Kotak Mahindra Bank Personal Loan

Features of Kotak Mahindra Bank personal loan

  • Instant loans for unforeseen expenses
  • Minimal documentation and immediate processing of loans
  • Easy access to funds for any purpose including marriage, higher education, vacation, emergency medical needs, etc.

Personal Loan Details for Kotak Mahindra Bank

Interest rateLoan amount
10.50% to 16.99%Minimum: Rs.50,000 Maximum: Rs.15 lakh


  • Easy online application process
  • Minimal paperwork and faster processing
  • Hassle-free loan disbursal process

Fees and charges

The fees and charges associated with Kotak Mahindra Bank personal loan are given as follows:

Schedule of chargesRates
Processing chargesup to 2.5% of the loan amount + GST
Stamping chargesas per respective state’s Stamp Act
Credit appraisal chargesup to 5% of the loan amount subject to a maximum of 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 certificateRs.500 + GST

Eligibility for Kotak Mahindra Bank personal loan

The eligibility criteria for Kotak Mahindra Bank personal loan are listed as follows:

  • Anyone between the ages of 21 years and 58 years can get access to this loan.
  • The applicant must be an active employee of a public or private sector company for at least one year.
  • The applicant must earn at least Rs.20,000 per month to be eligible for this loan.
  • The applicant must at least be a graduate.
  • The applicant must be a resident of the current city for at least one year.

Documents required

The following list of documents must be submitted to get the personal loan offered by Kotak Mahindra Bank:

  • Proof of identity (PAN, Aadhar, driving license, voter’s ID, etc.)
  • Proof of residence (Utility bill, passport, etc.)
  • 3 passport size photographs
  • Salary slips for at least 3 months
  • Bank statement for the last 3 months


How the EMI calculation works for Kotak Mahindra Bank personal loans? 

Let’s consider the example below. You take a personal loan of Rs.1 lakh from the bank. The bank charges an interest rate of 10.99% p.a. for a loan tenure of 1 year. The repayment schedule for this loan is given as follows: 

Months Principal Interest EMI (principal + interest) Balance Percentage of loan paid to date 
Apr Rs.7,922 Rs.916 Rs.8,838 Rs.92,078 7.92% 
May Rs.7,994 Rs.843 Rs.8,838 Rs.84,084 15.92% 
Jun Rs.8,068 Rs.770 Rs.8,838 Rs.76,016 23.98% 
Jul Rs.8,142 Rs.696 Rs.8,838 Rs.67,875 32.13% 
Aug Rs.8,216 Rs.622 Rs.8,838 Rs.59,658 40.34% 
Sep Rs.8,291 Rs.546 Rs.8,838 Rs.51,367 48.63% 
Oct Rs.8,367 Rs.470 Rs.8,838 Rs.43,000 57.00% 
Nov Rs.8,444 Rs.394 Rs.8,838 Rs.34,556 65.44% 
Dec Rs.8,521 Rs.316 Rs.8,838 Rs.26,035 73.97% 
Jan Rs.8,599 Rs.238 Rs.8,838 Rs.17,436 82.56% 
Feb Rs.8,678 Rs.160 Rs.8,838 Rs.8,757 91.24% 
Mar Rs.8,757 Rs.80 Rs.8,838 Rs.0 100.00% 

How Kotak Mahindra Bank compares with other lenders? 

Fees and charges Kotak Mahindra Bank Personal Loan HDFC Bank Personal Loan Citibank Personal Loan Yes Bank Personal Loan 
Interest rate 10.50% p.a. onwards 11.25% p.a. onwards 10.99% p.a. onwards 20% p.a. onwards 
Processing fee 2.5% + GST 2.5% + GST 0.25% to 3.00% + GST 2.5% + GST 
Foreclosure charges 5% of the outstanding loan amount 2% to 4% of the outstanding loan amount Up to 4% of the principal outstanding 0% to 4% of the outstanding loan amount 
Late payment fee 3% of the overdue amount per month 2% of the overdue amount per month Contact the bank for details 2% of the overdue amount per month 


Brief Summary

Personal loans provide quick access to funds during emergency financial needs. The personal loan offered by Kotak Mahindra Bank is intended just for that purpose. If you are having a sudden financial emergency, you may reach out to Kotak Mahindra and apply for a personal loan. The reasonable interest rates and flexible repayment options can help you take care of your emergency financial needs without leaving a big dent in your monthly budget.

Visit Kotak Mahindra Bank Personal Loan