Kotak Mahindra Bank Personal Loan Highlights
|Interest rate||10.75% p.a. onwards|
|Loan Amount||Up to Rs. 20 Lakh|
|Eligible Applicant Category||Salaried Individuals|
|Eligible Applicant Age||Min. 21 years and Max. 58 years|
|Eligible Income||Min. Rs. 20,000 p.m. (Net)|
|Processing Fees||Up to 2.5% of loan amount sanctioned|
|Loan Tenure||Up to 60 months|
|Personal Loan Types||Marriage Loan, Travel Loan, Medical Emergency Loan, Home Renovation Loan, etc.|
Kotak Mahindra Bank personal loans are available to applicants seeking loans for amounts as low as Rs. 50,000 and as high as Rs. 20 lakh. These loans are suitable for funding a variety of financial requirements including home renovation, foreign travel, debt consolidation and medical expenses.
Features of Kotak Mahindra Bank Personal Loan
- Loan Amount: Kotak Mahindra Bank offers personal loan starting from Rs 50,000 up to Rs 20 Lakh. Before finalizing the loan amount, the bank takes into account the profile of the loan applicant that includes credit score, financial history, annual income, repayment capability, etc.
- Repayment Options: Kotak Mahindra Bank offers flexible repayment options with tenure ranging from 12 to 60 months through convenient EMI payments
- Minimal Paperwork: The bank asks for minimal documentation when you are applying for a personal loan making the entire process quick and hassle-free
- Balance transfer: You can transfer your existing personal loan from other lender to Kotak Mahindra Bank in order to avail better terms along with lower interest rates
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Kotak Mahindra Bank Personal Loan Interest Rates
Starting from 10.75%, the interest rate offered by Kotak Mahindra on a personal loan ensures affordable EMIs. However, the interest rate offered to an individual depends on his credit score, age, employer, repayment history, etc.
Types of Kotak Mahindra Bank Personal Loans
The following are the key types of personal loans currently offered by Kotak Mahindra Bank:
- Personal Loan for Marriage
- Personal Loan for Travel
- Personal Loan for Medical Emergency
- Personal Loan for Home Renovation
1. Personal Loan for Marriage
If you need money to fund a wedding, you can apply for Kotak Mahindra Bank personal loan for marriage and can avail a loan amount of up to Rs. 20 lakh. This loan can cover expenses related to venue, catering, decoration, photography, accommodation for guests, honeymoon, etc.
2. Personal Loan for Travel
Are you planning to go to your dream destination but don’t have enough money to fund you vacation? With Kotak Mahindra Bank Personal Loan for Travel, you can borrow money starting from Rs. 1 lakh to Rs. 20 lakh and can easily pay for your flight tickets, accommodation sight- seeing, shopping, etc.
3. Personal Loan for Medical Emergency
With minimum paperwork and instant approval, you can avail funds immediately if you apply for Kotak Mahindra Bank Personal Loan for Medical Emergency. Offered up to Rs. 20 lakh, this loan ensures that you are easily able to pay the medical bills and then repay the loan in easy installments.
4. Personal Loan for Home Renovation
Whether you want to paint your home or fix that ceiling that has been leaking or wish to buy a new sofa for your drawing home or want a modular kitchen, Kotak Mahindra Bank Personal Loan for Home Renovation that is offered upto Rs. 20 lakh is an ideal choice to give a new and modern look to your house.
- You should be an Indian resident
- You should be at least 21 years old and your maximum age should be 58 years
- You should be an active/permanent employee of an MNC, public or private limited company with a minimum work experience of at least 1 year
- Your net salary should be at least Rs. 20,000 per month
- You should at least be a graduate
- You should be an active resident of a city for at least 1 year
Also Read: Kotak Mahindra Personal Loan Eligibility
Documents Required for Kotak Mahindra Bank Personal Loan
- Proof of Identity: Passport, PAN, Aaadhar, Voter’s ID, Driving License
- Proof of Residence: Utility Bill, Passport or Leave and License Agreement
- Bank Statement for the last 3 months with income details
- Salary slip for the last 3 months
- 2-3 passport size photographs
How to Apply for Kotak Mahindra Bank Personal Loan with Paisabazaar?
