Kotak Mahindra Bank Personal Loan Highlights – June 2022 | |
Interest Rate | 10.99% p.a. onwards |
Loan Amount | From Rs. 50,000 – Rs. 25,00,000 |
Tenure | 1-5 years |
Processing Fees | Up to 2.5% of loan amount + GST and other statutory charges |
Minimum Monthly Income |
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Note: Rates as of 23rd June 2022

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Table of Contents
Kotak Mahindra Bank Personal Loan Interest Rates
Employment Status | Interest Rate |
Salaried | 10.99% p.a. onwards |
Comparison of Kotak Mahindra Bank vs. Other Lenders
Banks/NBFCs | Interest Rates (per annum) |
Kotak Mahindra Bank | 10.99% onwards |
HDFC Bank | 10.50% – 21% |
SBI | 9.80%-13.80% |
ICICI Bank | 10.50% onwards |
Axis Bank | 10.25% onwards |
IndusInd Bank | 10.49% onwards |
IDFC First Bank | 10.49% – 25% |
Bajaj Finserv | 13.00% onwards |
Tata Capital | 10.99% onwards |

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Kotak Personal Loan Processing Fees and Charges
Personal Loan | Charges |
Processing Charges | Up to 2.5% of loan amount + GST |
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 |
Credit Administration Charges | Up to 5% of loan amount, up to Rs 7,500 + GST |
Collection Charges | 30% + GST of cheque /instrument dishonor charges + overdue interest |
Dishonor Charges per instance | Rs 750 + GST |
Foreclosure Charges | 0-12 months: Lock-in period 1- 3 years: 4% + GST 3 years onwards: 2% + GST |
Part Pre-payment Charges | Rs 500 + GST per instance |
No due | NIL |
Duplicate Issue of NOC | NIL |
Copy of CIBIL | Rs 50 + GST |
Copy of records pertaining to his transactions | Rs 200 + GST |
Types of Kotak Mahindra Bank Personal Loans
Personal Loan for Marriage
- Purpose: To meet the financial requirements for wedding including engagement ring, dream honeymoon, etc.
- Loan Amount: Up to Rs 25 lakh
- Tenure: 1 to 5 years
Personal Loan for Travel
- Purpose: To meet the financial requirements for travel including airfares, tours, accommodation, travel accessories, etc.
- Loan Amount: Rs 50,000- 25 lakh
- Tenure: 1 to 5 years
Medical Loan
- Purpose: For unexpected medical emergencies or treatment
- Loan Amount: Rs 50,000- 25 lakh
Personal Loan for Home Renovation
- Purpose: For renovation related expenses including the cost of contractors, interior designers, raw material purchase, etc.
- Loan Amount: Up to Rs 25 lakhs
- Tenure: Up to 5 years
Eligibility for Kotak Mahindra Personal Loan
- Employment Type: Working in an MNC, a private limited company or a public limited company
- Age: 21-58 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
To know more details on Kotak Personal Loan Eligibility, Click Here
Documentation Required for Kotak Personal Loan
- 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
Why Apply for Personal Loans at Paisabazaar?
- Offers from Top Lenders: 40+ partner Banks/NBFCs/Fintechs provide the best available loan at one place.
- Compare & Choose: You can check and compare loan offers from top banks, NBFCs and fintechs, and choose the best option with a click of a few buttons.
- Personalized solutions & certainty of approval: On Paisabazaar, personal loan offers are ranked according to your credit score and other eligibility factors. This helps in choosing the best offer for which certainty of loan approval is the highest.
- Pre-Approved Loans: You get pre-approved personal loan offers based on your credit health from time to time. These options come with low processing fees, low interest rates and almost no documentation.
- Unbiased advice: In case of queries or need for assistance, Paisabazaar’s team of experts can be of great help in coordinating with lender Banks/NBFCs and help in getting the most-suited personal loan.
- Complete Digital Process: As a digital-only organization, Paisabazaar.com provides a completely digital experience. It helps you to avail personal loans from the comfort of your homes with almost no paperwork and a completely digital experience.
- Document Pickup: In case physical documentation is required, Paisabazaar representatives pick documents from your location on a mutually agreed date and time after you apply for the loan. You are not required to physically visit the lender to submit your documents as Paisabazaar will do the needful for you – At no extra cost.
- End-to-end Assistance: Right from looking out for a loan option to getting the sanctioned loan amount in your bank account, Team Paisabazaar remains with you and works in the background with the lenders, to give you a wonderful experience.
Note: GST and other taxes will be additionally added to the mentioned fees and charges.

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FAQs
Q. How long does it take for the disbursal of Kotak Mahindra Bank Personal Loan?
A. Kotak Mahindra Bank offers personal loan approval and disbursal within 48 hours of submitting the loan application and required documents. However, the bank also sanctions instant personal loans in just 3 seconds with minimal documentation.
Q. What factors affect the interest rates of Kotak Mahindra Bank Personal Loan applicants?
A. The interest rates for the applicants of Kotak Mahindra Bank Personal Loan would depend upon their age, credit score, minimum monthly income, job profile, repayment history, etc.
Q. Are there any restrictions on foreclosing the personal loan account at Kotak Mahindra Bank?
A. The personal loan account can be foreclosed after 12 months of loan disbursal subject to prepayment charges of 4%.
Q. What is the minimum credit score required to avail personal loan from Kotak Mahindra Bank?
A. The applicants should have a credit score of 700 and above to avail personal loan from Kotak Mahindra Bank.
Q. Can my credit score influence the personal loan interest rate?
A. Yes, your credit score can influence your personal loan interest rate. As a higher credit score indicates higher creditworthiness and lower credit risk for the lender, lenders usually set lower interest rates for loan applicants having higher credit score.