Kotak Mahindra Bank Personal Loan Interest Rates

Kotak Mahindra Bank personal loan interest rates are competitive and start from just 10.75% p.a. Apart from the rate of interest, borrowers also have to pay a processing fee of up to 2.5% of the loan amount plus GST and other applicable statutory levies.

Kotak Mahindra Bank Personal Loan Details

Kotak personal loan interest rate is fixed and competitive starting from 10.75% p.a. Some of the most important Kotak Mahindra Bank Personal Loan details are as mentioned below:

  • Loan amount - Rs. 50,000 - Rs. 20 Lakhs
  • Rate of interest 10.75%- 24% p.a. onwards
  • Tenure of repayment is 1 - 5 years
  • Lowest EMI possible is Rs. 2,149 Per Lakh
  • Processing fee Flat Rs. 999 for limited time period
  • TAT - The bank disburses funds to your account in just 3 seconds of approval, subject to meeting eligibility.

Why Kotak Mahindra Bank Personal Loan? 

  • Instant funding for customers maintaining salary account with Kotak Mahindra Bank.
  • No security, collateral, security, or guarantor required.
  • Minimal documentation required.
  • Loans available for wedding, vacation, medical expenses, home renovation, etc.

How to Calculate Kotak Mahindra Bank Personal Loan EMI?

  • Visit the MyMoneyMantra and go to 'Finance Tools'.
  • From the list given under Finance Tools, select 'Personal Loan EMI Calculator'.
  • Then, enter loan details such as interest rate, loan tenure (in months or years), and loan amount.
  • Upon entering all the details and completing the selection, the monthly EMI will be generated instantly.

How to Apply for Kotak Mahindra Bank Personal Loan?

Kotak Mahindra Bank allows you to apply for a Personal Loan online through the MyMoneyMantra website. MyMoneyMantra is a channel partner for Kotak Mahindra Bank. The website is easy, intuitive, and convenient to use. You can calculate EMI, get eligibility criteria, terms and conditions, and apply for a Kotak Mahindra Bank loan relatively faster on MyMoneyMantra website.

You can compare Personal Loan interest rates offered for a similar amount and tenure from other banks on the MyMoneyMantra website. After you apply for a Personal Loan on MyMoneyMantra, a representative will contact you instantly to take the loan process forward. MyMoneyMantra provides you a Personal Loan advisor who ensures that the lending process is quick and you get good quality customer service from Kotak Mahindra Bank.

Kotak Mahindra Bank Personal Loan Customer Care

You can inquire about Kotak Mahindra Bank personal loan by calling bank’s 24×7 all-India customer care number 1860-266-2666.

How To Get Lowest Interest Rates on Kotak Mahindra Bank Personal Loan

Following are a few things to be considered to get lowest interest rates on Kotak Mahindra Bank personal loan:

  • Maintain a good credit score: Your credit score shows your creditworthiness and that is why it is a crucial factor for deciding your personal loan interest rate for Kotak Mahindra or any other bank. Make sure you maintain a good credit score, preferably 750 or above.
  • Compare interest rates of different lenders: Different lenders offer different interest rates on personal loans. Make sure you compare personal loan interest rates of all top lenders before applying for the loan to get the lowest interest rate on personal loan.
  • Look out for seasonal offers: Most lenders, including Kotak Mahindra Bank, introduce various schemes or seasonal offers on special occasions like Diwali, etc. Look out for these offers when you apply for the loan. You can get the low interest rate and concession on processing fee during these offers.  
  • Use your professional credentials: If you are working with a reputed company or earning a high monthly income, the chances of getting the low interest rate on Kotak Mahindra Bank personal loan are higher.

Kotak Mahindra Personal Loan Balance Transfer Interest Rates

Personal loan balance transfer is the facility wherein the outstanding amount of the existing personal loan is transferred from one lender to another. The primary reason behind this transfer is to avail low interest rate and reduce the debt burden altogether. With Kotak Mahindra personal loan balance transfer you can enjoy the benefit of low interest rate starting from just 10.45% p.a. and save on your interest cost.

Contact Kotak Personal Loan Customer Care if you have any query related to your loan.

Factors Affecting Kotak Mahindra Bank Personal Loan Interest Rates

  • Tenure: Generally, the longer the tenure is, the higher the interest rate will be for the loan. It is advised to opt for a shorter tenure to get the lower interest rate.
  • Credit score: All lenders, including Kotak Mahindra Bank considers the repayment track record of applicants which is reflected in their credit score. The interest rate will be higher for the applicant whose credit score is lower. A score of 750 or above is considered good to get a better interest rate on a personal loan.
  • Income: Kotak Mahindra Bank offers personal loans to individuals who are earning a monthly income of at least Rs. 20,000 (if they are Kotak Mahindra Bank’s employees), Rs. 25,000 (for corporate salary borrowers) and Rs. 30,000 (for non-corporate salary borrowers). People with lower income will get a higher interest rate on personal loan.
  • Relationship with the bank: If you have a long-term relationship with Kotak Mahindra Bank, then you may get a lower interest rate.

Additional Info: how to open Kotak 811 account online?

