Kotak Mahindra Personal Loan Details
Kotak Mahindra Personal Loan, available also as Kotak Digi Loan can be availed swiftly online for planned and unplanned expenses. You can avail of Instant Personal Loans up to Rs 20 Lakh at competitive interest rate starting from 10.30%- 24% p.a for max tenure of up to 5 years. To grant max customer satisfaction, the bank assures 100% digital processing of Kotak Mahindra Personal Loan. Highlights of Kotak Mahindra Personal Loan:
|Loan amount||Rs. 50000 to Rs 20 Lakh|
|Rate of interest||10.30% – 24%|
|Tenure||Up to 5 years|
|Lowest EMI possible||Rs. 2,149 per Lakh|
|Processing fee||Flat Rs.999/- for LIMITED time period*|
Kotak Mahindra Bank provides personal loans at an attractive interest rate starting as low as 10.25% p.a. with loan amounts of up to Rs. 20 lakh. The disbursed loan amount can be used to meet various financial needs including medical expenses, home renovation, vacation, etc. These loans come with flexible repayment tenure and can be availed easily with minimal documentation. The interest rates applicable to a particular applicant tend to vary based on applicant profile including credit score, income, nature of employment, loan amount, etc.
|Kotak Mahindra Bank Personal Loan – Interest Rate & Fees|
|Interest rate||10.25% p.a. onwards|
|Loan Amount||From Rs. 50,000 – Rs. 25,00,000|
|Eligible Applicant Category||Salaried Individuals|
|Eligible Applicant Age||Min. 21 years and Max. 62 years|
|Eligible Income||Min. Rs. 20,000 p.m. (Net)|
|Processing Fees||Up to 2.5% of loan amount + GST and other statutory charges|
|Loan Tenure||Up to 60 months|
|Personal Loan Types||Marriage Loan, Travel Loan, Medical Emergency Loan, Home Renovation Loan, etc.|
Kotak Mahindra Personal Loan Features
Let’s roll out top features of Kotak Mahindra Personal Loan and what should you expect when applying for Kotak Mahindra Loan.
- 100% Digital Loan: Kotak Mahindra Personal Loan can be instantly applied digitally. It is 100% paperless and contactless loan product that can be processed online. If you need a kotak personal loan apply online.
- Loan Amount: You can apply for Kotak Mahindra Personal Loan up to Rs 20 Lakh as per your requirement for a variety of needs including and not limited to Wedding/ Celebrations, Travel, Education or any unprecedented shortfalls or emergencies.
- Tenure: Kotak Mahindra Bank Personal Loan is a customer-friendly and flexible loan offering and you can choose the tenure up to 5 years according to your requirements and repayment capacity.
- Interest Rate: Kotak Mahindra Personal Loan Interest Rates start from 10.30%- 24% p.a. which is the best in the industry.
- Unsecured Loan: The Unsecured Loan means that it has no Loan Security, Guarantor or Collateral is required for Kotak Mahindra Personal Loan.
- Paperless Process: Taking a step ahead of competition, KMB ensures paperless loan application for the customers. Apply online and upload documents for swift processing.
- Foreclosure Charges: After 12 months of successful repayment of Kotak Personal Loan, Foreclosure is allowed. However, foreclosure of Kotak Mahindra Personal Loan, will attract 5% of outstanding principal + GST after 12 months of loan completion. After 24 months, or after second year, it will attract 4%+ GST, and after 36 months or third year 3% + GST will be levied.
- Processing Fee: The processing fee on Personal Loan is Flat Rs.999/- for LIMITED time period.
Kotak Mahindra Personal Loan Benefits
Multiple Purpose Loan: Kotak Mahindra Personal Loan is available for an array of customer needs. The loan can be applied for wedding, travel, education, home renovation, business, insurance, medical or any other financial needs.
Easy-to-meet Eligibility: Kotak Unsecured Loans are available for Rs 50000 to Rs 20 Lakh. Applicants with modest monthly salary of Rs 20000 can apply for Personal Loan. Some other factors that will lead to loan eligibility include CIBIL Score, Income, Age, Employer’s reputation and Work Experience.
