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
    11.49% - 20.15% Fixed
    Up to 2%
    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 1915 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 28 Jun 2017

    Kotak Mahindra Bank Personal Loan Details
    Interest Rate 11.49% to 20.15%
    Processing Fees Up to 2% of the Loan amount
    Loan Tenure 1 year to 5 years
    Pre-Closure charges Preclosure permitted after 12 months. 5% of principal outstanding(plus ST) afterwards.
    Guarantor Requirement No guarantor required

    About Kotak Mahindra Bank

    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.

     Kotak Personal Loan Offers

    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.

     Kotak Personal Loan Offers

    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 service tax 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 service tax.

      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 + service taxes 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
      "Communication part should be improved"
      0.5 2.0/5 "Expected more"
      I am ready to avail Kotak Mahindra personal loan, but they rejected my loan application without initmation, Infact I didn't receive any call or any message from them and no one came to collect the documents. I would like to suggest them to improve their communication part, also they need to be more transparent in their process.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 27, 2017
    • Kotak Personal Loan
      "Improper Service"
      0.5 1.0/5 "Really Bad"
      I had applied for the personal loan with Kotak Mahindra Bank. On the receipt of my application, bankers contacted me and inquired about the required information. Post which they had collected the required documents in order to proceed further, but unfortunately they did not proceed my loan application also I never heard anything from them. There was no communication from Kotak post collected my documents for the personal loan.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 24, 2017
    • Kotak Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I had got the personal loan from Kotak mahindra bank, Within 7 days of the time they have disbursed my loan. The executives came to my place, they have collected all my required documents.The rate of interest was nominal with Kotak Mahindra. The required loan amount has been disbursed by kotak. I am happy with the loan amount too.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 24, 2017
    • Kotak Personal Loan
      "Looking for better offer"
      0.5 4.0/5 "Great!"
      Kotak Mahindra is always one of the best bank, I don't have any issues with them. As per their own policy they have offered me the interest rate of around 16% it is a bit high when compared to other competitor and apart from that, they are charging some processing fees too. Hence I dont wish to go with them instead, I would love to go with Canara Bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 23, 2017
    • Kotak Personal Loan
      "Below average service"
      0.5 1.0/5 "Really Bad"
      The rate of interest was too low but the documentation charges and the additional charges were really high with Kotak Mahindra personal loan. I got the disbursement within 20 working days from Kotak Mahindra. The service need to be quick and fast in future. The customer service and the executives needs an improvement with Kotak Mahindra bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 22, 2017
    • Kotak Personal Loan
      "They should be transparent in their process"
      0.5 1.0/5 "Really Bad"
      When I put a request for Kotak personal loan through online channel, I found their interest was 16.49%. After submitting all my application through online, Kotak executive called and informed the interest rate was 16.99%. Finally when my loan was under processing, they were saying one by one charges like processing and insurance fee. Finally they rejected the application.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 22, 2017
    • Kotak Personal Loan
      "Good services"
      0.5 4.0/5 "Great!"
      Since I was preoccupied with other work. I could not respond to Kotak Mahindra Bank for the personal loan. There were continuous calls and messages from them requesting me to take the loan. Not sure on the interest rate and processing charges.
      Was this review helpful? 0
      , jaipur
      Reviewed on Jun 22, 2017
    • Kotak Personal Loan
      "Need Improvement"
      0.5 2.0/5 "Expected more"
      At the start I applied for a loan amount of 1,30,000, next day I was in need of 2,80,000 but KOTAK had disbursed 1,30,000 much before that. I was trying to reach the executives but none turned up. They simply sent me a text message stating that the executives would get in touch with me after 5 days of time. Therefore KOTAK needs to be more customer oriented. As far as the rates are concerned it is low when compared with others in the market.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 21, 2017
    • Kotak Personal Loan
      "Excellent "
      0.5 5.0/5 "Blown Away!"
      Experience was good and quick with the Kotak Mahindra bank for the personal loan, which I have got. The rate of interest was around 11.5% and the customer service, response was also went in the smooth way. There were no hindrances, which I have faced with the Kotak mahindra bank.
      Was this review helpful? 0
      , thane
      Reviewed on Jun 21, 2017
    • Kotak Personal Loan
      "Good Service"
      0.5 3.0/5 "Satisfactory"
