Kotak Mahindra Bank Personal Loan

Note: The above-mentioned interest rates, fees and charges may change and shall depend on the sole discretion of the Kotak Mahindra Bank and RBI. Interest rates are updated as on Jan 2022.

Kotak Mahindra Bank Personal Loan Interest Rates

Starting from 10.25% per annum, 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.

Comparison of Kotak Mahindra Bank vs. Other Lenders

Fees & Charges

The following are some of the key fees and charges associated with your Kotak Bank personal loan:

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

Kotak Mahindra Personal Loan Eligibility Criteria

• 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

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

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.

Customer Care 

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 apply)
• You can contact Kotak Mahindra Bank customer care by email

• You can visit also the nearest bank branch in person with your request

Also Read: Kotak Mahindra Bank Personal Loan Customer Care

Apply for a Personal Loan online with minimal documentation Apply Now

FAQs

Q1. Is it possible to reschedule or postpone my personal loan EMI?

Yes, you can request the bank for rescheduling the EMI of your personal loan between the 2^nd and 10^th of the month.

Q2. Can I foreclose my personal loan?

Yes, you can foreclose your personal loan after one year. 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.

Q3. Is part-prepayment of personal loan possible?

Yes, you can part-prepay your Kotak Mahindra Bank personal loan up to 20% of the outstanding amount every year, after completion of lock-in period of 12 months. However, you are required to pay Rs. 500 + GST per instance of part-prepayment.

Q4. How is my personal loan amount disbursed?

Once your personal loan is approved, the amount is electronically transferred to your salary account, the details of which are to be submitted at the time of the personal loan application.

Q5 Can I change my personal loan instalment date?

Yes, you can change your personal loan instalment date by contacting Kotak Mahindra Bank’s customer care department. Currently, personal loan EMI payment dates for the bank are available between the 2^nd and 10^th of every month.