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Since the inception of the erstwhile Kotak Mahindra Finance Limited in 1985, there is no doubt on the fact that Kotak Mahindra is one of the biggest players in the financial market. Yes, by offering a wide range of services to all the esteemed customers in various sectors like banking, mutual fund, life insurance, stock broking and many more, Kotak Mahindra bank leaves no stone unturned in order to fulfill the varied needs of all. In fact, the bank has also come up with a special scheme of 0% processing fee for the month of August.
When it comes to fulfilling the varied needs, this bank is here with its best of personal loans. Yes, with having 1,214 branches and 1,794 ATMs widespread across the country, this bank is ensuring to serve all the customers by fulfilling their personal needs. No matter what your personal financial needs are, Kotak Mahindra bank is always here for you.
Kotak Mahindra Bank Personal Loan Interest Rates January 2022
Kotak Mahindra Bank personal loan can easily be availed at an interest rate of 10.25% Onwards per annum. You can get a loan from the bank by paying this interest rate, hence can fulfil your dreams. The process to avail the loan is very easy and simple, you can either apply online or visit the branch for the same.
|Interest Rates||10.25% Onwards|
|Loan Amount||INR 50,000 - INR 20 Lakhs|
|Processing Fee||0.99% - 2.25% of the loan amount + GST|
Kotak Mahindra Bank Personal Loan Special Offer
Kotak Mahindra Bank Personal Loan Interest Rates will be 10.25%* per annum for people whose loan files come for login on April 19-20, 2021.
Interest Rates for People with NTH >50K, CAT A & B
|Loan Quantum (In INR)||Processing Fee Offer (In INR)|
|0-5 Lakh||3,999 + GST|
|5-10 Lakh||4,999 + GST|
|Silk Loans for Women Applicants||999 + GST (Applicable to all categories and income groups)|
Kotak Mahindra Bank Personal Loan EMI Calculator
The Equated Monthly Installment (EMI) is the sum of the interest as well as principal which is payable every month for a personal loan. So now, you must be thinking how Kotak Mahindra Bank will be going to calculate your personal loan EMI. Well, as far as EMI is concerned, it gets calculated in a very hassle-free manner. Moreover, the EMI Calculator of Kotak Mahindra Bank actually takes into account the loan amount, rate of interest as well as the tenure of the loan, to calculate the EMI.
Furthermore, the first and foremost thing that the calculator does is to compute the interest component and then the principal amount that you will have to pay on your personal loan.
Try to understand this thing, with an example listed below:
Example: If you want to avail a loan of INR 3,00,000 from Kotak Mahindra Bank for 5 years, you will be charged with an interest rate of 10.75% p.a. What will be the EMI, total interest outgo, and last but not the least, the total payable from your pocket at the end of your loan tenure? Know the same with the help of the table below.
Well, for your better understanding, you can see the table below by which you can know your EMI, interest and total amount payable with different tenures on the same loan amount.
Table Showing EMI, Interest Outgo, and Total Repayment Amount
|Loan Amount||Interest Rate||Tenure||Monthly Instalment||Total Interest Amount||Total Amount|
|₹ 3,00,000||10.75%||1||₹ 26,480||₹ 17,754||₹ 3,17,754|
|₹ 3,00,000||10.75%||2||₹ 13,948||₹ 34,741||₹ 3,34,741|
|₹ 3,00,000||10.75%||3||₹ 9786||₹ 52,301||₹ 3,52,301|
|₹ 3,00,000||10.75%||4||₹ 7717||₹ 70,430||₹ 3,70,430|
|₹ 3,00,000||10.75%||5||₹ 6485||₹ 89,123||₹ 3,89,123|
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
|1||₹ 47,888||₹ 29,936||₹ 2,52,111|
|2||₹ 53,297||₹ 24,527||₹ 1,98,813|
|3||₹ 59,318||₹ 18,506||₹ 1,39,495|
|4||₹ 66,018||₹ 11,806||₹ 73,476|
|5||₹ 73,533||₹ 4348||₹ 0|
Kotak Mahindra Bank Personal Loan Eligibility Criteria
To avail the personal loan from Kotak Mahindra Bank, you need to fit into the eligibility criteria. Yes, before offering you a personal loan, the bank will consider your eligibility first. And, if your profile matches with their criteria, there is no one stopping you from availing the loan. To know your eligibility, the bank will consider your age, income, total work experience, qualification and so on. So, if you are a salaried person who is in urgent need of cash, check your personal loan eligibility below.
