Kotak Mahindra Bank offers personal loans at an attractive interest rate starting as low as 10.99% p.a. with loan amounts of up to Rs. 20 lakh. The disbursed amount can be used to meet various financial needs including medical expenses, home renovation, vacation, etc. These loans come with flexible repayment tenure and can be availed easily with minimal documentation. The interest rates applicable to a particular applicant tend to vary based on applicant profile including credit score, income, nature of employment, loan amount, etc.
Kotak Mahindra Bank Personal Loan – Interest Rate & Fees | |
Interest rate | 10.99% p.a. onwards |
Loan Amount | From Rs. 50,000 – Rs. 25,00,000 |
Eligible Applicant Category | Salaried Individuals |
Eligible Applicant Age | Min. 21 years and Max. 62 years |
Eligible Income | Min. Rs. 20,000 p.m. (Net) |
Processing Fees | Up to 2.5% of loan amount + GST and other statutory charges |
Loan Tenure | Up to 60 months |
Personal Loan Types | Marriage Loan, Travel Loan, Medical Emergency Loan, Home Renovation Loan, etc. |
Comparison between Kotak Mahindra Bank and other Banks/NBFCs
Banks/NBFCs | Interest Rates (per annum) | |
Kotak Mahindra Bank | 10.99% onwards | Apply Now |
SBI | 9.80% -13.80% | Apply Now |
HDFC Bank | 10.50% – 21% | Apply Now |
ICICI Bank | 10.50% onwards | Apply Now |
Axis Bank | 10.25% onwards | Apply Now |
IndusInd Bank | 10.49% onwards | Apply Now |
IDFC First Bank | 10.49% – 25% | Apply Now |
Bajaj Finserv | 13.00% onwards | Apply Now |
Tata Capital | 10.99% onwards | Apply Now |

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Processing Fees & Charges
Loan Processing Charges | Up to 2.50% 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 the 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 / Foreclosure Charges | Lock-in period for 12 months. After 12 months, up to 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 |

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What are the 4 Factors that Influence Interest Rates?
Given below are some key factors which affect Kotak Mahindra Bank personal loan interest rate:
1. Credit score: It is a 3-digit numeric summary of a person’s credit history. It helps lenders gauge a person’s creditworthiness and repayment behaviour. A good credit score not only increases the chances of your loan application being approved but may also often result in the applicant being charged a lower rate of interest on personal loans
2. Employment details: Applicants having a steady job, stable history of employment and those working with reputed organizations may be charged a lower rate of interest on personal loans as compared to other applicants
3. Level of income: The interest charged by the lender is also influenced by the income level of the applicant. Usually, a lower rate of interest is charged on personal loans from applicants with higher incomes as they tend to have better repayment capacity and pose a relatively lower risk to the lender. However, a higher rate of interest may be charged from applicants with lower annual income
4. Existing relationship with the lender: Having a good pre-existing relationship with the lender with whom you are applying for a loan may help you secure a lower rate of interest on your personal loan
FAQs
Q. How does the interest rate on a Kotak Mahindra Bank personal loan vary?
Kotak Mahindra Bank personal loan interest rate starts at 10.99% p.a. Specific interest rates applicable to an applicant may however vary with the applicant’s income, credit score, loan amount, loan tenure desired, etc.
Q. Is Kotak Mahindra Bank personal loan interest rate fixed or floating in nature?
Kotak Mahindra Bank offers personal loans at a fixed rate of interest. At present, no floating interest rate personal loans are offered by Kotak Mahindra Bank.
Q. Can a higher income help me avail a lower rate of interest on my Kotak Mahindra Bank personal loan?
Higher income generally indicates greater financial stability and better repayment capacity which lowers the risk of defaulting on repayments and may help you avail a lower rate of interest on your Kotak Mahindra Bank personal loan.
Q. How does GST impact personal loan interest rates ?
Personal loan interest rates are not affected by GST. However, an 18% GST is now applicable on charges such as processing fee and prepayment penalty.
Also Read: Do personal loans have prepayment penalties