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About Kotak Mahindra Bank

Kotak Mahindra Bank is India's second largest private bank by market capitalization after HDFC Bank. The banking major has been successfully catering to retail and commercial customers across rural and urban India since 1985.

In February 2003, Kotak Mahindra Finance Ltd (KMFL) received its banking license from the Reserve Bank of India (RBI). It was a Non-Banking Finance Company prior the licence. The four strategic business units of KMFL include: Consumer Banking, Corporate Banking, Commercial Banking, and Treasury.

The Group has a robust network of branches and franchisees with 2,163 ATMs and 1369 branches across 689 locations domestically and has international offices in major financial global hubs like London, New York, California, Dubai, Abu Dhabi, Bahrain, Mauritius, and Singapore.

Interest Rates   10.40%
Loan Amount Upto 20 Lakhs
Tenure 1 Year to 5 Years
Loan Processing Fee Up to 2.50% of the Loan amount
EMI Bounce Charges  750+ GST
Prepayment Charges 5% on principal outstanding + GST
EMI  2144 Per Lakh

Why Kotak Mahindra Bank Personal Loan?

Kotak Mahindra Personal Loans are quick and hassle free to draw funds for urgent requirements online at affordable price. Whether you need a loan for an unprecedented cash lapse or to finance a holiday with family, or for home improvement, wedding or higher education, Personal Loans by Kotak Mahindra Bank are readily available for a range of customers.

Why go for Kotak Mahindra Personal Loans?

  • Unsecured loan, no collateral of guarantor required
  • Instant loan processing online
  • Available for the amount ranging from 50000 to 1500000
  • Attractive interest rate
  • Flexible repayment options
  • Up to 5 years of tenure
  • Hassle free approval
  • Minimal documentation/paperwork
  • Special offers &discounts for employees of large companies
  • No hidden charges
  • Prompt customer service

Features and Benefits of Kotak Mahindra Bank Personal Loan

Before you apply for a Personal Loan by Kotak Mahindra Bank, it is recommended to know about the associated benefits and features. Always read the loan agreement carefully and as many questions to your loan advisor as you want.

A quick overview on features of Kotak Personal Loan:

Loan amount: Personal Loans by Kotak Mahindra are available for 50000 to 1500000 to a wide segment of borrowers. The higher loan amount is available on the bank's discretion. The borrower's credit profile directs the decision. You can contact MyMoneyMantra to check the eligibility for high amounts for a Personal Loan.

Attractive interest rates: Being one of the leading private sector banks in the country, the rate of interest offered by Kotak Mahindra Bank is attractive, starting at 10.50% to 17.99% p.a.

Repayment and tenure flexibility: Kotak Mahindra is a customer-friendly bank and thus offers significant flexibility to the borrowers to choose the loan tenure. You can choose flexible EMIs as per your convenience.

Hassle-free processing: Kotak Mahindra Personal Loan is readily available online as well as offline. Both salaried, as well as self-employed individuals can avail of the benefits. The processing is fast and hassle-free at each step.

Quick online approval: Kotak Mahindra Bank facilitates quick online approval. You can instantly check the loan eligibility and available credit limit within a few clicks. The application can be initiated and closed online.

Minimal documentation: The documentation for Kotak Mahindra Personal Loan islimited toidentity, age, andincome verification. There are no additional documentation requirements.

Additional benefits: The banking major offers special interest rates and lower processing fee for the employees of the top companies. Always enquire the loan representative if you qualify for any special offer.

Top-up facility:You can avail instant approval on Top-Up facility up to 75% on the loan amount. There is no additional charge or rate of interest to apply for the same.

Repayment: The borrower can repay EMIs of a Personal Loan by way of flexible repayment options such as Standing Instructions (SI), Post-Dated Cheque (PDC) and Electronic Clearance System (ECS). They can also swap the options later-on as per their convenience by paying a nominal swap charge.

Pre-payment of a Personal Loan: Kotak Mahindra bank allows borrower to repay Personal Loan amount after 12 months at a nominal charge of 5% of the outstanding loan amount.

Kotak Mahindra Personal Loan - Interest Rates, Processing Fees and other Charges

Kotak Mahindra is a customer oriented bank that offers an attractive rate of interest to the borrowers.

