Why Should I Get a Personal Loan From Kotak Mahindra Bank?

Kotak Mahindra Bank is one of the finest lenders for a personal loan. The bank offers a personal loan to help customers meet their unforeseen expenses.  With Kotak Mahindra Bank, you can get a personal loan when you experience difficulty in arranging cash for several purposes, 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.

Why should you get a personal loan from Kotak Mahindra Bank?

  • Maximum personal loan: Get a personal loan from Rs. 50,000 up to Rs. 15 lakhs.
  • Multipurpose loan: Kotak Mahindra Bank offers a personal loan for a variety of reasons; you can use it for wedding, dream vacation, medical expenses, home renovation and higher education.    
  • Efficient customer services: The bank offers one of the best customer care services to ensure its customers have a hassle-free experience in getting a personal loan. 
  • Attractive interest rate: Kotak Mahindra Bank personal loan interest rate is one of the lowest in the market starting from 10.99% p.a.
  • Hassle-free documentation: Kotak Mahindra Bank personal loans are available online with minimal documentation without visiting the bank.

Kotak Mahindra Bank personal loan interest rate

Fixed interest rate10.99% p.a. onwards
Processing feeUp to 2.5% of the loan amount+ GST 
Documentation chargeNil
Dishonour chargeRs. 750 per instance (inclusive of GST and other applicable statutory levies)
Prepayment Interest / Foreclosure ChargesPrepayment or foreclosure is not allowed for the first 12 months. After 12 months, 5% foreclosure charges + GST on principal outstanding
Loan amountUp to Rs. 15 lakh
Loan tenure12 months to 60 months

Kotak Mahindra Bank personal loan eligibility criteria

 Any Indian resident who is working with an MNC, public or private limited company with a decent income for past 1 year can apply for a personal loan from Kotak Mahindra Bank. They need to meet some basic eligibility criteria listed below to avail a personal loan from Kotak Mahindra Bank.   

  • He should be an Indian; must be a resident of the current city for at least one year. 
  • Anyone aged between 21 years to 58 years can apply for a personal loan. 
  • The applicant needs to have a good credit score to get a personal loan from Kotak Mahindra Bank.
  • The applicant should have at least a graduate degree. 

Documents required for Kotak Mahindra Bank personal loan

The documentation process is very simple and short at Kotak Mahindra Bank. You will need to provide basic documents to get a personal loan. Below is a checklist of the documents required to get a personal loan from Kotak Mahindra Bank. 

  • 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 repay Kotak Mahindra Bank personal loan?

With Kotak Mahindra Bank, you can get a personal loan with a convenient option of paying back the loan over a period of fixed term. You can repay the loan in feasible EMIs over the loan tenure ranging from 12 months to 60 months. The shorter tenure higher will be the amount you need to pay as an EMI every month. 

You can use a personal loan EMI calculator to find out how much amount you would be paying. Using an EMI calculator is a very easy and fast experience. You need to type the following inputs to get the result. 

  • Principal loan amount
  • Interest rate
  • Loan tenure

Once you type these figures, the result (EMI) will be shown in seconds. 

Can I foreclose or prepay Kotak Mahindra Bank personal loan?

There is a lock-period of 12 months. You are not allowed to prepay a personal loan for a period of 12 months from the date of your first EMI. You need to intimate the bank a month in advance about the foreclosure. After 12 months plus 1-month intimation in advance, a foreclosure charge of 5% on the principal outstanding + GST would be applicable.  

Following is the procedure of foreclosing/ prepaying a Kotak Mahindra Bank personal loan:

  • You need to inform the bank in writing about your plan for foreclosure.
  • After the completion of intimation period, you will receive the foreclosure statement from the bank. 
  • After the foreclosure intimation period is over, you can make the foreclosure payment through cheque/ DD/ cash in favour of ‘Kotak Mahindra Bank’. 
  • You will need to submit a full prepayment cheque at the bank branch at least 7 working days before the next EMI due date. 
  • Once your foreclosure cheque is cleared, your loan closure will be entered in the bank’s records.
  • After that, Kotak Mahindra Bank will send the NOC (No Objection Certificate) to your correspondence address within 15 working days after the closure of your loan account. 

Attractive interest rate, nominal processing fee and other charges make a Kotak Mahindra personal loan a must-have in financial exigencies. Don’t forget to use the personal loan EMI calculator to arrive at a feasible EMI. 

Read More: Apply for IIFL Bank Personal Loan, Get Loan Approval Instantly