Kotak Mahindra Bank Personal Loan

Kotak Mahindra Bank personal loans start with an annual interest rate of 9.50%. A processing charge of 5% applies, and you can get loans up to ₹35 lakh with a repayment term of up to 6 years. The loan process requires minimal paperwork.

Kotak Mahindra Bank
Interest Rate From Just 9.50%
100% Paperless Approval
✔
Loan Amount
Up to ₹40L
Interest Rate
Fixed: 10.99% - 16.99%
Tenure
5 Years
Processing Fee
3.00%
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Fees & Eligibility
Fees & Charges

If you repay the loan early, you need to pay 5% of the remaining amount plus applicable taxes.

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
  • The offer will be activated only if you complete the online document upload.
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 chargesas high as 5% of the loan amount, plus applicable GST.
Stamping chargesas per respective state's Stamp Act
Credit appraisal chargesA charge of up to 5% of the loan amount, but not exceeding 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 ₹7,500 or 5% of the loan amount, whichever is less.
Swap chargesRs.500 per swap
Duplicate issue of NOCNIL
Fees charged when a customer asks for copies of their transaction records.No fee if used once a year. After that, ₹200 plus GST will be charged.
Foreclosure Charges2% - 4%
Part pre-payment charges
  • For loans given out on or before 1st February 2020, part payment is not allowed.
  • For Loans disbursed after 1 February 2020:
  • Earn up to 10% per year, after a 1-year lock-in period.
  • Rs.750 + GST per instance of part-prepayment

Eligibility for Kotak Mahindra Bank Personal Loan

You must meet the following criteria to be eligible for a personal loan from Kotak Mahindra Bank:

  • Age should be between 21 and 58 years.
  • Must be working in a public or private company for at least 1 year.
  • Monthly income should be ₹20,000 or more.
  • Should have completed graduation.
  • The applicant must have completed at least 1 year of residence in the city.
  • Should have at least 1 year of total work experience.

How to Check Kotak Bank Personal Loan Status?

To find out the status of your Kotak Bank personal loan, do the following:

  • Go to the official Kotak Bank website.
  • Click at “Get Help” button found in the upper-right corner of the screen.
  • Choose "Help Centre" from the options.
  • In the menu, select "Loans."
  • Then click on "Personal Loans."
  • Now, click on "Loan Application Status."
  • On the new page, press the "Loan Application Status" button again.
  • Choose your loan type from the dropdown.
  • Provide details such as your application number, mobile number, PAN, date of birth, or simply your first name along with your date of birth.
  • Your loan application status will be shown on the screen.
Frequently Asked Questions

How much time do I have to repay the loan?

You can choose to repay your loan over 1 to 5 years, depending on what fits your budget.

Can I pay off the loan before the term ends?

Yes, you can close the loan early after 12 months of EMIs. You need to give a 30-day notice and pay a 5% foreclosure fee plus taxes.

Can I get extra funds on my existing loan or transfer it to Kotak?

Yes, eligible borrowers can apply for a top-up loan or transfer an existing loan to Kotak to get better interest rates and terms.

Can I choose when my EMI is deducted?

Yes, you can pick your EMI date between the 5th and 10th of the month during loan application.

How can I check my repayment schedule?

You can download it online from Kotak’s website or visit a branch with your loan details.

What if I miss an EMI?

EMIs cannot be postponed. Missing a payment will lead to late fees and penalties.

Do I need collateral or security for this loan?

No, Kotak personal loans are unsecured, so no collateral is required.