Kotak Mahindra Bank Personal Loan

Kotak Mahindra Bank offers personal loans with an interest rate starting at 10.99% per year. The processing fee is 5%, and loans are available up to Rs. 35 lakh with a repayment period of up to 6 years. The loan process requires minimal paperwork.

Kotak Mahindra Bank
Interest Rate From Just 10.50%
100% Paperless Approval
✔
Loan Amount
Up to ₹40L
Interest Rate
10.99%
Tenure
5 Years
Processing Fee
3.00%
Apply Now
Fees & Eligibility
Fees & Charges

The pre-closure fee is 5% of the remaining principal amount (plus applicable tax).

Eligibility Criteria
  • Age - At least 21 and less than 55
  • Applicants must be salaried Indian residents working at MNCs, public companies or other large private organisations
  • Monthly income should be more than ₹ 25,000
Documents
  • KYC - PAN, address and ID proof
  • Income proof, bank statement and a photograph
Features
What you'll love
  • Conditional pre-closure after 1 year
  • This offer is available only if all necessary documents are uploaded online
Loan Benefits
- Instant loans for unexpected expenses
- Minimal documentation and quick loan processing
- Easy access to funds for various purposes, including marriage, higher education, vacation, emergency medical needs, and more
Proof of identity
PAN, Aadhar, driving license, voter's ID, etc.
Proof of address
Utility bill, passport, etc.
Other documents
- 3 passport size photographs
- Salary slips for at least 3 months
- Bank statement for the last 3 months
Fees and Charges for this Personal Loan
Schedule of chargesRates
Processing chargesup to 5% of the loan amount + GST
Stamping chargesas per respective state's Stamp Act
Credit appraisal chargesup to 5% of the loan amount subject to a maximum of Rs.7,500
Overdue interest charges3% per month, compounded monthly
DishonourRs.750 per instance
Collection charges30% of dishonour charges + overdue interest
CIBIL report chargesRs.50 + GST
No due certificateNIL
Credit administration chargesup to 5% of the loan amount subject to a maximum of Rs.7,500
Swap chargesRs.500 per swap
Duplicate issue of NOCNIL
Charges applied in case customer requests for copies of records pertaining to their transactionsNo charge if applied once yearly. Post that a fee of Rs.200 + GST will be chargeable
Foreclosure Charges2% - 4%
Part pre-payment charges
  • Loans disbursed on or before 1 February 2020, no part payment facility available
  • For Loans disbursed after 1 February 2020:
  • Up to 10% annually, after completion of 1 year lock-in period.
  • Rs.750 + GST per instance of part-prepayment

Eligibility for Kotak Mahindra Bank Personal Loan

The eligibility criteria for Kotak Mahindra Bank personal loan are as follows:

  • Applicants must be between 21 and 58 years old.
  • Applicants should be an active employee of a public or private sector company for at least one year.
  • Applicants must have a monthly income of at least Rs. 20,000.
  • Applicants must be a graduate.
  • Applicants must have lived in the current city for at least one year.
  • Applicants must have a minimum of one year of work experience.

How to Check Kotak Bank Personal Loan Status?

To check your Kotak Bank personal loan status, follow these steps:

  • Visit the Kotak Bank website.
  • Click on 'Get Help' at the top right of the page.
  • Click on 'Help Centre'.
  • From the menu, click on 'Loans'.
  • Click on 'Personal Loans'.
  • Click on 'Loan Application Status'.
  • Click the 'Loan Application Status' button on the next page.
  • Select the type of loan from the dropdown menu.
  • Enter an identifier such as application form number, mobile number, PAN number, date of birth, or first name and date of birth.
  • Your loan status will now be displayed.