Kotak Mahindra Bank Personal Loan Balance Transfer | |
Interest rate | 10.99% p.a. onwards |
Repayment tenure | Depends on outstanding loan amount |
Processing fee | Up to 3% of the loan amount |
Note: Interest rates as of 10th July 2023

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Kotak Mahindra Bank Personal Loan Balance Transfer Interest Rates
Kotak Bank has not disclosed the interest rates it offers for personal loan balance transfer. However, the Kotak Mahindra Bank Personal Loan Interest Rates for fresh borrowers start from 10.99% p.a. 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.

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Compare Kotak Mahindra Bank Personal Loan Interest Rate with Other Banks/NBFCs
Banks/NBFCs | Interest Rates(p.a.) | |
Axis Bank | 10.49% onwards | Apply Now |
IndusInd Bank | 10.49% onwards | Apply Now |
IDFC First Bank | 10.49% onwards | Apply Now |
HDFC Bank | 10.50% onwards | Apply Now |
ICICI Bank | 10.50% onwards | Apply Now |
Kotak Mahindra Bank | 10.99% onwards | Apply Now |
Tata Capital | 10.99% onwards | Apply Now |
Bajaj Finserv | 11.00% onwards | Apply Now |
Federal Bank | 11.49% onwards | Apply Now |
DMI Finance | 12.00% - 40.00% | Apply Now |
L&T Finance | 12.00% onwards | Apply Now |
Kreditbee | 12.25% - 30.00% | Apply Now |
MoneyTap | 12.96% onwards | Apply Now |
Piramal Finance | 12.99% onwards | Apply Now |
Aditya Birla | 13.00% onwards | Apply Now |
MoneyView | 15.96% onwards | Apply Now |
Cashe | 27.00% onwards | Apply Now |

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Fees and Charges of Kotak Bank Personal Loan Balance Transfer
Processing fee
Kotak Mahindra Bank charges a processing fee of up to 3% of the PLBT amount.
Foreclosure/part-prepayment charges
Foreclosure charges | For up to 3 years: 4% on outstanding principal
For after 3 years: 2% on outstanding principal |
Part-prepayment charges | Rs 500 per instance
Note:
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Other fees and charges
Stamping charges | As per respective State’s Stamp Act |
Overdue interest | 3% per month |
Credit Appraisal Charges | Up to 5% of loan amount, up to Rs 7,500 + GST |
Collection charges | 30% + GST of cheque /instrument dishonor charges + overdue interest |
Copy of CIBIL | Rs 50 + GST |

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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
- Age: 21-60 years
- Minimum Monthly Income:
- For Corporate Borrowers- Rs 25,000
- For Non-corporate Salary Borrowers- Rs 30,000
- Employee of Kotak Mahindra Bank- Rs 20,000
- Minimum Educational Qualification-Graduate
- Residential History- Continuously residing in the city for the past 1 year
- Work Experience- Minimum 1 year
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
- Bank statement for past 3 months 2-3 passport size photographs
- Salary slip for last 3 months

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