The current interest rate on a personal loan offered by Kotak Mahindra Bank starts from 9.98% p.a. However, the personal loan rate of interest will depend on various factors, including:
Kotak Mahindra Bank 5 Lakh Personal Loan
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Kotak Mahindra Bank Rs 5 lakh Personal Loan: Interest Rate
Eligibility for Kotak Mahindra Personal Loan
| Eligibility Criteria | Details |
|---|---|
| Employment | Salaried individuals working in an MNC, public limited, or private limited company |
| Age | Between 21 to 60 years |
| Minimum Monthly Income (Kotak Salary Account Holders) | ₹25,000 |
| Minimum Monthly Income (Non-Kotak Salary Account Holders) | ₹30,000 |
| Educational Qualification | Graduate or Diploma holder |
| Work Experience | Minimum 1 year of employment |
| Credit Score (CIBIL) | 730 or above |
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Documentation for Kotak Rs. 5 Lakh Personal Loan
Also Read: Personal Loan without Salary Slip
Documents Required for Salaried Individuals
| Document Type | Accepted Documents |
|---|---|
| Proof of Identity | - E-KYC Authenticated Aadhaar - Voter ID - Driving Licence - Passport |
| Proof of Residence | - E-KYC Authenticated Aadhaar - Voter ID - Driving Licence - Passport |
| Proof of Income | - Last 3 months’ Salary Slips - Income Tax Returns - Bank Statements |
| Other Documents | - PAN Card |
Kotak Personal Loan Processing Fees and Charges
Usage of Kotak Mahindra Rs 5 Lakh Personal Loan
Kotak Mahindra Rs 5 lakh personal loan can be used for various purposes, including:
How Can I Apply for a Personal Loan Online?
Get up to ₹40 Lakh in 5 Simple Steps
Step 1: Enter your mobile number in the application form
Step 2: Provide your personal details
Step 3: Enter OTP to verify your mobile number
Step 4: Select the loan purpose and loan amount
Step 5: Compare offers and apply for the best-suited loan
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Overview
FAQs
What is the tenure for a ₹5 lakh personal loan from Kotak Mahindra?
The repayment tenure ranges from 12 to 60 months, giving flexibility to choose EMIs as per your budget.
What is the interest rate on a Kotak Mahindra ₹5 lakh personal loan from Kotak Mahindra Bank?
Interest rates generally start from 10.98% p.a., and may vary based on your income, credit score, and profile.
Is there any processing fee for a Kotak Mahindra ₹5 lakh personal loan?
Yes, up to 5% of the loan amount plus taxes is charged as processing fee.
What is the minimum income required to apply for a Kotak Mahindra personal loan?
Kotak Salary Account holders: ₹25,000 per month
What credit score is required for approval?
A minimum CIBIL score of 730 or above is preferred for smooth approval
Personal Loan Articles
View All ArticlesPaisabazaar is a loan aggregator and is authorized to provide services on behalf of its partners.
The APR (Annual Percentage Rate) of a personal loan is its annualised cost of borrowing, which includes the interest rate as well as the processing fees, documentation fees and other fees charged during the loan origination. The APR is expressed in the form of a percentage and thus, allows personal loan applicants to detect personal loan schemes offered at lower interest rates but with higher processing fees and/or other charges.
The APR of personal loans usually ranges between 11.29% to 35%. For example, assume that you have availed a personal loan of Rs. 5 lakhs @ 10.50% p.a. with a repayment tenure of 5 years. The processing fee charged for this loan is 1.5% of the loan amount, which amounts to Rs 7,500. Therefore, the total borrowing cost of your personal loan will be Rs 1,52,317 and its APR will be 11.16%.
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