Kotak Mahindra Personal Loan Eligibility
Age of the Applicant 18 to 70 years
Eligible Salary 25,000 per month and above
Work Experience for Salaried 3 years and above
Business Stability for Self Employed 5 years and above
Minimum CIBIL Score 650
Eligibility with Co-applicant Up to 3 earning family members may be added to get higher loan eligibility

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Kotak Mahindra Personal Loan Eligibility

Kotak Mahindra Bank is one of India's fastest growing private banks and is currently the fourth largest private sector bank in India by market capitalisation. The bank has over the years evolved to offer a complete banking solution for all types of business and personal finance needs. Spread over 650 locations and 1,300 branches all over the country, the bank is steadily expanding its reach. Currently it has over 2,000 ATMs throughout the nation. The bank has carved a niche in terms of using technology and innovations in banking.

The primary function of Kotak Mahindra Bank like all others is to provide loans to business and individual. Loans are a vital part of its products offering on account of the brand, reach, reasonable interest rates, and the additional benefits it offers to its customers. Kotak Mahindra Bank is a preferred choice amongst borrowers, especially individual borrowers, due to its attractive interest rate and use of technology ensuring minimal paperwork.

A Personal Loan can help them get access to instant cash for better management of their finances. Kotak Mahindra Bank offers Personal Loans for different reasons like  a wedding, vacation, education, personal emergency, house renovation, and so on.

Kotak Mahindra Bank has liberal Personal Loan eligibility criteria helping you to avail Personal Loans at attractive interest rates to meet your lump sum funding needs.

Kotak Bank Personal Loan Eligibility Criteria

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.

Eligibility Salaried Individuals


Minimum 21 years to Maximum 58 years

Loan Amount

Minimum 50,000 to Maximum 15 Lakhs


Minimum 20,000 per month


700 and above is ideal

Minimum work experience

1 year

Minimum active residence in a city

1 year

Factors Affecting Kotak Mahindra Bank Personal Loan Eligibility

  • Age: Kotak Mahindra Bank offers Personal Loans to an individual who is between the age of 21 and 58 years. Any applicant who does not fall in this age group can be denied the loan.

  • Net Income: Personal Loans are offered on the basis of a continuous source of income arising from a job. Your monthly income/ net take home monthly salary is one major determinant of Personal Loan. The minimum monthly net income necessary to apply for a Kotak Mahindra Bank Personal Loan is 20,000.

  • FOIR: FOIR stands for Fixed Obligation to Income Ratio. This is an important parameter used for lending purposes by all banks and financial institutions. To calculate the FOIR, the financial institution considers all your fixed obligations like rent, current equated monthly instalments (EMIs) and fixed monthly expenses and divides it by the monthly net income. The minimum FOIR required to be eligible for Personal Loan from Kotak Mahindra Bank is 0.50. Kotak Mahindra Bank Personal Loan calculator helps you calculate your FOIR online and let you know your eligibility for a Personal Loan.

  • 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. However, you should ensure that the co-borrower has good income flow, limited fixed obligations, and a strong credit score.

  • CIBIL Score:Credit Information Bureau (India) Limited or CIBIL is an institution that collects and maintains records of individual's payments pertaining to loans and Credit Cards. A CIBIL score is based on your credit behavior and track record from your past lenders and Credit Card providers. After your income, CIBIL score is the most important factor for eligibility to get a Personal Loan. Kotak Mahindra Bank does a complete analysis of your credit behavior by looking at the comprehensive CIBIL report generated by the institution. In case, you have repaid all your previous loans and Credit Card due amounts on time and in full, you have higher CIBIL score and have a higher chances of getting a Personal Loan from Kotak Mahindra Bank. Kotak Mahindra Bank requires a minimum CIBIL score of 700 to be eligible for a Personal Loan. Your CIBIL score is affected by the following factors:

    • Late payments on past loans: In case you have defaulted or delayed payment for any of your previous loans, your credit score is negatively affected and you shall have a lower CIBIL Score. This may also reduce your chances of getting Personal Loan from Kotak Mahindra Bank.

    • A high number of unsecured loans: Kotak Mahindra Bank prefers borrowers who are not overburdened with unsecured loans. The bank prefers borrowers who maintain a balance between secured and unsecured loans. A higher proportion of unsecured loans can negatively impact your credit score and also reduce your FOIR.