Swift Processing: Kotak Mahindra Personal Loans can be processed within 3 seconds of submitting the form. It may take a couple of days for disbursal after sanction of the loan.
Top Up: You can avail of Top Up Personal Loan on Kotak Mahindra after 9 months of sanction date. The approval for Top Up however would depend on customer risk and bank’s credit & lending policy.
Part Pre-payment: Kotak Bank allows conditional part prepayment of the loan.
Documentation: Kotak Mahindra Personal Loan can be applied peerlessly by uploading documents online.
Kotak Mahindra Personal Loan Eligibility
The Kotak Mahindra Bank Personal Loan Eligibility Criteria can be meet easily. Different types of customers including Salaried, Self Employed & working professionals can apply.
- Age: 21 to 58 years
- Minimum Fixed Monthly Income: Rs. 20,000 for Kotak employees and Rs. 25,000 for corporate salary account holders with Kotak.
- Minimum qualification: Graduation or equivalent.
- Minimum experience: At least 1 year.
- CIBIL score: Above 750
Residence: The applicant should be an active resident for at least 1 year in any of the cities: Mumbai, New Delhi, Bangalore, Chennai, Kolkata, Hyderabad, Pune, Ahmedabad, Noida, Gurgaon, Faridabad, Ghaziabad, Jaipur, Chandigarh and Kochi.
Documents Required for Kotak Mahindra Personal Loan
- Application form- duly filled
- 2-3 passport size photos
- Identity Proof (any one): Aadhar Card/ PAN/ Voter’s ID/ Passport/ Driving License
- Address Proof (any one): Passport/ Driving License / Utility Bills like Electricity Bill / Ration Card.
- Income proof for salaried individuals:
- Bank Statements for last 3 months
- Salary Slips for last 3 months
- Income proof for self-employed/business owners:
- Tax Registration/ Company Registration License/ Shop Establishment Proof
- Savings & Current Bank Account Statements for last one year
- Income Tax Returns for last financial year
Comparison between Kotak Mahindra Bank and other Banks
|Banks/NBFCs||Interest Rates (per annum)|
|Kotak Mahindra Bank||10.25% onwards|
|SBI||9.60% – 13.85%|
|HDFC Bank||10.25% – 21%|
|PNB||7.90% – 14.50%|
|ICICI Bank||10.25% onwards|
|Axis Bank||10.25% onwards|
|IndusInd Bank||10.49% onwards|
|IDFC First Bank||10.49% – 23%|
|Bajaj Finserv||13.00% onwards|
|Tata Capital||10.99% onwards|
Kotak Mahindra Bank Personal loan Processing Fees:
|Loan Processing Charges||Up to 2.50% of the loan amount+ GST and other applicable statutory levies|
|Stamping Charges||Applicable as per the respective State’s Stamp Act|
|Credit Appraisal Charges||Up to 5% of the loan principal, not exceeding Rs. 7500 (inclusive of GST )|
|Overdue Interest||3% p.m. compounded monthly on the overdue amount from the due date till completion of payment|
|Collection Charges||30% of cheque / instrument dishonour charges (GST included) + overdue interest|
|Dishonour Charges each Instance||Rs. 750 per instance (inclusive of GST and other applicable statutory levies)|
|Swap Charges( Replacement of PDCs)||Up to Rs. 500 per instance + GST and other applicable statutory levies|
|Prepayment Interest / Foreclosure Charges||Lock-in period for 12 months. After 12 months, up to 5% foreclosure charges + GST on principal outstanding|
|Duplicate Issue of NOC||Rs. 500 + GST and other applicable statutory levies per instance|
|No Dues Certificate||Rs. 500 + GST and other applicable statutory levies per instance|
|Charges for furnishing a copy of the credit information report (CIBIL) to the applicant.||Rs. 50 + GST and other applicable statutory levies per instance|
|Charges applicable in case customer requests for copies of records pertaining to his transactions ( SOA / Amortization Schedule)||Once yearly without any charge. Post that Rs. 250 per request+ GST and other applicable statutory levies|
Kotak Mahindra Personal loan EMI calculator
How to Calculate Kotak Mahindra Personal Loan EMI?