- Fill an online application form available at Paisabazaar and click on ‘proceed’
- You will be redirected to another page showing you offers from various lenders as per the chances of approval
- Select the loan offer(s) from Kotak Mahindra Bank (if available) or give a call to the customer care team of Paisabazaar for further assistance
- The last step would involve filling another online form asking for additional information so that your personal loan application can be forwarded to the desired lender
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Personal Loan Verification Process
- After your personal loan application is forwarded by Paisabazaar to the bank, you will get a verification call from the bank’s representation. He will also schedule a document pickup with you
- After all the necessary documents have been picked up by the representative, they are verified by the bank
- After document verification is completed, the bank will call you again for confirmation regarding the final offer from the bank that includes the loan amount, interest rate and tenure
- Once you agree to the loan terms and sign the loan agreement, the amount gets disbursed to your account
Check Kotak Mahindra Bank Personal Loan Application Status
The following are the steps for checking the status of your Kotak bank personal loan application:
Step1. Log on to the track application page on the Kotak website.
Step2. Select salaried loan from the dropdown menu.
Step3. Select and mention identifier such as application form number, mobile number, PAN and DOB, etc.
Step4. Click on ‘Submit’ to check the updated status of your loan application.
Fees and other Charges
The following are some of the key fees and charges associated with your Kotak Bank personal loan:
|Loan Processing Charges||Up to 2.5% of the loan amount+ GST and other applicable statutory levies|
|Stamping Charges||Applicable as per the respective State’s Stamp Act|
|Credit Appraisal Charges||Up to 5% of the loan principal, not exceeding Rs. 7500 (inclusive of GST )|
|Overdue Interest||3% p.m. compounded monthly on the overdue amount from due date till completion of payment|
|Collection Charges||30% of cheque / instrument dishonour charges (GST included) + overdue interest|
|Dishonour Charges each Instance||Rs. 750 per instance (inclusive of GST and other applicable statutory levies)|
|Swap Charges( Replacement of PDCs)||Up to Rs. 500 per instance + GST and other applicable statutory levies|
|Prepayment Interest / Forclosure Charges||Lock in period for 12 months. After 12 months, 5% foreclosure charges + GST on principal outstanding|
|Duplicate Issue of NOC||Rs. 500 + GST and other applicable statutory levies per instance|
|No Dues Certificate||Rs. 500 + GST and other applicable statutory levies per instance|
|Charges for furnishing a copy of the credit information report (CIBIL) to the applicant.||Rs. 50 + GST and other applicable statutory levies per instance|
|Charges applicable in case customer requests for copies of records pertaining to his transactions ( SOA / Amortization Schedule)||Once yearly without any charge. Post that Rs. 250 per request+ GST and other applicable statutory levies|
How to Login on Kotak Mahindra Bank Portal?
The following are the steps to log into the Kotak Mahindra Bank portal:
- Go to the Kotak Mahindra Bank Net Banking Login page
- Either enter your CRN (Customer Relationship Number), User Name or Forex Card to log in
- Enter your Net Banking password
- Click on ‘Secure Login’ to access the online banking interface of Kotak Mahindra Bank
Kotak Mahindra Bank Personal Loan Statement
Kotak Mahindra Bank does not have a dedicated portal for checking personal loan details/statements online. In order to check your personal loan statement online, you can log into the Kotak Mahindra Bank Internet Banking portal as discussed earlier. Alternately, you may request a physical copy of your personal loan statement from Kotak Mahindra Bank by contacting customer care or visiting the nearby branch (charges may apply).
Kotak Mahindra Bank Personal Loan EMI Calculation
The following personal loan EMI calculation is an illustration of how the monthly EMI of a Kotak Mahindra Bank PL varies based on loan tenure, loan principal and interest rate.
