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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.
A personal loan is a viable option in multiple circumstances when a person finds himself 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 of this loan for wedding, home renovation, dream holiday, or for any medical emergency. Repayment of the borrowed sum is easy through feasible EMIs which can be calculated through Kotak Bank EMI calculator.
Kotak Mahindra Personal Loan provides easy loan within 2 days (48 hours) with interest 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 offers Kotak Bank’s personal loan balance transfer 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, person can also avail additional funds for personal needs which are:
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 Bank offers the following products and services under personal loan head:
Kotak Bank’s personal loan is available to self-employed and salaried employees both starting from Rs 50,000 up to Rs 15 Lakh. Person can borrow this loan for any of the personal needs without providing any collateral for the period of 5 years at an interest rate starting @10.99% p.a.
Thinking of getting married or any close one in family is getting married and you want to put your best foot forward? Kotak can help in covering the wedding expenses with its personal loan for marriage. Kotak’s personal loan for marriage can help to plan all the wedding arrangement in advance by setting up a budget. Loan up to Rs 15 Lakh is available at a flexible interest rate starting from 10.99% p.a.
Imagining the adventures at any foreign land or lying at a deserted beach? Your daydreams can become reality with Kotak’s travel loan. Borrow a loan up to Rs 15 Lakh for 5 years at a flexible interest rate starting from 10.99% p.a.
Some things are always unpredictable and medical emergency is top of all. Under any medical emergency, one might need ample of money and Kotak’s personal loan for medical emergency enables to meet such expenditures. It offers loan up to Rs 15 Lakhs with quick disbursal to avoid delays in emergency situations.
Home is the place which reflects individual's style, taste and personality and therefore, Kotak offer 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.
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 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 |
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 |
In this section we have listed all important links related to Kotak Mahindra Personal Loan.
| Kotak Mahindra Personal Loan | Details |
|---|---|
| Banks | NA |
| Charges Information | Link |
| Personal Loan Eligibility Calculator Link | Personal Loan Calculator Link |
| Personal Loan EMI Calculator Link | Personal Loan EMI Calculator Link |
| Education Loan EMI Calculator Link | NA |
| Car Loan EMI Calculator Link | NA |
| Product Demo Link | NA |
| Website Link | Website Link |
| Android App Downlaod Link | Android Mobile App Download |
| iOS App Downlaod Link | iOS Mobile App Downlaod |
For New Customers:
For Existing Customers:
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. 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 |
Last Updated on 2021-01-04T11:35:13+00:00
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
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.
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.
