Kotak Mahindra Bank Personal Loan Review

Kotak Mahindra Bank personal loan is meant to fulfill all your unplanned and emergency financial needs to perfection. Personal loans are immensely popular these days as they are processed and disbursed quickly. Moreover, they do not require any collateral. The loan amount may be utilized for any purpose you like and you can also have quick access to the funds you desire to finance your sudden expenses with absolute ease.

Kotak Mahindra Bank personal loan provides easy and hassle-free personal loans to individuals at highly competitive Kotak Mahindra Bank interest rates along with other benefits such as flexible payment options so that they can fulfill their distinct requirements. You can also check your Kotak loan eligibility with its accurate Kotak personal loan calculator.

Kotak Mahindra Bank Personal Loan Interest Rate & Charges

The rate of interest being offered by this bank starts at 10.99% per annum. However, the rates may vary depending on various factors, as every application and every applicant is unique and has its own value for the bank.



Interest Rates

Starting at 10.50%

Loan Amount

₹ 50,000 - ₹ 20 Lakh


12 - 60 months

Processing Fee

Up to 2.50% of the loan amount

Foreclosure Charges

NIL - 4% of the principal outstanding as on date

Pre/Part payment Charge

5% on part payment amount (After 12 months)

Min. Monthly Income

₹ 20,000/=

Overdue Interest

3% per month compounded monthly

Cheque Bouncing Charges

₹ 750 for every bounced cheque

Special Note: All rates, charges and fees are subject to periodic changes. Kotak Mahindra Personal loan interest rates and other fees/charges are subject to periodic reviews and can vary among individual customers- depending upon factors such as credit score, existing loans, amount of savings, company currently employed, etc.

Kotak Mahindra Bank Personal Loan Eligibility Criteria

Eligibility for a Kotak Mahindra Bank personal loan is decided on the basis of certain parameters. A loan seeker must satisfy the below-mentioned eligibility criteria to avail a Kotak Mahindra personal loan:

  • Any Indian who is a salaried employee in the public sector, private sector or an MNC with a minimum educational qualification of a graduate is eligible for a Kotak personal loan. He should have an overall work experience of at least 1 year and need to be a resident in his present city for at least 1 year.
  • Age Limit: The age of the Kotak loan applicant should be between 21 to 58 years.
  • Quantum of the Loan: Individuals can avail a Kotak Mahindra Bank loan amount up to Rs 25 lakhs
  • Income: Individuals should have a minimum monthly income of Rs.25,000/- to avail a Kotak Loan.
  • Eligibility and EMI calculator: Now, you can easily calculate your Kotak Mahindra personal loan eligibility and Kotak personal loan EMI amount using utility tools like personal loan eligibility calculator and personal loan EMI calculator at These calculators will help you to determine your EMI outflow every month including the Kotak Mahindra Bank Interest Rates you will need to pay. Using the calculator at is free, easy and simple.
  • CIBIL score: Credit score is an important factor for approval of any loan Usually, an applicant's creditworthiness is determined by evaluating his credit score i.e. CIBIL / EXPERIAN score. Applications of Kotak Mahindra Bank personal loan applicants having poor credit score may get rejected. It’s always imperative to keep on updating your credit score periodically. If you have a bad credit score and somehow your loan application gets approved, you might be asked to pay a high rate of interest on your Kotak loan as compared to someone with an excellent credit score.

Kotak Mahindra Bank Personal Loan Documents Required

Individuals applying for a Kotak Mahindra Bank personal loan should submit the following documents-

  1. Photo Id ( anyone from Passport, Aadhar, PAN, Driving License, Voter’s ID), age proof and address proof(Passport, leave & license agreement and utility bill)
  2. Signed loan application form with 2-3 passport-sized photographs
  3. Last 3 months’ bank statement
  4. Salary slip for the last 3 months

Feature & Benefits of Kotak Mahindra Bank Personal Loan

Kotak Mahindra Bank personal loan offers attractive features and benefits from easy loan approval to lower interest rates along with flexible loan tenure and multiple payment modes. Here are some of the salient features of a personal loan from Kotak Mahindra personal loan.

Affordable rate of interest Kotak offers competitive Kotak Mahindra Bank interest rates starting from 10.50%-20.99% per annum.
Instant personal loan Kotak Mahindra bank loan offers instant personal loans in the range of Rs 50,000 to 15, 00,000.
Flexible Repayment Options You can choose any tenure from 12 to 60 months to repay your Kotak Mahindra Bank personal loan
Multipurpose Personal Loan The Kotak personal loan can be used for any genuine personal credit need including educational expenses, wedding expenses, travel costs and to meet the expenses of emergency medical funds.
Fast customer service and minimal paperwork Quick checking of your eligibility within just a minute and quick online approval is offered through Kotak Loan. The documentation process is entirely hassle-free and the paperwork is almost nill.
Easy online platform The Kotak Mahindra Bank personal loan online platform is an easy and completely transparent one. Kotak Mahindra Bank loan is made possible through effective online procedures such as eSign and eKYC.
No Part payment is allowed.

