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Kotak Mahindra Personal loan

Kotak Mahindra Bank provides personal loans of up to Rs. 35 lakh with interest rates starting from 9.98% p.a for tenures of up to 6 years. Kotak Mahindra Bank personal loan offers fast loan disbursal, part-prepayment facility and simplified documentation for a seamless personal loan journey. Apply for a Kotak Mahindra personal loan on Paisabazaar for the best personal loan deals.

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HDFC Bank
10 Second Disbursal*100% Digital Process*Quick Disbursal
Max. Loan Amt.Upto ₹25L
Rate of Interest9.99% - 12.5%
Tenure upto1-5 Years
Processing Fee₹ 6,500
Axis Bank
Low Processing fee
Max. Loan Amt.Upto ₹40L
Rate of Interest9.99% - 17.15%
Tenure upto1-5 Years
Processing Fee1% - 1.5%
Kotak Mahindra Bank
Lowest Income requirement100% Digital Process*
Max. Loan Amt.Upto ₹25L
Rate of Interest9.98% - 17.2%
Tenure upto1-5 Years
Processing Fee1.1% - 1.5%
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How Can I Apply for a Personal Loan Online?

Get up to ₹40 Lakh in 5 Simple Steps

Step 1: Enter your mobile number in the application form

Step 2: Provide your personal details

Step 3: Enter OTP to verify your mobile number

Step 4: Select the loan purpose and loan amount

Step 5: Compare offers and apply for the best-suited loan

Kotak Mahindra Bank Personal Loan

Kotak Bank Personal Loan interest rate starts from 9.98% p.a. Lenders usually consider factors such as the applicant’s monthly income, job profile, employer’s profile, and credit score while determining the final personal loan interest rate.

Latest Personal Loan Interest Rates by Various Banks

Banks/NBFCs Interest Rates* Processing Fees
HDFC Bank 9.99% - 12.5% Rs. 3,499 to Rs. 6,500
Axis Bank 9.99% - 17.15% 1% - 1.5%
ICICI Bank 11% - 13% Up to 2%
IndusInd Bank 10.35% - 16.5% 1.3% - 2%
IDFC FIRST Bank 9.99% onwards Up to 2%
Federal Bank 12.0% - 19.5% Up to 2%
YES Bank 13% - 16% 1.5% - 2.25%
Tata Capital 11.99% - 13.99% Up to 1.25%
Aditya Birla Finance 10.99% p.a. onwards Up to 4%
L&T Finance 11.00% p.a. onwards Up to 3%
Hero Fincorp 19.75% - 30.00% p.a. 2.3% - 3%
Piramal Finance 12.90% p.a. onwards Up to 5%
Poonawalla Fincorp 18% - 36% p.a. Up to 3%
Moneyview 14% - 36% p.a. Up to 2%

*Interest rates as on 8th October 2025

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Types of Kotak Mahindra Bank Personal Loans

Types Purpose Loan Amount Tenure
Kotak Bank Personal Loan (Up to Rs. 35 lakh) For managing expenses related to wedding, marriage, home renovation, etc. Up to Rs. 35 lakh Up to 6 years
Kotak Bank Personal Loan Overdraft For salaried applicants to manage unexpected financial needs Rs. 1 lakh – Rs. 20 lakh Up to 6 years
Kotak Bank Pre-approved Personal Loan For eligible salaried Kotak customers to meet expenses like education, wedding, home repairs, travel, scooter, etc. Not specified Up to 4 years
Kotak Bank Personal Loan Balance Transfer For transferring an existing personal loan from other banks/NBFCs to Kotak at a lower interest rate Not specified Not specified

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Eligibility for Kotak Mahindra Personal Loan

Stated below are the Kotak Mahindra personal loan eligibility criteria:

