Loan Application
  • Over 15,000+ Satisfied Customers
  • Google Rating - 4.8/5
  • 10+ Years in Operation
  • Over 250+ Cr. Disbursed Annually
  • 35+ Banks & NBFCs
  • 1030 Google Reviews

Personal Loan from Kotak Mahindra Bank

Kotak Mahindra Bank Personal Loan

Kotak Mahindra Bank offers Personal Loans to their customers at an attractive interest rate.The loan is also known as an unsecured loan, where the borrowers do not have to pledge any assets against the loan. Moreover, it can be used for multiple purposes, taking a long vacation or planning to renovate your house, a Personal Loan from Kotak Mahindra Bank can be the best option to do so. Here are a few reasons for choosing Kotak Mahindra Bank for a Personal Loan through LoanMoney:

  • No collateral or security required
  • High loan amount
  • Quick approval on loan
  • Minimum Documentation & Simple free processing.
  • Flexible repayment options: Our flexible loan tenures range from 24 - 60 months for salaried customers 12- 36 months for self employed and 12-48 months for professional
  • Convenience of service at your doorstep: Our Loans are just a phone call away; you can fix an appointment with any of our representatives and they could assist you in all your loan formalities
  • Minimum Personal Loan Interest Rates

Click Here to Apply
  Salaried Self Employed Professional
Age 22 yrs Onwards 25 yrs Onwards 23 Yrs
Loan Amount Upto 20 Lacs Upto 50 Lacs upto 50 Lacs
Tenure  24 - 60 Months 12- 36 Months 12 - 48 Months
Rate of Interest / APR [Annual Percentage Rate] 13.8% to 17 % Overdraft 19% Normal 18%
Processing Fees 2% of Loan Amount Plus Service Tax 2% of Loan Amount Plus Service Tax 2 %
Special Priority to Govt Employees Unsecured Overdaft- Pay Interest when used Normal or Overdraft
Documentation Salary Slips/ Address proof/ Identity proof PAN Balance Sheet & ITR 3 yrs ITR and Banking
  • Based on Net Take Home Salary 60% can be paid as Per Month EMI [Average EMI is 2600/- Per Lac]
  • Repayment of Total amount [Illustrative] on Rs. 1 Lac loan on @14% with processing Fees for 60 Months comes to Rs. Rs. 1.41 Lacs

As Per Financials

As Per Gross Receipts to Doctors, CA's, CS's, Architect

Criteria  :

  • Salaried individuals
  • Resident Indian employed at a Public Ltd co./ MNC/ large Pvt. Ltd co.
  • Age : 21-58 years
  • Income: Net monthly salary of Rs. 25,000/-
  • Minimum educational qualification:Graduate
  • Residence telephone:Required
  • Years in city;Minimum 1 year
  • Total work experience :Minimum 2 years

Click Here to Apply

When can I foreclose the loan? What is the procedure for full prepayment?

We do not allow full prepayments for a period of 6 months from the date of\ your first EMI. 30 days foreclosure intimation period is mandatory.

You need to inform us in writing or via email about your request for full prepayment.

Once your intimation period is complete, the foreclosure statement of your loan will be issued to you from our end.

You need to submit this full prepayment cheque at our branch at least 7 working days before your next EMI date.

You can make the foreclosure payment either via DD/cheque/cash, cheque or DD in favor of "Kotak Mahindra Bank " after the intimation period is  over.

Once your foreclosure cheque is cleared your loan closure will happen in the banks records.

We will send the No Objection Certificate (NOC) and the balance Post Dated Cheque's (if any) to your correspondence address within 15 working days post termination of your loan account.

After 6 months + 1 month intimation period the foreclosure charges applicable would be 5% + service tax on principal outstanding.

What is the procedure for part prepayment?

We do not offer a part prepayment facility on your personal loan account.

Is it possible to change my Installment date? Are there any charges applicable?

Yes, it is possible to change the Installment date.

The dates available are 1st, 5th and 10th .Changing of EMI date will attract rescheduling charges and PDC Swap charges* per instance plus applicable service tax.

You would need to provide a written request mentioning the reason for the EMI date change and send the rescheduling charges to us 7 working days pre 7 working days post the EMI date.

When can I swap my PDC's and what are the charges?

PDC's need to be swapped at least 7 working days pre 7 working days post the Installment date. Charges* applicable would be Rs. 500/- per instance plus applicable service tax.

What do I need to do, incase I want to opt for an ECS mode for making my Installment payments instead of PDC?

You would need to sign an ECS Mandate form. ECS Form

One security cheque to be drawn in favor of 'Kotak Mahindra Bank '.This cheque needs to be undated and blank, at the bottom it needs to mention 'Not more than the loan amount'

Six security cheques to be drawn in favor of 'Kotak Mahindra Bank '.This cheque needs to be undated and \ blank at the bottom, it needs to mention 'Not more than three times the EMI amount'

PDC swap charges* will be applicable Rs. 500/- per instance plus applicable service tax.

How can I get my new address updated on my loan?

You would need to send a written request letter to our customer care department informing the change in correspondence address.

You would need to enclose the photocopy proof of your new address. For example: An electricity bill/passport copy/ration card etc.