|Age of applicant||21 years - 58 years|
|Years in city||Minimum 1 year|
|Current work Experience||Minimum 6 months|
|Minimum Net monthly income||INR 40,000|
|Minimum educational qualification||Graduate|
|Excluded Sectors||Construction and Real Estate, Airlines and Hotels, Transport and Logistics, Auto & Auto Ancillaries, Textiles, Media, Entertainment, Service Industries, NBFC employees, Consumer Discretionary|
Age-wise Minimum Income Criteria
|Age||Minimum Income Required|
|<30 Years||INR 40,000|
|<35 Years||INR 50,000|
|<40 Years||INR 70,000|
|>=40 Years||INR 1,00,000|
Few Important Notes to be Kept in Mind
- Bachelor accommodation will not be considered for assessing the personal loan eligibility
- The bank will not consider rental income for FOIR calculation
Now let us understand the loan amount eligibility considering the example shown below.
Example – You are working in a multinational company and getting a salary of INR 90,000 per month. So after cutting all your monthly expenses, you would be saving around 40%-50% of your income every month. Suppose, if you are able to save around 50% of your monthly income, you must be wondering about your personal loan eligibility.
Well, the bank will assume that you will save around INR 45,000 per month out of your monthly income of INR 90,000. Thus, you can effectively use your savings to repay your personal loan EMI. The below calculation will give you a fair idea of the loan amount you could possibly get.
Amount- INR 2 Lakh
Loan Tenure – 4 years
Rate of Interest – 11.5% – 24%
Your monthly EMI will be INR 5,218 – INR 6,520
So your calculation for a personal loan would be
INR 2 lakh x 45000/5218 = INR 17.45 lakhs
INR 2 lakh x 45000/6520 = INR 13.80 lakhs
So, your personal loan amount eligibility will range from INR 13.80 lakhs – INR 17.45 lakhs
Next, thing on which you need to pay attention is the documentation required to get the personal loan in this bank.
|Signed application form with recent passport size photographs||Signed application form with recent passport size photographs|
|Age Proof-Passport Copy/PAN Card/ Voter ID card, Photo Driving License with birth date (laminated, recent, legible)/Photo ration card with DOB/Employer certificate/ID/School/College Leaving Certificate||Age Proof-Passport Copy/PAN Card/ Voter ID card, Photo Driving License with birth date (laminated, recent, legible)/Photo ration card with DOB/Employer certificate/ID/School/College Leaving Certificate|
|Identity Proof-Passport/PAN Card/Voter ID Card/Driving License/Overseas Citizen of India card||Identity Proof-Passport/PAN Card/Voter ID Card/Driving License/Overseas Citizen of India card|
|AddressProof-RationCard/Driving License/VoterID Card/Passport/Telephone Bill/Electricity Bill/Overseas Citizen of India Card/Latest IT Return/Original Letter from Company||AddressProof- RationCard/Driving License/VoterIDCard/Passport/TelephoneBill/ ElectricityBill/ Overseas Citizen of India Card/Latest IT Return/Original Letter from Company|
|Income Proof-Salary slip of last 3-6 months, ITR or Form 16, 6 month bank statement||Income Proof-IT returns for the last 2 years along with audited balance sheet, P&L account statement for 2 years|
|Signature Verification Proof-Driving License/Passport copy/PAN Card/Banker’s attestation of Bank Account Statement||Signature Verification Proof-Driving License/Passport copy/PAN Card/ Banker’s attestation of Bank Account Statement|
|Ownership Proof: Electricity Bill/ Water Bill/ Sales Deed/ Receipt of Tax paid||Ownership Proof: Electricity Bill/ Water Bill/ Sales Deed/ Receipt of Tax paid|
Kotak Mahindra Bank Personal Loan Online Apply
You can easily apply for Kotak Personal Loan online. The process is simple. Get a Personal loan online with Kotak in 3 easy steps.
