Kotak Mahindra Bank Personal Loan Eligibility

Kotak Mahindra Bank provides Personal Loans up to Rs. 20 Lakhs at attractive interest rates starting 10.25% p.a. for salaried individuals working for the government or reputed organisations. 

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.

EligibilitySalaried Individuals
AgeMinimum 21 years to Maximum 58 years
IncomeMinimum Rs. 20,000 per month
CIBIL Score700 and above is ideal
Minimum work experience1 year
Minimum active residence in a city1 year

 

Factors Affecting Kotak Mahindra Bank Personal Loan Eligibility

  • 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.

Why Use MyMoneyMantra Personal Loan Eligibility Calculator?

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.

Kotak Mahindra Bank Personal Loan – Features & Benefits

Loan amountRs. 50,000 - Rs. 20 Lakhs
Interest rate10.50% p.a. onwards
Tenure1 - 5 years
Lowest EMI possibleRs. 2,149 Per Lakh
Processing feesUp to 2.5% of the loan amount + GST & other applicable statutory levies
TATThe bank disburses funds to your account in just 3 seconds of approval, subject to meeting eligibility.

How to Increase Kotak Mahindra Bank Personal Loan Eligibility?

  • 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.

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Kotak Mahindra Bank Personal Loan Eligibility FAQs

What are the minimum and maximum age criteria for applying for Kotak Mahindra Bank Personal Loan?

The minimum age of the applicant eligible for a Personal Loan from Kotak Mahindra Bank is 21 years while the maximum age is 58 years.

When can I foreclose my Kotak Mahindra Personal Loan?

You can foreclose your Personal Loan only after 12 months of servicing the loan.

Is it recommended that I add my spouse's income while applying for a Personal Loan from Kotak Bank?

Adding your spouse's income while applying for a Personal Loan will combine your income with the income of your spouse. This will increase your loan eligibility and you can get a higher loan amount sanctioned.

Does Kotak Mahindra allow part prepayment of the loan?

No, the bank does not allow part prepayment. You can only opt for full foreclosure of the loan and that too after servicing the loan for 12 months.

What is the maximum loan amount an applicant can get?

Kotak Mahindra Bank provides Personal Loan to an eligible applicant of up to a maximum of Rs. 20 Lakhs.

What is the processing fee charged by Kotak Bank on a Personal Loan?

Kotak Bank charges a processing fee of up to 2.5% of the loan amount + GST & other applicable statutory levies

Will CIBIL Score affect my Personal Loan from Kotak Bank?

Yes, Kotak Mahindra Bank considers CIBIL Score a very important factor for deciding the eligibility of a Personal Loan. Kotak Mahindra Bank considers a minimum CIBIL score of 700 to be eligible for a Personal Loan. Any person with a bad credit record is denied Personal Loan by Kotak Mahindra Bank.

What is the lowest EMI per Lakh on a Personal Loan from Kotak Bank?

Kotak Mahindra Bank offers Personal Loans with the lowest EMI per Lakh as low as Rs. 2,149 Per Lakh at an interest rate of 10.50% per annum for the tenure of 5 years.