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  • Kotak Mahindra Bank Personal loan

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  • Kotak Mahindra bank offers personal loans to its customers starting from the interest rate of 10.50% p.a.

    • Processing fee of 2.5% 
    • Loans offered up to Rs.15 lakh
    • Repayment tenure up to 5 years
    • Minimal paperwork
    More
    We found 1 Kotak Mahindra Bank Personal Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    10.50% - 16.99% Fixed
    Up to 2.5%
    25L Max
    1-5 years
    100% PAPERLESS APPROVAL
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews

    Features of Kotak Mahindra Bank personal loan

    • Instant loans for unforeseen expenses
    • Minimal documentation and immediate processing of loans
    • Easy access to funds for any purpose including marriage, higher education, vacation, emergency medical needs, etc.

    Personal Loan Details for Kotak Mahindra Bank

    Interest rate Loan amount
    10.50% to 16.99% Minimum: Rs.50,000 Maximum: Rs.15 lakh

    Benfits

    • Easy online application process
    • Minimal paperwork and faster processing
    • Hassle-free loan disbursal process

    Fees and charges

    The fees and charges associated with Kotak Mahindra Bank personal loan are given as follows:

    Schedule of charges Rates
    Processing charges up to 2.5% of the loan amount + GST
    Stamping charges as per respective state’s Stamp Act
    Credit appraisal charges up to 5% of the loan amount subject to a maximum of Rs.7,500
    Overdue interest charges 3% per month, compounded monthly
    Dishonour Rs.750 per instance
    Collection charges 30% of dishonour charges + overdue interest
    CIBIL report charges Rs.50 + GST
    No due certificate Rs.500 + GST

    Eligibility for Kotak Mahindra Bank personal loan

    The eligibility criteria for Kotak Mahindra Bank personal loan are listed as follows:

    • Anyone between the ages of 21 years and 58 years can get access to this loan.
    • The applicant must be an active employee of a public or private sector company for at least one year.
    • The applicant must earn at least Rs.20,000 per month to be eligible for this loan.
    • The applicant must at least be a graduate.
    • The applicant must be a resident of the current city for at least one year.

    Documents required

    The following list of documents must be submitted to get the personal loan offered by Kotak Mahindra Bank:

    • Proof of identity (PAN, Aadhar, driving license, voter’s ID, etc.)
    • Proof of residence (Utility bill, passport, etc.)
    • 3 passport size photographs
    • Salary slips for at least 3 months
    • Bank statement for the last 3 months
     

    How the EMI calculation works for Kotak Mahindra Bank personal loans? 

    Let’s consider the example below. You take a personal loan of Rs.1 lakh from the bank. The bank charges an interest rate of 10.99% p.a. for a loan tenure of 1 year. The repayment schedule for this loan is given as follows: 

    Months  Principal  Interest  EMI (principal + interest)  Balance  Percentage of loan paid to date 
    Apr  Rs.7,922  Rs.916  Rs.8,838  Rs.92,078  7.92% 
    May  Rs.7,994  Rs.843  Rs.8,838  Rs.84,084  15.92% 
    Jun  Rs.8,068  Rs.770  Rs.8,838  Rs.76,016  23.98% 
    Jul  Rs.8,142  Rs.696  Rs.8,838  Rs.67,875  32.13% 
    Aug  Rs.8,216  Rs.622  Rs.8,838  Rs.59,658  40.34% 
    Sep  Rs.8,291  Rs.546  Rs.8,838  Rs.51,367  48.63% 
    Oct  Rs.8,367  Rs.470  Rs.8,838  Rs.43,000  57.00% 
    Nov  Rs.8,444  Rs.394  Rs.8,838  Rs.34,556  65.44% 
    Dec  Rs.8,521  Rs.316  Rs.8,838  Rs.26,035  73.97% 
    Jan  Rs.8,599  Rs.238  Rs.8,838  Rs.17,436  82.56% 
    Feb  Rs.8,678  Rs.160  Rs.8,838  Rs.8,757  91.24% 
    Mar  Rs.8,757  Rs.80  Rs.8,838  Rs.0  100.00% 

    How Kotak Mahindra Bank compares with other lenders? 

    Fees and charges  Kotak Mahindra Bank Personal Loan  HDFC Bank Personal Loan  Citibank Personal Loan  Yes Bank Personal Loan 
    Interest rate  10.50% p.a. onwards  11.25% p.a. onwards  10.99% p.a. onwards  20% p.a. onwards 
    Processing fee  2.5% + GST  2.5% + GST  0.25% to 3.00% + GST  2.5% + GST 
    Foreclosure charges  5% of the outstanding loan amount  2% to 4% of the outstanding loan amount  Up to 4% of the principal outstanding  0% to 4% of the outstanding loan amount 
    Late payment fee  3% of the overdue amount per month  2% of the overdue amount per month  Contact the bank for details  2% of the overdue amount per month 
     

    Brief Summary

    Personal loans provide quick access to funds during emergency financial needs. The personal loan offered by Kotak Mahindra Bank is intended just for that purpose. If you are having a sudden financial emergency, you may reach out to Kotak Mahindra and apply for a personal loan. The reasonable interest rates and flexible repayment options can help you take care of your emergency financial needs without leaving a big dent in your monthly budget.

