Kotak Mahindra Personal loan Eligibility Calculator
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Eligibility Criteria for Kotak Mahindra Personal Loans in 2025
| Eligibility Criteria | Details/Requirements |
|---|---|
| Age | Minimum: 21 years, Maximum: 60 years |
| Employment Type | Salaried individuals |
| Minimum Income | ₹25,000/month for Kotak Salary Account holders; ₹30,000/month for non-Kotak holders |
| Employment Stability | Minimum 1 year of continuous employment with the current employer |
| Credit Score | Typically above 750 |
| Loan Amount | Up to ₹40 Lakhs |
| Interest Rates | Starting from 10.99% |
| Loan Tenure | 12 to 72 months |
| Existing Relationship | Existing customers may get preferential terms |
| Documents Required | ID proof, address proof, income proof, bank statements, and passport-size photographs |
| Processing Fee | Up to 3% of the sanctioned loan amount + applicable taxes |
| Guarantor/Co-applicant | May be required in some cases |
Factors Affecting Personal Loan Eligibility at Kotak Mahindra Bank
Several factors influence your loan eligibility at Kotak Mahindra Bank:
Credit Score
A score above 750 significantly improves approval chances.Age of the Applicant
Must be between 21 and 60 years as per the bank’s policy.Employment Type and Stability
Salaried applicants must have at least 1 year with the current employer.Monthly Income
Higher income improves your eligibility and loan amount.Existing Relationship with the Bank
Holding a Kotak savings or FD account may lead to better terms.Loan Amount and Tenure
Your ability to service the EMI based on income and tenure is evaluated.Personal Loan Overdraft Facility at Kotak Mahindra Bank Kotak Mahindra Bank offers a Personal Loan Overdraft Facility, allowing eligible customers to overdraw from their accounts to meet urgent financial needs.
| Charges Specific to Overdraft Facility | Details |
|---|---|
| Interest Rate | From 13.5% onwards |
| Processing Fee (PF) | Up to 3% |
| Overdue Interest | 3% per month, compounded annually |
| Overline Interest | 18% p.a., compounded annually |
| Lock-in Period | 12 months |
| Foreclosure Charges | Nil after lock-in period |
| Foreclosure (Before Lock-in) | 4.5% + GST |