      The company which I work is a Partnership firm and the Kotak Mahindra was about to collect my documents to proceed with my Personal loan, but no one turned up and I never got a call, any text message, mails regarding my personal loan application. I guess my company is not listed under the Kotak Mahindra banks criteria. The rate of interest is nominal when compared with others.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 21, 2017
    • Kotak Personal Loan
      "Its Good"
      0.5 4.0/5 "Great!"
      I had approached Kotak Mahindra for the personal loan when there was a need, later on I don't have requirement to take personal loan. That's the reason why, I had closed my loan application. Kotak Mahindra response is good, they had called me with regards to the loan process, but I don't any interest to proceed further with them with regards to the loan.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 21, 2017
    • Kotak Personal Loan
      "Need to be revise the rate of interest"
      0.5 3.0/5 "Satisfactory"
      I got the personal loan with the Kotak mahindra bank and the loan amount got disbursed within two weeks of time, The services are fine one with them till now and the response is good one. Interest rate and the processing charges were something huge.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 20, 2017
    • Kotak Personal Loan
      "Improper response"
      0.5 1.0/5 "Really Bad"
      I had not received proper response from Kotak Mahindra Bank for the personal loan. What are the documents I had submitted all are qualified and eligible for the loan. But I had received a call from Kotak where a lady spoke with me. She said that I am not eligible for the loan in a rude way and closed my application. Then I approached HDFC bank and got the loan.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 20, 2017
    • Kotak Personal Loan
      "They have to improvemise their customer service"
      0.5 2.0/5 "Expected more"
      I took personal loan from HDFC, Because I felt Kotak Mahindra interest rate is high. When I approached for the loan Kotak they offered me 14% of interest, but HDFC offered 12.99%. But I guess there is no processing fee for personal loan in Kotak. Finally I have not availed loan from Kotak, infact no one have contacted me for the loan process.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 20, 2017
    • Kotak Personal Loan
      "High Interest Rate"
      0.5 3.0/5 "Satisfactory"
      I had received good response from Kotak Mahindra Bank for the personal loan. Meantime I was trying with other banks for the loan because the interest rate is higher with Kotak than the other banks. Other than that I had no issues with Kotak for the loan process.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 19, 2017
    • Kotak Personal Loan
      "DISSATISFIED"
      0.5 1.0/5 "Really Bad"
      When I approached Kotak Mahindra Bank for the personal loan, I did not get any good response from them and the drawback is that they delayed my loan about three weeks and I have to escalate it, to sort out all things.. It was not that smooth and prefect throughout the process. The rate of interest was 15% which is high when compared with others.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Jun 17, 2017
    • Kotak Personal Loan
      "Kotak mahindra bank is such a fraud bank "
      0.5 0.5/5 "Unacceptable"
      I want to share my reviews. My father took a loan from Kotak bank, we paid all the instalments and the interest on time but their officers Did fraud with us, when my father deposited d money in d cc limit account, the officers blocked d money from d account nd den when we requested to unblock our account they didn't pick d call infact they took a revenge from us and bcz of shortage of money which they blocked, my business has been goes down day by day atlast we have decided dat we should have to change d bank bcz they blocked all d cc limit and as well as they took interest as well. When we deposit all d limit balance to d Kotak bank and all d charge which are due from our side we gave it to them but they did fraud with us now all d officers are denied to give property papers infact they are not giving properties registered deed along with not to close cc limit account nd now my family reputation is degrade day by day, my family is facing d financial problem bcz of Kotak bank.
      Was this review helpful? 0
      , guna
      Reviewed on Jun 16, 2017
    • Kotak Personal Loan
      "Not recommendable"
      0.5 2.0/5 "Expected more"
      My experience with Kotak Mahindra bank is not satisfactory. The rate of interest is very high and so is the processing fees and they are forcibly asking me to take add on facilities like wallet insurance. This is for a personal loan process and the bank is not recommendable.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 16, 2017
    • Kotak Personal Loan
      "Interest rate and charges has to be reduced"
      0.5 4.0/5 "Great!"
      I took personal loan in the year 2006 from Kotak Mahindra, initially they committed they would be charging the interest rate around 11 to 12% but when I was processed my loan with them, they charged around me 15% of interest, whatever it may be, if they give clear information about the loan process that would be great.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 16, 2017
    • Kotak Personal Loan
      "Need Improvement"
      0.5 3.0/5 "Satisfactory"
      Initially Kotak mahindra was very good in the process after submitting the documents again they have asked me to submit the missed out document, then I felt that they are taking too much of time. I have choose the other bank. The documentation process need to be improved with Kotak Mahindra. The rate of interest was nominal with Kotak Mahindra. I would say it was an average service.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 15, 2017
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