Kotak Mahindra Bank Personal Loan EMI Calculator

Kotak Mahindra Bank offers loan at the most competitive interest rates, also the inbuilt EMI calculator assists you in deciding the most suitable amount that you wish to spend every month as instalment against your desired amount of loan over a flexible repayment period.

However, for you to easily understand the basics of the loan process and including the other charges & administrative expenses attached with the loan amount, we have prepared a table for various amounts and the anticipated EMIs at applicable interest rates;


Various amounts of loan taken at a rate of interest of 10.99% per annum (effective rate of interest – 0.009% per month)

Loan Amount

ROI @ 10.99%

Tenure (Months)




₹ 2,00,000



₹ 2,12,104

₹ 17,675

₹ 12,104

₹ 3,00,000

₹ 3,18,157

₹ 26,513

₹ 18,157

₹ 4,00,000

₹ 4,24,209

₹ 35,350

₹ 24,209

₹ 5,00,000

₹ 5,30,261

₹ 44,188

₹ 30,261

₹ 10,00,000

₹ 10,60,523

₹ 88,376

₹ 60,523

Comparative: -

Loan amount of ₹ 5,00,000 taken for a tenure of 24 months from various banks at competitive interest rates:

Bank Name

Loan Amount


Tenure (Months)





₹ 5,00,000



₹ 5,59,238

₹ 23,301

₹ 59,238



₹ 5,84,694

₹ 24,362

₹ 84,694



₹ 5,66,283

₹ 23,595

₹ 66,283



₹ 5,78,993

₹ 24,124

₹ 78,993



₹ 5,76,154

₹ 24,006

₹ 76,154

| Kotak Mahindra Personal Loan EMI Calculator

Kotak Mahindra Bank Personal Loan Status

With Kotak Mahindra Bank, it is very convenient and hassle-free to track the status of your personal loan application. First, by visiting the web-site or through the mobile phone application, login using your login id and password, going further enter the application number or the document number which is provided for the application. The next page shows the overall activity and the account summary, where one can easily track the loan application status.

| Kotak Mahindra Bank Personal Loan Status

Kotak Mahindra Bank Personal Loan Balance Transfer

The basic objective of personal loan balance transfer is to reduce the debt burden altogether. It is never too late for shifting to a better bank with lower interest rate for your Personal Loan. That's not all, you can also avail additional funds for your personal or business needs.

Here are various benefits associated with a personal loan balance transfer at Kotak Mahindra:

  • Speedy processing and easy disbursal of money
  • Flexible options of loan repayment through easy EMIs

Kotak Bank Personal Loan Top Up

Kotak Mahindra ensures that the customers can opt for a personal loan top-up from the bank to minimise the hassles of going through the overall procedure of availing another personal loan from any other bank or to reduce the burden of the loan altogether.
Here are various benefits associated with a personal loan top-up at Kotak Mahindra:

  • Opportunity to avail a top-up loan up to 100% of the amount of the personal loan
  • No requirement for any security of collateral

How do I apply for a Kotak Mahindra bank Personal Loan at Afinoz?

While you do your Kotak Mahindra personal loan application through Afinoz, you should check the following: -

  • Check your Kotak Mahindra personal loan eligibility with the personal loan eligibility calculator at You can simply visit our website, fill in a few easy details and get an instant and accurate assessment of your personal loan eligibility.
  • Check your Kotak Mahindra personal loan EMI with the personal loan EMI calculator at This will help you to know the exact amount you need to pay every month towards the repayment of your loan.
  • Check the documentation required for your Kotak Mahindra personal loan application. Whether you are salaried or self-employed, applying with the proper set of documents will enhance your chances of getting your loan approved in the least possible time.

Kotak Mahindra Bank Customer Number

Kotak Mahindra provides 24X7 customer support to all its customers and any customer can reach out to the bank by simply dialing for the assistance, and can call Phone Banking toll-free number at 1860-266-2666.

Here is a list of other major economic centers in the country where Kotak Mahindra offers dedicated contact lines:


Contact Number


(079) 66006022


(080) 66006022


(044) 66006022


(040) 66006022


(022) 66006022

New Delhi

(011) 66006022


(020) 66006022

Kotak Mahindra Bank personal loan customer care number

Kotak Mahindra Bank Personal Loan Statement

Kotak Mahindra Bank sends the monthly account statements to all its customers via email or in hard copies without any requests being raised from the customer’s end. These include all relevant information regarding the transactions made under the personal loan account. At the time of the registration with the bank, the customer has to choose how they would like to receive these statements from the bank, whether on their registered email or in hard copy to be delivered at their registered residential address.