For Personal Loan Up to Rs. 35 lakh

  • Salaried applicants working in an MNC or a public/private limited company
  • Age Criteria: 21 to 60 years
  • The minimum monthly income requirement
    • For Kotak Bank Salary account holders: Rs. 25,000
    • For Non-Kotak Bank Salary Account holders: Rs. 30,000
  • Minimum Educational Qualification: Graduation/Diploma
  • Work experience: Minimum 1 year
  • CIBIL Score: 750 or above preferred

For Personal Loan Overdraft

  • Age: 21 years to 58 years
  • Credit score: 750 and above
  • Minimum take home salary requirements –
    • Rs. 50,000 for Kotak salary account holders
    • Rs . 1 lakh for Non-Kotak salary account holders from tier 1 cities
    • Rs. 75,000 for Non-Kotak salary account holders from non-tier 1 cities

For Pre-Approved Personal Loan

  • An existing Kotak Mahindra Bank customer with a strong relationship with the bank.
  • Credit score of 750 and above.
  • Minimum monthly income required Rs. 25,000.
  • The applicant has maintained a record of timely payments of existing loans or credit card bills without defaults.

For Personal Loan Balance Transfer

  • Age: 21 years to 60 years.
  • Minimum 1 year of working experience at a reputed firm are eligible.
  • Minimum of Rs. 20,000 monthly income for salaried.
  • Education: Graduate degree.
  • The personal loan borrower should be living in the city where he/she want to apply for the loan transfer for minimum 1 year.

Documents Required for Kotak Mahindra 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

Know more about Kotak Bank Personal Loan Documents

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Kotak Personal Loan Processing Fees and Charges

Charge Type Applicable Amount
Loan processing fees (Non Refundable) Up to 5% of the final loan amount plus taxes.
Will be deducted from the loan amount at the time of disbursal.
Stamp Duty Charges As per the respective State’s Stamp Act
Penal charges on Overdue EMI Amounts standing unpaid on respective due dates shall attract penal charge at 8% per annum plus applicable taxes (to be charged for actual no. of days) on overdue amount.
EMI dishonour/Bounce charges Rs. 750 per instance (Inclusive of applicable taxes)
Lock-in period No lock-in period for Kotak Personal loans post payment of first EMI.
Foreclosure charges Upto 3 years - 4% + taxes on outstanding principal
After 3 years - 2% + taxes on outstanding principal
Part pre-payment charges For loans disbursed on or before - 1st February 2020 - Part Pre payment is not allowed
For loans disbursed after 1st February 2020
Post completion of 12 months -Part-Prepayment is allowed up to 20% of Principal loan outstanding.
Allowed once a year.
Charge per instance of part payment is INR 500 plus taxes
Legal charges At actuals

Why Apply for Personal Loans through Paisabazaar?

  • Offers from top lenders
  • Compare & chooseloan offers from top banks, NBFCs and fintechs.
  • Pre-Approved loans
  • Complete digital process
  • Minimal documentation
  • End-to-end assistance

Do’s and Don’ts for a Personal Loan

While applying for a personal loan, it is recommended that borrowers follow certain best practices and avoid common pitfalls to enhance their loan approval chances and experience a smooth lending process.

Things to consider:

  • Check your credit score beforehand and act accordingly.
  • Plan your EMIs in advance using an EMI calculator
  • Keep your documents ready and up-to-date
  • Compare offers from different lenders at Paisabazaar

Pitfalls to avoid:

  • Don’t choose the first offer you get; always compare and choose after careful consideration
  • Don’t skip reading the fine print. Be thorough with all the terms and conditions
  • Don’t fall for headline offers on personal loans during the festive season. Be prudent while making a choice.

    How Can I Apply for a Personal Loan Online?

    Get up to ₹40 Lakh in 5 Simple Steps

    Step 1: Enter your mobile number in the application form

    Step 2: Provide your personal details

    Step 3: Enter OTP to verify your mobile number

    Step 4: Select the loan purpose and loan amount

    Step 5: Compare offers and apply for the best-suited loan

    Explore Our Kotak Mahindra Bank Lenders

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