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% - 16.49% 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 1942 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 Jul 2017

    Kotak Mahindra Bank Personal Loan Details
    Interest Rate 11% to 16.49%
    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

    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.

    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
      "Instant Loan"
      0.5 5.0/5 "Blown Away!"
      The Kotak Mahindra bank disbursed my personal loan within 10 to 20 minutes of time. The customer service and the response is really good with Kotak mahindr. They do gives the call to the customers on time . They had a offer when I have approached for my personal loan, so I have got the loan amount within 20 minutes of time. The rate of interest is 14.0% which is nominal with Kotak .
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 24, 2017
    • Kotak Personal Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      Actually I applied for the personal loan with Kotak Mahindra Bank. But I had received good offers from HDFC bank so I switched over to HDFC. Otherwise the response and the customer service is good by Kotak Mahindra bank on my loan application is really good.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 24, 2017
    • Kotak Personal Loan
      "Not happy with the services"
      0.5 2.0/5 "Expected more"
      Kotak Mahindra bank has not been responsive to me after I applied for a personal loan. It has not been a good experience. There were no calls from the bank to process my details and check on my requirement. No information was provided about the interest rate and charges.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Jul 23, 2017
    • Kotak Personal Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I haven't proceeded with Kotak Mahindra bank because of their interest rate. I have chosen HDFC bank for my personal loan. The customer service and the response with Kotak Mahindra is good and supportive. The rate of interest is high with Kotak mahindra when compared with HDFC bank. I would say I got an average service from Kotak Mahindra.
      Was this review helpful? 0
      , pune
      Reviewed on Jul 19, 2017
    • Kotak Personal Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I have applied personal loan with Kotak mahindra but they haven't proceed loan because the Kotak executive informed me that I am not eligible to get the loan because my salary haven't met their eligibility criteria.The customer service and the response is very good with kotak mahindra. The rate of interest is nominal with Kotak.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jul 15, 2017
    • Kotak Personal Loan
      "Better Service"
      0.5 1.0/5 "Really Bad"
      I applied for the personal loan with Kotak Mahindra bank but I did not take the loan from it because I could not produce the salary slip. Other than that I do not have any issues with the bank I got good response from the bank when I applied for the loan.
      Was this review helpful? 2
      , bangalore
      Reviewed on Jul 11, 2017
    • Kotak Personal Loan
      "Interest rate is high"
      0.5 1.0/5 "Really Bad"
      I approached kotak mahindra bank for the personal loan but I got to know that the rate of interest is high so I requested them to reduce the interest rate but they are not ready to reduce and said that this is the final rate. Hence I did not avail the personal loan from them. But I got good response for my loan application.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 11, 2017
    • Kotak Personal Loan
      "Its Average"
      0.5 3.0/5 "Satisfactory"
      I have processed my personal loan with Bajaj Finserv because I already some loan with that financial institute, hence I didn't go head with Kotak Mahindra for the personal loan and also I already submitted my documents with Bajaj Finserv they processed my loan. But Kotak Mahindra interest rate is good compared to Bajaj Finserv.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jul 11, 2017
    • Kotak Personal Loan
      "Good response"
      0.5 4.0/5 "Great!"
      Actually I was planning to get the persona loan for my marriage but my parents managed it so I just dropped the plan in taking the personal loan. Kotak bank is good in response and they responded well when I approached them for the loan.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 11, 2017
    • Kotak Personal Loan
      "Charges should be reduced"
      0.5 2.0/5 "Expected more"
      Kotak Mahindra responded very well on the loan process, But they charged me huge interest rate. I took the loan amount of Rs.3 lakhs with 16% of interest rate and also they have taken some processing fee of Rs. 15,000 from the disbursement amount.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 11, 2017
    • Kotak Personal Loan
      "Slow process"
      0.5 2.0/5 "Expected more"
      I applied for the personal loan with Kotak Mahindra bank but I did not take the loan from them as they were asking for extra documents. Also their response and their customer service is not much good it is average only. The loan process also very slow with them. It would be good if their loan process is much effective.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 11, 2017
    • Kotak Personal Loan
      "Need to reduce the interest rate"
      0.5 3.0/5 "Satisfactory"
      Kotak gave me 11.5% of interest but other banks like HDFC and ICICI is providing only 10.99% of interest for HCL employees. In Kotak for the personal loan they taking some Rs.2500 as processing fee and insurance amount from the disbursement and one more thing I asked the principal amount of Rs.4.5 lakhs but they ready to sanction only Rs.4 lakhs, I am not fine with that, hence I didn't process with them.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 11, 2017
    • Kotak Personal Loan
      "Charges should be flexible"
      0.5 5.0/5 "Blown Away!"
      I have salary account with Kotak Mahindra, and I took my first loan with Kotak Mahindra. Their customer service is good and over taken by ING VYSYA service. Being an existing customer of bank they gives always better offer in the market. They provided preclosure option after a year however there will charges applicable.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 10, 2017
    • Kotak Personal Loan
      "Hassle free"
      0.5 4.5/5 "Excellent!"
      Overall experience was good with Kotak Mahindra, they just taken three to four days to collect the documents and they sanction the amount within five days. Kotak Mahindra approved the loan of Rs. 4.4 lakhs and they taken Rs.2400 rupees from the disbursement even their interest rate is pretty good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 10, 2017
    • Kotak Personal Loan
      "Not satisfied"
      0.5 2.0/5 "Expected more"
      I approached kotak mahindra bank for the personal loan They contacted me and informed me the details and checked about my requirement then they have arranges executive to collect my documents after collecting third day they are saying salary criteria is not matching your loan cannot be processed.
      Was this review helpful? 0
      , vadodara
      Reviewed on Jul 10, 2017
    • Kotak Personal Loan
      "Satifactory service"
      0.5 3.0/5 "Satisfactory"
      It was a smooth process with Kotak bank related to the personal loan.The loan process was very easy.They have not applied any charge in the loan process.The executive who handled the loan process was very friendly to me in assisting in 2014 I have availed this personal loan.
      Was this review helpful? 0
      , jaipur
      Reviewed on Jul 09, 2017
    • Kotak Personal Loan
      "Good services"
      0.5 3.5/5 "Pretty good"
      I could not go ahead for the personal loan with Kotak Mahindra bank due to the salary criteria. The customer services was good and the team is also responsive as well on time. The interest rate and processing charges were very much average which would be around 13%.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 07, 2017
    • Kotak Personal Loan
      "Good Response"
      0.5 4.0/5 "Great!"
      Kotak Mahindra bank was very responsive when I applied for the loan. They provided a good response but actually due to the credit score constrains I could not take the loan from them. Otherwise I do not have any issues with the bank. It was good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 07, 2017
    • Kotak Personal Loan
      "No Response"
      0.5 1.0/5 "Really Bad"
      I did not receive any calls or messages from Kotak Mahindra bank on my personal loan application. I just received a single call on which they said they would come and collect the documents but no one has visited my place for document collection but they closed my application.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jul 07, 2017
    • Kotak Personal Loan
      "Good In Followups"
      0.5 4.0/5 "Great!"
      Acually I had received good followup calls and information from Kotak Mahindra bank for the personal loan but I do not know why they had closed my loan application. Meantime I got the call from third party and my loan got approved with ICICI bank. Kotak bank has no part payment option only foreclosure is available.
      Was this review helpful? 0
      , greater noida
      Reviewed on Jul 07, 2017
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