Kotak Mahindra Bank Personal Loan

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To get the personal loan from Kotak Bank, applicant’s age must be ranging in between 21 to 58 years. The bank provides loan up to Rs 15 Lakhs starting from Rs 50,000. The bank offers flexible interest rates starting from 10.99% p.a. for a period up to 5 years.

Kotak Mahindra Personal Loan Details

A personal loan is a viable option in multiple circumstances when you find yourself scrambling for extra funds. This can be any of the events such as a wedding, dream vacation, medical expenses, home renovation, etc. The personal loan from Kotak Mahindra Bank comes with flexible end-use which can be used to meet any of the provided personal expenses. You can instantly get a personal loan from the bank if you are already a customer of it and have a good credit score, otherwise, you will get the loan within 48 hours.

Kotak Bank personal loan is available for self-employed as well as salaried people, both. They can avail this loan for wedding, home renovation, dream holiday, or for any medical emergency. You can repay the borrowed sum through feasible EMIs which can be calculated easily through Kotak Bank EMI calculator.

Kotak Mahindra Personal Loan Information

With Kotak Mahindra Personal Loan you can apply for loan just in 2 days (48 hours) with 10.99% p.a. onwards. Below table gives the complete details of Personal Loan.

    Kotak Mahindra Personal Loan Details
    Loan Category Personal Loan
    Loans Offering Personal Loan, Marriage Loan, Holiday Loan, Medical Loan, Home Renovation Loan
    Loan Type Unsecured personal loan
    Interest Rate 10.99% p.a. onwards
    Processing Fee Upto 2.5% of the loan amount+ GST
    Approval Process Both online and offline
    Minimum Income Requirement ₹20,000 with job for at least 1 year
    Loan Approval Timing 2 days (48 hours)
    Minimum Loan Amount ₹50,000
    Maximum Loan Amount ₹15 Lakh
    Minimum Loan Period 12 months/ 1 year
    Maximum Loan Period 60 months/5 years
    Type of Interest Rate Fixed Interest Rate
    Interest Charging Method Reducing balance method

Kotak Mahindra Personal Loan Special Feature Details

    Kotak Bank Personal Loan Balance Transfer

    The basic objective of Kotak Bank’s personal loan balance transfer is to reduce the debt burden altogether from applicant’s shoulder. It is never too late for shifting to a next better bank with a lower interest rate for Personal Loan. That's not all, you can also avail additional funds for your personal needs which are:

    • Speedy processing and easy disbursal of loan
    • Flexible loan repayment options through EMI

Kotak Mahindra Personal Loan Eligibility Criteria

There are eligibility criteria set by Kotak Mahindra Bank for their personal loan:

    Kotak Mahindra Personal Loan Details
    Salaried Employees Yes
    Salaried Doctors Yes
    Employees of public and private limited companies Yes
    Government sector employees including Public Sector Undertakings, Central and Local bodies Yes
    Loan for Pensioners Yes
    Loan for Existing Customers Yes
    Self-Employed Yes
    Selected Corporate Yes
    Other Criteria Individuals who have had a job for at least 1 year A person who has a minimum educational qualification of being a graduate. An active resident of a city for at least 1 year
    Minimum Age 21 years
    Maximum Age 58 years at the maturity of loan
    Minimum Income Requirement ₹20,000 with job for at least 1 year

Kotak Mahindra Personal Loan Strengths/Advantages

  • Attractive interest rates
  • Flexible repayment options available
  • Bank at Doorstep Service
  • Get quick approval on the personal loan

Kotak Mahindra Personal Loan Weaknesses/Disadvantages

  • You can get a loan up to Rs 15 lakhs only.
  • The penalty of 3% per month will be applicable on the overdue instalment.

Request call back from Kotak Mahindra Personal Loan

Kotak Mahindra Personal Loan Products & Services

Kotak Mahindra Bank offers the following products and services under personal loan head:

  • Personal loan

  • Kotak Bank’s personal loan is available to self-employed and salaried employees both starting from Rs 50,000 up to Rs 15 Lakh. You can borrow this loan for any of your personal need without providing any collateral for the period of 5 years at an interest rate starting @10.99% p.a.

  • Marriage loan

  • Thinking of getting married or any close one in your family is getting married and you want to put your best foot forward? Kotak can help you in covering your wedding expenses with its personal loan for marriage. Kotak’s personal loan for marriage will help you plan all your wedding arrangement in advance by setting up a budget. You can get a loan up to Rs 15 Lakh at a flexible interest rate starting from 10.99% p.a.

  • Holiday loan

  • You also imagine the adventures at any foreign land or lying at any deserted beach? So now your daydreams can become reality with Kotak’s travel loan. You can borrow up to Rs 15 Lakh for 5 years at a flexible interest rate starting from 10.99% p.a.

  • Medical loan

  • Some things are always unpredictable and medical emergency is top of all. Under any medical emergency, you might need ample of money and Kotak’s personal loan for medical emergency enables you to meet such expenditures. It offers loan up to Rs 15 Lakhs with quick disbursal so you can avoid delays in emergency situations.

