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:
₹25,000 per month ₹30,000 per month ₹20,000 per month
₹
%
Months
Interest Rates | Range (p.a.) |
---|---|
Bandhan Bank | 9.47% onwards |
Navi | 9.90% – 45.00% |
Indian Bank | 10.00% – 15.05% |
PNB | 10.40% – 16.95% |
HDFC | 10.75% onwards |
ICICI | 10.85% onwards |
Bank of India | 10.85% – 14.85% |
Canara Bank | 10.95% – 16.40% |
IDFC | 10.99% – 23.99% |
Tata Capital | 10.99% 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 Loan | Charges |
---|---|
Processing Charges | Up to 3% of loan amount |
Stamping Charges | As per respective State’s Stamp Act |
Overdue Interest | 3% per month |
Credit Appraisal Charges | Up to 5% of loan amount, up to ₹7,500 + GST |
Credit Administration Charges | Up to 5% of loan amount, up to ₹7,500 + GST |
Collection Charges | 30% + GST of cheque /instrument dishonor charges + overdue interest |
Dishonor Charges per instance | ₹750 + GST |
Foreclosure Charges | 0-12 months: Lock-in period 1- 3 years: 4% + GST 3 years onwards: 2% + GST |
Part Pre-payment Charges | ₹500 + GST per instance |
No due | NIL |
Duplicate Issue of NOC | NIL |
Copy of CIBIL | ₹50 + GST |
Copy of records pertaining to his transactions | ₹200 + GST |
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.