Ever since the inception of the erstwhile Kotak Mahindra Finance Limited in 1985, there is no doubt that Kotak Mahindra is one of the biggest players in the financial market. Yes, offering a wide range of services to all esteemed customers across various industries like banking, mutual funds, life insurance, stock broking and many more, Kotak Mahindra Bank leaves no stone unturned to cater to the diverse needs of all. In fact, the bank has also come up with a special scheme of 0% processing fee for the month of August.
When it comes to meeting various needs, this bank offers the best personal loans. Yes, with 1214 branches and 1794 ATMs across the country, this bank caters to all its customers, catering to their personal needs. Whatever your personal financial needs, Kotak Mahindra Bank is always there for you.
Kotak Mahindra Bank Personal Loan Interest Rates 2023
Kotak Mahindra Bank Personal Loan can be easily availed at an interest rate of 10.25% per annum. By paying this interest rate, you can get a bank loan, making your dreams come true. The process of availing the loan is very easy and simple, you can apply online or visit a branch.
| Particular | details |
|---|---|
| Interest rates | 10.25% and beyond |
| Loan amount | 50 000–20 000 INR |
| Repayment | 4 years |
| Processing fee | 0.99% – 2.25% of the loan amount + GST |
Kotak Mahindra Bank Personal Loan Special Offer
Kotak Mahindra Bank personal loan interest rates will be 10.25%* per annum for people whose loan files are submitted for application between 19-20 April 2021.
Interest rates for persons whose NTH > 50,000, CAT A and B
| Loan Amount (INR) | Processing Fee Offer (INR) |
|---|---|
| 0-5 Lac | 3999 + GST |
| 5–10 000 000 | 4999 + GST |
| Silk loans for female applicants | 999 + GST (applicable to all categories and income groups) |
Kotak Mahindra Bank Personal Loan EMI Calculator
Equated Monthly Installment (EMI) is the amount of interest as well as principal payable every month on a personal loan. So now you need to think how Kotak Mahindra Bank will calculate your personal loan EMI. As far as EMI is concerned, it is calculated very hassle free. Also, the Kotak Mahindra Bank EMI Calculator actually takes into account the loan amount, interest rate as well as the loan tenure to calculate the EMI.
Also, the first and foremost thing the calculator does is calculate the interest component and then the principal amount that you will have to pay on your personal loan.
Try to understand this matter using the following example:
Example : If you want to avail a loan of INR 3,00,000 from Kotak Mahindra Bank for 5 years, you will be charged an interest rate of 10.75% per annum. What will be the EMI, total interest rate and last but not the least. , the total amount due out of pocket at the end of the loan term? Find out the same with the help of the table below.
For better understanding, you can refer to the table below where you can know your EMI, interest and total payable with different tenures for the same loan amount.
Table showing EMI, outgoing interest and total repayment amount
| LOAN AMOUNT | INTEREST RATE | DUE DATE | MONTHLY INSTALLMENT | TOTAL INTEREST AMOUNT | SUM |
|---|---|---|---|---|---|
| 3 00 000 ₹ | 10,75% | 1 | 26,480 Indian Rupees | 17,754 Indian Rupees | 3,17,754 Indian Rupees |
| 3 00 000 ₹ | 10,75% | 2 | 13,948 Indian Rupees | 34,741 Indian Rupees | 3 34 741 ₹ |
| 3 00 000 ₹ | 10,75% | 3 | 9786 Indian Rupees | 52,301 Indian Rupees | 3,52,301 Indian Rupees |
| 3 00 000 ₹ | 10,75% | 4 | 7717 Indian Rupees | 70,430 Indian Rupees | 3,70,430 Indian Rupees |
| 3 00 000 ₹ | 10,75% | 5 | 6485 Indian Rupees | 89,123 Indian Rupees | 3,89,123 Indian Rupees |
EMI, Total Outgoing Interest, Total Repayment (Interest + Principal)
| YEAR | DIRECTOR | INTEREST | BALANCE AMOUNT |
|---|---|---|---|
| 1 | 47,888 Indian Rupees | 29,936 Indian Rupees | 2,52,111 Indian Rupees |
| 2 | 53,297 Indian Rupees | 24,527 Indian Rupees | 1,98,813 Indian Rupees |
| 3 | 59,318 Indian Rupees | 18,506 Indian Rupees | 1,39,495 Indian Rupees |
| 4 | 66,018 Indian Rupees | 11,806 Indian Rupees | 73,476 Indian Rupees |
| 5 | 73,533 Indian Rupees | 4348 Indian Rupees | 0 ₹ |
Kotak Mahindra Bank Personal Loan Eligibility Criteria
To avail Kotak Mahindra Bank Personal Loan, you must meet the eligibility criteria. Yes, the bank will first check your eligibility before offering you a personal loan. And if your profile meets their criteria, no one prevents you from availing the loan. To know your eligibility, the bank will consider your age, income, total work experience, qualifications and so on. So, if you are a salaried person in urgent need of cash, check your personal loan eligibility below.