Kotak Mahindra Bank Personal Loan Interest Calculation

Kotak Mahindra Bank personal loan interest calculation done based on the borrower’s income, age, credit score, existing EMI obligations, employer’s reputation, and other crucial factors. The rates are decided as per the borrower’s eligibility and creditworthiness. 

Kotak Mahindra Bank Personal Loan Fees & Charges

In addition to the interest rate, you need to check following other Personal Loan related charges levied by Kotak Mahindra before taking a decision to borrow from the bank:

Processing feesFlat Rs. 999/-
Part pre-payment charges
  • Part payment facility not available for loan disbursed on or before 01.02.2020.
  • For Loans disbursed after 01.02.2020:
  • Rs. 750 + GST per part-prepayment instance
  • Up to 10% part prepayment allowed every year, after completion of lock-in period of 12 months.
Foreclosure charges
  • For loan disbursed on or before 01.02.2020: 5% of principal outstanding + GST (allowed after lock-in period for 12 months).
  • For loan disbursed after 01.02.2021:
  • After 1st year: 5% of principal outstanding + GST
  • After 2nd year: 4% of principal outstanding + GST
  • After 3rd year: 3% of principal outstanding + GST
Stamping chargesApplicable as per the Stamp Act of respective State
Credit administration/ Credit appraisal charges  Up to 5% of the loan amount, maximum Rs. 7,500 
Collection charges30% of cheque/instrument dishonour charges + overdue interest
Overdue interest             3% p.m. compounded monthly on the unpaid amount 
Dishonour charges          Rs. 750 per instance 
Swap charges (for change in repayment mode/instrument/EMI date swap)Rs. 500 per swap per instance + GST & other applicable statutory levies
Charges for furnishing a copy of CIBIL to the applicantRs. 50 + GST & other applicable statutory levies for each instance
Charges applicable for requesting copies of records pertaining to SOA/Amortization Schedule
  • Once yearly without any charge
  • After that Rs. 200+ GST & other applicable statutory levies per request

How to Calculate Kotak Mahindra Bank Personal Loan EMI?

  • Visit the MyMoneyMantra and go to 'Finance Tools'.
  • From the list given under Finance Tools, select 'Personal Loan EMI Calculator'.
  • Then, enter loan details such as interest rate, loan tenure (in months or years), and loan amount.
  • Upon entering all the details and completing the selection, the monthly EMI will be generated instantly.

Navi Personal Loan @9.99% p.a

Now get Navi personal loan of Rs. 10,000 to Rs. 20 Lakhs at lowest interest rate starting from just 9.99% per annum. Repay in easy instalments of 3 to 72 months. The processing fee ranges from 2.5% to 6% of the sanctioned limit + GST.

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Kotak Mahindra Bank Personal Loan Interest Rates FAQs

How much time will the Kotak Mahindra Bank take to take a decision on my Personal Loan?

Kotak Mahindra Bank conveys a decision on a loan application within 15 days of submitting a loan application. However, loans applied online, loans of existing Kotak bank account holders, instant loan applications can be processed as early as 2-3 hours.

Why take a Personal Loan from Kotak Bank?

Attractive interest rate starting at 10.50% per annum, easy documentation, lowest EMIs starting at Rs. 2,149 per Lakh, facility to transfer the balance of the existing loan to the bank are some reasons to opt for Kotak Mahindra Bank Personal Loan.

What is the interest rate charged by Kotak Bank on a Personal Loan?

Depending on the loan amount, salary, repayment capacity, loan tenure, Personal Loan interest rates in Kotak Bank starts from 10.50% p.a. Kotak Bank offers special rates and offers for salary account holders and a special category of borrowers.

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.

What is the tenure of Personal Loan in Kotak Bank?

Kotak Mahindra Bank offers a Personal Loan with a minimum tenure of 12 months to a maximum tenure of 60 months.

What is the Personal Loan amount that I can borrow from Kotak Bank?

Kotak Bank Personal Loan amounts vary from a minimum amount of Rs. 50,000 to a maximum amount of Rs. 20 Lakhs, depending on the eligibility of a borrower.

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.

What should be my age to apply for a Personal Loan from Kotak Bank?

Age is an important eligibility factor to get a Personal Loan. You should be at least 21 years old at loan application time and maximum 58 years old at loan maturity time to get a Personal Loan from Kotak Mahindra Bank.

Are there any prepayment charges on a Personal Loan from Kotak Mahindra Bank?

Part pre-payment charges
  • Part payment facility not available for loan disbursed on or before 01.02.2020.
  • For Loans disbursed after 01.02.2020:
  • Rs. 750 + GST per part-prepayment instance
  • Up to 10% part prepayment allowed every year, after completion of lock-in period of 12 months.
Foreclosure charges
  • For loan disbursed on or before 01.02.2020: 5% of principal outstanding + GST (allowed after lock-in period for 12 months).
  • For loan disbursed after 01.02.2021:
  • After 1st year: 5% of principal outstanding + GST
  • After 2nd year: 4% of principal outstanding + GST
  • After 3rd year: 3% of principal outstanding + GST

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