Kotak Mahindra Personal Loan Details

Kotak Mahindra Personal Loan, available also as Kotak Digi Loan can be availed swiftly online for planned and unplanned expenses. You can avail of Instant Personal Loans up to Rs 20 Lakh at competitive interest rate starting from 10.25%- 24% p.a for max tenure of up to 5 years. To grant max customer satisfaction, the bank assures 100% digital processing of Kotak Mahindra Personal Loan. Highlights of KOTAK Mahindra Personal Loan:

Loan amountRs. 50000 to Rs 20 Lakh
Rate of interest10.25%- 24%
TenureUp to 5 years
Lowest EMI possibleRs. 2,149 per Lakh
Processing feeUp to 2.5% of loan amount + GST

Kotak Mahindra Personal Loan Features

Let’s roll out top features of Kotak Mahindra Personal Loan and what should you expect when applying for Kotak Mahindra Loan.

  • 100% Digital Loan: Kotak Mahindra Personal Loan can be instantly applied digitally. It is 100% paperless and contactless loan product that can be processed online. If you need a kotak personal loan apply online.
  • Loan Amount: You can apply for Kotak Mahindra Personal Loan up to Rs 20 Lakh as per your requirement for a variety of needs including and not limited to Wedding/ Celebrations, Travel, Education or any unprecedented shortfalls or emergencies.
  • Tenure: Kotak Mahindra Bank Personal Loan is a customer-friendly and flexible loan offering and you can choose the tenure up to 5 years according to your requirements and repayment capacity.
  • Interest Rate: Kotak Mahindra Personal Loan Interest Rates start from 10.25%- 24% p.a. which is the best in the industry.
  • Unsecured Loan: No Loan Security, Guarantor or Collateral is required for Kotak Mahindra Personal Loan.
  • Paperless Process: Taking a step ahead of competition, KMB ensures paperless loan application for the customers. Apply online and upload documents for swift processing.
  • Foreclosure Charges: After 12 months of successful repayment of Kotak Personal Loan, Foreclosure is allowed. However, foreclosure of Kotak Mahindra Personal Loan, will attract 5% of outstanding principal + GST after 12 months of loan completion. After 24 months, or after second year, it will attract 4%+ GST, and after 36 months or third year 3% + GST will be levied.
  • Processing Fee: The processing fee on Personal Loan is one-time, non-refundable charge. For Kotak Mahindra Personal Loan, processing fee will vary up to 2.5% of the loan amount plus applicable GST and other statutory charges.

Kotak Mahindra Personal Loan Benefits

Multiple Purpose Loan: Kotak Mahindra Personal Loan is available for an array of customer needs. The loan can be applied for wedding, travel, education, home renovation, business, insurance, medical or any other financial needs.

Easy-to-meet Eligibility: Kotak Unsecured Loans are available for Rs 50000 to Rs 20 Lakh. Applicants with modest monthly salary of Rs 20000 can apply for Personal Loan. Some other factors that will lead to loan eligibility include CIBIL Score, Income, Age, Employer’s reputation and Work Experience.

Swift Processing: Kotak Mahindra Personal Loans can be processed within 3 seconds of submitting the form. It may take a couple of days for disbursal after sanction of the loan.

Top Up: You can avail of Top Up on Kotak Mahindra Personal Loan after 9 months of sanction date. The approval for Top Up however would depend on customer risk and bank’s credit & lending policy.

Part Pre-payment: Kotak Bank allows conditional part prepayment of the loan.

Documentation: Kotak Mahindra Personal Loan can be applied paperlessly by uploading documents online.

Kotak Mahindra Personal Loan Eligibility

Kotak Mahindra Bank has easy-to-meet Personal Loan eligibility criteria. Different types of customers including Salaried, Self Employed & working professionals can apply. 

  • Age: 21 to 58 years
  • Minimum Fixed Monthly Income: Rs. 20,000 for Kotak employees and Rs. 25,000 for corporate salary account holders with Kotak.
  • Minimum qualification: Graduation or equivalent.
  • Minimum experience: At least 1 year.
  • CIBIL score: Above 750

Residence: The applicant should be an active resident for at least 1 year in any of the cities:  Mumbai, New Delhi, Bangalore, Chennai, Kolkata, Hyderabad, Pune, Ahmedabad, Noida, Gurgaon, Faridabad, Ghaziabad, Jaipur, Chandigarh and Kochi

Kotak Mahindra Personal Loan Fees & Charges

Besides interest rates, you should also enquire about associated Personal Loan charges and fees.