The new address will be updated in the bank's records within 2 working days, post submission of the above mentioned documents

How can I get my Repayment Schedule?

You can download your Repayment Schedule for Free Click here to view and download.

Should you need the bank to send you a copy, you can place a request via phone or an email or letter or walkin to our customer care branches.

The Repayment Schedule will be sent to you within two working days at your correspondence address.

How can I reschedule or postpone my EMI?

Reschedulement or postponement of EMI is not possible on your personal loan account.

When will I receive No Objection Certificate?

In case if your Loan is matured, you need to send us a request for NOC via letter email. NOC will be issued to you 15 working days post termination of the loan in our system (provided there is no penal outstanding).

In case if your loan is foreclosed, NOC will be issued to you 15 working days post termination of the loan in our system\ (provided there is no penal outstanding).

In case you have availed Top up loan, NOC on the old loan which is being foreclosed will be issued to you 15 working days post termination of the loan in our system (provided there is no penal outstanding).

I want to know the break up and calculation of the loan amount cheque given to me.

You can place a request via phone, email, letter or walk-in at any of our branches.

The loan interpretation will be couriered to you at your correspondence address within 4 working days.

Click Here to Apply

  • photograph
  • Identity proof

  • Passport Copy/ Voters ID card/ Driving License
  • PAN card
  • Aadhar Card
  • Overseas Citizen of India card
  • Person of Indian Origin card

Address (Residence) Proof

  • Valid Passport
  • Voter's ID card
  • Food Card (Ration Card)
  • Lease Deed/ Rent agreement Copy/ Property Registration Document in the name of the Customer
  • Bank account statement printed on bank's letterhead, not more than 3 months old, signed and stamped by existing banker
  • Overseas Citizen of India Card
  • Person of Indian Origin Card
  • Latest IT Return
  • Original Letter from Company
  • Telephone/Electricity Bill

Age Proof

  • PAN Card, Passport copy

Signature Proof

  • PAN Card, Driver’s Licence, Passport copy, Banker’s attestation of Bank Account Statement
  • Ownership Proof
  • Electricity Bill, Water Bill, Sales Deed, Receipt of Tax paid

Income details

  • Last 3 months’ payslips and Form 16 
  • Bank account statements
  • For the last 6 months

Click Here to Apply

  • From 13.8% onwards to Max 17%

Click Here to Apply

    No Articles

Click Here to Apply
About Kotak Mahindra Bank Personal Loan

Kotak Mahindra is one of India's leading banking and financial services group, offering a wide range of financial services that encompass every sphere of life. Kotak Mahindra Bank Ltd is a one stop shop for all banking needs. The bank offers personal finance solutions of every kind from savings accounts to credit cards, distribution of mutual funds to life insurance products.

Kotak Mahindra Bank offers transaction banking, operates lending verticals, manages IPOs and provides working capital loans. Kotak has one of the largest and most respected Wealth Management teams in India, providing the widest range of solutions to high net worth individuals, entrepreneurs, business families and employed professionals.

Since the inception of the erstwhile Kotak Mahindra Finance Limited in 1985, it has been a steady and confident journey leading to growth and success. Kotak Mahindra Finance Ltd. (KMFL), the group's flagship company, receives banking license from the Reserve Bank of India (RBI). With this, KMFL becomes the first non-banking finance company in India to be converted into a commercial bank - Kotak Mahindra Bank Ltd.

Click Here to Apply
Features of Kotak Mahindra Bank Personal Loan
  1. Avail loans from Rs. 50,000/- to Rs. 15 lakhs
  2. Flexible repayment options - Loan tenors range from 12-60 months for salaried individuals
  3. Bank Doorstep Service - Fix an appointment with any of our representatives on phone and get assistance in completing loan related formalities
  4. Gain quick approval on loans
  5. Minimal paperwork and hassle free processing - No security or collateral required
  6. Attractive interest rates

Click Here to Apply
Special Features & Benefits of Kotak Mahindra Bank
  • Best Bank for Non Listed Companies Employee* Best Rates in Industry for Government Employees * No Previous CIBIL records Required.Rates Start 14% onwards
Apply Kotak Mahindra Bank Personal Loan
Personal Loan Interest Rate
It is a type of unsecured loan and helps to meet your current financial needs. You don't need any security/collateral while availing it. Personal Loan is your solution for instant cash and can be used for travelling, wedding, medical emergency, home renovation, or anything else.
Home Loan Interest Rate
Home Loan is a Secured loan offered against the security of a house/property which is funded by the banks and NBFCs the property could be a personal property or a commercial one. Home loans consist of an adjustable or fixed interest rate and payment terms.
Loan Against Property Interest Rate
Loan Against Property belongs to the secured loan category where the borrower gives a guarantee by using his property as security. Banks and financial institutions offer this LAP, which can either be a residential/commercial building or a piece of land.
Business Loan Interest Rate
A Business Loan is a loan specifically intended for business purposes. As with all loans, it involves the creation of a debt, which will be repaid with added interest. Banks and other financial institutions are there to provide you with suitable lending assistance.
Like/Follow LoanMoney on Facebook Follow LoanMoney on Twitter Read LoanMoney Blog Follow LoanMoney on LinkedIn Watch LoanMoney Videos on Youtube Instagram