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Kotak Personal Loan : A Review

Kotak Personal Loan : A Review

  • By Saral Credit
  • September 07, 2022

When you need funds to fulfill any personal or small commercial requirement. Personal loans can be the ultimate solution for these financial urgencies. Kotak Bank’s personal loans give you instant funds.

You can get loans up to Rs.25 lakhs without any collateral. The starting interest rate is 10.99% per annum. The minimum documents required getting funds at the earliest as possible.

Popular Features Of Kotak Bank’s Personal Loan

  • Small to Large Personal Loan Amount- Kotak Mahindra Bank allows personal loans amount ranging from Rs.50,000 to Rs.25,00,000. To meet your financial needs, you can avail of an optimal quantity of loans from them.
  • Loans without collateral security- You don’t have to pledge any collateral security to avail personal loan from Kotak Mahindra Bank. The personal loan is unsecured and is issued based on your monthly income and other personal loan eligibility parameters pre-defined by the lenders.
  • Hassle-free application and documentation- Applying for Kotak Mahindra Bank’s instant personal loan is very simple, and the documents required for a personal loan are minimum. You can get loan sanctioned loan within 5 min as you have to upload document and do verification it will directly get sanctioned.
  • Flexible repayment tenure- The repayment tenure ranges between 12 months to 60 months. You can choose a suitable tenure by yourself to repay the affordable loan. You can also prepay a part of the loan if you have surplus funds at your disposal during the loan tenure.
  • Affordable interest rates- Their starting loan interest rate is 10.99% p.a. only. They are providing affordable interest rates for all tenure and loan amounts, which would be easier for you to repay within less time.

Kotak Bank Personal Loan Eligibility

First, you need to meet the personal loan eligibility criteria specified by Kotak Bank to get the loan sanctioned. Their eligibility parameters are simple.

  • Employed individuals aged between 21 years to 60 years can avail of personal loans to fulfill their financial needs.
  • Kotak Bank offers personal loans ranging from Rs. 50,000 to Rs. 25 lakhs for multiple personal and commercial purposes.
  • To demonstrate your credit worthiness your CIBIL score must be more than 700.
  • Here’s a quick look at Kotak Mahindra Bank’s eligibility table -

Employment type

Working with MNC, public or private limited company, government employee

Age limit

21 years - 60 years

Minimum monthly income required

Public or private company- Rs.25,000


Educational Qualification

Graduation (minimum qualification)

Minimum work experience

At least 1 year


1. How can I check the personal loan status?

To the current status of your personal loan, you can visit Kotak Mahindra Bank’s website and, under the “Service Request” tab.

2. How much time will it take to approve my personal loan?

Kotak Mahindra bank’s personal loan application process is fast. You can expect approval on your personal loan application within less than 48 hours. Once your application is approved their process allows quick disbursements, in just 3 seconds.

Kotak Mahindra Bank Loan Amount, Loan Tenure, Interest Rate, Processing Fees, And Other Charges

The rates associated with Kotak Mahindra bank personal loans are as follows.

Kotak Bank’s Details

Fees and Charges

Loan Amount

Rs.50,000 to Rs.25 Lakhs

Loan Tenure

12 months to 60 months

Interest Rate

Starting from 10.99% per annum

Processing fees

Up to 3% of the loan amount (non-refundable) +GST

Stamping charges

Applicable as per the respective State’s Stamp Act

Charges of credit administration

Up to 5% of the loan amount, maximum Rs.7500 (GST included)

Foreclosure charges

Up to 3 years - 4% on the outstanding principal amount

After 3 years - 2% on the outstanding principal amount

Credit appraisal charges

Up to 5% of the loan amount, maximum Rs.7500 (GST included)

Charges for overdue interest

3% per month compounded monthly on the amount due

Collection charges

30% of the instrument dishonor charges (GST included) + overdue interest

EMI bounce charges

Rs.750 per instance

Charges for change in repayment mode

Rs.500 per instance

Charges for issuing CIBIL report

Rs.50 per instance

Part prepayment charges

Part-Prepayment is not allowed for loans disbursed or before 1st February 2020.

After 1st February 2020 - Part-Prepayment is allowed for up to 20% every year after the lock-in period.

Charge = Rs.500 per instance.


1. What is the EMI when I want to avail personal loan of Rs5Lakhs, Tenure-years, and interest rate-11% per annum?

You have to pay an EMI of Rs.10,871. The total payable amount will be Rs. 652,273, of which Rs.152,273 will be charged for the interest.

2. Can outstanding credit and CIBIL score influence my interest rates?

Yes, outstanding credit and your credit history show your credit worthiness. Interest rate consists of various factors; these two are one of them.

Steps to Apply for Kotak Mahindra Personal Loan

Applying for a personal loan has been simplified with the digital process. Here are the steps on how you can apply for a personal loan with Kotak bank online.

  • Visit the loan application page- Click on the “Apply now” button on Kotak Mahindra personal loan home page to access the online application form.
  • Provide your basic details- You need to fill in your all personal details to calculate personal loan eligibility like- full name, date of birth, income, residence location, etc.
  • Get the approval letter - You need to provide more additional details to get an in-principal letter approval letter from Kotak bank. These details include your mobile number with other information as required to process your application.
  • Selection of loan details- First you need to select the loan amount and loan tenure, Based on your personal loan eligibility parameters, the interest rate would be determined for you. Confirm these details submitted by you and complete the application.