SUBJECTFEES & CHARGES
Interest Rates (Per Annum)10.50 % onwards
Processing FeesUp to 2.5% + GST
Stamping ChargesAs per State's Stamp Act
Administration ChargesUp to 5% of Loan amount (Max: Rs. 7500, includive of GST)
Appraisal ChargesUp to 5% of Loan amount, (Max: Rs. 7500, inclusive of GST)
Overdue Interest3% p.m. on due amount
Dishonour ChargesRs. 750 per instance (inclusive of GST & other levies)
Swap Charges (Change in mode /Instrument/EMI Date swap)Rs.500 per swap per instance + GST & other statutory levies
Foreclosure ChargesLock-in period: 12 months,
*During lock-in, allowed only at discretion of Bank. Charges will be 6% +GST
After Ist year:  5% + GST
After 2nd year:  4%+ GST
After 3rd year: 3% + GST
Part pre-payment chargesLoans disbursed on or before 1st Feb’20: Part payment facility not available
Loans disbursed after 1st Feb’20: Allowed up to 10% every year after 12 months of lock-in period
Fee: Rs 750 + GST per part-prepayment
Duplicate Issue of NOCNil
No Due CertificateNil
Credit information report (CIBIL)Rs. 50 + GST, other statutory levies per instance
Copy of records ( SOA / Amortization Schedule)NIL, Once yearly
Rs.200 per request+ GST, other statutory levies afterwards

Documents Required for Kotak Mahindra Personal Loan

  • Application form- duly filled
  • 2-3 passport size photos
  • Identity Proof (any one):  Aadhar Card/ PAN/ Voter’s ID/ Passport/ Driving License
  • Address Proof (any one): Passport/ Driving License / Utility Bills like Electricity Bill / Ration Card.
  • Income proof for salaried individuals:
    • Bank Statements for last 3 months
    • Salary Slips for last 3 months
  • Income proof for self-employed/business owners:
    • Tax Registration/ Company Registration License/ Shop Establishment Proof
    • Savings & Current Bank Account Statements for last one year
    • Income Tax Returns for last financial year

How to Calculate Kotak Mahindra Personal Loan EMI?

Using Kotak Mahindra Personal Loan EMI Calculator you can correctly assess EMI by filling in loan amount, interest rate, and tenure within a few seconds. Using different combinations, you can calculate: 1) Loan EMI, 2) Total Interest Payable, 3) Total Payments (Principal + Interest). You can also use MyMoneyMantra Personal Loan EMI Calculator for these results. It will also share amortization schedule for the loan.

How to use EMI Calculator, let’s understand with an example:

Click on Personal Loan EMI Calculator. Fill parameter for Loan Amount, Tenure- ranging from 12 months to 60 months or 1 to 5 year, and interest rate 

Input:
Loan amount: Rs. 5 Lakh
Tenure: 5 years
Interest Rate: 10.50% p.a.

As you submit the above information, the calculator will give results as: 

EMI to be paid each month: Rs. 10, 747
Total interest outgo: Rs. 1,44, 817
Total amount to be paid: Rs. 6,44,817

You will also get the detailed amortization schedule along the calculation break-up & graphical representation of the same.

How to Apply for Kotak Mahindra Personal Loan on MyMoneyMantra?

For your convenience, let’s break out step-by-step process to apply for Kotak Mahindra Personal Loan on MyMoneyMantra Platform. It is fast, easy and reliable.

  • Click on Personal Loan on the Home Page of Website.
  • Fill the Personal Loan form. Share loan details such as loan amount & tenure, and personal details such as name, city of your residence, employment type, income, & contact information.
  • An OTP (one time password) will be sent to your mobile number.
  • Use OTP to login to the website and access the list of most suitable Personal Loan products for your profile & requirement.
  • Compare available deals or directly apply for Kotak Mahindra Personal Loan. Click on eConnect with Bank button.
  • Your query will be instantly shared with the bank.
  • A loan representative will call you to follow up on this request.
  • She will guide you for next steps, documentation and loan processing.
  • MMM Loan assistance is absolutely free of cost and there is no charge to apply for any loan from this website.

Why Apply for Kotak Mahindra Personal Loan on MyMoneyMantra?

There are multiple benefits of applying for Personal Loan on MyMoneyMantra platform. You not only enjoy free assistance for loan application but the process is seamless and holds several benefits.

  • Choice: MyMoneyMantra has 100+ financial partners including banks, NBFCs & financial institutions. We assure you choicest loan partner for your needs.
  • Product review: You can access in-depth Personal Loan details on our website. We share detailed overview on loan amount, interest rate, application process, documentation, and schedule of charges for your convenience.
  • Informed Decision: A Loan representative will answer all your queries on loan process, eligibility, documentation and repayment so that you can walk on the borrowing journey conveniently.