About Bank

The Kotak Mahindra Bank is a leading Financial Services conglomerate having its headquarters in Mumbai, Maharashtra. Uday Kotak founded the Kotak Mahindra Finance Ltd. (KMFL) in 1985 and in 2003 it received a banking license to operate as a private sector bank from Reserve Bank of India. The Kotak Mahindra Bank is the 4th largest private bank in India and is a widely preferred loan provider, having a network of over 1,369 branches across 689 locations. It also has over 2,163 ATMs in the country. The bank offers a plethora of financial and banking services for corporate and retail customers via various delivery channels and a wide range of specialized subsidiaries in the areas of life insurance, investments, personal finance and wealth management.

Kotak Mahindra Bank Personal Loan CIBIL Score

Like most of the banks or lenders, Kotak Mahindra Bank also considers an individual’s CIBIL score before approving any type of loan in their favor. The minimum eligible credit score is considered to be 650 which is 50 less as compared to the average of 700-750. Any score lesser than the average attracts a higher rate of interest in most cases, however with the Kotak bank a borrower can avail a loan even without a credit score.


Q1How can I repay my Kotak Personal loan?
You can repay the Kotak Mahindra Personal loan amount in Equated Monthly Installments (EMIs) using the ECS facility or through post-dated cheques each month.
Q2What are the current Kotak Mahindra Bank interest rates for personal loans?
At present, the interest rate for a Kotak personal loan starts from 10.99%.
Q3Can an individual apply for a Kotak personal loan online?
Yes, you can do apply for a Kotak Mahindra Bank Personal loan at the official website of Kotak loan. Alternately, you can apply for a Kotak Mahindra Bank loan on by simply entering your personal and financial details and submitting the eligibility documents.
Q4What is the maximum loan amount I can get from Kotak personal loan?
Kotak Mahindra personal loan offers a loan amount up to Rs 25, 00,000.
Q5What is the tenure for a  Kotak personal loan?
You can repay your Kotak Mahindra Bank Personal loan within the time period of 1 year to 5 years as per your suitability.
Q6How safe is my data and information with does not share data with any third-party organization other than the financial institution you are applying to. All data is attached with a high degree of encryption making it absolutely safe and secure at all the time.
Q7After applying online with, how long will it take to get the loan amount? readily submits your loan application to Kotak Mahindra Bank Personal loan. Then a representative from Afinoz will get in touch with you to collect documents such as salary certificate, identity proof etc. On submitting these documents, the Kotak Personal loan initiates the necessary verification process and checks your CIBIL score. If everything is found satisfactory, Kotak loan disburses the amount and process for the same may take 48 to 72 hours.
Q8Is the use of the Personal Loan calculator of Afinoz free?
Yes, loan calculator tools are absolutely free as we don’t charge any compensation in lieu of the services we provide.
Q9Can the EMI amount for my personal loan be known to me in advance?
Yes, provides a unique EMI calculator tool that offers an accurate estimation of EMIs for all Kotak Personal loan by entering the loan amount, tenure and Kotak Mahindra Bank Interest Rates. You can compare the EMI for different loan amounts and tenures with our tool and finalize the best-suited loan product as per your budget.
Q10Are there any processing charges on Kotak Mahindra Bank Personal Loan?
Kotak Loan charges a processing fee of up to 2.5% of the total loan amount along with the applicable taxes.
Q11Are there any prepayment charges on Kotak Personal Loan?
Kotak Loan charges a processing fee of up to 5% of the total loan amount along with the applicable taxes. But, prepayments are allowed only after you pay 12 EMIs.
Q12Is age an eligibility factor to get the personal loan from Kotak Loan?
Yes, age is an important eligibility factor to get your Kotak personal loan approved. The applicant should be on or above 21 years old for the approval of the loan and equal to or below 58 years at the time of loan maturity.
Q13Why should I take a Kotak Mahindra Personal Loan?
Kotak Mahindra bank loan offers Personal Loans starting from 10.99% which is lesser than many other providers. In case the EMI you are paying with your existing lender is more, then you can opt for a balance transfer option and relocate your personal Loan to Kotak loan at even lower Kotak Mahindra Bank Interest Rates.
Q14For what purpose can I use the Kotak personal loan?
The Kotak Mahindra Bank personal loan can be availed for any genuine credit need including but not limited to educational expenses, wedding expenses, travel expenses, emergency medical needs, and so on.
Q15How important is my credit score for getting a Kotak personal loan?
Your credit score is an important criterion for approval of the Kotak Mahindra Bank personal loan. The bank ascertains your creditworthiness by evaluating your CIBIL or EXPERIAN score. We would recommend you to make constant efforts to enhance your credit score and to keep on updating the same. If you have a poor credit score, your Kotak personal loan application may get rejected. Even if it gets approved somehow, you may be offered unfavourable terms in comparison to borrowers with excellent credit scores. For any query about Kotak personal loan application, you can call us at 0120-411-0376 or mail us at