    FAQs for Kotak Mahindra Bank personal loan

    What is the loan tenure for Kotak Mahindra Bank personal loan?

    The repayment options are quite flexible in Kotak Mahindra Bank. Customers can choose the loan repayment tenure between 1 year and 5 years.

    Is it possible to foreclose the personal loan?

    Yes. It is possible to foreclose the personal loan after 12 months of continuous EMI payments. The bank must be given a foreclosure notice at least 30 days before the payment. Kotak Mahindra Bank has foreclosure charges of 5% of the outstanding loan amount + applicable service tax. Once the payment is made, the bank will send the No Objection Certificate and remaining postdated cheques (if any) to you within 15 days.

    Can I do part prepayments on my personal loan?

    No. Kotak Mahindra Bank does not allow part prepayment on personal loans at present.

    What is the personal loan top-up facility offered by Kotak Mahindra Bank?

    Personal loan top-up refers to the process by which a customer gets an additional loan over the outstanding loan amount. This is subject to Kotak Mahindra’s lending policy and the customer’s creditworthiness. During this process, the bank will check for any EMI overdue, outstanding loans, bounced cheques, borrower’s job stability, etc., before issuing the top-up loan.

    What is Personal Loan Balance Transfer?

    This is a process by which the outstanding loan amount is transferred from one financial institution to another. This is done mainly to take advantage of the lower interest rates offered by another bank. This could help you bring down your overall debt burden.

    What is the installment payment date for the personal loan? Can I choose the date based on my convenience?

    The installment repayment dates are 5th and 10th of every month. Customers can choose between these two days while signing up for the loan.

    Will I get a repayment schedule for my loan?

    Customers can download their repayment schedule from the official website of the bank anytime they want. If you are not able to download, you may visit the nearest branch office and get the repayment schedule by providing your personal loan details.

    Can I postpone my EMI payment for a specific month in case of an emergency?

    No. The bank does not allow postponing or rescheduling of EMI payments. If you are not able to make the payment for one month, you must repay the outstanding installment along with the overdue charges and late fees.

        

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    Kotak Mahindra Bank Personal Loan Reviews

