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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 as per the bank’s policy at a competitive interest rate starting from 10.99% p.a. for a maximum tenure of up to 6 years. For maximum customer satisfaction, the bank assures 100% digital processing. 

Highlights of Kotak Mahindra Personal Loan:

Loan amountRs. 1 Lakh - Rs. 35 Lakhs
Rate of interest10.99% p.a. onwards
TenureUp to 6 years
Lowest EMI possibleRs. 1,903 per Lakh
Processing feeUp to 3% + applicable taxes

Note: Kotak Bank is powered by https://www.kotak.com/ and the information mentioned here is provided by Kotak Mahindra Bank Ltd.

Kotak Mahindra Personal Loan Features

Let’s roll out the top features of Kotak Mahindra Personal Loan and what you should 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. 35 Lakhs for a variety of needs including weddings, 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 a tenure of up to 5 years (6 years with conditions) according to your requirements and repayment capacity.
  • Interest Rate: Kotak Mahindra Personal Loan Interest Rates start from 10.99% p.a. which is the best in the industry.
  • Unsecured Loan: The Unsecured Loan means that there is no Loan Security, Guarantor or Collateral requirement for Kotak Mahindra Personal Loan.
  • Paperless Process: Taking a step ahead of the competition, KMB ensures paperless loan application for the customers. Apply online and upload documents for swift processing.
  • Foreclosure Charges: The foreclosure charges are 4% on outstanding principal for up to 3 years and 2% on outstanding principal after 3 years.
  • Processing Fee: The processing fee on Personal Loan is up to 3% of the loan amount plus applicable taxes.
  • Multiple Loans: Applicants should not have more than 3 live Personal loans at the time of sanction/ disbursement (including Kotak Mahindra loan).

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. 1 Lakh to Rs. 35 Lakhs. Applicants with a modest monthly salary of Rs. 25,000 for CAT A/ CAT B/ Government (excluding Grade 4) and Rs. 35,000 for CAT C/ CAT D/ BPO industry can apply for a 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 a few minutes of submitting the form. It may take a couple of days for disbursal after the sanction of the loan.

Top Up: You can avail of Top Up Personal Loan on Kotak Mahindra after a certain period (as decided by the bank). The approval for Top Up however would depend on customer risk and the bank’s credit & lending policy.

Part Pre-payment: Kotak Bank allows conditional part prepayment of the loan. For loans disbursed after 1st February 2020, the bank allows part prepayment of up to 20% every year after the lock-in period.

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

Kotak Mahindra Personal Loan Eligibility

The Kotak Mahindra Bank Personal Loan Eligibility Criteria are mentioned below:

  • Age: 21 to 60 years
  • Occupation: Salaried (Army, Police, Shippy profiles have special treatment)
  • Minimum Monthly Income: Rs. 25,000 for CAT A/ B/ Government (excluding Grade 4) and Rs. 35,000 for CAT C/ D/ BPO industry.
  • Minimum qualification: Graduation or equivalent.
  • Minimum experience: At least 1 year.
  • CIBIL score: Above 705 with clean track (-1 allowed with additional Policy norms). Live AL/PL/HL will have better policy norms.
  • App score: Green and yellow only.
  • Bouncing: There should be no bounce in banking for last 3 months due to insufficient funds.
  • 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)10.99% onwards
Processing FeesUp to 3% of the loan amount + applicable taxes
Stamping ChargesAs per the State's Stamp Act
Penal Charges on Overdue EMI8% p.a. (to be charged for actual number of days) on overdue amount + applicable taxes
EMI Dishonour ChargesRs. 750 + taxes per instance 
Swap Charges (change in repayment mode/ instrument or EMI Date)Rs. 500 + taxes per instance
Foreclosure Charges4% on outstanding principal + taxes for up to 3 years, 2% + taxes on outstanding principal after 3 years, Rs. 999 + taxes for loans >10 Lakhs
Part Prepayment ChargesRs. 750 + GST per part prepayment (Up to 20% of principal loan outstanding part prepayment is allowed for loans disbursed after 1st Feb 2020, post completing 12 months)
Physical SOA or Amortization ScheduleNil for once in a year & after that Rs. 200 + taxes per request

Additional Info: Check Kotak Overdraft loan facility.

Documents Required for Kotak Mahindra Personal Loan

  • 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/ Aadhar Card
  • Income proof: Last 3 months' bank statement reflecting your income details and salary slip for the last 3 months

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.

Kotak Mahindra Personal Loan Comparison with Other Lenders

LenderMaximum Loan AmountMaximum TenureInterest RateProcessing Fee
Kotak Mahindra Personal LoanRs. 35 Lakhs72 months10.99% onwardsUp to 3% + taxes
HDFC Personal LoanRs. 40 Lakhs72 months10.75% - 24%Up to Rs. 4,999 + GST
ICICI Bank Personal LoanRs. 40 Lakhs72 months10.80% - 16.15%Up to 2%
Bajaj Finserv Personal LoanRs. 40 Lakhs96 months14.50% - 35%Up to 3.93%

Kotak Mahindra Personal Loan Verification Process

After you fill the Personal Loan Application on MyMoneyMantra, your request is immediately shared with the banking partner. Know the Personal Loan Verification Process 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 Customer Care 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?

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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?

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There are several benefits to applying for Kotak Mahindra Bank’s Personal Loan. You can avail of funding for up to Rs. 35 Lakhs at an attractive rate of interest starting from 10.99% p.a. Plus, approval and sanction are 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?

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

✅ How to change Personal Loan Instalment date?

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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?

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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?

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As per the bank’s policy the minimum salary required to apply for a Personal Loan is Rs. 25,000 for CAT A/ B/ Government (excluding Grade 4) and Rs. 35,000 for CAT C/ D/ BPO industry.

✅ Does Kotak Bank offer Personal Loan Top-up?

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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?

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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?

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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