Kotak Mahindra Personal Loan Interest Rate, Processing Fees & other Charges

Interest rate


Processing charges

Up to 2.5% + GST &other statutory levies

Documentation charges


Overdue interest

3% per month

Dishonour charges

750 per instance

Swap charges(Replacement of PDCs)

Upto 00 per Swap per instance+ GST &other statutory levies

Prepayment interest / Foreclosure charges

* Lock in period of 12 months

* 5% foreclosure charges + GST on principal outstanding

Duplicate Issue of NOC

500 + GST &other statutory levies

No Due Certificate

500 + GST &other statutory levies


As per RBI directive, all personal loans with effect from April 01, 2016, [other than exceptions permitted] will be priced with reference to MCL

Kotak Mahindra MCLR Rates effective from October 1, 2018


8.05 %

One month


Three months


Six months


1 year


2 years


3 years



Types of Personal Loans Offered by Kotak Mahindra

Kotak Mahindra Personal Loan Top UP

Kotak Mahindra Personal Loan Top UP is an instant credit facility available to existing personal loan consumers. Using the Top Up facility, a customer can borrow additional amount at the same rate as of their running Personal Loan. You do not need any security or collateral to avail the Top-Up on Personal Loan. The documentation is simplified for the Kotak personal loan customers. The processing and disbursal is almost instant, and you get complete flexibility to repay the amount through monthly instalments.

Kotak Mahindra Balance Transfer Facility

Kotak Mahindra Balance Transfer Facility allows consumers to conveniently transfer their running Personal Loan from other bank to Kotak Mahindra at lower rate of interest. You can also enhance the loan amount while availing of Kotak Mahindra Balance Transfer facility.

While using KMBT, you can apply for top-up loan up to 75% of the running loan and that too at an attractive rate of interest. There is no security or collateral requirement as the processing is unsecured one. Other benefits include quick loan processing and repayment flexibility.

Kotak Mahindra Bank Personal Loan Eligibility

Both salaried employees with MNCs, Public, and Private limited companies, as well as self-employed professionals and business owners, can apply for Kotak Mahindra Personal Loan. The applicant must be a minimum of 21 years of age and a maximum of 58 years of age to apply for Kotak Mahindra Personal Loan. The minimum monthly salary needs to be at least 20000.

Who can apply?

Salaried Individuals, Self-employed Professionals, and Self-employed Business Owners


Minimum 21 years and Maximum 58 years

Minimum Income

Salaried Employees - Net Monthly Salary of 20,000

Credit Score

Good credit score (750 and above)

Residential Status

Indian Residents only

Minimum Years in the Current City

Living in a current city for at least 1 year

Minimum Qualification


Cities Eligible for Kotak Mahindra Personal Loan

A Personal Loan can be applied from the following cities:

  • Mumbai
  • New Delhi
  • Bangalore
  • Chennai
  • Kolkata
  • Hyderabad
  • Pune
  • Ahmedabad
  • Noida
  • Gurgaon
  • Faridabad
  • Ghaziabad
  • Jaipur
  • Chandigarh and
  • Kochi



Documents for Kotak Mahindra Bank Personal Loan

You are required to present original documents for verification of identity, age, income & address and submit the self-attested copies along the duly filled application form. Here is a quick checklist of documents required for Kotak Mahindra Personal Loan:

Identity Proof (any one)

Aadhar Card/ Passport/ Voter ID/ Driving License

Income Proof

Residence Proof (any one)

Aadhar Card/ Passport/ Voter ID Card/ Driving License/ Utility Bills

Age Proof

Birth Certificate or Class Xth Certificate

Signature Proof

Any registered document with the signature

Income Proof

Salary slips (Past 3 months), Form 16 (latest), Current dated salary certificate


  • Duly filled Application Form

  • 1 passport sized photograph

  • Bank statements (past 3 months)


Other Products by Kotak Mahindra

Kotak Mahindra Bank Home Loan

Kotak Mahindra Home Loan can be drawn for 75 to 90% of the cost of the property. The loan is processed quickly without any paperwork, ensuring a fast in-principle approval within 24 hours of online application. The rate of interest is attractive, along with zero processing fees. Other benefits include: Home loan balance transfer facility, doorstep documentation, and other services and more.

Kotak Mahindra Loan-Against-Securities

Kotak Mahindra Loan Against Security is a secured loan to avail funds on an attractive rate of interest for the Stock Ace accounts. The credit facility offers instant liquidity and overdraft option to the borrower.

