Kotak Mahindra Bank Personal Loan Balance Transfer

Kotak Mahindra Bank Personal Loan Balance Transfer
Interest rate	10.99% p.a. onwards
Repayment tenure	Depends on the outstanding loan amount
Processing fee	Up to 5% of the loan amount

Note: Interest rates as of 10 April 2025.

Kotak Mahindra Bank Personal Loan Balance Transfer Interest Rates

Kotak Mahindra Bank offers personal loan balance transfer at an interest rate of 10.99% p.a. onwards and the Kotak Mahindra Bank Personal Loan Interest Rates for fresh borrowers also start from the same rate of interest. Just as in the case of personal loan balance transfer schemes offered by other lenders, the final interest rates offered to an applicant of Kotak Mahindra Bank Personal Loan Balance Transfer may vary according to his credit score, monthly income, job profile, employer’s profile, etc.

Also Read: How you can build or rebuild your credit score with  Step UP Credit Card co-branded with SBM Bank India Ltd.

Compare Kotak Mahindra Bank Personal Loan Interest Rate with Other Banks/NBFCs

Banks/NBFCs	Interest Rates(p.a.)
Axis Bank	11.25% onwards
IndusInd Bank	10.49% onwards
IDFC First Bank	10.99% onwards
HDFC Bank	10.85% onwards
ICICI Bank	10.85% onwards
Kotak Mahindra Bank	10.99% onwards
Tata Capital	11.99% onwards
Federal Bank	11.49% onwards
DMI Finance	Up to 24%
L&T Finance	11.00% onwards
Kreditbee	16.00% - 29.95%
MoneyTap	13.00% onwards
Piramal Finance	12.90% onwards
Aditya Birla	10.99% onwards
Moneyview	14%-36%
Cashe	33.50% onwards

Fees & Charges of Kotak Bank Personal Loan Balance Transfer

Processing Fees

Kotak Mahindra Bank charges a processing fee of up to 5% of the final loan amount or balance transfer amount plus applicable taxes. The loan processing fees charged by the bank is non-refundable.

Foreclosure/part-prepayment charges on Personal Loan

Foreclosure charges	Up to 3 years: 4% on outstanding principal amount After 3 years: 2% on outstanding principal amount
Part-prepayment charges	Rs 500 per instance for part-payment Note: Part prepayment of personal loan is not allowed for loans disbursed on or before February 1, 2020. Part prepayment of personal loan is allowed for up to 20% of outstanding loan amount every year after lock-in period for loans disbursed after February 1, 2020.

Fees & Charges on Personal Loan Overdraft

Lock-in Period	12 months
Penal charges on Overdue	8% p.a.
Processing Fees	Up to 5% of the final loan amount
Foreclosure Charges (Post Lock-in Period)	NIL
Foreclosure Charges (If Lock-in Period is not served)	4% on current sanction limit
Repayment account swap charges	Rs. 500 per swap
Account statement charges	Physical account statement: Rs. 200 + taxes per instance
Bounce/dishonour charges	Rs. 750 per instance

Eligibility Criteria for Kotak Bank Personal Loan Balance Transfer

The bank has not disclosed the eligibility conditions for Kotak Mahindra Bank Personal Loan Balance Transfer. However, the eligibility criteria for PLBT should be similar to the other Kotak Personal Loan schemes.

Here are the various Kotak Mahindra Bank Personal Loan Eligibility conditions:

• Employment Type: Working in an MNC, a private limited company or a public limited company for at least 1 year
• Age: 21-60 years
• Minimum Net Monthly Income: Rs. 20,000
• Minimum Educational Qualification: Graduate
• Residential History: Continuously residing in the city for the past 1 year
• Work Experience: Minimum 1 year with reputed organization
• Good credit history is an added advantage

Additionally, Kotak Bank may also consider the credit score of its personal loan balance transfer applicants, just like other lenders while evaluating the personal loan balance transfer eligibility of their applicants.

Kotak Mahindra Bank Personal Loan Balance Transfer Documents Required

• ID proofs like passport, Aadhar card, driving license, voter ID, PAN card
• Residential proofs like passport, utility bill, leave and license agreement
• Last 3 months’ bank statement
• Salary slip for last 3 months