Kotak Mahindra Personal Loan Comparison with Other Lenders

LenderMaximum Loan AmountMaximum TenureInterest RateProcessing Fee
Kotak Mahindra Personal LoanRs 20 Lakh60 months10.25%- 24%Up to 2.50% + GST
HDFC Personal LoanRs. 40 Lakhs60 months10.50% - 21.00%Up to 2.50% (Min. Rs. 2,999 & Max. Rs. 25,000) + GST
ICICI Bank Personal LoanRs. 20 Lakhs60 months10.50% - 19%Up to 2.25% + GST
Bajaj Finserv Personal LoanRs 25 Lakhs60 months13% onwardsUp to 4.13 % + GST
Axis Bank Personal Loan15 Lakh60 months10.49% onwardsUp to 2% +GST

After you fill the Personal Loan Application on MyMoneyMantra, your request is immediately shared with the banking partner. Know the next steps below:

  • As you click on apply button, your loan request is automatically sent to the lender digitally.
  • A loan representative from Kotak Mahindra will call you and verify the shared details on the form.
  • You are required to share your consent for Personal Loan application and verify the details.
  • After this, if required, some documents will be picked from your location.
  • After the process of document verification is completed, the loan will be sanctioned.
  • The bank will yet again contact you and take a final consent and present loan agreement detailing loan amount, Personal Loan Interest Rate, and Repayment Tenure. After you acknowledge consent for everything listed above with your signature, the loan amount will be disbursed into your bank account.

Kotak Mahindra Personal Loan Customer Care

To talk to Kotak Mahindra personal loan team, call on their customer care number 1860 266 2666, between 9.00am to 6.00pm from Monday to Saturday, excluding holidays.


 

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Kotak Mahindra Personal Loan FAQs

✅ What all can Kotak Personal Loan be applied for?

Kotak Mahindra Personal Loan can be applied to meet any of your expenses such as medical, insurance, wedding, education, vacation, home renovation or big purchases. There is no capping on the end-use of the loan.

✅ What are the benefits of Kotak Mahindra Personal Loan?

There are several benefits of applying for Kotak Mahindra Bank’s Personal Loan. You can avail of funding for up to 20 Lakh at attractive rate of interest starting from 10.50 %. Plus, approval and sanction is fast and hassle free. You can conveniently use the loan for various needs. Documentation is minimal and you are guided digitally at each step. In all, Kotak Personal Loan saves your time by ensuring fast disbursal for urgent cash requirements. 

✅ How long does Kotak Personal Loan take for approval?

After submission of Personal Loan application along with required documentation, the approval and disbursal will take maximum of 2 days or 48 hours.

✅ How to change Personal Loan Instalment date?

You can choose 2nd or 10th of every month as your EMI date. You are allowed to change the date as per your requirements.

✅ How do I update my new address on Personal loan?

To change address contact customer care 1860 266 2666 from 9:00 AM to 6:00 PM from Monday to Saturday (excluding holidays) or visit any of the Kotak Mahindra bank branches. Carry photocopy and original document proof of your new address. You can provide any of the documents- electricity bill, passport copy, ration card, aadhaar card, utility bill etc. The request will be processed within 2 days.

✅ What is the minimum salary requirement for Kotak Personal Loan?

As per bank the minimum salary required to apply for a Personal Loan is Rs. 20,000. However to obtain Rs 1 Lakh loan, you will require salary of more than Rs 30000.

✅ Does Kotak Bank offer Personal Loan Top-up?

Yes. After successful completion of 9 months of Kotak Mahindra Personal Loan, you can avail of Top-Up Loan. However the sanction is based on bank’s discretion, depending on Kotak’s lending policy and customer’s credit risk. The bank will analyse your credit history, EMI payment status, bounced cheques (if any), job stability and overall loans in your name. If you are deemed fit basis these points, your request will be accepted and processed within 2 days. You can apply for Kotak Personal Loan Top Up by sending SMS 'PLTOPUP' to 5676788 from your registered mobile number.

✅ What are benefits of Kotak Personal Loan Top-up?

There are multiple benefits of Kotak Mahindra Personal Loan Top UP. You do not require collateral or security, it does not require any additional paperwork, rate of interest is attractive, you get choice of flexible repayment options, processing & disbursal is quick.

✅ How do I apply for Kotak Mahindra Personal Loan Balance Transfer?

To apply for Kotak Mahindra Personal Loan Balance Transfer, send SMS 'PLBT' to 5676788 from your mobile bank. A bank representative will call you and guide you for the same. Alternatively you can contact MyMoneyMantra by filling form, calling customer care number, or writing an email for comparing top options for Balance Transfer.