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Kotak Mahindra Personal loan Eligibility Calculator

Kotak Mahindra Bank invites you to turn your dreams into reality with their unique hassle-free personal loans. Know the eligibility of personal loan

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Eligibility Criteria for Kotak Mahindra Personal Loans in 2024

Eligibility CriteriaDetails/Requirements
AgeMinimum age: 21 years, Maximum age: 60 years
Employment TypeSalaried individuals
Minimum IncomeSalaried: Monthly income of at least Rs. 25,000 for Kotak Bank Salary Account holder; Monthly income of at least Rs. 30,000 for Non Kotak Bank Salary Account holder;
Employment StabilitySalaried: Minimum 1 year of continuous employment with the current employer
Credit ScoreA good credit score, typically above 750
Loan AmountUp to Rs. 40 Lakhs
Interest ratesFrom 10.99%
Loan TenureMinimum tenure: 12 months; Maximum tenure: 72 months
Existing RelationshipExisting Kotak Mahindra customers may receive preferential terms
Documents RequiredID proof, address proof, income proof, bank statements, and passport-size photographs
Processing FeeUp to 3% of the final loan amount plus applicable taxes
Guarantor/Co-applicantCo-applicant may be required in some cases

Factors affecting Personal Loan eligibility at Kotak Mahindra Bank

Several factors influence Kotak Mahindra Bank personal loan eligibility. Understanding these factors can help individuals assess their qualification and take steps to improve their eligibility. Here are key factors that affect Kotak Mahindra Bank personal loan eligibility:

Credit Score

Kotak Mahindra Bank considers the credit score of an individual as a significant factor. A higher credit score, typically above 750, enhances the chances of loan approval.

Age of the Applicant

The minimum and maximum age criteria set by the bank play a crucial role. Usually, applicants should be at least 21 years old and not exceed 60 years, depending on the bank’s policy.

Employment Type and Stability

The stability of employment is vital. Salaried individuals are typically required to have minimum employment tenure of 1 year in the current company in order to be considered eligible

Monthly Income

Kotak Mahindra Bank sets a minimum monthly income requirement for both salaried and self-employed applicants. A higher income increases the eligibility for a larger loan amount.

Existing Relationship with Kotak Mahindra Bank

Having an existing relationship, such as holding a savings account or fixed deposit, may positively influence loan eligibility. The bank may offer preferential terms to existing customers.

Loan Amount and Tenure

The desired loan amount and tenure influence eligibility. The bank assesses whether the applicant’s income is sufficient to repay the proposed EMI for the entirety of the tenure

Personal Loan Overdraft Facility at Kotak Mahindra Bank

Personal Loan overdraft facility is offered to Kotak Mahindra Customers which allows you to overdraw your account balance to meet your urgent financial needs. The loan is allowed up to a specific limit

Charges specific to Overdraft Facility
Interest rateFrom 13.5% onwards
PFUpto 3%
Overdue interest3% p.m. compounded annually
Overline Interest18% PA compounded annually
Lockin Period12 Months
Foreclosure ChargesNil (After lockin period)
Foreclosure charges (Prior to lockin period)4.5% + GST
FAQs
Kotak Mahindra requires you to pay a processing fee when you apply for a loan.
Kotak Mahindra may offer solutions such as moratorium or deferment based on individual circumstances. It's advised to discuss this with the bank.
Yes, you can make part-pre payments towards your kotak Mahindra personal loan. Post completion of 12 months -Part-Prepayment is allowed up to 20% of Principal loan outstanding. For making a part payment, a charge of INR 500 plus taxes would be levied
The Personal Loan interest rate is calculated based on the outstanding amount of the loan amount. Pre-closure fee is charged on the outstanding fee at the date of foreclosure
No, the processing fee of Kotak Mahindra Loan is not refundable after disbursal
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