty good and even I am happy with the interest rate. The executives are quite responsible towards the customer's application and all went good.
      Was this review helpful? 0
      , new delhi
      Reviewed on Aug 16, 2017
    • Kotak Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      The Kotak mahindra service was really good in concern to my personal loan application. They gave good response as per my requirement. The Kotak mahindra executive came to my place and collected the required documents so that was the reason I have closed the personal loan application. The rate of interest is high when compared with others.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 16, 2017
    • Kotak Personal Loan
      "Good Customer Service"
      0.5 4.5/5 "Excellent!"
      To be frank, interest rate is not really good but it is ok. Kotak Mahindra bank offered a personal loan last month. I do not have any dissatisfaction with the bank for the loan process but it would be more convenient if the interest rate is bit less. Customer service is good.
      Was this review helpful? 0
      , pune
      Reviewed on Aug 14, 2017
    • Kotak Personal Loan
      "Its Good"
      0.5 5.0/5 "Blown Away!"
      The property which I was shortlisted it was not finalized hence I dropped the plan to avail personal loan, but Kotak Mahindra have contacted me and confirmed my needs and they ready to sanction full amount with nominal interest as per the market but I denied to go head.
      Was this review helpful? 0
      , noida
      Reviewed on Aug 12, 2017
    • Kotak Personal Loan
      "Its Good"
      0.5 4.0/5 "Great!"
      Kotak Mahindra offered me around 16% of interest for the personal loan, I am not fine with that rates. I asked them to negotiate the rate but based on salary, they offered me same interest rate. Then I took loan from other source, they gave me lower interest rate.
      Was this review helpful? 0
      , mumbai
      Reviewed on Aug 12, 2017
    • Kotak Personal Loan
      "Responsive"
      0.5 4.0/5 "Great!"
      Earlier there was some requirement for the finance hence I applied for the personal loan with Kotak Mahindra Bank but later I do not find any requirement for the loan therefore I did not continue the loan process and I had cancelled it. Response wise, I cannot say anything wrong about the bank because I got a very good response from them.
      Was this review helpful? 0
      , noida
      Reviewed on Aug 11, 2017
    • Kotak Personal Loan
      "Interest should be reduced "
      0.5 4.0/5 "Great!"
      I am not Compromised with Kotak Mahindra interest rate, hence I had taken loan from other bank with the interest rate 10.99 for the personal loan. But Kotak offered me 11.45% of interest, I asked them to reduced the rate but they denied process for the loan as it was offered for a lower interest.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Aug 11, 2017
    • Kotak Personal Loan
      "Wonderful "
      0.5 4.0/5 "Great!"
      My experience was good one with the Kotak Mahindra bank and the loan amount got disbursed within ten to twelve days of time. Response was good one with them and the customer service and other things are really nice one.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Aug 11, 2017
    • Kotak Personal Loan
      "Very Good"
      0.5 4.0/5 "Great!"
      I have postponed my plan hence I thought not to avail personal loan right now. Kotak Mahindra is a good even offered me the interest rate, which is better in the market but I have denied to process with them, only because of my personal reason nothing else.
      Was this review helpful? 0
      , greater noida
      Reviewed on Aug 11, 2017
    • Kotak Personal Loan
      "Looking for a better service"
      0.5 3.0/5 "Satisfactory"
      Kotak Mahindra have rejected my loan application, stating my salary did not meet with their criteria and they didn't provide any other options too. Service wise Kotak is good, they called and confirmed my requirements, even their interest rate was very much nominal.
      Was this review helpful? 0
      , chennai
      Reviewed on Aug 10, 2017
    • Kotak Personal Loan
      "Communication gap should be eliminated"
      0.5 2.0/5 "Expected more"
      Kotak have not in formed the reason, why have rejected the application. Initially I got a call, they asked to submit the documents. Then no body turned up to collect the documents from my place for further process. Hence I could not continue with them.
      Was this review helpful? 0
      , kolkata
      Reviewed on Aug 10, 2017
    • Kotak Personal Loan
      "Moderate Service"
      0.5 4.0/5 "Great!"
      For the personal loan, I approached Kotak Mahindra bank. They processed the loan without any hassles. But the interest rate was high which was 14 % something. So I had transferred the loan to the other banks. Customer service was good with Kotak.
      Was this review helpful? 0
      , chennai
      Reviewed on Aug 09, 2017
    • Kotak Personal Loan
      "Process is good. But high on ROI and charges"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan with Kotak Mahindra Bank. I had no issues with the process as I was contacted immediately and the team processes my information. It was a on time process and I got the funds as needed. The bank was high on the rate of interest which was of 13% and the processing charges was high too.
      Was this review helpful? 0
      , mumbai
      Reviewed on Aug 09, 2017
    • Kotak Personal Loan
      "Fantastic service"
      0.5 5.0/5 "Blown Away!"
      Everything is available in the Kotak Mahindra bank. They have offered me a personal loan and within a week time theyhave disbursed my loan. The requested loan amount was disbursed on time and I am happy with it. The rate of interest is nominal with Kotak mahindra.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Aug 09, 2017
    • Kotak Personal Loan
      "Good in interest rate"
      0.5 5.0/5 "Blown Away!"
      I am banking with Kotak Mahindra since 2011. Recently I had taken the personal loan from ICICI. So when I received the loan from ICICI, I got a call from Kotak and they informed me that they are willing to provide the loan with 11% of interest rate. So comparatively Kotak is more good in terms of the interest rate.
      Was this review helpful? 0
      , chennai
      Reviewed on Aug 08, 2017
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