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Kotak Mahindra Bank

Are you urgently in need of money because of a personal emergency? Do not stress – Kotak Mahindra Bank offers personal loan for any unplanned financial requirements. The loan is unsecured and can be used for multiple purposes. Kotak Mahindra Bank offers personal loan minimum of Rs. 50,000 to maximum of Rs. 15,00,000 with flexible repayment options, attractive rates of interest and minimal paperwork. The loan can be repaid in 12 – 60 months.

The loan can be used for multiple purposes like taking a holiday, renovating your home, buying furniture and a lot more. It can also be used to expand your business.

Kotak Mahindra Bank gives you a personal loan with an attractive interest rate of 10.99% - 24% p.a. The bank also offers low processing fees and special rates of interest for employees of top companies.

Rate of Interest and Other Charges on Kotak Mahindra Bank Personal Loan

Personal LoanCharges
Amount of personal loanRs50,000 – Rs. 15,00,000
Interest Rate10.99% - 24%
Loan processing chargesUp to 2.5% of loan amount +GST and other statutory charges
Stamping chargesAs per the state stamp act
Credit appraisal chargesUp to 5% of the loan amount not exceeding Rs7500 with GST
Overdue interest3% p. m compounded monthly on the amount due but not paid from the date the amount falling due till the date of payment
Collection charges30% including GST, cheque dishonor charge and overdue interest
Dishonor charges per instantRs. 750 per instance including GST and other charges
Swap charges replacement of PDCsRs. 500 per swap per instance +GST and other statutory charges
Repayment interest/Foreclosure chargesLock –in period of 12 months. After 12 months 5% foreclosure charges + GST on principal outstanding.
Duplicate NOCRs. 500 + GST and other applicable charges per instance
No due certificateRs. 500 + GST and other applicable charges per instance
Charges for furnishing a copy of the credit information report to the applicantRs. 50 + GST and other applicable charges per instance.
Charges in case of customer request for copies of requests pertaining to his transactionsOnce a year no charge. Post that Rs. 250 per request + GST and other charges

Features and Benefits of Kotak Mahindra Bank Personal Loan

Kotak Mahindra Bank personal loans are speedily disbursed and offer great flexibility in repayment terms. The bank offers competitive rates with 100% transparency. The documentation and application process is simple and smooth.

Factors that impact Kotak Mahindra Bank Personal Loan Interest Rate

Kotak Mahindra Bank personal loan interest rate varies from 10.99% - 24% depending on the relationship with the bank, credit score, credit history, and internal policies of the bank. Also, employees of top companies get low processing charges and special rates of interest on a personal loan.

Credit Score

Kotak Mahindra Bank always checks the credit score of the applicant before sanctioning a personal loan and fixing the rate of interest.

Income

Salaried individuals having a net salary of Rs. 18,000 can apply for Kotak Mahindra Bank personal loan. Their minimum age should be 21 years and maximum age should be 58 years. The applicants may be doctors, employees of public and private limited companies, Government employees, public sector undertakings, and local and central bodies. The amount of personal loan can be Rs50,000 – Rs. 15,00,000/- The interest rate on the loan will be 10.99% - 24% with a processing fee of 2.50% of the loan amount. Foreclosure charges are 5% of the loan amount after one year.

Reputed Employer

It is easier to get a Kotak Mahindra Bank personal loan for those working with a reputed firm or company as the employer can assure repayment of EMI from the salary of the applicant. Long-term employment with current employer is also a favorable consideration as is the age of the company.

Relationship with the lender

A good relationship with Kotak Mahindra Bank will help to get a personal loan with a low-interest rate. Having a savings account with significant balance deposit can attract better terms.

Top-up on Kotak Mahindra Bank Personal Loan

Kotak Mahindra Bank also offers top-up facility on the personal loan so you can meet your new expenses without worries. For top-up, you need to send an SMS to a top-up number on the website. The benefits of top-up are

  • No collateral/ security required
  • Simple documentation
  • Attractive interest rates
  • Speedy processing and disbursal
  • Repayment through monthly installments

Transfer of Personal loan from another bank

Kotak Mahindra Bank offers you the facility of transferring your personal loan from another bank to Kotak Mahindra Bank. This brings you many benefits –

  • An additional top-up amount which is equal to 75% of the original personal loan
  • No collateral/security needed
  • Attractive interest rates
  • Simple documentation
  • Quick processing and disbursal
  • Payment through monthly installments

How to calculate EMI on Kotak Mahindra Bank Personal Loan

You can check the EMI on Kotak Mahindra Bank personal loan by using the EMI calculator. By entering the loan amount and tenure in the EMI calculator, you can compute the EMI that you have to pay on your personal loan. The computed amount is an estimate only. The actual EMI would depend on other factors such as income, credit score and so forth.

How to apply for Kotak Mahindra Bank Personal Loan?

You can apply for Kotak Mahindra Bank personal loan online from the comfort of your home. Visit the bank website to check your eligibility. The bank provides you with assistance and all the information that you need to complete your application form, which includes eligibility criteria and documents required. The loan will be quickly approved, and the amount will be disbursed into your Kotak Mahindra Bank account.

A Kotak Mahindra Bank representative will get in touch with you and collect the personal documents that are required to be submitted.

You can also walk into any branch of Kotak Mahindra Bank with all the documents for faster disbursal.

The documents required to apply for a personal loan:
  • Application form
  • 1 Photograph
  • Identity proof
  • Residence proof
  • Signature proof
  • Age proof
  • Income details
  • Ownership proof
  • Bank account statements

Eligibility for Kotak Mahindra Bank Personal Loan

To be eligible for Kotak Mahindra Bank personal loan you should be an Indian resident. You should be at least of 21 years of age and not over 58 years. Other eligibility criteria include -

  • You should be employed in an MNC, or public and private limited company
  • Net monthly salary should be Rs20,000/-
  • Minimum educational qualification required is graduate
  • Need work experience of one year
  • Should be resident in the city for 1 year

Kotak Mahindra Bank Personal Loan Status

After submitting the loan application you can track it online. You will receive updates of the submitted application form through emails and SMS.

Kotak Mahindra Bank Personal Loan Interest Rate: FAQs

1. Can I make a part prepayment on personal loan?

No, there is no part prepayment on Kotak Mahindra Bank personal loan.

2. Is it possible to change the installment date?

Yes, the installment date can be changed. The available dates are 5th and 10th of the month.

3. When can PDCs be swapped?

PDCs can be swapped 7 days before or 7 days after the installment date.

4. What is the maximum amount of personal loan that you can get from Kotak Mahindra Bank?

The maximum amount of personal loan that you can get from Kotak Mahindra Bank is Rs. 15,00,000/-

5. What is the average processing time of Kotak Mahindra Bank for a personal loan?

The average processing time of Kotak Mahindra Bank for processing a personal loan is 2 days.

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