Kotak Mahindra Bank Personal Loan

Kotak Mahindra Bank offers attractive personal loan options with interest rates starting at 10.99% per annum. Eligible borrowers can obtain loans of up to 40 lakh with flexible repayment periods extending up to 6 years. The bank prides itself on a quick loan disbursal process and allows for part-prepayments. The documentation process is streamlined, particularly for salaried individuals.
These loans are available across major commercial and metropolitan areas in India, ensuring accessibility for a broad range of customers. The processing fee for Kotak Mahindra Bank personal loans can be up to 3% of the total loan amount.
The bank has established minimum income criteria for different categories of borrowers:


Corporate Borrowers:

25,000 per month
Non-Corporate Salaried Employees:

30,000 per month
Kotak Mahindra Bank Employees:

20,000 per month

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    Kotak Mahindra Bank Personal Loan Interest Rates

    Kotak Mahindra Bank's personal loan interest rates start at 10.99% per annum. Although the bank does not specify varying interest rates based on individual factors such as credit score, occupation, or income, lenders generally use these criteria to determine personal loan rates. Typically, factors such as monthly income, job stability, the profile of the employer, and the applicant's credit score influence the final interest rate offered.


    Kotak Mahindra Bank Personal Loan EMI Calculator

    Loan Amount

    ₹10k
    ₹20 Lakh

    Rate of Interest

    %

    1%
    30%

    Loan Duration

    Months

    3 Months
    72 Months
    Monthly EMI
    ₹0
    Loan Amount:
    ₹10,000
    Total Interest:
    ₹0
    Total amount:
    ₹0
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    EMI Payment Schedule

    Month
    Principal Paid
    Interest Charged
    Total EMI Payment
    Loan Balance

    Kotak Mahindra Bank Personal Loan Interest Rates vs Others Banks

     

    Interest RatesRange (p.a.)
    Bandhan Bank 9.47% onwards
    Navi 9.90% – 45.00%
    Indian Bank 10.00% – 15.05%
    PNB10.40% – 16.95%
    HDFC10.75% onwards
    ICICI 10.85% onwards
    Bank of India 10.85% – 14.85%
    Canara Bank 10.95% – 16.40%
    IDFC10.99% – 23.99%
    Tata Capital10.99% onwards
    Yes Bank 10.99% onwards
    BOB 11.15% – 18.75%
    Axis Bank 11.25% onwards
    SBI 11.35% – 15.50%
    Union Bank 11.35% – 15.45%

    (Source: Bank Websites)

     

     

    Kotak Mahindra Bank Personal Loan Fees and Charges


     

    Personal LoanCharges
    Processing ChargesUp to 3% of loan amount
    Stamping ChargesAs per respective State’s Stamp Act
    Overdue Interest3% per month
    Credit Appraisal ChargesUp to 5% of loan amount, up to 7,500 + GST
    Credit Administration ChargesUp to 5% of loan amount, up to 7,500 + GST
    Collection Charges30% + GST of cheque /instrument dishonor charges + overdue interest
    Dishonor Charges per instance 750 + GST
    Foreclosure Charges0-12 months: Lock-in period 1- 3 years: 4% + GST 3 years onwards: 2% + GST
    Part Pre-payment Charges 500 + GST per instance
    No dueNIL
    Duplicate Issue of NOCNIL
    Copy of CIBIL 50 + GST
    Copy of records pertaining to his transactions 200 + GST

    Types of Kotak Mahindra Personal Loans

    Kotak Mahindra Bank offers a range of personal loan options designed to cater to various needs. Here’s a fresh look at the types of personal loans they provide and the details you should know.


    1. Marriage Loan


    • Purpose: Tailored to cover expenses related to wedding ceremonies, including venue costs, decorations, and other wedding-related expenditures.

    • Loan Amount: 50,000 to 40 lakh

    • Tenure: 1 to 5 years


    2. Travel Loan


    • Purpose: Ideal for financing travel plans, including airfare, accommodation, tours, and travel accessories.

    • Loan Amount: 50,000 to 40 lakh

    • Tenure: 1 to 5 years


    3. Medical Loan


    • Purpose:Designed to address unexpected medical emergencies or cover treatment expenses.

    • Loan Amount: 50,000 to 40 lakh

    • Tenure:1 to 5 years


    Kotak Mahindra Personal Loan Eligibility Criteria

    To qualify for a Kotak Mahindra Personal Loan, applicants must meet the following criteria:


    • Employment: Must be employed with an MNC, private limited company, or public limited company.

    • Age: Minimum age of 21 at the time of application and maximum age of 60 at loan maturity.

    • Income: For corporate employees: Minimum monthly income of 25,000

      • For non-corporate salaried individuals: Minimum monthly income of 30,000

      • For Kotak Mahindra Bank employees: Minimum monthly income of 20,000

    • Education: Applicant should be a graduate.

    • Experience: A minimum work experience of 1 year is required.

    • Credit Score: Kotak Mahindra Bank may consider the applicant's credit score as part of the loan assessment process.


    Required Documentation for Kotak Mahindra Personal Loan

    When applying for a personal loan with Kotak Mahindra Bank, you'll need to provide the following documents:


    • ID Proofs: Passport, Aadhar card, driving license, voter ID, or PAN card.

    • Residential Proofs: Passport, utility bill, or leave and license agreement.

    • Bank Statement: For the past 3 months.

    • Photographs: 2-3 passport-sized photos.

    • Experience: A minimum work experience of 1 year is required.

    • Salary Slips: For the last 3 months.


    For detailed information on each loan type and to apply, visit Kotak Mahindra Bank’s website or contact their customer service.


    Kotak Mahindra Bank Personal Loan FAQs

    Visit Kotak Mahindra Bank’s website and check under the “Service Request” tab.

    Approval can be granted in as little as 48 hours if eligibility criteria are met and all documents are submitted. Disbursement can happen in just 3 seconds with online applications. Track the application status on the Kotak Bank website.

    No, personal loans are unsecured, so no collateral is needed.

    Yes, pre-approved personal loans are available for existing customers without a salary slip, based on the customer’s financial history and relationship with the bank.

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