Kotak Mahindra Bank Personal Loan

Home Personal Loan Kotak Mahindra Bank Personal Loan

About Kotak Mahindra Bank

Kotak Mahindra Bank is one of India's leading private sector banks. The bank offers an extensive range of financial products and services. The bank has a chain of a business subsidiary that includes Kotak Securities Ltd., Kotak Mahindra General Insurance Company Ltd., Kotak Mahindra Capital Company, Kotak Mahindra Prime Ltd, Kotak International Business, etc.

About Kotak Mahindra Bank Personal Loan

Personal Loan could be used for both personal and professional needs. The borrower could use if for marriage expenses, uncertain medical expenses, buying a new gadget, renovating the home, educational expenses and any other personal expenses. Personal Loan with Kotak Mahindra Bank can be applied conveniently along with the various benefits. The bank disburses the loan in the quickly with less documentation.

Kotak Mahindra Bank Personal Loan Features and Benefits

  • Loan Amount: Kotak Mahindra Bank offers Personal Loan of minimum Rs. 50,000 that can go up to a maximum of Rs. 50 lacs.
  • Loan Tenor: Personal Loan from Kotak Mahindra Bank can be taken for the flexible loan tenor that ranges from 12 months to 60 months.
  • Loan Turnaround Period: Kotak Mahindra Bank approves and disburses a Personal Loan quickly as compared to many other financial institutions.
  • Kotak Mahindra Personal Loan Interest Rate: Kotak Mahindra Bank offers a Personal Loan at an attractive interest rate starting from 11.50% p.a.
  • Documentation: The documents required for applying for a Personal Loan from Kotak Mahindra Bank is minimum and not very cumbersome.  
  • Repayment Options: The borrower can repay the EMIs of a Personal Loan by the flexible repayment options including Standing Instructions (SI), Post-dated Cheque (PDC) and Electronic Clearance System (ECS).
  • Pre-payment of a Personal Loan:  The borrower can repay his Personal Loan amount after a lock-in-period of 12 months at a minimum charge of 5% of the loan outstanding amount. Please read the loan agreement carefully before taking the loan disbursement.

Kotak Mahindra Bank Personal Loan Eligibility

Following are the factors that affect the eligibility criteria for Kotak Mahindra Personal Loan:

 Eligibility Factor 
 Who can apply? Salaried Individuals, Self-Employed   Professionals and Self-Employed Business Men
 Age Minimum 21 years and Maximum 58 years 
 Minimum Income  Salaried Employees- Net Monthly Salary of Rs.   20,000 
 CIBIL Score Good CIBIL Score (For Example- 750 and   above)
 Residential Status Indian Residents only 
 Minimum Qualification Graduate
 Minimum Years in the   Current City  Living in a current city for at least 1 year 
 Cities Eligible for Kotak Mahindra Personal Loan 

 A Personal Loan can be applied from the     following cities:

  • Mumbai
  • Bangalore
  • New Delhi
  • Chennai
  • Kolkata
  • Hyderabad
  • Pune
  • Ahmedabad
  • Noida
  • Gurgaon
  • Faridabad
  • Ghaziabad
  • Jaipur
  • Chandigarh and
  • Kochi


Kotak Mahindra Bank Personal Loan Documentation

The following documents are required to be submitted for a Personal Loan from Kotak Mahindra Bank:

 Type of Document 
 Application form Duly filled application form with two photographs cross-signed
 Identity Proof 

 Anyone of:

  • Aadhar Card
  • Passport
  • Voter ID
  • Driving License
 Income Proof 
  • Latest salary slips (for 3 months)
  • Form 16 (latest)
  • Current dated salary certificate
 Address Proof 

 Anyone of:

  • Aadhar Card
  • Passport
  • Voter ID Card
  • Valid Driving License
 Other   documents  Bank statement (latest 3 months)

  • Interest Rate 11.29% - 20.15%
  • Loan Amount1L - 25L
  • Processing Fee 999 - 2%
  • Tenor1 Years

  • Quick Apply

Kotak Mahindra Bank Personal Loan Fees & Charges

The bank charges the following fees:

 Fees Type %age of Fee
 Loan Processing   Fee  1% to 2.5% of loan amount
 Pre-payment   Charges   5% of the outstanding loan amount after the lock-in ?period of 12 months


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