Multiple banks. Different interest rates. Call it a "conflict of interest".
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  • Kotak Mahindra Home Improvement Loan Reviews

    • Kotak Personal Loan
      "High on ROI and processing charges"
      0.5 4.0/5 "Great!"
      I have taken a personal loan from Kotak Mahindra bank and the response was on time. They called me and informed me the details and processed it. I did not go ahead with the bank because the rate of interest was very high, it was around 15% and the processing charges was also high.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 25, 2017
    • Kotak Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from Kotak Mahindra bank and the services was perfect. They contacted me on time and informed me the details. The loan was also processed on time and there were no hassles in getting the funds through. The interest rate and charges is normal.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 25, 2017
    • Kotak Personal Loan
      "Its Good"
      0.5 4.0/5 "Great!"
      My plan got postponed that reason I didn't take loan from Kotak Mahindra. Bank have responded well, the person immediately calling me asking my documents for further process, but interest rate was around 14% but they told me they would bring down around 11% but I am not in a situation to take loan right now.
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 25, 2017
    • Kotak Personal Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      The customer services has been great overall with Kotak Bank.I have not opted any loan them, I had applied for it but later ai have postponed it, later may in future IT will think about taking it The interest rate and processing was not discussed and the loan amount I was about to take is 5 laksh.
      Was this review helpful? 0
      , jaipur
      Reviewed on Sep 23, 2017
    • Kotak Personal Loan
      "Better"
      0.5 4.0/5 "Great!"
      Without any hassle, I have got the personal loan with the Kotak mahindra bank and the response is good one with them. I would like to say that the response and other things are really good one with them.
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      , gurgaon
      Reviewed on Sep 23, 2017
    • Kotak Personal Loan
      "Overall good"
      0.5 4.0/5 "Great!"
      I have taken a personal loan from Kotak Mahindra bank and the bank services was overall good. But there was a delay by 15 days for the loan when I was initially informed seven days. The interest rate and processing charges is normal and to my satisfaction.
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      , mumbai
      Reviewed on Sep 23, 2017
    • Kotak Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      The personal loan service was prompt from Kotak Mahindra, but within the time they process my personal loan application. I have arranged the required loan amount so that was the reason I haven't got the loan with kotak. The rate of interest is nominal with Kotak mahindra.
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      , faridabad
      Reviewed on Sep 23, 2017
    • Kotak Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The Kotak mahindra executives took around 3week time to disburse my loan amount. The rate of interest which they have offered was high when compared with others banks. The required loan amount was not disbursed and I am not satisfied with the loan amount.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 23, 2017
    • Kotak Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It was a very good service from KOTAK ,interest rate was fine. Compare to other banks fees and charges was nominal with KOTAK MAHINDRA . Even the documentation part was also fine with KOTAK ,never had any issue with KOTAK service till now so overall it was an excellent service .
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      , mumbai
      Reviewed on Sep 22, 2017
    • Kotak Personal Loan
      "Average"
      0.5 2.0/5 "Expected more"
      I have already taken the personal loan with the Kotak Mahidnra and the interest rate was very huge like it was around 17%. I would like to say that the customer service is also a kind of okay for me and the response is good one.
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      , bangalore
      Reviewed on Sep 22, 2017
    • Kotak Personal Loan
      "Not satisfied"
      0.5 2.0/5 "Expected more"
      I did not get the pretty good experience with the Kotak Mahindra bank for the personal loan, which I have applied. Customer service and other things has to be get improved. I would like to suggest that they have to stick with the words.
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      , mumbai
      Reviewed on Sep 22, 2017
    • Kotak Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have got the personal loan with the Kotak mahindra bank within two weeks of time. Response is very nice and they are actually supportive too. I would like to say that the customer service is also providing the smooth service.
      Was this review helpful? 0
      , pune
      Reviewed on Sep 22, 2017
    • Kotak Personal Loan
      "Rate of interest should be compromised"
      0.5 2.0/5 "Expected more"
      I have applied for a personal loan application with KOTAK MAHINDRA BANK the rate of interest provided from the bank was 11.99% which is nearly 12%. But HDFC offered me 11.25% rate of interest for 3 lakhs rupees and an amount of 4000 plus GST will also be applicable against the loan.4000
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      , mumbai
      Reviewed on Sep 21, 2017
    • Kotak Personal Loan
      "Customer service is good. But need to be more clear"
      0.5 4.0/5 "Great!"
      Kotak Mahindra Bank was good in the process for the personal loan. The bank did so many investigations, actually it is a good part. But the one thing, I was not okay with is they sent me a credit card without my consent. No one can use the credentials like that. When I asked them about it they say it was a part of promotion. I called the bank and cancelled the card and after which I received a call that the card is cancelled but I have not got any SMS or email on the same. I was to get it in 7 to 8 days, but it has been 15 days now. The interest rate was a good deal. It was around 10%.
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      , ghaziabad
      Reviewed on Sep 21, 2017
    • Kotak Personal Loan
      "Criteria should be compromised"
      0.5 1.0/5 "Really Bad"
      With KOTAK MAHINDRA BANK i have applied for a personal loan. The executive contacted for the verification did not contacted me for so long and unfortunately i have to do the follow up calls. Later they informed due the low credit score it is not possible to provide the loan.
      Was this review helpful? 0
      , pune
      Reviewed on Sep 20, 2017
    • Kotak Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      Due to some personal reasons I haven't proceed with Kotak Mahindra personal loan application. The response was not up to the mark with KOTAK MAHINDRA. They need to focused in their response part, The rate of interest which they have offered was high when compared with others banks.
      Was this review helpful? 0
      , kolkata
      Reviewed on Sep 20, 2017
    • Kotak Personal Loan
      "Not satisfied"
      0.5 3.0/5 "Satisfactory"
      I have approached KOTAK bank for my personal loan. They need to improve their customer service and responsiveness as there was no call from the bank end regarding my personal loan process. The rate of interest was15-16% which was high comparing to other banks.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 20, 2017
    • Kotak Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      My experience with KOTAK was excellent because I have taken my personal loan and they have offered me the best rate of interest since I am a privilege customer to them . I have not walked in to my home branch or to the nearest bank of KOTAK ever as they are providing door step services for all the process which is really comfortable . They sanctioned the loan with committed time.
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      , new delhi
      Reviewed on Sep 19, 2017
    • Kotak Personal Loan
      "KOTAK personal loan"
      0.5 5.0/5 "Blown Away!"
      When I was trying to take a personal loan KOTAK approached me. KOTAK was very good in providing services. They had done a comparison and provided me the best quote. No discount was offered on the processing fees and charges. KOTAK has also informed me about the foreclosure too. Prepayment options are also there and I pay the monthly installments on time.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 19, 2017
    • Kotak Personal Loan
      "IT WAS OK ."
      0.5 4.0/5 "Great!"
      The expereince that I had with KOTAK MAHENDRA PERSONAL LOAN process was OK . It was a kind of faster approval it totally took me something around 5 to 6 days for the whole personal loan process . 3 days it took me for the approval and then other 3 days the bank took for getting the load amount dispersed to my account . it was a fast approval personal loan i kind of liked it.
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      , chennai
      Reviewed on Sep 18, 2017
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    Kotak Mahindra Home Improvement Loan is Rated as "Pretty good" by 2047 Users