| more details | more details |
|---|---|
| Applicant’s age | 21 years – 58 years |
| Years in the city | At least 1 year |
| Current work experience | At least 6 months |
| Minimum net monthly income | 40 000 INR |
| Residence telephone | Mandatory |
| Minimum educational qualification | A graduate |
| Excluded industries | Construction & Real Estate, Airlines & Hotels, Transport & Logistics, Automobiles & Auto Accessories, Textiles, Media, Entertainment, Service Industries, NBFC Employees, Consumer Choice Services |
Age-related minimum income criteria
| Age | Minimum income required |
|---|---|
| <30 Years | 40 000 INR |
| <35 Years | 50 000 INR |
| <40 Years | 70 000 INR |
| >=40 Years | 1 00 000 INR |
Some important notes to keep in mind
- Undergraduate accommodation will not be taken into account when assessing personal loan eligibility
- The Bank will not consider rental income for the purpose of calculating FOIR
Now let us understand the eligibility of loan amount by considering the example below.
Example – You work in an international company and get a salary of INR 90,000 per month. So after reducing all your monthly expenses, you will be saving around 40-50% of your income every month. Let’s say if you have the ability to save around 50% of your monthly income, you should definitely think about your personal loan eligibility.
The bank will assume that you will save around INR 45,000 per month from your monthly income of INR 90,000. Thus, you can effectively use your savings to pay off your personal loan EMIs. The calculation below will give you a clear idea of the loan amount you could get.
Loan Amount – 200 000 INR
The term of the loan is 4 years
Interest rate – 11.5% – 24%
Your monthly EMI will be INR 5218-6520
So your personal loan calculation would be
INR 2 000 x 45 000/5218 = 17,45 INR
INR 2 000 x 45 000/6520 = INR 13,80 lakhs
So your personal loan amount ranges from INR 13.80 Lakhs to INR 17.45 Lakhs
Documents required
The next thing to pay attention to is the documentation required to get a personal loan from this bank.
| Salaried | Self-employed |
|---|---|
| Signed application form with recent passport size photographs | Signed application form with recent passport size photographs |
| Age Proof Passport Copy/PAN Card/Voter ID Card, Driving License with Photo with Date of Birth (Laminated, Recent, Legible)/Photo Card with DOB/Employer Certificate/ID/School/College Leaving Certificate | Age Proof Passport Copy/PAN Card/Voter ID Card, Driving License with Photo with Date of Birth (Laminated, Recent, Legible)/Photo Card with DOB/Employer Certificate/ID/School/College Leaving Certificate |
| Identity Proof Passport/PAN Card/Voter ID Card/Driving License/Indian Overseas Citizen Card | Identity Proof Passport/PAN Card/Voter ID Card/Driving License/Indian Overseas Citizen Card |
| Address Proof Card / Driving License / Voter ID Card / Passport / Telephone Bill / Electricity Bill / Indian Overseas Citizen Card / Latest IT Return / Company Letter Original | Address Proof – Permit Card/Driving License/Voter ID Card/Passport/Telephone Bill/Electricity Bill/OIC Card/Latest IT Return/Original Company Letter |
| Income proof of last 3-6 months salary, ITR or Form 16, 6 months bank statement | Proof of Income – IT return for last 2 years along with audited balance sheet, statement of P&L account for 2 years |
| Driving License/Copy of Passport/PAN Card/Bank Statement attesting signature | Driving License/Passport Copy/PAN Card/Banker’s Certificate of Bank Statement |
| Proof of ownership: electricity bill/ water bill/ sale deed/ receipt of tax paid | Proof of ownership: electricity bill/ water bill/ sale deed/ receipt of tax paid |
Apply for Kotak Mahindra Bank Personal Loan Online
You can easily apply for Kotak personal loan online. The process is simple. Get a personal loan online with Kotak in 3 easy steps.
