Kotak Mahindra Personal Loan Interest Rate 2023

Kotak Mahindra Bank offers several personal loan schemes to cater to borrowers' financial needs. The Kotak Mahindra Bank personal loan interest rates begin from 10.99% onwards, but they might vary from one applicant to another. However, interest rates associated with various personal loan schemes are available on request. The offered interest rates differ from one individual to another based on their creditworthiness, employment status, annual income, and existing debt.

Kotak Mahindra Personal Loan Interest Rate by Schemes

Kotak Mahindra personal loan comes with flexible end use from weddings to travel to a medical emergency. 

Personal Loan Scheme	Specifics and Applicable Interest Rates
For Marriage	The bank provides this loan to cover all wedding-related expenditures, such as the engagement ceremony, bachelorette party, etc. Such a loan allows you to borrow up to Rs. 25 lakhs. The loan payback period ranges from one to five years. The personal loan interest rate for wedding purposes begins from 10.99% onwards.
For Travel	The loan can be used to cover a variety of trip expenditures, including flights, travel accessories, lodging, and more. Amounts ranging from 50,000 to 25 lakhs can be used for travel. The loan must be repaid over five years. Applicants can secure a travel loan with an interest rate starting from 10.99%.
For Medical Emergencies	This loan will assist you in paying for unforeseen medical expenditures or treatments. This Kotak Mahindra personal loan is available in amounts ranging from 50,000 to 25 lakhs. With competitive Kotak Mahindra personal loan interest rates starting from 10.99% onwards, get funds to cover medical emergencies in no time.
For Home Renovation	This aids in the coverage of many parts of house remodelling, including interiors, contractors, etc. A loan of up to Rs. 25 lakhs can be taken out with a payback period of up to 5 years and an attractive interest rate from 10.99% onwards.

Kotak Mahindra Bank Personal Loan Interest Rates for Salaried and Self-Employed

Whether you are self-employed or a salaried individual, you can secure a Kotak Mahindra personal loan to meet your financial obligations. You can avail of a loan amount ranging between INR 50,000 to INR 40 lakhs based upon your credibility. However, you need to adhere to the eligibility criteria specified by the bank. 

 

Personal Loan Interest Rate for Salaried Employees	Starting from 10.99% onwards
Personal Loan Interest Rate for Self-Employed individuals	Starting from 10.99% onwards

Kotak Mahindra Bank Personal Loan Interest rate for Salary Account Holders

As a salary account holder in Kotak Mahindra Bank, you might get leverage in terms of eligibility criteria. With a minimum monthly income of INR 25,000, you can secure a personal loan ranging from INR 50,000 to INR 4 lakhs based on your eligibility. However, you won't get any advantage on interest rates, and the offered interest rate will be available at the bank's discretion. 

Kotak Mahindra Bank Pre-Approved Personal Loan Interest Rate

Kotak Mahindra offers pre-approved personal loan offers to specific customers. These offers are available for a limited period. If you wish to check on the offer, enter a few details and check your eligibility on the bank’s website. You might get loan approval at lower interest rates if you have a pre-approved personal loan offer. 

Kotak Mahindra Personal Loan Balance Transfer Interest Rates

If you have an existing personal loan at a higher interest rate, Kotak Mahindra personal loan balance transfer is your best option. Transfer your existing loan to Kotak Mahindra and enjoy the benefits of lower interest rates ranging from 11.5% per annum to 24%. Additionally, you get the option of flexible repayment tenure of up to 36 months resulting in reduced monthly EMIs. 

Kotak Mahindra Personal Loan Interest Rates and Charges

Here is the complete list of charges and other related costs that the bank implies on the loan amount, affecting Kotak Mahindra Bank’s personal loan interest rate.

Specifications	Charges
Processing Fees for Loan	2.5% of the loan amount + GST and other statutory applicable levies.
Stamp Charges	Charges as per the Stamp Act of the State.
Charges for Credit Administration	Up until 5% of the loan funds and should not exceed ₹7,500 mark (includes GST)
Charges for Credit Appraisal	Up until 5% of the loan funds and should not exceed ₹7,500 mark (includes GST)
Overdue Interest Charges	3% of the due amount compounded every month, which is unpaid from the amount falling due date till the actual loan payment date.
Loan Collection Charges	30% of the repayment instrument dishonour charges along with the overdue rate of interest
Per Instance Dishonour Charges	₹750/instance
Charges for Swap (Change in the EMI Date/instrument/repayment mode)	₹500/swap/instance
Foreclosure Charges	0 to 12 months – Lock-in period 1 to 3 years – 4% along with outstanding principal amount on GST  Three years and above – 2%, along with outstanding principal amount on GST The foreclosure charges have been applicable from August 1, 2021, to all Kotak Personal Loan customers.
Fixed Interest Rate on Personal loan	Starts from 10.25% per annum
Pre-payment Part charges	Personal loans disbursed before Feb 1, 2020 – no pre-payment charges applicable For personal loans disbursed after Feb 1, 2020 –  Allowed up until 20% every year after completing the 12 months lock-in period. ₹500 + GST, along with other statutory applicable levies.
Duplicate NOC issuance charges	Zero Charges
No Due Certificate Charges	Zero Charges
Furnishing a copy of the CIBIL report to the applicant charges	₹50 + GST and other statutory applicable levies.
Copies of records about the applicant’s transaction (Amortization Schedule/SOA) charges	Once every year, without any required charge. After that, ₹200 + GST and other statutory applicable levies.

Factors Affecting Kotak Mahindra Personal Loan Interest Rates

A few factors affect an applicant’s Kotak Mahindra Bank Personal Loan Interest Rate:

• Finance Standing and the income sources of an applicant is essential—the bank analyses these details to determine the applicant's repayment capability.
• The organisation that the applicant is working for is another factor. A well-known and respectable employer can reassure the bank with regular and reputed Income sources.
• The standing, i.e., salaried, self-employed, unemployed, or contractual, plays a significant role in determining the Kotak Mahindra Bank Personal Loan Interest Rate.
• Age plays a vital role here as young people are offered low interest, while the old borrowers get high-interest rates.
• The higher your CIBIL score is, the lower your interest rate on the loan and vice versa.

How to Get Low-Interest Rates on Kotak Mahindra Personal Loan?

It would help if you considered several pointers to unlock a better deal in terms of interest rates. Here is how to get a lower personal loan interest rate from Kotak Mahindra:

• Borrowers should maintain a good credit score, i.e. equal to or above 750. An applicant with a higher credit score can secure a personal loan at lower interest rates. 
• Look for pre-approved personal loan offers to unlock a better deal with lower interest rates. Additionally, having a pre-approved loan comes with quick approval and disbursal. 
• Compare personal loan interest rates offered by other finance providers before finalising your decision. 
• During festive seasons, look for special discounts and loan offers at lower interest rates to save on the overall cost.
• Applying for a loan from existing lenders rather than looking for a new one, as a long-term relationship with the bank can be a blessing.
• Visit Urban Money, an online financial marketplace, and compare Kotak Mahindra Bank Personal Loan interest rates with numerous other finance providers to select the ideal one.