  • Home renovation loan

  • Home is the place which reflects your style, taste and personality and therefore, Kotak offer you hassle-free home renovation loan at attractive interest rates. The applicant can apply for house renovation loan up to Rs 15 Lakh at a low-interest rate of 10.99% p.a. to 24% p.a.

  • Top-up loan

  • After availing the personal loan from Kotak Mahindra Bank, it offers top-up loan after 9 months from the sanctioned date. The top-up amount depends upon the Kotak’s lending policy and credit risk of the customer. The bank offers a personal loan Top-up within 2 working days at either the existing rate or a lower rate.

Kotak Mahindra Personal Loan Feature

Kotak Mahindra Personal Loan offer various services, please find below the list of features offered by the vendor.

    Kotak Mahindra Personal Loan Details
    Personal Loan Yes
    Wedding Loan Yes
    Education Loan No
    Home Renovation Loan Yes
    Two Wheeler Loan No
    New Car Loan No
    Used Car Loan No
    Travel Loan Yes
    Medical Loan Yes
    Top Up Loan Yes

Kotak Mahindra Personal Loan Charges

Here is the detail charge list for Kotak Mahindra Personal Loan process. We have covered all possible charges for your loan requirements for clear visibility on Kotak Mahindra Personal Loan processing.

    Kotak Mahindra Personal Loan Details
    Co-Applicant Allow No
    Income Criteria Yes
    Collateral Requirement No
    Pre Approved Credit Limit NA
    Foreclouser Charges 5% foreclosure charges + GST on principal outstanding
    Loan Foreclouser Conditions Lock in period for 12 months
    Bounce Charges Rs. 750 per instance + GST
    Bounce Charges Self Employed NA
    Late Payment Penalty 3% p.m compounded monthly on the Amount due
    Duplicate NOC Charges Nil
    Stamp Duty Charges Applicable as per the respective State
    Instrument Swapping Charges Rs.500 per Swap per Instance+ GST an
    Loan Cancellation Charges NA
    Stamp Duty Charges Applicable as per the respective State
    Loan Rebooking Charges NA
    Statement Of Account Charges Rs. 50 + GST
    Duplicate Repayment Schedule NA
    EMI Payment Mode Standing Instruction (SI), Electronic Clearing Service, Post-dated cheque
    Overdue Payment Mode NA
    Hidden Charges NA

Kotak Mahindra Personal Loan Customer Care Details

  • Customer Support Email - NA
  • Customer Support Toll Free No - 18602662666
  • Customer Support Chat Facility - Yes
  • Customer Support Whatsapp Number - NA

Kotak Mahindra Personal Loan Calculator and Download Links

Kotak Mahindra Personal Loan Application Process Details

    For new customers:

    • Head to the official link from your web browser link or signup into your Kotak Bank mobile application > Personal Loan > Apply Online
    • Fill your mobile number & DOB or PAN Card details registered with Kotak Bank and you will get an OTP.
    • After logging in to the account with OTP, enter the desired loan amount.
    • You have to upload the required documents, such as PAN Card and address proof.
    • As you get loan approval, the funds will be disbursed to your account.

    For existing customers:

    • Head to the official web link to apply for Kotak Bank Personal Loan by logging into your account.
    • All your documents are already available with the bank as you have an account with them.
    • Enter your basic details, such as your Name, Email ID and Phone number, and submit the form.
    • Kotak Bank customer representative will call you for the loan.

Kotak Mahindra Personal Loan Documents Requirements

Please find below the list of documents required to avail personal loan. Aadhar, PAN and Income Proof are the most important documents, other documents are optional. Bleow is the complete list of documents you can keep ready for your loan application.

    Kotak Mahindra Personal Loan Details
    Age Proof Copy of Passport/Driving License/Aadhar Card
    Address Proof Copy of Passport/Driving License/Aadhar Card/Voter ID/Ration Card
    Identity Proof Registered Rent Agreement/Utility Bills last 3 months/Copy of Passport/Copy of Ration card
    Income Proof for Salaried Emp Salary slip of last 3-6 months, ITR or Form 16, 6 month bank statement
    Income Proof for Self Emp IT returns for the last 2 years along with audited balance sheet, P&L account statement for 2 years

Apply for Instant Personal Loan

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Last Updated on 2020-05-06T02:18:07+00:00


Kotak Mahindra Personal Loan FAQs

  1. 1. What is the processing time of Kotak Mahindra personal loan?

    Kotak Mahindra Bank takes approximately 10 days to process your personal loan if it got approved. You can further check the processing details of your loan at 24x7 helpline number: 1860 266 2666

     

     

  2. 2. How much CIBIL score do I need for Kotak Mahindra Bank personal loan?

    You at least need the CIBIL score of 650 to get the personal loan from Kotak Mahindra Bank. However, higher credit score increases your chances that your loan application from Kotak Bank will get approved.

     

     

  3. 3. How do I check Kotak Mahindra personal loan status?

    You can check Kotak Mahindra personal loan status directly on its website. You need to select the type of loan and enter the details which you have selected. You will get to know the status of the loan.

     

     

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