Step 1. Provide your basic information to help the Bank get to know you better
Step 2: Determine your eligibility for a personal loan from Kotak
Step 3: Submit the required set of documents such as proof of residence, income and employment information, etc. and the bank will receive your loan application in just a few minutes.
Avail the quality services and instant personal loan from Kotak Mahindra Bank and meet your financial requirements without any hurdles.
Kotak Mahindra Bank Personal Loan CIBIL Score
To avail a Kotak Mahindra Bank personal loan, you need a good CIBIL score . Yes, your three-digit summary is something lenders always keep an eye on. So make sure you have 700 or more points out of 900 to enjoy a hassle free trip. With this number of points, it would be easy for you to find the best deal. And to keep getting the best deals, it’s important to maintain a good credit score, keeping certain things in mind like paying your bills on time, etc.
Kotak Mahindra Bank Personal Loan Prepayment Charges
If you are a person who wants to pre-close your personal loan, it is important for you to know that there are certain fees that you have to cover. Yes, Kotak Mahindra Bank allows you to pre-close the loan before the said deadline, but you have to face certain costs. In terms of fees, they include 5% of the outstanding principal amount + GST. This means that you have to pay the same cost at the pre-closing time of the loan. So be prepared for the same.
Kotak Mahindra Bank Personal Loan Online Payment
If you want to make a Kotak Mahindra Bank personal loan payment, you would be happy to know that you can easily do so through the online facility. Yes, you can make the payment online so that your loan can be paid off easily. When it comes to online payment, it includes an ECS facility where the required personal loan EMI amount can be automatically debited from your account. Yes, with the help of this option, the required private loan amount will be written off, so the borrower does not have to worry about the payment at all.
Kotak Mahindra Bank Personal Loan Application Form
You can visit a Kotak Mahindra Bank branch or ATM or go online to apply for a personal loan. But make sure you fill the application form correctly before applying. After submitting the application, the bank will also carefully check your income information, official as well as residential addresses, etc. And the best part is that the loan can be disbursed to you in about a week, depending on your profile.
Kotak Mahindra Bank Personal Loan Application Status
You can easily check the status of your personal loan application by visiting the nearest branch. Just provide your details and managers will tell you the status of your loan application. This way, it will be easy for you to keep track of the status of your loan application.
Kotak Mahindra Bank Personal Loan Statement
If you don’t know how much EMI is still outstanding on your existing personal loan, check the same using your personal loan statement. Exactly! Kotak Mahindra Bank ensures that you never miss a monthly payment by sending you a monthly statement on your registered email ID. And by looking at it, you can check all the activities related to the loan.
Kotak Mahindra Bank Contact Number
Kotak Mahindra Bank with its best and experienced customer care executives are always ready to solve all your queries related to your personal loan. You can call or contact these managers to solve your queries. These drivers are available 24/7 on this toll free number: 1860 266 2666.
Factors affecting personal loan eligibility
The first and foremost thing that comes is the personal loan eligibility based on factors like
- Monthly income
- Age
- Monthly expenses
- Any other loan
- Credit history
- Job stability
- Relationship with the bank
- Your employer category
Features and benefits
- Attractive interest rates
- Flexible repayment options
- Bank doorstep service
- Get fast approval for loans
- Minimal paperwork and hassle-free processing
- No security or bond required
With a personal loan from Kotak Mahindra Bank, you can meet your needs. You can plan a grand wedding stress-free and by spending your savings, you can plan your dream vacation to exotic locations, manage unexpected medical emergencies, repair, renovate and upgrade your home into a dream home, etc. From planning A big event to facing unexpected expenses, Kotak Mahindra Bank Personal Loan is a solution for everyone. Available from home or office for a seamless experience.
Kotak Bank Personal Loan FAQs
1. How to get a personal loan from Kotak Mahindra Bank?
Follow the steps below to apply for a Kotak Mahindra Bank personal loan:
– Visit your nearest branch and submit your loan request to the bank.
– Determine your eligibility for a personal loan from Kotak Mahindra Bank.
– Provide a set of required documents, such as proof of your address and income, employment information, etc.
– The bank will receive your loan application within a few minutes.
Once the bank approves your loan application, you will receive the loan funds in your bank account.
