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Kotak Mahindra Bank was established in 1983. Since then, the bank has grown to be one of the most trusted and reliable banking institutions of the country. The headquarters of Kotak Mahindra Bank is in Mumbai. Kotak Mahindra Bank has an extensive network of 1,369 branches and 2,163 ATMs spread across 689 cities in India.
Kotak Mahindra Bank provides personal loans to its customers for different financial needs at very affordable rates of interest, and a lot of other benefits such as quick documentation process, reasonable repayment options, and instant loan approvals. mymoneykarma gives you all the information you need on Kotak Mahindra Bank personal loans.
Kotak Mahindra Bank personal loans are loaded with customer-centric benefits and features. Here are a few highlights of Kotak Mahindra Bank personal loans.
Significant loan amounts ranging from a minimum of Rs 50,000 to a maximum of Rs 15 lakhs. The loan amount depends on the applicant's credit score, repayment capability, credit history, and yearly income.
Long loan tenures ranging from a minimum of 12 months and a maximum period of five years.
Attractive interest rates ranging between 11% to 24% per annum.
Loans available for salaried individuals, public and private company employees, and government employees.
Special offers on the applicant being an existing customer of Kotak Mahindra Bank.
Various feasible repayment channels such as NEFT, post-dated cheques, and online banking.
Facility of personal loan transfer from other banks to Kotak Mahindra Bank.
Simplified loan application and approval process with minimal documentation.
Dedicated 24/7 customer service desk for query resolution.
Here is a summary of all the information regarding Kotak Mahindra Bank personal loans.
Interest Rate |
11% - 24% |
Minimum Loan Amount |
Rs 50,000 |
Maximum Loan Amount |
Rs 15 lakhs |
Minimum Repayment Tenure |
12 months |
Maximum Repayment Tenure |
60 months |
Kotak Mahindra Bank offers only one type of personal loan. This loan is suitable for a large pool of customers.
Applicants must meet the following criteria to get a personal loan from Kotak Mahindra Bank.
Minimum income of Rs 20,000 per month.
Minimum income of Rs 20,000-25,000 per month in metro cities.
Sound repayment capability and a good credit score.
Loans available only to salaried customers.
An age range of 21-55 years for salaried individuals.
Minimum work experience of one year
The interest rates of personal loans from other banks are also given below.
Banks |
Interest rates |
Axis Bank |
11.25% - 24% |
HDFC Bank |
10.99% - 20.00% |
SBI |
12.50% – 16.60% |
ICICI Bank |
11.50% - 16.75% |
Bajaj Finserv |
2.00% - 16.00% |
Standard Chartered |
10.99% - 16% |
Fullerton India |
12% - 25% |
IndusInd Bank |
10%-30.50% |
CitiBank |
10.99% - 18% |
IDBI |
12.45% - 13.50% |
IDFC Bank |
11.69% - 15.00% |
PNB |
11.65% - 12% |
YES Bank |
10.75% - 16.99% |
Andhra Bank |
11.55% - 14% |
RBL Bank |
14.5% - 23% |
Canara Bank |
13.5% - 14.5% |
Tata Capital |
11.75% - 19.00% |
Bank of Baroda |
11.05% - 11.6% |
Applicants need to submit the following documents while applying for Kotak Mahindra Bank personal loan.
A filled loan application form with necessary details such as income, occupational details, and personal information.
Copies of the applicant's PAN card and Aadhaar card.
Copies of income proof such as salary slips of the previous three months, bank statements of the last three months, and a copy of Form 16.
Copies of residence proof such as telephone bills, electricity bills, or rental agreement attested by the applicant.
Two copies of recent passport sized photographs.
Customers can apply for Kotak Mahindra Bank personal loan by following these steps:
Go to Kotak Mahindra Bank website.
Under the Tab indicating loan products, click on ‘personal loans’ and download the loan application form.
Fill in the details and upload the scanned copies of the required documentation.
Check on electronic signature box and submit.
Applicants can also directly walk into the personal loan centers of Kotak Mahindra Bank along with the necessary documents. They can fill up the application form at the bank and submit it along with the required documentation. The loan is approved within two working days.
1: What is the duration for Kotak Mahindra Bank personal loan application approval?
Answer: Kotak Mahindra Bank notifies the applicants of the loan approval within a maximum of 48 working hours from the date of the application. With mymoneykarma, get your loan approved within 24 hours.
2: What is the loan amount of Kotak Mahindra Bank personal loans?
Answer: Kotak Mahindra bank provides personal loans with a minimum loan amount of Rs 50,000 and a maximum amount of Rs 15 lakhs.
3: What is the rate of interest on Kotak Mahindra Bank personal loans?
Answer: Kotak Mahindra Bank offers reasonable interest rates ranging between 11%-24% per annum.
4: Is prepayment of loan allowed with Kotak Mahindra Bank personal loans?
Answer: Yes, Kotak Mahindra Bank personal loan provides the facility of pre-closure of the loan before the completion of the loan tenure only after completing the payment of 6 months.
5: Does Kotak Mahindra Bank personal loan have any pre-closure charges?
Answer: Yes, Kotak Mahindra Bank personal loans have a fee of 5% of the approved loan amount as pre-closure charges.
6: What are the other fees associated with Kotak Mahindra Bank personal loans?
Answer: Here is a list of fees associated with Kotak Mahindra Bank personal loans.
Loan Processing Charges |
2.5% of the loan amount + GST |
Foreclosure Charges |
4% of the loan amount + GST |
Pre -payment or Part-payment charges |
nil |
Legal/incidental charges |
As actuals |
Charges for late payment of Loan amount |
18% of the loan amount |
Stamp Duty & other Statutory Charges |
As applicable by state laws |
Re-Issuance of photocopy of loan agreement/documents |
nil |
Duplicate NOC |
nil |
Cheque swapping charges |
nil |
Loan cancellation charges |
nil |