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    Personal Loan BYTES FROM OUR KITCHEN

    Kotak Mahindra Home Improvement Loan

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    Overview about Kotak Mahindra Home Improvement Loans

    The Kotak Mahindra Home Improvement Loan is designed to help you renovate, paint or furnish your home to realize your dream of a perfect home.

    Where can I use the loan amount?

    This easy loan will fund you for all home improvement needs including:

    • Decoration
    • Renovation
    • Painting
    • Flooring
    • Plumbing
    • Furnishing
    • Electric work
    • Waterproofing
    • Roofing
    • Grills and aluminium windows
    • Tiling
    • Construction of overhead or underground tank
    • Compound wall paving
    • Bore well

    Who can avail this loan?

    Individuals, both singly or jointly can apply for home improvement loan from Kotak Mahindra Bank. The eligibility of an applicant depends on the following factors:

    • Monthly or annual income
    • Work experience
    • Income source
    • Credit and savings history
    • Age
    • Professional qualifications
    • Number of dependents
    • Perceived stability in future for current occupation

    The owner of the property in question has to be one of the co-applicants for the loan. However, other co-applicants need not be co-owners of the property.

    What is the maximum amount of loan I can avail?

    The maximum limits on the loan are as follows:

    Overall cost of home improvement Amount of loan sanctioned Less than Rs.20 lakhs 90% of expenses Rs.20 lakhs to Rs.75 lakhs 80% of expenses Above Rs.75 lakhs 75% of expenses

    What is the rate of interest on Kotak Mahindra Home Improvement Loan?

    Both fixed interest and floating rate schemes are available. The interest rate will be decided by the bank as per the terms. In general, Kotak Mahindra Bank offers loans at up to 14% p.a.

    What are the documents required for this loan?

    In addition to the filled in application form, you need to submit the following for applying to this loan:

    • Banking details and income proof
    • Age and address proof
    • Identity and signature proof
    • Educational qualification proof

    What are the terms for Kotak Mahindra Home Improvement Loan?

    • Repayment tenure available up to 15 years on a case-to-case basis.
    • Loan amount will be disbursed in instalments or in full subject to fund requirement and progress of home improvement work
    • The agreement for sale of the property should be registered.
    • The property in question is taken as security against the loan amount. In some cases, life insurance policies or term deposit receipts from this bank may also be required as security.
    • As per the order of the Reserve Bank of India, no prepayment charges are to be applied on the loan amount when prepaying the borrowed amount.
    • Processing fee is charged at up to 1.25% of the loan amount.

    How do I apply for this loan?

    You can apply for this loan by submitting the application form along with the relevant documents to a branch of Kotak Mahindra Bank.

    Can I apply for Kotak Mahindra Home Improvement Loan online?

    Yes, online application facility is available from the bank. You need to log in to the bank’s website and select the service you want to avail from the bank. You can follow the steps outlined in the website to make your online application. Alternatively, you can use BankBazaar’s online application portal to apply for this loan online.

    What are the tax benefits on this loan?

    Home improvement loans offer tax deductions of up to Rs.30,000 p.a. on repayment amount. The tax deductions are available under Section 24(b) of the Income Tax Act, 1961.

    Example

    For overall home improvement expenses of Rs.11 lakhs, you can get up to Rs.10 lakhs (approx) in loan. Let’s assume the interest rate is 14% p.a.

    • Amount: Rs.10 lakhs
    • Repayment tenure: 15 years (180 months)
    • Interest: 14.00%
    • Processing charges: 1.25%

    Your monthly repayment amount will be:

    EMI: Rs.13,317

    • Total principal due: Rs.10 lakhs
    • Total interests due: Rs.13.972 lakhs
    • Processing fee: Rs.12,500
    • Total amount payable: Rs.24.10 lakhs
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