• Kotak Mahindra Bank Personal Loan

    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.25 lakh
    • Repayment tenure up to 5 years
    • Minimal paperwork
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    We found 1 Kotak Mahindra Bank Personal Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    PA PL OTP
    10.50% - 16.99% Fixed
    Up to 2.50% One time fee
    Rs.50K - Rs.25L
    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.

    Note: This part given on the page is only for informational purposes. As of now the bank does not offer any moratorium on its personal loan and the dates of availability as per the RBI guidelines were between 1 June 2020 and 31 August 2020. For any information on moratorium on personal loan, kindly contact the bank.

    In accordance with RBI’s COVID-19 regulatory measures, Kotak has announced to defer instalments and EMIs on personal loans outstanding between 1 March 2020 and 31 May 2020. The highlights of the measures undertaken by the bank are as follows:

    • Moratorium of 3 months for paying personal loan EMIs outstanding between 1 March 2020 and 31 May 2020
    • Interest will continue to accrue on the outstanding portion of the loan during the moratorium period
    • Repayment schedule will be shifted by 3 months after the moratorium period
    • Those who wish to continue paying their instalments as before can opt out of this facility
    • You have to contact the bank to avail this facility

    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  NIL 
    Credit administration charges  up to 5% of the loan amount subject to a maximum of Rs.7,500 
    Swap charges  Rs.500 per swap 
    Duplicate issue of NOC  NIL 
    Charges applied in case customer requests for copies of records pertaining to their transactions  No charge if applied once yearly. Post that a fee of Rs.200 + GST will be chargeable 
    Foreclosure Charges  3% - 5% 
    Part pre-payment charges 
    • Loans disbursed on or before 1 February 2020, no part payment facility available 
    • For Loans disbursed after 1 February 2020: 
    • Up to 10% annually, after completion of 1 year lock-in period. 
    • Rs.750 + GST per instance of part-prepayment 

    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.
    • The applicant must have a minimum work experience of 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 10.75% p.a. for a loan tenure of 1 year. The repayment schedule for this loan is given as follows:

    Year  Principal   Interest   EMI (principal + interest)    Balance 
    2021  Rs.57,030  Rs.4,757  Rs.61,787  Rs.42,971 
    Jun  Rs.7,931  Rs.896  Rs.8,827  Rs.92,069 
    July  Rs.8,002  Rs.825  Rs.8,827  Rs.84,068 
    Aug  Rs.8,073  Rs.753  Rs.8,826  Rs.75,994 
    Sep  Rs.8,146  Rs.681  Rs.8,827  Rs.67,848 
    Oct  Rs.8,219  Rs.608  Rs.8,827  Rs.59,630 
    Nov  Rs.8,292  Rs.534  Rs.8,826  Rs.51,337 
    Dec  Rs.8,367  Rs.460  Rs.8,827  Rs.42,971 
    2022  Rs.42,970  Rs.1,161  Rs.44,131  Rs.0 
    Jan  Rs.8,442  Rs.385  Rs.8,827  Rs.34,529 
    Feb  Rs.8,517  Rs.309  Rs.8,826  Rs.26,012 
    Mar  Rs.8,593  Rs.233  Rs.8,826  Rs.17,419 
    Apr  Rs.8,670  Rs.156  Rs.8,826  Rs.8,748 
    May  Rs.8,748  Rs.78  Rs.8,826  Rs.0 

    Kotak Mahindra personal loan balance transfer

    If you have an existing loan which you wish to repay, you can do it so by transferring it from one bank to another so that you can avail better terms including lower interest rates. This facility also helps in reducing your debt burden.

    You can apply for this facility by sending an SMS 'PLBT' to 5676788

    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 10.75% 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.

    Kotak Mahindra Bank personal loan FAQs

    1. How to check Kotak Bank Personal Loan Status?

      You can track the kotakbank personal loan status on the website of Kotak Bank. To do this, follow the steps given below:

      • Visit the Kotak Bank website.
      • Click on ‘Get Help’ at the top right of the page.
      • Click on ‘Help Centre’.
      • From the menu list on the page, click on ‘Loans’.
      • Click on ‘Personal Loans’.
      • Click on ‘Loan Application Status’.
      • This will direct you to the next page with the button ‘Loan Application Status’. Click on that.
      • From the dropdown menu, select the type of loan.
      • On the next page, you would need to input any one identifier, such as the application form number, mobile number, PAN number and date of birth, first name and date of birth, etc.
      • The status of your loan will now be generated.
    2. How to contact Kotak Bank personal loan customer care?