Note- You can also get loans approved through online chat on the official website.

Documents Required for Kotak Bank Personal Loan

If you are an existing customer of Kotak Mahindra Bank or are a new one; you need to submit a list of documents that they require for processing your personal loan application. Important personal loan documents list that you would have to submit-

  • Valid proof of identity- Like your PAN Card, passport, Aadhaar card, Voter’s ID card, or driving license.
  • A valid residential proof- Like your passport, current utility bills, or leave and license agreement.
  • The bank statement for the last 3 months that contains your income details in the salary account.
  • If you are a salaried employee provide a salary slip for the last 3 months.
  • 2-3 passport-sized latest photographs.

Types of Personal Loans from Kotak Mahindra Banks-

You can avail of Kotak Mahindra Bank’s personal loan for multiple financial needs. Kotak Mahindra personal loans fulfill all kinds of needs.


Marriage Loan

You can plan a grand wedding and get the best marriage loan to meet all those expenses.


Travel Loan

Are you planning to go on a vacation with your loved ones? Kotak Mahindra bank provides a travel loan for you.


Medical Loan

Financial medical emergencies can put a huge burden on anyone. You can avail of a medical loan from Kotak bank to pay for the complete treatments.


Home Renovation Loan

Renovate your home as per your preferences. A home renovation loan is available with them to meet the costs.


Buying a vehicle

Ease your commuting experience by investing your money in buying a vehicle (car or bike) with KMBL’s instant personal loan.


Higher education loan

To pursue higher education, you can use a higher education personal loan to pay for the education expenses.


Debt consolidation loan

Opt for a debt consolidation loan to pay off your existing debts; you can convert many loans into one with some benefits.


Kotak Mahindra Bank App Ratings and Reviews

Google Playstore Rating


Number of Downloads


Reviews (No. of users)


Content rating



1. How can I get Kotak Mahindra bank for personal loan customer care service?

For any concerns and queries related to a personal loan, you can contact Kotak Mahindra Bank customer care.

  • For Personal Loans, Payday, and home loans call 1860 266 2666 (9:00 AM to 7:00 PM (Monday to Saturday excluding holidays).
  • You can also ask questions in the chat box on the official website.

Kotak Mahindra Bank Personal Loan Top-Up

Kotak Mahindra Bank offers a Top-Up personal loan after 9 months of the sanctioned date. They provide a top-up to those who have availed of a personal loan from the bank depending on Kotak’s lending policy and the customer’s credit risk.

The bank identifies outstanding EMIs, bounced cheques, the job stability of the customer, and the total number of loans taken by the customer. After considering all the factors the bank offers a Top-Up personal loan within 2 working days at the existing rate or a lower rate.

Compare Kotak Mahindra Bank with Other Lenders

You can compare Kotak Mahindra bank’s late payment charges, Interest rates, and foreclosure charges with other personal loan providers.

Lender’s Name

Late Payment Charges

Interest Rates (p.a.)

Foreclosure Charges


2% per month on unpaid EMIs


2%-5% on outstanding amount


Contact Bank

Starts at 10.99%

Up to 4% on outstanding loan amount


For amounts more than Rs.25000. 2%p.a. on overdue amount.

Starts at 10.30%

3% on the principal outstanding amount

Bajaj Finance

3% per month on overdue amount

Starting at 13%

4%+tax on the outstanding amount

Axis Bank

2% per month on unpaid amount


2%-5% on the outstanding loan.

IndusInd Bank

2% per month on overdue amount

Starts at 10.49%

4% on amount outstanding

Kotak Bank

3% p.m. on overdue amount

Starts at 10.99%

5% of the outstanding loan amount

YES Bank

2% p.m. on overdue amount

Starts at 10.75%

Up to 4% of the outstanding loan amount


Kotak Bank Personal Loan- Important Points

  • Kotak Bank allows foreclosures after the completion of the lock-in period. Up to 3 years Kotak Mahindra Bank charges foreclosure fees of 4% + GST on the foreclosure amount. After 3 years the charges are 2% + GST.

Also Read-  Axis Bank Personal Loan

A) Loan tenure less than 18 months - Lock-in period will be 50% of the total tenure period.

B) Loan tenure more than 18 months – 12 months Lock-in period.

  • You can lower your interest rate by clearing all dues, improving your CIBIL score, and applying for available offers.
  • Age, income, location, type of occupation, employer’s reputation, existing debt, and credit score, are all these factors affecting your loan eligibility.
  • Generally, salary slips are required in the case of salaried employees as proof of their income.

Brief Summary- Kotak Mahindra Bank provides personal loans to salaried or self-employed people for loans of Rs.50,000 to Rs.25Lakhs, provides a wide range of loan amounts at starting interest rate of 10.99% which is very affordable and can fulfill various kinds of needs. Their interest rates and charges are attractive. You can easily avail Top-Up personal loans and debt consolidation loan too.


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