Kotak Mahindra Bank Personal Loan Interest Rate 2021

Kotak Mahindra Bank, an Indian private sector bank headquartered in Mumbai, Maharashtra, has carved out a distinct niche for itself in the industry. With its numerous financial items, such as Personal Loan, the bank is best known for meeting the diverse needs of its customers. Kotak Mahindra Bank Personal Loan is currently providing 10.99% to 20.99% of interest rate per annum. 

Kotak Mahindra Bank Personal Loan Interest rate  

Here are some mentioned lists of Kotak Mahindra Bank Personal Loan Interest rate and other charges that are required for the applicants:  

  • Processing Fee- Up to 2.5 percent + GST  
  • Interest Rate 10.50% up to 16.99% p.a. 
  • Tenure of the Loan– 1 year to 5 years 
  • The loan amount ranges from Rs.50,000 to Rs.15 lakh. 
  • Income / SalaryThe monthly income of Rs.20,000 is required for availing of the loan. 
  • Individual Credit Score 750  
  • Employment Status should be salaried  
  • The cheapest EMI per lakh is Rs.2,187. 
  • Charges for prepayment/foreclosure there is a monthly interest rate of 3% on the amount due. 
  • Overdue EMI: 5% of outstanding principal + GST. 

Kotak Mahindra Personal Loan Eligibility Criteria  

The listed below is the table of Kotak Mahindra Bank personal loan eligibility criteria which is required for availing the loan: 

Age criteria   Minimum of 23 years (listed companies), 24 years (non-listed companies).
Maximum of 58 years, 60 years (with proof of retirement). 
No. of years working in current company  2 years & above 
Current Experience of working   1 year & above 
Net Monthly Income should be   Rs. 25,000 & above (listed companies)
Rs. 40,000 & above (non-listed companies). 


Loan Amount of Kotak Mahindra Bank  
Minimum Funding should be  Rs. 50,000/- 
Maximum Funding should be   Rs. 20,00,000 for listed companies
Rs. 10,00,000 for non-listed companies 


Loan Tenure for Kotak Mahindra Bank 
Minimum Tenure  yr 
Maximum Tenure  yrs 


Turn Around Time of Kotak Bank Personal Loan 
Salary should be minimum of Rs. 75,000  2 working days i.e. (48 hours) 
Salary should be maximum of Rs. 75,000  7 working days 


Processing Fee of Kotak Mahindra Bank Personal Loan 
Processing fee  For Rs.1999 @ 2% 


Prepayment Charges of Kotak Mahindra Bank Personal Loan 
Foreclosure Charges  It is zero for Loan Amount above 10 Lakhs else 5% 


Salary available for EMI payment   
For more than Rs. 25,000 p.m  50% of salary is considered for EMI payment  

Documents required for Kotak Mahindra Bank Personal Loan  

  • Identity Verification Proof: Passport/license/PAN driver’s card/photo credit card (with embossed signature and two months’ worth of statements)/banker’s signature verification 
  • Age Proof: PAN Card/ Passport/ Driving School Graduation Certificate/ Voter’s Card/ Birth Certificate/ LIC Policy as proof of age (only for age Proof). 
  • Proof of Address: Passport, telephone bill (BSNL/MTNL), electricity bill, land title deed, rental agreement, driver’s license, election ID card, and photo-credit card (with last two month statements) 
  • Proof of Income: With the most recent form 16 and the most recent payslip/current dated salary certificate
  • 16 Proof of Job Continuity/Relieving Letter/Appointment Letter (for last two months). 
  • Bank statements from the previous two months/three months’ bank passbook.  

Factors affecting Kotak Mahindra Bank Personal Loan interest rates  

  • Repayment period – The longer the repayment period, the higher the interest rate set for the loan. 
  • A credit score of the applicant – Kotak Mahindra Bank considers the individual’s repayment history, which is expressed in his or her credit score. Due to the risk involved, the bank can charge a higher interest rate if the individual’s credit score is low. 
  • Individual income – With a minimum requirement of Rs.20,000 to be qualified for a personal loan from Kotak Mahindra Bank, the individual’s income plays a significant role in the interest rate provided by the bank. In general, the higher the interest rate set by the lender, the lower the individual’s income. 
  • Relationship with Kotak Mahindra Bank – If the applicant has a long-standing relationship with the bank, the bank will be able to give him or her a lower interest rate. 

Kotak Mahindra Bank Personal Loan Contact Number  

You can reach Kotak Mahindra Bank’s team by dialing 1860 266 2666 from your mobile or landline. These experts provide you with proper support and advice due to their friendly disposition and experience. They are always available to address any issues, questions, or grievances you may have and to ensure that you have a stress-free personal loan experience. 

Kotak Mahindra Bank Personal Loan CIBIL Score  

If you want to take out a personal loan from Kotak, you must have a strong CIBIL score. However, the minimum score needed varies by bank, but a score of 700 or higher out of 900 is usually considered sufficient for obtaining the best price. As a result, it is always advisable to maintain a good credit score in order to have a pleasant ride. 


With the above information on Personal Loan, you can check out the list of eligibility calculatorsinterest ratesand other details for the same. If you need to get more details, you can also contact the customer service of Kotak Mahindra Bank or avail of the loan through Afinoz