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What is the minimum credit score needed for a personal loan from Kotak Mahindra Bank?

The minimum CIBIL™ score required by the bank for personal loans is 750. A credit score lower than 750 may also lead to the personal loan application being accepted by the bank provided it meets the other relevant criteria for personal loans.

The other eligibility parameters for a personal loan of Kotak Mahindra Bank are,

Residential status

The bank requires the applicants to be residents of India and active employees of any of the following entities,

  • MNCs
  • Public Limited Company
  • Private limited company

Apart from this, the applicant has to be an active resident of the city for the past 1 year.

Minimum educational qualification

The minimum educational qualification for personal loans is being a graduate.


The bank requires that the applicant have a minimum age of 21 years and a maximum age of 58 years to be eligible for personal loans.

Minimum Net Monthly Income

The net monthly income of the applicant has to be Rs. 20,000 to be considered for a personal loan from the bank.

Work experience

The bank requires the applicants to have a minimum work experience of 1 year.

What is a CIBIL™ score?

The bank requires the applicants for a personal loan to have a good credit score. A credit score of a person is the assessment of the creditworthiness of a person. The creditworthiness is used to determine the credit limit of the applicant as well as the repayment capacity of the person. There are four credit agencies in India. These credit-rating agencies provide the credit score for individuals and businesses. These agencies are,

  • CIBIL™
  • Equifax
  • Experian
  • CRIF Highmark

Kotak Mahindra Bank prefers to refer to the credit score issued by CIBIL™ while considering personal loan applications. CIBIL™ score is a three-digit credit ranging from 300 to 900. The bank considers a credit score closer to 300 to be poor for a personal loan while a credit score closer to 900 is considered to be good or favourable by lenders. The personal loan application in such cases is easily approved.

The bank may also provide pre-approved personal loans to applicants that already meet the criteria set by the bank or have a credit score more than the minimum requirement set by the bank.

About Kotak Mahindra Bank Personal Loans

A personal loan is one of the easiest and quickest loans available for borrowers in the lending market. These are considered to be quick loans and can be availed easily by eligible applicants by meeting the eligibility parameters set by the bank.

The personal loan can be availed for multiple reasons like a wedding in the family, repairs or renovation to the house, travel expenses, education expenses of the borrower or any other member of the family, etc.

Kotak Mahindra Bank is a very popular name in the banking world today and is considered to be among the top five banks in India. The personal loans issued by Kotak Mahindra Bank are considered to be one of the top products in the personal loan segment. The parameters set by the bank for personal loans ensure that a majority of applicants can get the sanction of these personal loans. The eligibility for the personal loans depends on the various conditions like age of applicants, the income of the applicant, etc. that are set by the bank in this regard.

CIBIL™ Score Required For A Kotak Mahindra Bank Personal Loan FAQs

1. What are the benefits of having a good credit score?

A. The prime benefits of having a good credit score are,

  • Preference in loan products
  • Lower rate of interest
  • Lower processing charges

2. What are the highlights of a personal loan from Kotak Mahindra Bank?

A. The highlights of personal loans of the bank are,

  • Amount of loan – Minimum Rs. 50,000 and maximum Rs. 20,00,000
  • Tenure – Maximum 5 years
  • Rate of interest – starting from 10.75% per annum
  • Processing charges – up to 2.5% of the loan amount (excluding GST)

3. What are the factors that may affect the credit score of a person?

A. The factors that may affect the credit score of a person are,

  • Delay or defaults in payments of credit card dues or loan EMIs
  • Overutilization of credit limit or higher credit utilization ratio
  • Consistently paying only the minimum amount due on credit cards.
  • Closing an older credit card especially if it is the only line of credit
  • Applying for multiple credit cards at the same time or too frequently
  • Failure in reporting errors and fraudulent charges present in the credit report of the person
  • Withdrawal of cash against the credit card

4. What are the possible reasons for the rejection of a personal loan application?

A. The possible reasons for rejection of personal loan application are,

  • Bad credit history or lower credit score
  • Applying for too many loans
  • Lower monthly income
  • Higher monthly expenses
  • Non-compliance with age parameters

5. What is the maximum personal loan allowed by Kotak Mahindra Bank?

A. The maximum personal loan allowed by Kotak Mahindra Bank is Rs. 20,00,000.

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