Kotak Mahindra Bank Personal Loan Interest Rates

Kotak Mahindra Bank provides personal loans to customers with a minimum monthly salary of Rs.20,000, with interest rates ranging from 10.50% to 16.99% p.a.

Customers can obtain loans ranging from Rs.50,000 to Rs.15 lakh based on their eligibility, with a minimum of one year and a maximum of five years. The processing charges that are charged by Kotak Mahindra Bank are up to 2.5% of the loan amount.

Details of the Kotak Mahindra Bank Personal Loan Schemes

 

Kotak Mahindra Bank Personal Loan Rate of Interest

10.99% p.a. onwards

Maximum Amount

Rs. 25,00,000

Term

5 years

Processing Fees

3%

Income Requirements

Rs. 20,000 to Rs. 30,000

Characteristics of the Kotak Mahindra Bank Personal Loan

  • Kotak Mahindra Personal Loan can be applied for completely digitally. It is a completely paperless and contactless loan that may be executed online. Apply for a Kotak personal loan online.
  • Loan Amount: You can apply for a Kotak Mahindra Personal Loan of up to Rs 20 Lakh for a range of necessities such as weddings/celebrations, travel, education, or any unexpected shortages or emergencies.
  • Paperless Loan Application: To stay ahead of the competition, KMB offers paperless loan applications to consumers. Apply online and upload your documentation for expedited processing.
  • Interest Rate: The interest rates for Kotak Mahindra Personal Loans range from 11.15% to 19.25% p.a., which is the best in the business.
  • Kotak Mahindra Personal Loan is an unsecured loan, which means that no loan security, guarantor, or collateral is required.
  • Personal Loan Processing Cost: The processing fee is 0.75% of the loan amount.
  • Foreclosure Fees: Foreclosure is permitted after 12 months of successful repayment of a Kotak Personal Loan. However, after 12 months of loan completion, foreclosure of a Kotak Mahindra Personal Loan would result in a penalty of 5% of the unpaid principal plus GST. After 24 months, or the second year, it will be subject to 4%+ GST, and after 36 months, or the third year, it will be subject to 3%+ GST.
  • Duration: Kotak Mahindra Bank Personal Loan is a customer-friendly and flexible loan option, with a tenure of up to 5 years available depending on your needs and repayment capabilities.

Types of Kotak Mahindra Bank Personal Loan Schemes

Following are the types of Kotak Mahindra Bank Personal Loan Schemes-

1) Personal Loan Scheme for Marriage

The Kotak Marriage Loan is provided to satisfy the financial necessities for a wedding, such as an engagement ring and a fantasy honeymoon.

Maximum loan amount: Rs 25 lakh.

Tenure: 1 to 5 years

2) Medical Loan Scheme

Medical loans are used to cover unforeseen medical expenses or treatment.

In the event of an unforeseen medical emergency or treatment

Loan Amount: 50,000 to 25 lakh rupees

3) Travel Loan Scheme

To satisfy the financial requirements for travel, such as flights, excursions, lodging, travel accessories, and so on.

Loan Amount: 50,000 to 25 lakh rupees

Tenure: 1 to 5 years

4) Renovation Scheme

Purpose: Collateral-free loans for renovation-related expenses such as contractors' and interior designers' fees, raw material purchases, and so on.

Maximum loan amount: Rs 25 lakhs

Duration: Up to 5 years

Kotak Bank Personal Loan Interest Rate

Here is the table to show the personal loan interest rate in Kotak Mahindra Bank-

Loan

Personal Loan Interest in Kotak Mahindra Bank

Kotak Personal Loan Interest Rate

10.50% - 16.99%p.a.

 

Who is Eligible for the Personal Loan from Kotak Mahindra Bank?

The following are the eligibility requirements for a Kotak Mahindra Bank personal loan-

  • This loan is open to anyone between the ages of 21 and 58.
  • For at least one year, the candidate must be an active employee of a public or private sector company.
  • To be eligible for this loan, the applicant must earn at least Rs.20,000 each month.
  • The candidate must have lived in his or her current city for at least one year.
  • The applicant needs to have a minimum of one year of work experience.
  • The applicant must have a bachelor's degree or higher.

What are the Documents that are Required to Avail of the Personal Loan from Kotak Mahindra Bank?

To obtain a personal loan from Kotak Mahindra Bank, the following documents must be submitted-

  • Identity proof (PAN, Aadhar, driving license, voter ID, etc.)
  • Evidence of residency (Utility bill, passport, etc.)
  • Three passport-sized photos
  • Pay stubs for at least three months.
  • Bank statements over the previous three months

Other Charges of the Kotak Mahindra Bank Personal Loan

 

Process Fee

3%

Stamping Fee

As per the respective State's Stamp Act

Overdue Charges

3%

Other Bank's Personal Loan Interest Rates

 

Banks/NBFCs

Interest Rates (p.a.)

HDFC Bank

11.00% onwards

ICICI Bank

10.75% onwards

Axis Bank

10.25% onwards

IndusInd Bank

10.49% onwards

Kotak Mahindra Bank

10.99% onwards

IDFC First Bank

10.75% onwards

Bajaj Finserv

13.00% onwards

SBI

10.30%-15.10%

Tata Capital

10.99% onwards

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