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Kotak Mahindra Bank Personal Loan Eligibility Criteria 2022

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Personal Loan

Business Loan


Kotak Mahindra Bank personal loan is the best solution to your unplanned financial needs and emergencies. You can get a personal loan from Kotak Mahindra Bank for any purpose including higher education, vacation, wedding, medical emergency etc. A personal loan up to Rs.15 lakh can be availed online with minimal documentation and hassle-free process.   

Kotak Mahindra Bank Personal Loan Eligibility Criteria

 Any Indian residents who have employment with an MNC, public or private limited company with a decent income can apply for a personal loan from Rs. 50,000 up to Rs. 25 lakhs from Kotak Mahindra Bank. An applicant needs to fulfil the basic loan eligibility criteria listed below to avail an instant personal loan from Kotak Mahindra Bank.   

The following table lists the eligibility criteria for Kotak Mahindra personal loan:


  • The minimum age of an applicant should be 21 years at the time of application

  • The maximum age of an individual should be 58 years

Credit score

Applicant needs to have a good credit score to get a personal loan from Kotak Mahindra

Total work experience

Salaried professional employed with an MNC, public or private limited company who has a minimum work experience of at least 1 year

Loan amount

Up to 25 lakhs


Applicant should at least be a graduate 

Loan tenure

12 months to 60 months

Residential status

Indian; must be a resident of the current city for at least one year

Interest rate

Starting from 10.25% p.a.

What are the top factors that affect your Kotak Mahindra Personal Loan Eligibility?

  • Age: Lenders use your age, among other factors, to determine your eligibility for a personal loan. The Age of the applicant should be between 21 years and 58 years to apply for a Kotak Mahindra personal loan. Since young borrowers have much time to earn money and repay the loan, they can more easily qualify for a personal loan than individuals who are in their 50s or approaching retirement.
  • Monthly salary: To apply for a personal loan, you must have a stable job and a good cash flow. Your net salary should be Rs. 20,000 per month to get a Kotak Mahindra personal loan. Your monthly income enables the lender to evaluate how much personal loan you can get at what interest rate. Income requirements may vary from applicant to applicant based on the city of their residence.
  • Credit score: Personal loans are unsecured loans, and a credit score helps lenders to assess your payment behavior. Your credit score shows how responsible you have been in handling your debts. You need to have a good credit score to get a personal loan from Kotak Mahindra Bank. Generally, a credit score of 750 or above is considered perfect for a personal loan.
  • Job and work stability: Lenders also look at your employment status and the organization you work with at the time of assessment of your eligibility for a personal loan. It helps them figure out how capable you are of repaying a personal loan. Generally, salaried individuals should have at least 1 year of work experience and should have worked for at least 1 year in their job to get a Kotak Mahindra personal loan. 

Documents required for Kotak Mahindra Bank Personal Loan

  •  Kotak Mahindra Bank personal loan needs a short and simple documentation process. Borrowers need to provide basic documents to avail a quick personal loan. The following is a checklist of the documents required from personal loan applicants. 
  • Proof of identity: Passport /PAN card /Driving license /Voter’s ID /Aadhaar card
  • Proof of residence: Leave & License Agreement/ Ration card /Utility bill (not more than 3 months old) / Passport - provided the passport has the present address mentioned in the loan application form
  • Credit information: PAN card to check your credit history
  • Income proof: Salary slips for the last 3 months 
  • Salary slips for the past 3 months
  • Bank statement: Bank statement for the last 3 months with income details
  • 2-3 passport size photographs

How to apply for Kotak Mahindra Bank Personal Loan through Afinoz?

Afinoz has designed a short and simple platform for individuals searching for financial products, including personal loan and business loan. You can apply for a personal loan by clicking ‘Apply Now’ button on the personal loan page. Now fill the short and simple personal loan application form to check your eligibility. You will receive personalised offers from multiple lenders, including Kotak Mahindra Bank, based on your eligibility. As per the requirements and offers, you can apply for a personal loan from Kotak Mahindra Bank.

Why is Afinoz?

Afinoz is a one-stop destination for customised rate quotes on loans and investment products in India. The company is owned by DS Finworld Pvt. Ltd. Our objective is to make personal financial decisions easy, seamless and transparent for our customers. We have designed a system that provides comprehensive results and enables customers to compare products simultaneously so that they can access the right product.

You can contact our team to get more information or apply for a loan or investment by calling on +91 120 411 0376 or by emailing at provides solutions that are quick, reliable, transparent, confidential and, above all, free.

➤ FAQs

Ques. Can I change my personal loan instalment date?

Yes, you can reschedule the instalment date between 5th and 10th of every month. However, changing EMI date will carry rescheduling charges and PDC Swap charges plus applicable service tax per instance.

Ques. What is the process for Kotak Mahindra personal loan foreclosure?

No prepayment is allowed for a period of 12 months from the date of the first EMI. After that 30 days prior request for full prepayment compulsory, in writing or via email. You can make the full prepayment via cheque/ DD/ cash in favour of ‘Kotak Mahindra Bank. After the 12 EMIs and 1 month intimation period, the foreclosure charges of 5% + service tax on principal outstanding would be applicable.

Ques. What is the procedure for personal loan part-prepayment?

Kotak Mahindra Bank does not allow part-prepayment on a personal loan.

Ques. How long does Kotak Mahindra Bank take to approve a personal loan?

Once you submit your application form and the required documents online, you can expect approval in a couple of minutes and after document verification, the loan amount is disbursed instantly.

Ques. What is the processing charges on a Kotak Mahindra personal loan?

A processing fee of up to 2.5% of the loan amount + GST and other statutory levies are applicable.