|Loan principal @ interest||Tenure|
|1 year||2 years||3 years||4 years||5 years|
|2 lakh @ 11%||Rs. 17,676||Rs. 9,321||Rs. 6,547||Rs. 5,169||Rs. 4,348|
|5 lakh @ 11.25 %||Rs. 44,249||Rs. 23,361||Rs. 16,428||Rs. 12,983||Rs. 10,933|
|10 lakh @ 12%||Rs. 88,848||Rs. 47,073||Rs. 33,214||Rs. 26,333||Rs. 22,244|
|14 lakh @ 12.5%||Rs. 1,24,716||Rs. 66,230||Rs. 46,835||Rs. 37,211||Rs. 31,497|
Kotak Mahindra Bank Personal Loan Top-Up
After 9 months of the sanctioned date of your existing personal loan with the bank, Kotak Mahindra Bank provides the personal loan top-up loan facility. The top-up loan facility is usually offered at the existing rate. That said a higher or lower interest rate may be applicable after considering key factorings including repayment history, outstanding loan amount, age, employer, etc. of the individual applicant. You can also apply for top-up loan by phone, just SMS ‘PLTOPUP’ to 5676788
Comparison of Kotak Mahindra Bank PL vs. Other Lenders
The following is a comparison of the personal loan offered by Kotak Mahindra Bank vs. personal loan offers from other lenders:
|Particulars||Kotak Mahindra Bank||HDFC Bank||Citi Bank||Axis Bank||ICICI Bank||Bajaj Finserv|
|Interest Rate||Starting from 10.75%||11.25% to 21.50%||Starting from 9.99%||12% onwards||11.50% to 19.25%||Starting from 12.99%|
|Tenure||12 to 60 months||12 to 60 months||12 to 60 months||12 to 60 months||12 to 60 months||12 to 60 months|
|Loan amount||Upto Rs. 20 lakh||Upto Rs. 40 lakh||Upto Rs. 30 lakh||Rs. 50,000 to Rs. 15 lakh||Upto Rs. 20 lakh||Upto Rs. 25 lakh|
|Processing Fee||Upto 2.5% of the loan amount plus GST and other applicable statutory levies||Upto 2.50% of the loan amount||Upto 3% of the loan amount||2% of loan amount plus GST||Upto 2.25% of loan amount plus GST||Up to 3.99% of the loan amount|
Kotak Mahindra Bank Customer Care Number
The following are the key ways to contact the customer care department of Kotak Mahindra Bank:
- Domestic customers can call 1860 266 2666 (standard call rates applicable)
- NRI customers can call the following international numbers:
- USA – 1855-3656767
- Australia – 001180044990000
- Hong Kong – 00180044990000
- U.K – 0080044990000
- Canada – 18557684020
- Singapore – 8001013054
- You can contact Kotak Mahindra Bank customer care by email
- You can visit also the nearest bank branch in person with your request.
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Benefits of Applying for Personal Loan at Paisabazaar
- Online application: You can easily and quickly apply for a personal loan at Paisabazaar from the comfort of your home or office. The online process saves your time and energy
- Instant processing: Paisabazaar instantly processes your personal loan application and forwards it to the bank after you have filled out all the necessary online forms
- User- friendly portal: Various blogs, bank pages, articles, etc. available on the website help you gather all the information related to the loan to help you make an informed decision along with providing support during the entire application process
- Compare and choose: Paisabazaar lets you compare interest rates and other personal loan features such as foreclosure charges, processing fees, disbursal offered by various lenders. This way, you get to choose the bank offering the lowest interest rate to make your EMIs affordable
The following are some key considerations when applying for a personal loan:
- Know your purpose: Be clear about the reason why you need a personal loan. Do not take it because it is easily available rather apply for one only when there is an actual requirement. Also, do not borrow more than what you actually need because that can adversely affect you in the long term
- Check your credit score: All lenders take your credit score into consideration before approving your personal loan application as it is a reflection of your past repayments. Therefore, you must know and maintain a high credit score (as close to 900 as possible) in order to increase your chances of approval
- Decide tenure: The tenure for a personal loan usually varies from 12 to 60 months. Therefore, you must calculate your EMIs using Paisabazaar’s Personal Loan EMI Calculator and go for a tenure that is suitable for you
- Compare all the options: Different lenders offer different interest rates on a personal loan. You must compare all applicable offers from various lenders and choose a loan with the interest rate, foreclosure charge and tenure that suits your unique requirement
Q1. Is it possible to reschedule or postpone my personal loan EMI?
No, you cannot postpone or reschedule the EMI of your personal loan once it has been disbursed by Kotak Mahindra Bank.
Q2. Can I foreclose my personal loan?
Yes, you can foreclose your personal loan after paying your 12th personal loan EMI. You will have to inform Kotak Mahindra Bank about your decision to foreclose the loan through a written application, by calling on the 24×7 helpline number 1860-266-2666 or sending an email. The personal loan pre-payment charge payable to Kotak Bank is 5% of the principal amount foreclosed.
Q3. Is part- prepayment of personal loan possible?
No, part-prepayment facility on personal loans is not offered by Kotak Mahindra Bank.
Q4. Why should I opt for balance transfer facility offered by Kotak Mahindra Bank?
Ans: You may opt for balance transfer facility offered by Kotak Mahindra Bank to avail the following benefits:
- Smooth paperwork and hassle-free documentation
- Speedy processing
- Quick disbursal of loan amount
- Flexible repayment
Q5. How is my personal loan amount disbursed?
Once your personal loan is approved, the amount is electronically transferred to your bank account, the details of which are to be submitted at the time of the personal loan application.
Q6. Can I change my personal loan instalment date?
Yes, you can change your personal loan installment date by contacting the Kotak Mahindra Bank’s customer care department. Currently personal loan EMI payment dates for the bank are available between 2nd and 10th of every month.