Kotak Mahindra Home-Loan-Balance-Transfer

Kotak Mahindra Home Loan Balance Transfer is an attractive credit facility to transfer your existing Home Loan to the interest rates lower than the original Home Loan. HLBT is an affordable means to pay back your existing Home Loan.

Kotak Mahindra Gold Loan

Gold Loan is a secured loan which is processed instantly with minimal documentation. It offers quick cash by pledging your gold assets at an attractive rate of interest.

Kotak MahindraEducation Loan

Kotak Mahindra Education Loan is a hassle free financial source for the students aspiring to borrow up to 10 lakh for education in India and up to 20 Lakh to study abroad. The approval of an Education Loan is quick with minimal documentation.

Kotak Mahindra Home Improvement Loan

Whether you are seeking quick funds to renovate your home or to refurbish the house, Kotak Mahindra Home Improvement Loans are conveniently available at flexible repayment structure. The maximum loan term is 15 years.

How to calculate Kotak Mahindra Bank Personal Loan EMI?

MyMoneyMantra EMI Calculator facilitates hassle free calculation of EMI for your Kotak Mahindra Bank Personal Loan. All you need to do is fill loan details such as Loan Amount, Loan Tenure and Loan Interest Rate, and press the Calculate Icon.

You would get instant results and loan repayment break-up. The calculator shares monthly instalment, total repayment, and total interest payment. You can also see the visual representation to understand the total impact of the loan.

Use EMI calculator multiple times and compare the costs so as to find the best loan deal. Our Loan Experts can also help you make an informed decision.

Why Apply for Kotak Mahindra Bank Personal Loan on MyMoneyMantra?

MyMoneyMantra is a leading financial services company to proffer the best financial products at the most affordable price, and that too, in the lowest possible time to Indian consumers. We extend free loan assistance,including guidance on Personal Loan documents, eligibility, disbursal, application, and approval.

By applying for Kotak Mahindra Bank Personal Loan via MyMoneyMantra, you can expect quick loan approval and disbursal. Our online as well as offline teams work closely in tandem to ensure complete satisfactionto the borrowers. The entire process is an online step-by-step route for the customers. As they apply for the loan, our online executive connects to share insights on available deals.

You can also avail of free MyMoneyMantra financial tools such as EMI Calculator, Balance Transfer Calculator, and Prepayment Amount Calculator to make real time loan and EMI comparisons.

After approval of the loan application, we connect a Kotak Mahindra Bank representative with you. They will collect required Personal Loan documents from your doorstep. We ensure fast disbursal and complete peace of mind for the borrowers.

How to Apply for Kotak Mahindra Bank Personal Loan on MyMoneyMantra?

Applying for Kotak Mahindra Bank Person Loan on MyMoneyMantra is a step-by-step, hassle-free process. All you need to do is fill a loan form on the website and create a unique customer ID to get instant access to the best deals available online.

The required information includes: name, loan amount, tenure, employment type, annual income, bank account partner, contact number and email. As you share the personal data, a One-Time-Password is created and sent to you on your mobile number. You can use the OTP to access the list of available loans according to your profile. The whole online set-up is designed to assure 100% data security for the borrowers.

You can compare and choose the most affordable deal. Our loan representative will also contact you to share the details of the chosen product. They will assist you closely about loan amount, duration, repayment, approval and eligibility criteria.

You can apply the chosen product on MyMoneyMantra and be assured about quick and fast loan approval.

Kotak Mahindra Bank Personal Loan Customer Care

Kotak Mahindra Bank values customer relationships, and it is entirely hassle-free to stay in touch with your lender. You can call, write or visit the branch to register your complain or raise a query. The response is always prompt.

Toll Free Kotak Mahindra Banking Number is 1860 266 2666.

Send an email at service.bank@kotak.com.

You can also register complaints by filling an online complaint form on the official website of Kotak Mahindra Bank website.

For reportinga fraud or security related lapse, send a mail to: itsecurity.bank@kotak.com.

Kotak Mahindra Bank Latest News

Kotak Mahindra Bank Announced a Relief of 3 Months Moratorium for Its Borrowers

Following the advice of RBI on giving moratorium for customers to help them sail through this tough time brought by coronavirus lockdown, the Kotak Mahindra Bank has also announced a policy for providing the said relief to its borrowers.Read More

Kotak Mahindra Bank deploying new technologies

Going digital in a big way, Kotak Mahindra Bank is working and experimenting with Artificial Intelligence, machine learning and block chain technologies to improve its customer acquisition and customer experience for Kotak banking facilities.