Using Kotak Mahindra Personal Loan EMI Calculator you can assess EMI by filling in loan amount, interest rate, and tenure within a few seconds. Using different combinations, you can calculate: 1) Loan EMI, 2) Total Interest Payable, 3) Total Payments (Principal + Interest). You can also use MyMoneyMantra Personal Loan EMI Calculator for these results. It will also share amortization schedule for the loan.
How to use EMI Calculator, let’s understand with an example:
Click on Personal Loan EMI Calculator. Fill parameter for Loan Amount, Tenure- ranging from 12 months to 60 months or 1 to 5 year, and interest rate
Loan amount: Rs. 5 Lakh
Tenure: 5 years
Interest Rate: 10.50% p.a.
As you submit the above information, the calculator will give results as:
EMI to be paid each month: Rs. 10, 747
Total interest outgo: Rs. 1,44, 817
Total amount to be paid: Rs. 6,44,817
You will also get the detailed amortization schedule along the calculation break-up & graphical representation of the same.
What are the Factors that affect Interest Rates?
Given below are some key factors which affect Kotak Mahindra Bank personal loan interest rate:
1. Credit score: It is a 3-digit number representing the summary of a person’s credit history. It helps lenders assess a person’s creditworthiness and repayment behaviour. A good credit score not only increases the chances of your loan application being approved but may also often result in the applicant being charged a lower rate of interest on personal loans
2. Employment details: Applicants having a steady job, stable history of employment and those working with reputed organizations may be charged a lower rate of interest on personal loans as compared to other applicants
3. Level of income: The interest charged by the lender is also influenced by the income level of the applicant. Usually, a lower rate of interest is charged on personal loans from applicants with higher incomes as they tend to have better repayment capacity and pose a relatively lower risk to the lender. However, a higher rate of interest may be charged from applicants with lower annual income
4. Existing relationship with the lender: Having a good pre-existing relationship with the lender with whom you are applying for a loan may help you secure a lower rate of interest on your personal loan.
Kotak Mahindra Bank Personal Loan online
- Minimal paperwork
- Competitive interest rates and convenient repayment options
- Hassle-free and quick loan disbursal
|Interest Rate||EMI||Foreclosure/Prepayment Charges||Repayment|
|10.75% onwards||Rs.2,162||Effective 1st Aug 2021, below foreclosure charges, will be applicable to all personal loan customers:– 0 to 12 Months : Lock-in Period – 1 to 3 years : 4% + GST on principal outstanding– 3 years onwards: 2% + GST on principal outstanding|
Kotak Mahindra personal loan balance transfer
If you have an existing loan which you wish to repay, you can do it so by transferring it from one bank to another so that you can avail better terms including lower interest rates. This facility also helps in reducing your debt burden.
Kotak Mahindra Bank Personal loan FAQs
Q. How does interest rate on a Kotak Mahindra Bank personal loan vary?
Kotak Mahindra Bank personal loan interest rate starts at 10.25% p.a. Specific interest rates applicable to an applicant may however vary with the applicant’s income, credit score, loan amount, loan tenure desired, etc.
Q. Is Kotak Mahindra Bank personal loan interest rate fixed or floating in nature?
Kotak Mahindra Bank offers personal loans at a fixed rate of interest. At present, no floating interest rate personal loans are offered by Kotak Mahindra Bank.
Q. Can a higher income help me avail a lower rate of interest on my Kotak Mahindra Bank personal loan?
Higher income generally indicates greater financial stability and better repayment capacity which lowers the risk of defaulting on repayments and may help you avail a lower rate of interest on your Kotak Mahindra Bank personal loan.
Q. How does GST impact personal loan interest rates ?
Personal loan interest rates are not affected by GST. However, an 18% GST is now applicable on charges such as processing fee and prepayment penalty.