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Kotak Mahindra - Interest rates from 10.99%

Kotak Mahindra offers personal loan interest rates start from 10.99% for all kinds of planned and emergency personal expenses.


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Kotak Mahindra Personal Loan

Kotak Mahindra bank is one of the most trusted financial institutions in the country. Kotak Mahindra offers personal loan to its customers starting from the interest rates of 10.99% offering loans upto 40 Lakhs with a flexible tenure.

Features of Kotak Mahindra Personal Loan

Loans upto 40 Lakhs

Avail loans upto Rs. 40 Lakhs at a tenure of one to six years. 

Quick Processing

Quick, easy and smooth application, approval and disbursal processes

No Collateral Required

Do not need to mortgage any property in order to avail the personal loan

Low interest 

Get personal loans from a low interest rate beginning at 10.99%

Video KYC

Easy documentation with video KYC using Aadhar card, and biometric KYC options

Personalized loan offer upto 5 Lakhs

Get personalized loan of Rs. 5 Lakhs by sharing your financial details & getting your email verified

Debt consolidation

Kotak’s personal loan balance transfer facility can help you with debt consolidation at lower interest rates

Personal loan overdraft

Credit facility that allows you to overdraw your account balance, comes with interest of 13%


Types of Personal Loan,

Based on its end-usage, there are different classifications of Personal Loans:

  • Personal Loan for marriage
  • Personal Loan for Travel
  • Personal Loan for Home renovation
  • Personal Loan for debt consolidation
  • Personal Loan for government employees
  • Personal Loan for Medical Emergency
  • Personal Loan for Students
  • Personal Loan for women

Charges in a Kotak Mahindra personal loan

Interest rates From 10.99%
Loan Processing Charges Upto 3% of Loan amount + taxes
Overdue EMI interest 3% per month on the overdue instalment amount
Foreclosure charges Upto 3 years – 4% + GST on the outstanding amount After 3 years – 2% +  GST on the outstanding amount Foreclosure charges for >10L is Rs. 999 plus taxes
Loan Tenure 12 – 60 months
Bounce/Dishonour charges INR 500 + taxes
Swap charges INR 500 + taxes
Duplicate NOC Upto INR 500 per instance

Eligibility criteria for Kotak Mahindra Personal Loan

To apply for Kotak Mahindra Personal loan, you would need the following:

  • 21 to 60 years old
  • The applicant must either be self-employed or salaried. 
  • Minimum income requirement; Corp Salary  – Rs. 25000, Non-Corp Salary Borrowers – Rs. 30000, Employee of Kotak Mahindra  – Rs. 20000
  • Must have completed graduation
  • Work experience of one year atleast

Documents required for Kotak Mahindra Personal Loan

  • Proof of identity – Aadhaar, Passport, Voter ID, Driving License, Photo PAN Card, Photo Ration Card, etc.
  • Proof of Address – Passport, Utility Bills, Rental Agreement letter, Driving License, Insurance Policy, Ration Card, 
  • Bank statement of the last 3 months that has your income details
  • Salary slip of the last 3 months if you are a salaried employee
  • 2-3 passport sized photographs

Kotak Mahindra Bank Customer Care number

  • Customers can reach their helpline at 1860 266 2666

How to Apply for a Loan at Kotak Mahindra Bank?

Get your loan approved in 4 simple steps,

  • Check if you have a pre-approved loan offer from them or apply through here
  • Visit https://www.fincover.com/banking/loan/personal/ and select Kotak Mahindra Bank
  • Enter all the required information as requested and Submit your personal loan application
  • Check if your personal loan is approved with the reference no provided
  • If approved and verified, the loan will disbursed in few days
Personal Loans by Bank
Personal Loan interest rates are calculated using flat rate or reducing balance method, where in the interest is levied on the principal amount for the total tenure in the former, where as the interest is levied on the outstanding principal after every EMI payment.
Personal loan balance transfer comes at a cost such as processing fees etc. Have a proper understanding of these these extra charges. Also find out if your existing lender has any transfer charges.
If you meet the eligibility criteria, then you can expect the approval of personal loan application in less than 48 hours. Once approved, the funds will be disbursed in few seconds
After three EMIs, you can preclose the loan by making the pending payment. However, foreclosing a loan comes with a charge