    • Usage of credit limit: Frequently spending more than your Credit Card limit or withdrawing cash too many times is a sign of financial stress or financial indiscipline and may pull down your credit score. CIBIL score takes into consideration all your Credit Card bills and usage of credit limit to determine your credit behaviour.

    • Multiple loan applications:Applying for a Personal Loan in multiple banks or non-banking financial companies (NBFCs) at one time can affect your CIBIL score negatively.

In case of your application is rejection at Kotak Mahindra Bank, you should improve your creditworthiness, improve your CIBIL score, and reapply for a loan.

Other Factors Affecting Kotak Mahindra Bank Personal Loan Eligibility

In addition to income and CIBIL score, there are other qualitative factors that determine the approval of the loan by Kotak Mahindra Bank. Some such factors are given below:

  • Job stability and profession: The profession that you are in and the job stability is an important to decide your eligibility to get a Personal Loan from Kotak Mahindra Bank. Your total work experience and current work experience are used to evaluate your job stability. Kotak Mahindra Bank prefers borrowers who have a minimum total experience of 12 months.

  • Residence place and stability: Based on the behaviour of borrowers of a particular area, all banks have a negative list of locations, which the banks consider risky and prefer to not provide Personal Loan to residents in such places. Banks are very particular about the residence of the borrower. In addition to the place of residence, Kotak Mahindra Bank also assesses the stability of your current residence. The bank prefers borrowers with a minimum residence stability of 12 months. Staying in your own residence improves your chance of getting a loan from Kotak Mahindra Bank.

  • Industry Type: Kotak Mahindra Bank considers certain industries to be risky and prefers to not lend to Personal Loan applicants working in such industries. The Bank has a negative list of professions and type of industry where the bank prefers to not provide any unsecured loans. Since Personal Loan is an unsecured loan, the sanction of Personal Loan thus depends on your profession and industry you are employed in.

  • Salary Mode: Kotak Mahindra Bank considers salaries transferred directly to the bank account of its employees as secure and legal proof of income. The bank does not consider cash payments or cheque payments as concrete evidence of salary and hence your loan application may get rejected in the absence of concrete proof of salary. For a Personal Loan, direct salary transfer mode of payment is preferred by Kotak Mahindra Bank.

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.

Documents Required for Kotak Mahindra Bank Personal Loan

For salaried employees

  • Completely filled up loan application form with signature of the applicant
  • 2-3 recent passport size photographs
  • Identity Proof - Driving License/ PAN/ Passport/ Voter's ID/ Aadhaar Card
  • Residence Proof - Passport/ Leave and License/ Utility Bill
  • Income Documents - Last 3 months' bank statement of the account where the salary is credited with income details and last 3 months' salary slip

Why Apply for Kotak bank Personal Loan through MyMoneyMantra?

MyMoneyMantra is a smart, convenient, and user-friendly website that helps you with all aspects of a Personal Loan right from calculating the EMI to loan eligibility to directly applying for a loan for pre-screening.

MyMoneyMantra uses its comprehensive database and data analytics to suggest you an appropriate lender that shall be willing to offer you a Personal Loan at the lowest interest rate that suits your profile. This ensures that you apply only to those banks or NBFCs where you are eligible for getting a loan and thus increases the chances of loan approval. MyMoneyMantra has tied up with Kotak Mahindra Bank and other reputed financial institutions in India to offer Personal Loans directly from the website for eligible applicants.

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.

Quick Guide on Kotak Mahindra Bank Personal Loan

Purpose of Loan: Personal Loan from Kotak Mahindra Bank can be used to fund medical treatment in case of emergencies, paying additional debts, marriage expenses, children's education, travelling and other personal finance requirements.

Key Features

  • Personal Loan is available for salaried individuals
  • The age group for borrowers is between 21 and 58 years
  • Personal Loan amount between minimum 1 Lakh up to a maximum 15 Lakhs.
  • Personal Loan tenure is between 1 and 5 years
  • The interest rate on Personal Loans is the range of 11.50% to 24% per annum
  • Lowest EMI of 2,199 per Lakh

Processing Fees: Kotak Mahindra bank charges loan processing charges of up to 2.5% of the loan amount plus GST and other applicable taxes.