2. How long does Kotak Mahindra Bank take to approve a personal loan?
Once you have submitted your loan application along with all the required documents, the bank can approve and disburse your personal loan within 48 hours if all the documents are in order.
3. How long does it take to get a personal loan from Kotak Mahindra Bank?
You can apply for a Kotak Mahindra Bank personal loan within minutes. However, it may take up to 48 hours for the bank to approve your loan application and disburse the loan amount.
4. What is the minimum personal loan amount in Kotak Mahindra Bank?
Kotak Mahindra Bank offers personal loans starting from INR 50,000. You can check your eligibility and apply for a personal loan through its simple application process.
5. Can I take 2 personal loans from Kotak Mahindra Bank?
Yes, you can take 2 personal loans with Kotak Mahindra Bank, but just like the first loan, you will have to meet the eligibility requirements of the bank. When evaluating a loan application, the bank will take into account factors such as your current income and existing loans.
6. What documents are required to apply for a Kotak Mahindra personal loan?
The list of documents required to apply for a Kotak Mahindra Personal Loan is as follows:
– Proof of Identity like Aadhaar Card, PAN Card, Driving License, Passport etc.;
– proof of residence, such as a utility bill, passport, etc.
– Bank statement for the last 3 months with information on income.
– Salary slip for the last 3 months.
– 2-3 passport size photos.
7. Who is eligible for Kotak Mahindra Bank Personal Loan?
Eligibility for a Kotak Mahindra personal loan depends on the applicant’s occupation, age, income and various other factors. However, working persons aged between 21 and 60 with a permanent source of income can apply for a personal loan.
8. What are the documents required for Kotak Mahindra Bank Personal Loan?
The following documents are required to apply for a Kotak Mahindra Personal Loan:
– 2 or 3 passport size photographs
– Bank statements and salary slips for the last 3 months.
– Proof of identity like Aadhaar Card, PAN Card, Driving License, Passport etc.
– Proof of residence such as utility bill, passport, etc.
9. How to check your personal loan status with Kotak Mahindra Bank?
You can check your Kotak Mahindra personal loan status by logging into the bank’s official portal. Enter your loan information in the Loan Application Status section of the Business Loan section to check the status of your personal loan.
10. Who can be your co-borrower in a Kotak Mahindra Bank personal loan application?
Generally, you can only add your spouse or parents as a co-borrower. Additionally, your co-borrower should also meet the eligibility criteria of Kotak Mahindra Bank.
11. What is the minimum CIBIL score required for Kotak Mahindra Bank Personal Loan in India?
The higher your CIBIL score, the better your chances of getting your loan application approved from Kotak Mahindra Bank. On the other hand, a low CIBIL score would reduce your chances of approval. Kotak Mahindra Bank requires a minimum CIBIL score of 650 to apply for a personal loan.
12. How to close Kotak Mahindra Bank Personal Loan?
It’s easy to close a personal loan with Kotak Bank. You simply need to follow the steps below:
– Submit a foreclosure request through the contact center at any time during the loan term.
– The bank will send a notice of expropriation to your registered e-mail address within three working days.
– Visit a bank branch to make payment through NEFT/RTGS or cheque.
– Call customer service and let them know that you have made a payment on the lien.
– Confirm payment completion and loan closing.
– After closing the loan, the Bank will send you the loan closing document.
13. How to Foreclose Kotak Mahindra Bank Personal Loan?
You can dispose of your personal loan account after 12 months from the first EMI date. A 3-day notice period is required for loan foreclosure. After applying for loan foreclosure and completing the notice period, the bank will issue you a foreclosure notice with all the information.
14. How to Pay Kotak Mahindra Bank Personal Loan?
You can make your loan repayment through any Kotak Mahindra Bank branch or online payment facility.
15. How to check personal loan balance in Kotak Mahindra Bank?
To check your personal loan balance with Kotak Mahindra Bank, you can:
– Send an SMS from your registered mobile number to the bank to ‘9971056767 or 5676788’.
– Another way is to apply on the bank’s official internet portal. After logging in, click on the “Payment Loans” tab in the Internet Bank or the “Loans” tab in the Mobile Bank to view information about the loan balance.
– You can also contact the bank’s Customer Service by phone at 18602662666 between 09:00 and 19:00 from Monday to Saturday, excluding holidays.
To know more:-https://www.kotak.com/en/home.html
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