    • Kotak Personal Loan
      "Not satisfactory"
      0.5 2.0/5 "Expected more"
      The person who came from Kotak Mahindra Bank for getting the documents from me, he was not aware of the documents to be submitted and he is not professional due to this reason the process got delayed for one week. Moreover am having a salary account in same bank for more than 3years. I felt, they did not provide a proper service to the existing customer.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 16, 2019
    • Kotak
      Kotak Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I applied for a personal loan from KOTAK MAHINDRA BANK online. I had received the loan amount on time and they provided sufficient loan amount. Their rate of interest is little higher than other banks and processing fee is also very high. Their overall service is good.
      Was this review helpful? 1
      , chennai
      Reviewed on Oct 14, 2019
    • Kotak Personal Loan
      "Average"
      0.5 4.0/5 "Great!"
      I had applied for a personal loan with KOTAK MAHINDRA BANK. They disbursed the loan on time and I had received sufficient loan amount. Their rate of interest is nominal, I am ok with it. I had submitted my documents to their executive. Verification was done on time.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 14, 2019
    • Kotak Personal Loan
      "Not satisfied"
      0.5 2.0/5 "Expected more"
      I had applied personal loan with KOTAK MAHINDRA BANK online. Rate of interest and processing fee is very high. I received the loan time. They are not deducting the EMI from my account, I always maintain sufficient balance every months for EMI.
      Was this review helpful? 0
      , jaipur
      Reviewed on Oct 14, 2019
    • Kotak Personal Loan
      "Moderate Service"
      0.5 5.0/5 "Blown Away!"
      I have applied for Kotak Mahindra Bank personal loan through Online .I have got all the required information about the loan process ,I have got the loan amount on time and there was no difficulties faced while submitting the required documents ,The rate of interest was very high that was the only issue.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 12, 2019
    • Kotak Personal Loan
      "Service is Good"
      0.5 4.0/5 "Great!"
      I have availed Kotak Mahindra Bank personal loan through Online .The rate of interest was good and got the loan amount on time ,I have got all the required details about this loan process very clearly through the agent ,while submitting the documents I did not face any difficulties till date.
      Was this review helpful? 0
      , faridabad
      Reviewed on Oct 12, 2019
    • Kotak Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      The rate of interest is also good with Kotak Mahindra Bank and I think, for 2L they took 4K as a processing fee. I have uploaded the documents via online and also some given to the bank. The loan duration is 5years and I can do foreclose the loan after 1year.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Oct 11, 2019
    • Kotak Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I had applied for Kotak Mahindra Bank personal loan where it was been disbursed to my account in 10 working days, rate of interest was little high compare to other Banks, customer service is good and had gave me with the tenure of 24 months which was good.
      Was this review helpful? 2
      , new delhi
      Reviewed on Oct 11, 2019
    • Kotak Personal Loan
      "Good Service"
      0.5 3.0/5 "Satisfactory"
      I have applied for Kotak Mahindra Bank personal loan through Online .I have got this loan on delay basis it took 3 weeks of time.I have got all the deails about the loan process very clearly .while submitting the documents the process was smooth .The rate of interest and the processing fee was nominal.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 11, 2019
    • Kotak Personal Loan
      "Overall the loan service is good"
      0.5 4.0/5 "Great!"
      The interest rates was compared to other banks it was less. The sanctioned time, it took lot of time and overall procedure it took almost 1 month. They disbursed the money after 3 weeks. They offered me a interest rate of 12.5% and there was some processing fee deducted. They have option of pre-closing the loan. The executive had a lot of patience in kotak mahindra bank and she helped me a lot.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 11, 2019
    • Kotak Personal Loan
      "Very Easy to apply"
      0.5 4.0/5 "Great!"
      Based on my profile, the executive referred me to take the personal loan from Kotak Mahindra bank. It took 1 month to receive the loan. I could not remember about the interest rate. I had applied the loan amount of Rs. 2.5 lakhs. They do have partial payment and pre-closure facility for that some additional charges will be there. They are sending some approval mails which they have provide in details since the customer is not aware of the banking language. They can help us by calling and explaining the details to the customer.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 11, 2019
    • Kotak Personal Loan
      "Excellent"
      0.5 4.0/5 "Great!"
      I had applied for Kotak personal loan which was been disbursed in 4 weeks which is very long, rate of interest is nominal as per the market, documentation process took bunch of documents and time, customer service of the kotak team was good.
      Was this review helpful? 1
      , mumbai
      Reviewed on Oct 11, 2019
    • Kotak Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I had applied personal loan with KOTAK MAHINDRA BANK. I submitted my documents online and their field executive also collected all the documents. They did verification on time and it was smooth and hassle free. Rate of interest is also very much nominal.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 11, 2019
    • Kotak Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I felt, the rate of interest is good with Kotak Mahindra Bank for the personal loan. It was around 10.change also the processing fee is little minimum compared to others. They have given me tenure of 3years. They do charge standard foreclosure fee. The documentation process was easy.
      Was this review helpful? 1
      , bangalore
      Reviewed on Oct 11, 2019
    • Kotak Personal Loan
      "Good choice for personal loan "
      0.5 4.0/5 "Great!"
      Till EMI process is not yet started but I have received the loan amount and things what Kotak Mahindra committed to me, when I applied my loan via online was done and am very happy. Actually, I have done a balance transfer to foreclose the loan which is existing with Bajaj Finserv and also got a cash of remaining amount. They have arranged the cheque without calculating the foreclosure charges, if they would have contacted Bajaj and done a proper calculation which will be very good otherwise Kotak is very good interms of response and they have given me very good interest rate. Only the response was not prompt at the middle but end part is good!!
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 10, 2019
    • Kotak Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have applied for Kotak Mahindra Bank personal loan through Online .There was no difficulties with the rate of interest and the processing fee ,While submitting the documents the process was very lenghty .I have got the update it was a paperless approval but later documents was collected that was the difficulty .
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 10, 2019
    • Kotak Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      The interest rate is good with Kotak Mahindra Bank and they have charged me 12.5% where other bankers are charging almost 18 to 20%. My loan tenure is 3years. The processing fee is included and also they have charged me for an insurance. I have applied for 2L and received 1.95L.
      Was this review helpful? 0
      , vijayawada
      Reviewed on Oct 10, 2019
    • Kotak Personal Loan
      "Average"
      0.5 4.0/5 "Great!"
      I would suggest Kotak Mahindra Bank to charge the interest rate to be little lesser as of now charged me 11-12%. There was a processing fee. I have taken a loan of 2.06L and it was not at all sufficient actually have applied for 6L. They have fixed the loan for 5 years. The documentation process was also very much easy.
      Was this review helpful? 0
      , kolkata
      Reviewed on Oct 10, 2019
    • Kotak Personal Loan
      "Average"
      0.5 4.0/5 "Great!"
      I took my personal loan from Kotak Mahindra Bank through online channel. They have taken more than 10days for the disbursement and the followup was not appropriate. The processing fee is maximum and even they are charging 5% for foreclosure. The loan tenure is 5years.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 09, 2019
    • Kotak Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      Kotak Mahindra has quoted me interest rate of around 10% which was least among the others. There were a processing fee and the loan process was good. The documents are submitted through online. Overall am satisfied with the process and opted the loan for 5years.
      Was this review helpful? 2
      , chennai
      Reviewed on Oct 09, 2019
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