Multiple banks. Different interest rates. Call it a "conflict of interest".
  • Custom Free
     

    Custom quote

  • Kotak Mahindra Bank Personal loan

    Loading your search...
  • Kotak Mahindra bank offers personal loans to its customers starting from the interest rate of 10.99% 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
    11.25% - 19.99% 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
    10.99% to 24% 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  10.99% p.a. onwards  15.5% p.a. onwards  10.99% p.a. onwards  10.75% 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.

        

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    Kotak Mahindra Bank Personal Loan Reviews

    • Kotak Personal Loan
      "Good Experience"
      0.5 4.5/5 "Excellent!"
      My Kotak loan experience is good, at the time of availing the loan my credit score is not good so they charged more interest but they helped me during emergency. I took Rs. 4 lakhs for four years of duration, initially I took loan at incredit it was balance transferred to Kotak.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 20, 2019
    • Kotak
      Kotak Personal Loan
      "Unhappy Experience"
      0.5 1.0/5 "Really Bad"
      My personal loan experience with Kotak Mahindra is unhappy because they charged 15% of interest for the loan amount of Rs. 6 lakhs with the duration of five years. They have taken some processing fee and insurance from the whole disbursement amount.
      Was this review helpful? 2
      , ghaziabad
      Reviewed on Jul 19, 2019
    • Kotak Personal Loan
      "Need to improve customer service"
      0.5 1.0/5 "Really Bad"
      I have taken a personal loan in KOTAK MAHINDRA bank for more than 8 months ago which was processed directly to bank. The process was incorrect for this loan and also face some issue for a balance transfer. The loan amount was sufficient for the duration of 5 years. The customer service is no proper response whenever try to contact them.
      Was this review helpful? 2
      , mumbai
      Reviewed on Jul 16, 2019
    • Kotak Personal Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      I have applied Kotak Mahindra bank personal loan but they have canceled my application since i was not contactable. I use to get calls from them i informed them to call in the afternoon so that i can get connected but same was not done. No proper information was provided to me.
      Was this review helpful? 3
      , bangalore
      Reviewed on Jul 13, 2019
    • Kotak Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I had applied a personal loan from kOTAK Mahindra Bank. I closed the application as I don't have salary slip. Rate of interest was nominal and loan amount was sufficient for me. Their customer service is good. They have given clear information about the loan.
      Was this review helpful? 1
      , noida
      Reviewed on Jul 11, 2019
    • Kotak Personal Loan
      "Good Service"
      0.5 1.0/5 "Really Bad"
      I have applied for Kotak Mahindra Bank through Online .The rate of interest and the processing fee was really high due to this reason i have cancelled the plan of taking this loan.I have got all the required information about the loan process ,I have not submitted any documents .
      Was this review helpful? 1
      , mumbai
      Reviewed on Jul 11, 2019
    • Kotak Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I was applied for a personal loan in KOTAK MAHINDRA bank on a month before which processed through an online. On time I received a call from bank for further verification. The amount was sufficient of 3 lakhs for the tenure of 3 years. The rate of interest and processing fee are high.
      Was this review helpful? 1
      , mumbai
      Reviewed on Jul 11, 2019
    • Kotak Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I had been applied for my personal loan with Kotak mahindra bank from long time, their service was good, their customer care service response me well, but i closed this account because i did not required anymore as other bank have given me loan quickly.
      Was this review helpful? 2
      , kolkata
      Reviewed on Jul 11, 2019
    • Kotak Personal Loan
      "Need overall improvement"
      0.5 1.0/5 "Really Bad"
      Earlier I need of money now later on I arranged money from other source. Hence there was no requirement to take loan from Kotak Mahindra but there was no response for my loan inquiry even I didn't compare the interest due to the emergency, they should improve their service.
      Was this review helpful? 2
      , noida
      Reviewed on Jul 11, 2019
    • Kotak Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I took a personal loan from the KOTAK MAHINDRA bank the process Smooth I got the loan amount with in few days it took some time to receive . . The whole application process was easy and hassle free. I never faced any issues during the application. The tenure period is fine .
      Was this review helpful? 2
      , chandigarh
      Reviewed on Jul 10, 2019
    • Kotak Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have selected Kotak mahindra personal loan amount is sanction is 1 lakhs , tenure 2 year , EMI 3000 Rate of interest is 11 percentage . While documents submitted through online there is no delay while receive loan amount There is no foreclosure charge and One time fee processing fee is applicable .Customer service is good and responsive
      Was this review helpful? 1
      , mumbai
      Reviewed on Jul 10, 2019
    • Kotak Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been applied for personal loan with Kotak mahindra bank through on line, their service was good, they use to response me well, but i closed my application because that time i did not had much documents available with me so i said them to close the application.
      Was this review helpful? 0
      , kochi
      Reviewed on Jul 10, 2019
    • Kotak Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have been applied for personal loan with Kotak mahindra bank , the loan amount which they have given to me was not sufficient for me, i wanted loan for 9,00,000 but they have offered me up to 4,50,000 which was very less, the rate of interest they have charged me was 2% high as comparing to market price.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 08, 2019
    • Kotak Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I applied for a personal loan from Kotak Mahindra Bank. Rate of interest is nominal but loan amount is not sufficient. I am looking for a little more than what they were giving. I was not informed about the processing fee. Kotak customer service is good.
      Was this review helpful? 1
      , new delhi
      Reviewed on Jul 06, 2019
    • Kotak Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I was applied for a personal loan in KOTAK MAHINDRA through an online more than a month ago. The loan amount was sufficient which was offered for the tenure of 4 years. The rate of interest and the processing fee are nominal. Due to some personal reason I have closed the loan.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jul 05, 2019
    • Kotak Personal Loan
      "Need to be clear in details"
      0.5 1.0/5 "Really Bad"
      I did not take the personal loan from Kotak Mahindra Bank because there was no transparency in the details provided. They told me initially that the rate of interest is of 11.5%, after which I received an email and the interest rate was of 15 to 16% plus 2500 file charges.
      Was this review helpful? 1
      , new delhi
      Reviewed on Jul 05, 2019
    • Kotak Personal Loan
      "Need to improve the after sales service"
      0.5 3.5/5 "Pretty good"
      Its because of the lower interest rate i have chosen the personal loan from Kotak mahindra bank. Now i do not remember about the interest rates. They have not followed up with me but they have collected all the required documents. The executive came to my place and collected the documents.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 05, 2019
    • Kotak Personal Loan
      "Communication should be prompt"
      0.5 3.0/5 "Satisfactory"
      I am not sure about the rejection of Kotak Mahindra personal loan but I have submitted the papers to their end. I done online documentation, the interest rate was reasonable. It would be great if they inform the status of application to the customer.
      Was this review helpful? 1
      , jaipur
      Reviewed on Jul 05, 2019
    • Kotak Personal Loan
      "very Good"
      0.5 5.0/5 "Blown Away!"
      I have applied Kotak mahindra personal loan amount is for 3 lakhs Tenure 4 years .Rate of interest 13 percentage , while documents submitted through executive he given information about personal loan customer service is good and response
      Was this review helpful? 1
      , bangalore
      Reviewed on Jul 05, 2019
    • Kotak Personal Loan
      "Looking for better interest"
      0.5 2.0/5 "Expected more"
      Kotak Mahindra is charging huge interest, they told me around 15% of interest for per annum, hence I don't have interest to continue with their end. The customer support is good, but it would be great if they reduced the interest rate for the personal loan.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 05, 2019
    Common Loader Icon
    reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.