      You can contact Kotak Bank personal loan customer care through the following ways:

      • Call phone banking at 1860 266 2666 (this is a 24x7 helpline number for which standard call charges apply).
      • If you are an 811 customer, you can call the number 1860 266 0811.
    3. 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.

    4. 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.

    5. 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.

    6. 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.

    7. 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.

    8. 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.

    9. 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.

    10. Will I be required to provide any collateral to avail a personal loan from Kotak Mahindra Bank?

      No, you will not be required to provide any collateral to avail a personal loan from Kotak Mahindra Bank.

        

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    Kotak Mahindra Bank Personal Loan Reviews

    • Kotak
      "Satisfactory"
      0.5 4.0/5 "Great!"
      My kotak mahindra personal loan was taken through online.The rate of interest and the processing fee was nominal and this loan was taken for personal use .The complete process of this personal loan was clearly shared by the agent .This loan was sanctioned on time and everything was good to me so far .
      Was this review helpful? 10
      , hyderabad
      Reviewed on Mar 13, 2020
    • Kotak
      Kotak
      "Good Loan Service"
      0.5 5.0/5 "Blown Away!"
      It was a great service provided the Kotak Mahindra bank and the executive supported me very well. They have taken a such a long documentation time. For the employee proof, they have asked me a letter from HR hence i have visited their branch to provide the same and his behavior was quite rude. Overall, its a good service.
      Was this review helpful? 5
      , bangalore
      Reviewed on Mar 12, 2020
    • Kotak
      "Good Loan Service"
      0.5 4.0/5 "Great!"
      Based on my credit score, they have contacted me from Kotak Mahindra bank and they have sanctioned the loan to me. My documentation process is okay. Interest rate is on higher side when i check with other banks. People are not providing the part payment and pre-closure facility. Processing fee was nominal. Still the loan is going on with the EMI amount of Rs. 13066 for the loan amount of Rs. 6 lakhs.
      Was this review helpful? 5
      , hyderabad
      Reviewed on Mar 10, 2020
    • Kotak
      "Average Loan Service"
      0.5 3.0/5 "Satisfactory"
      I am not happy about the personal loan service provided by Kotak Mahindra bank hence am planning to close this loan after the completion of locking period. I have applied the loan through mobile app and net banking. They have not properly communicated the interest rate to me. Compared to others, rate of interest is very high and the processing fee also not acceptable.
      Was this review helpful? 6
      , chennai
      Reviewed on Mar 10, 2020
    • Kotak
      "Easy loan approval "
      0.5 5.0/5 "Blown Away!"
      From Kotak Bank, i have taken a personal loan and the amount was Rs. 2L. Nominal interest rate they given, for the tenure period of 3 years. EMI i am paying Rs. 20k, loan process was easy i received with in 1 week . Pre closure charges is there and they giving a good service.
      Was this review helpful? 8
      , jaipur
      Reviewed on Mar 01, 2020
    • Kotak
      "Easy loan approval"
      0.5 4.5/5 "Excellent!"
      I got an offer for personal loan directly from KOTAK Bank and the loan amount was Rs. 45,000. They blocked my card and they given this loan with the rate of interest was average. I am not sure with EMI and still the loan is active so based on my card they offered and I received this loan within 3 days.
      Was this review helpful? 9
      , kolkata
      Reviewed on Feb 29, 2020
    • Kotak
      "Good bank "
      0.5 3.0/5 "Satisfactory"
      Kotak Bank offered a personal loan and the loan amount was Rs. 2.10L. Rate of interest was very high 16.49% need to decrease the interest rate, emi i am paying Rs. 7500. Recently i have taken this loan and i am having credit card based on that i got this loan offer.
      Was this review helpful? 5
      , hyderabad
      Reviewed on Feb 28, 2020
    • Kotak
      "Need to decrease interest charge "
      0.5 4.0/5 "Great!"
      KOTAK bank is very genuine and on time the amount was sanctioned within 10-15 days. The personal loan taken on 2 months back, the amount was not enough on that time since for an emergency need taken this loan. Need to close the loan by 2 years. The rate of interest is high. Pre closure is applicable after one year with some charge.
      Was this review helpful? 7
      , bangalore
      Reviewed on Feb 26, 2020
    • Kotak
      "Satisfactory"
      0.5 4.0/5 "Great!"
      I have taken personal loan from KOTAK bank through online .There was no difficulties faced until this loan was sanctioned .There was proper callback and follow up from bank end.This loan was availed only for my personal use . This loan was sanctioned on time. I use to pay the premium amount without any delay.
      Was this review helpful? 4
      , hyderabad