Kotak Mahindra Bank announces healthcare facility for slum-dwellers

Kotak Mahindra Bank has tied up with Wockhardt Foundationto launch six ambulances for the benefit of people in slums here. The tie-up is a part of corporate social responsibilityprogramme of the bank.

Kotak Mahindra Bank selected as APES service partner

Telangana government has appointed the Kotak Mahindra bank as its exclusive banking partner for the Aadhaar Enabled Payment System (AEPS) service through the MeeSeva platform.The latter provides around 600 Government to Citizen (G2C) and Citizen to Government (C2G) services.

The partnership would enable customers to access AEPS cash withdrawal services at more than 4,000 MeeSeva outlets across the 31 districts in the State. Each MeeSeva outlet has biometric authentication infrastructure.

Kotak Mahindra Bank rings 811 to take digital lead

The launch of 811, India's first downloadable digital banking ecosystem, has enabled Kotak Mahindra Bank to increase its share of wallet in Indian banking space.


How can I improve my chances for Personal Loan approval by Kotak Mahindra Bank?

To improve your Personal Loan eligibility always adopt good financial habits, and have a good credit score and good repayment history. One of the easiest ways to have a positive credit profile is by repaying your credit card bills and loan EMIs on time. Also, you may choose to prepay outstanding small loans; it would jump up your credit borrowing capacity and improve your loan eligibility.

What is the ideal credit score for Kotak Mahindra Personal Loan?

To avail Kotak Mahindra Personal Loan at an attractive rate if interest you must ideally have 750 or more CIBIL score. With the lower rating, the rate of interest charged is higher. You can contact MyMoneyMantra to get your credit score and loan eligibility accessed free of cost.

How to choose the best loan tenure for Personal Loan?

The loan tenure must be in sync with your credit repayment capacity. Your net income, current expenses, cash in hand and the requirement for funds would help you gauge your loan terms.

Is there any MyMoneyMantra charge for Personal Loan advice?

No, MyMoneyMantra extends free loan advice to people. We help you assess your loan repayment capacity and choose the best fit deal according to your credit health.

Can you share a checklist for Personal Loan?

Before availing a personal loan, you must assess your requirements once again. Personal Loan is a financial obligation, and it is important to have a repayment plan before hand. You must contact a loan advisor and try to compare as many deals as possible. They can help you find the best bargain. Also, it is crucial to opt for affordable EMI, particularly when you are short of liquid cash. Do enquire about prepayment charges and apply with confidence.

Can I foreclose my Kotak Mahindra Personal loan? What is the full procedure for prepayment?

Kotak Mahindra Bank does not allow prepayments before 12 months from the date of the first EMI. It is mandatory to serve the 30 days foreclosure intimation period.

You can either write an application or inform the bank via an email to register a request for full prepayment of Personal Loan. The bank will then issue an approval.

The full payment must be made by DD/cheque/cash, before 7 working days to the next EMI date.

Next, the bank will reply with a No Objection Certificate (NOC) and unused (if any) Post Dated Cheques to your mailing address within 15 days.

After the intimation period of 1 month, 5% + service tax on principal outstanding would be charged as a foreclosure fee.

What is the procedure for Kotak Mahindra part prepayment of Personal Loan?

The Kotak Mahindra Bank does not allow part prepayment of Personal Loan.

Is it possible to change due date for my monthly loan Instalment?

Yes, you can change the Instalment date as 5th or 10th of every month. It will only attract nominal rescheduling charges and PDC Swap charges. Make a written request for the EMI rescheduling and pay the charges to process the same.

When should I swap my PDC's and what is the cost?

PDC's can be swapped after or before 7 days of Instalment.It would cost 500/- per instance plus applicable taxes.

How do I swap to an ECS mode instead of PDC for my Personal Loan payment?

Sign an ECS Mandate form and send a blank security cheque in favour of 'Kotak Mahindra Bank' citing 'Not more than the loan amount.' You will also need 6more security cheques citing at the bottom 'Not more than three times the EMI amount.'PDC swap charges are at 500/- per instance plus applicable tax.

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