Kotak Mahindra Bank Personal Loan Interest Rates

• 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.

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

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

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

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

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

Here is the table to show the personal loan interest rate in 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.

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