Kotak Mahindra Bank Personal Loan


Kotak Mahindra Bank offers personal loans of up to INR 40 Lakhs for tenures of up to 6 years. With quick loan disbursal, a part-prepayment facility, and a quick documentation process for salaried borrowers, Kotak Bank Personal Loans are an ideal option for customers. The eligibility criteria include being between the ages of 21 and 60, having a graduation degree, and holding work experience for at least 1-year. 

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Kotak Bank Personal Loan

  • Interest Rate


  • Loan Amount

    ₹50K - ₹40L

  • EMI Per Lakh


  • Processing Fees

    Up to 3% of loan amount
  • Pre-Payment Charges

    0-12 months: Lock-in period 1- 3 years: 4% + GST 3 years onwards: 2% + GST

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Feature and Benefits of Kotak Mahindra Bank Personal Loan

With a competitive Kotak Mahindra Bank Personal Loan Interest Rate, the financial institution offers several features and benefits via this loan product.

  • Quick loan disbursal for unexpected expenses
  • Efficient personal loan customer care service
  • Competitive and attractive Kotak Mahindra Bank Personal Loan Interest Rate
  • Minimum documents required for Kotak Mahindra Bank personal loan
  • Immediate loan processing time
  • Part-Prepayment personal loan facility

Personal loans can be used for many things, from planning a dream holiday with your spouse to consolidating debt. Because it's a personal loan, you don't have to explain why you're taking it out.

A personal loan is also a collateral-free loan, so you don't have to provide security to the lender. As a result, the lender has nothing to confiscate if the loan is not repaid.

Personal loans are available from several types of financial organisations and banks in India at low-interest rates. Kotak Mahindra Bank is a bank with a reputation as India's most reputable financial organisation for obtaining a personal loan. The Kotak Mahindra Bank personal loan interest rate is one of the lowest on the market. In addition, the bank offers rapid personal loan services in India's major cities.

Miscellaneous Fees and Charges on Kotak Mahindra Bank Personal Loan

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  Start from 10.99% 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 copy of 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, with every year, without any required charge. After that, ₹200 + GST and other statutory applicable levies.

Types of Kotak Mahindra Bank Personal Loan

Kotak Mahindra offers different types of personal loans for several purposes for their customers. These are as follows:

For Marriage The bank provides this loan to cover all wedding-related expenditures, such as the engagement ceremony, bachelorette party, and so on. Such a loan allows you to borrow up to Rs. 25 lakhs. The loan payback period ranges from one to five years.
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.
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.
For Home Renovation This aids in the coverage of many parts of house remodelling, including interiors, contractors, and so on. A loan of up to Rs. 25 lakhs can be taken out with a payback period of up to 5 years.

Documents Required for Kotak Mahindra Bank Personal Loan

To avail of the Kotak Mahindra Bank Personal loan, you need to submit the documents asked by the bank. Below are the documents required for Kotak Mahindra Bank Personal Loan.

Proof of Identity Last three months salary slips
Proof of Residence 2 or 3 passport size photographs
Last three-month bank statement as well as income details

EMI Calculation for Personal Loan

The EMI calculation for Kotak Mahindra personal interest rate can be done using an online EMI calculator. The following details are required to calculate the EMI accurately:

Loan Amount Applicable Interest Rate on the loan
Loan Repayment Tenure

Kotak Personal Loan Team Contact Details

To contact the personal loan team of Kotak Mahindra, you can give a call on their customer care number 1860 266 2666. You can also message them via the official portal with your related personal loan query. 


From refinancing to reducing your interest, we have the answers right here.

Can I turn to a floating rate from a fixed rate during my personal loan tenure?

Yes, you can switch to a floating personal loan interest rate from a fixed rate in Kotak Mahindra.

Is Opting For A Personal Loan Worth It?

Since the personal loan is an unsecured loan, i.e., you do not need collateral and can be used for meeting all your individual needs, it is a good idea to opt for a personal loan.

When Does The Personal Loan Repayment Period Start?

The Kotak Mahindra Bank starts after a month, i.e., the following month from the date that the loan amount is disbursed to the applicant's account.

What Is The Minimum Salary for a Personal Loan?

The minimum salary for an applicant working in a private or public form is ₹25,000 per month to avail of a personal loan from Kotak.

Does Kotak Bank Provide a personal Loan at the best rate?

Yes, Kotak Mahindra Bank personal loan interest rate is competitive and attractive, starting from 10.25% per annum.

How to check personal Loan Status in Kotak Bank?

You can call the loan customer care service on 1860 266 2666, visit the nearest Kotak Mahindra branch, or check the official portal of Kotak to know the status of Kotak Mahindra Personal Loan. 

Does Kotak Bank check for CIBIL Score for Personal Loans?

The CIBIL score is a crucial indicator of personal loans in Kotak Bank. The higher the CIBIL score, the lower the Kotak Mahindra Bank personal loan interest rate for the applicants and vice versa. 

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