Kotak Mahindra Bank Personal Loan Eligibility

Any individual who is Indian resident and is an active employee of a public, private limited or multinational company is eligible to avail a Personal Loan from Kotak Mahindra Bank.

Additional Info: how to open Kotak 811 account online?

• Age: Any applicant who does not fall in the age group of 21 to 58 years can be denied the loan.
• Net Income: The minimum monthly net income necessary to be eligible to apply for a Kotak Mahindra Bank Personal Loan is Rs. 20,000.
• FOIR: The minimum FOIR required to be eligible for Personal Loan from Kotak Mahindra Bank is 0.50.
• Co-applicant: In case you need a higher amount of Personal Loan, adding a co-applicant helps you increase your eligibility for the loan, since a co-applicant implies increased repayment capacity.
• CIBIL Score: Kotak Mahindra Bank requires a minimum CIBIL score of 700 to be eligible for a Personal Loan.

Any query related to loan visit Kotak Personal Loan Customer Care service.

MyMoneyMantra features a fast, easy to use, instant, online Personal Loan Eligibility Calculator. All you need to do is just provide the details on our website. The personal data such as salary, age, income, home loan, EMI and other similar details are to be filled on our website. After clicking the "Check for eligibility" tab, we shall instantly provide you the Personal Loan amount you are eligible to avail from the bank.

Additional Info: Check Kotak Overdraft Loan facility.

• Maintain a clean credit history: Having a high CIBIL score is a sign of a clean credit history. This can be done by ensuring that all your past loans are repaid in time and in full.
• Lower EMIs on existing loans: Kotak Mahindra Bank prefers borrowers who have lower EMIs on other existing loans. Lower EMIs on other loans ensures that they have a higher surplus left to service the new loan from Kotak Mahindra Bank. In case you have any existing loans, make sure that you increase the tenure of those existing loans so that your EMI on those loans reduces.
• Prepayment: If possible, it is highly recommended you pay off your existing loans before taking a new loan. This will increase your loan eligibility from Kotak Mahindra Bank for a Personal Loan.
• Maintain a good mix of secured and unsecured loans: Having a secured existing loan is looked upon favourably when compared to an unsecured loan while deciding loan eligibility. Make sure that you do not have excess unsecured loans. Have a balanced mix of secured and unsecured loans.
• Don't over leverage yourself: Please make sure that you do not have a lot of EMIs every month. Such a degree of overleverage can take a huge toll on your financial health. Try to finish off an existing loan before applying for a new one.