      Reviewed on Feb 25, 2020
    • Kotak
      "Quick processing loan"
      0.5 3.0/5 "Satisfactory"
      There are some issue with the Kotak Mahindra bank because i cannot pre-close the loan within 1 year. Their interest rates are quite high. I had a requirement of money 1 year before since there was a marriage. My salary account is in kotak Mahindra bank and they have provided instant loan option hence my loan got transferred within half an hour.
      Was this review helpful? 2
      , ghaziabad
      Reviewed on Feb 24, 2020
    • Kotak
      "Good service"
      0.5 4.0/5 "Great!"
      On March 2019 I have taken a personal loan from KOTAK Bank. Applied via net banking so the process was done on easy by 2 days an expected amount was received, the tenure period of 2 years. The rate of interest is nominal. Once I have faced late payment charges are applicable of 700 rupees. EMI need to pay of Rs. 3,842. Pre closure is avail after 6 months with some charges.
      Was this review helpful? 2
      , bangalore
      Reviewed on Feb 24, 2020
    • Kotak
      "Interest rate was high"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from KOTAK MAHINDRA Bank directly. The loan amount was Rs. 2L and the rate of interest was high EMI 6200, pre closure charges are there after 1 year. Documentation was done within 2-3 minutes, customer service was good.
      Was this review helpful? 8
      , bangalore
      Reviewed on Feb 17, 2020
    • Kotak
      "Good Loan provider "
      0.5 4.5/5 "Excellent!"
      Kotak Mahindra bank has given me a better interest rate with the shortest time so that I opted the personal loan from this bank. They offered me a interest rate of 11%. I got the loan amount of Rs. 9L and they have provided the loan on time. I can do the pre- closure after 1 year with a huge amount of additional charges.
      Was this review helpful? 4
      , bangalore
      Reviewed on Feb 14, 2020
    • Kotak
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I use to maintain good credit score, so KOTAK has offered a personal loan on 7 months back. The loan was pre approved hence they have sanctioned the loan within 2-3 days. The amount was sufficient with tenure period of 5 years. There is an option of pre closure for this loan. The rate of interest is nominal.
      Was this review helpful? 4
      , bangalore
      Reviewed on Feb 14, 2020
    • Kotak
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken personal loan directly through Kotak Mahindra Bank.The rate of interest and the processing fee was nominal .without any delay got this loan and this was a pre approval loan .I have submitted thedocuments on time and this loan is still active on my account .
      Was this review helpful? 6
      , bangalore
      Reviewed on Feb 10, 2020
    • Kotak
      "Need to decrease the rate of interest"
      0.5 5.0/5 "Blown Away!"
      I have applied a personal loan from Kotak Bank through online. The rate of interest was too high, at that time i need money so i accepted. The loan amount was Rs. 2L with the tenure of 3 years and i am paying EMI 5400. Based on my credit card they given a loan without blocking the card, customer service was very good. Within a minute i got this loan and its pre approved.
      Was this review helpful? 7
      , vizianagaram
      Reviewed on Feb 04, 2020
    • Kotak
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have applied a personal loan directly from KOTAK bank. Based on my credit card i got this loan offer and it was pre approval loan. The loan amount was Rs. 60k the rate of interest was nominal and i opted tenure for 6 months. I am paying EMI 11K something, now i completed this loan. Actually the process was very nice and comfortable, so within 5 working days i received the amount. The customer service was good.
      Was this review helpful? 4
      , raipur
      Reviewed on Feb 03, 2020
    • Kotak
      "Best loan offered by Kotak"
      0.5 5.0/5 "Blown Away!"
      I have no specific reason for choosing the personal loan from Kotak Mahindra bank. I have got the loan in 15 days. I have applied this loan mainly for medical expenses. The documentation and verification process are smooth. I have selected the duration of 5 years to close this loan. I can pre-close my loan any time without any locking period.
      Was this review helpful? 7
      , pune
      Reviewed on Jan 31, 2020
    • Kotak
      "Good service"
      0.5 4.0/5 "Great!"
      I have applied KOTAK bank personal loan through online but it took long time to process the application more than 3 weeks. The bank executive should have a follow up on the application and need to reduce the processing time. I have opted for loan amount 2L with the rate of interest 10.75% and tenure of 4 years.
      Was this review helpful? 5
      , mumbai
      Reviewed on Jan 31, 2020
    • Kotak
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I applied for Kotak Mahindra Bank personal loan through online.The process was fast and received the loan on time. I opted for the loan amount 5 Lahks and the interest rate was normal. Pre closure and part payment can be done only after 1 year.
      Was this review helpful? 8
      , bangalore
      Reviewed on Jan 30, 2020
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