Step 1: Provide your basic details to help the Bank in knowing you better
Step 2: Determine your eligibility to get a Personal Loan from Kotak
Step 3: Provide a set of required documents such as your residential proof, income and employment details etc. and within just a few minutes the bank will receive your loan application.
Avail quality service and instant personal loan from Kotak Mahindra Bank and meet your financial requirements without any bottlenecks.
Kotak Mahindra Bank Personal Loan CIBIL Score
To avail a personal loan from Kotak Mahindra Bank, you need to have a good CIBIL score. Yes, your three-digit numeric summary is something on which lenders always keep an eye on. So, make sure that you have a score of 700 or above out of 900 to enjoy a hassle-free journey. With the help of this score, it would be easy for you to grab the best deal. And, to keep on getting the best deals, it’s important that you maintain a good credit score by keeping certain things in mind such as paying bills on time, etc.
Kotak Mahindra Bank Personal Loan Preclosure Charges
If you are someone who wants to pre-close his/her personal loan, it is important for you to know that there are certain charges you need to bear. Yes, Kotak Mahindra Bank does allow you to pre-close the loan before the said tenure but there are certain charges you have to face. Talking about the charges, they include-5% of the principal outstanding+GST. Well, which means at the time of pre-closing the loan you have to face the same charges. So, be prepared for the same.
Kotak Mahindra Bank Personal Loan Online Payment
If you want to make the payment of your Kotak Mahindra Bank personal loan, you would be glad to know that you can easily do the same via online facility. Yes, you can make the payment online so that your loan can easily be repaid. Talking about an online payment, it includes ECS facility, wherein the required personal loan EMI amount can automatically be debited from your account. Yes, with the help of this facility, the required personal loan amount will be debited hence the borrower doesn’t need to bother at all as far as payment is concerned.
Kotak Mahindra Bank Personal Loan Application Form
You can either visit the branch or ATM of Kotak Mahindra Bank or go online to submit your personal loan application. But make sure to fill the application form correctly before submitting the same. After submitting the application, the bank will also scrutinize the details of your income, official as well as residential addresses, etc. And, the best part is that the loan can be disbursed to you within a week or so, depending upon your profile.
Kotak Mahindra Bank Personal Loan Application Status
You can easily check the status of your personal loan application by visiting the branch near you. Just give your details, and the executives will tell you the status of your loan application. This way it becomes easy for you to keep an eye on your loan application status.
Kotak Mahindra Bank Personal Loan Statement
If you don’t know how much EMIs are still pending on your existing personal loan, check the same through a personal loan statement. That’s Right! Kotak Mahindra Bank ensures that you never miss on your monthly installments by sending you a monthly statement on your registered email ID. And by looking at it, you can check all your loan related activities.
Kotak Mahindra Bank Contact Number
Kotak Mahindra Bank with its best and experienced customer care executives are always there to solve all your queries related to your personal loan. You can call or get in touch with these executives to solve your queries. These executives are available 24×7 on this toll-free number: 1860 266 2666.
Factors Affecting Personal Loan Eligibility
First and foremost thing that comes is the personal loan eligibility, which is based on factors such as
- Monthly Income
- Monthly Expenses
- Any Other Loan
- Credit History
- Job Stability
- Relationship with the Bank
- Category of Your Employer
Features and Benefits
- Attractive interest rates
- Flexible repayment options
- Bank Doorstep Service
- Gain quick approval on loans
- Minimal paperwork and hassle-free processing
- No security or collateral required
With Kotak Mahindra Bank personal loan you can fulfil your needs . You can have a grand wedding planned without taking any stress and draining out your savings, you can plan your dream holiday to exotic places, manage unforeseen medical emergencies, can repair, renovate and upgrade your home to a dream home, etc. From planning a big event to facing an unexpected expense, Kotak Mahindra bank personal loan is the solution to all. Available from your comfort of home or office making sure you have seamless experience.