Special schemes: Special categories of borrowers working for reputed corporates, government, and some Kotak Mahindra Bank salary account holders can get customised Personal Loan interest rates and schemes.

Kotak Mahindra Bank Personal Loan Charges

Here are some charges apart from interest rates, related to Kotak Mahindra bank Personal Loans that you must be aware of if you are planning to take a Personal Loan:

  • Pre-closure Charges: Foreclosure of Kotak Mahindra Bank Personal Loan is allowed only after serving the loan for 12 months. After that, the bank charges pre-closure charges of 5% plus GST on principal outstanding.

  • Processing Fee: Kotak Mahindra Bank charges a non-refundable processing fee of up to 2.5% of loan amount with applicable tax as processing charges.

  • Charges for Credit Appraisal: Up to 5% of the loan amount including GST (maximum 7,500)

  • Collection Charges: 30% of cheque or instrument dishonour charges + overdue interest
  • Overdue Interest: 3% per month compounded monthly on the due amount
  • Dishonour Charges: 750 per instance
  • Swap Charges: Up to 500 each swap per instance plus GST and other levies.
  • Charges for Issuance of Duplicate NOC: 500 plus GST and other applicable levies per instance.

  • No Due Certificate: 500 plus GST and other applicable levies per instance

  • Charges for getting a copy of the applicant's CIBIL report:50 plus GST and other applicable levies per instance.

How Does Kotak Mahindra Personal Loan EMI Change with Prepayment?

Kotak Mahindra Bank allows you the option to prepay your Personal Loan so that the outstanding balance loan amount reduces. On prepayment, Kotak Mahindra Bank gives you two options:

Keep the EMI on unchanged and Reduce your loan tenure: Borrowers who feel that they have adequate income should continue with this option so that you can close your loan earlier and save the interest outgo associated with the remaining tenure. The option suits people who do not foresee any major expense in the near future that will curb monthly cash surplus.

Keep your loan tenure same and reduce the EMI amount: Here, you can reduce your monthly EMI increases the availability of monthly surplus that can be deployed for other purposes. This option is suitable for borrowers who anticipate higher monthly personal expenses in the near future by reducing monthly EMI obligation.

FAQs on Kotak Bank Personal Loan Calculator

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

Answer - 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.

Question - When can I foreclose my Kotak Mahindra Personal Loan?

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

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

Answer - 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.

Question - Does Kotak Mahindra allow part prepayment of the loan?

Answer - 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.

Question - What is the maximum loan amount an applicant can get?

Answer - Kotak Mahindra Bank provides Personal Loan to an eligible applicant of up to a maximum of 15 Lakhs.

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

Answer - Kotak Bank charges a processing fee of up to 2.5% of the loan amount + applicable taxes.

Question - Will CIBIL Score affect my Personal Loan from Kotak Bank?

Answer - 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.

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

Answer - Kotak Mahindra Bank offers Personal Loans with the lowest EMI per Lakh as low as 2,199 at an interest rate of 12.50% per annum for the tenure of 5 years.

Question - Does Kotak Bank charge any prepayment charges on a Personal Loan?

Answer - Kotak Mahindra bank allows you to completely foreclose your Personal Loan at prepayment charges of 5% of the remaining amount. However, the option to prepay your loan can be exercised only after you have paid a minimum of 12 EMIs.

Kotak Personal Loan News

5 Dec 2018: Kotak Bank teams with Qbera to ensure faster and hassle-free Personal Loans

Kotak Bank has announced a tie-up with Startup, Qbera as well as some other banks like, IndusInd Bank and RBL Bank. The tie-up aims to provide Personal Loans to its customers in a quick and hassle-free manner through this tie up.

25 Oct 2018: Kotak Mahindra Bank registers a 21% rise in Q2

India's major private sector lender Kotak Mahindra Bank has reported Q2 results and announced consolidated net profit rising 21% to 1,747 Crores as compared to 1,441 Crores in the same period previous fiscal. CASA ratio also stood at 50.2% compared to 47.8% in the previous year.

24 Sep 2018: Kotak Bank increases Base Rate by 10bps

Kotak Bank has increased its base rate by 10 basis points. The new base rate is increased to 9.20% from 9.10%. The revised base rate is effective from September 14, 2018.

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