Kotak Mahindra Bank Personal Loan Eligibility

Any individual who is an Indian resident and is an active employee of a public, private limited or multinational company is eligible to avail of 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 60 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. 25,000 for CAT A/ B/ Govt. (excluding Grade 4) and Rs. 35,000 for CAT C/ D/ BPO industry.
• FOIR: The minimum FOIR required to be eligible for a personal loan from Kotak Mahindra Bank is 45% to 70% (depending on net take-home income).
• 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 above 705 to be eligible for a Personal Loan.

For any query related to loans, contact Kotak Personal Loan Customer Care service.

• 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 on 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 ensure 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.