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Kotak Mahindra Bank Personal Loan Interest Rates

Interest Rate Comparison Tool

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Highlights

  • Apply for a loan in Kotak at an interest rate of 10.99%
  • With the lowest interest rates enjoy the pocket-friendly EMIs

In this page, you'll discover the exceptional flexibility and convenience offered by Kotak Personal Loans, which provide amounts of up to ₹40 lakhs with interest rates starting at 10.99% per annum. Renowned for its diverse financial products, Kotak Bank is well-regarded for meeting the varied needs of its customers through offerings like Personal Loans.

Kotak Mahindra Bank Personal Loan Interest Rate Details 2024

With Kotak Mahindra Bank enjoy a hassle-free repayment tenure of up to 6 years, with no heavy documentation or high collateral interest rates. If you want to know more about Kotak Bank personal loan interest rates, just take a look at the table below.

Particulars

Details

Interest Rate

10.99% p.a. onwards

Loan Amount

Up to Rs 40 lakh

Tenure

1 to 5 Years

CIBIL Score

750 or above

 
Product Type Tenure Criteria Super CAT A CAT A CAT B CAT C/Govt Emp CAT D
Fresh Loan Cases Upto 36 months NTH > 75000 10.75% 11.15% 12.49% 11.75% 16.25%
NTH : 50000-75000 10.75% 11.49% 13.49% 13.25% 16.99%
NTH : 35000-50000 11.15% 12.15% 14.49% 14.25% 17.49%
NTH Less than 35000 12.25% 13.49% 15.49% 15.25% 17.75%
Optimus Prime Upto 36 months Loan Amount Less Than 20L 10.75% 10.75% 10.75% 10.75% 10.75%
10 Lakhs - 19.99 Lakh 10.99% 10.99% 11.49% 11.29% 11.99%
Processing Fee Grid Tenure Super CAT A CAT A CAT B CAT C/Govt Emp CAT D
Fresh Loan Cases Upto 36 months 1.49% 1.49% 1.99% 1.99% 2.25%
Loan cases exceeding INR 10 Lakh 0.99% 0.99% 1.25% 1.25% 1.49%
Product Type Tenure Criteria Kotak Group Employee Super CAT A CAT A CAT B CAT C/Govt Emp CAT
Fresh Loan Cases More Than 36 months NTH > 75000 10.75% 10.85% 11.25% 13.15% 11.99% 16.49%
NTH : 50000-75000 10.75% 10.99% 11.75% 14.25% 13.39% 17.25%
NTH : 35000-50000 11.15% 11.49% 12.25% 15.25% 14.75% 17.75%
NTH Less than 35000 12.25% 12.49% 13.75% 16.25% 15.75% 17.99%
Optimus Prime More Than 36 months Loan Amount Less Than 20L 10.75% 10.75% 10.75% 10.75% 10.75% 10.75%
10 Lakhs - 19.99 Lakh 10.99% 10.99% 10.99% 11.49% 11.29% 11.99%
Processing Fee Grid Tenure Kotak Group Employee Super CAT A CAT A CAT B CAT C/Govt Emp CAT D
Fresh Loan Cases More Than 36 months INR 999 1.49% 1.49% 1.99% 1.99% 2.25%
Loan cases exceeding INR 10 Lakh INR 999 0.99% 0.99% 1.25% 1.25% 1.49%
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Advantages of Kotak Mahindra Bank Personal Loan

Here are the advantages of Kotak Mahindra Bank Personal Loan -

  • Zero Collateral: You can secure a personal loan without needing to pledge any assets as security. This means you don’t have to risk your property or savings to obtain the loan.
  • Loan Amount & Tenure: Kotak Bank offers personal loans up to ₹40 Lakhs with a flexible repayment tenure of up to 6 years. This allows you to borrow a significant amount and spread your repayments over a period that suits your financial situation.
  • Interest Rates: The interest rates start at 10.99%, which can be competitive depending on your credit profile. Lower interest rates mean you’ll pay less in interest over the life of the loan, reducing the overall cost.
  • Digital KYC: Kotak Bank simplifies the loan application process with digital KYC (Know Your Customer) verification. This means you can complete the necessary identification checks online, saving you time and effort.

Factors Affecting Kotak Bank Personal Loan Interest Rate

Below, explore the key factors affecting personal loan interest rates for different borrowers:

  • Income Level - The interest rate on your personal loan is influenced by your income level. Individuals with higher incomes are often considered more financially stable and capable of repayment, which typically qualifies them for more favorable terms and lower interest rates.
  • Creditworthiness - Getting your loan accepted is largely dependent on your credit score. The CIBIL score, a numerical score based on credit and repayment information for each individual, is used to determine your creditworthiness. It provides lenders with information about your past loan and credit history. 
  • Default and Repayment History - We all own loans and credit cards from various lenders. You can get a reduced interest rate on personal loans if you have a history of timely repayment of these loans without any defaults or delays. Verify if there have been any defaults throughout the previous 12 months. 
  • Debt-to-Income Ratio - The debt-to-income ratio is calculated by deducting your total income from your debt payments. A higher debt-to-income ratio indicates that you are paying off debt with a significant portion of your income. Lenders may therefore impose a higher interest rate on a personal loan in such circumstances.
     
  • Employment - Your chances of obtaining a low interest rate rise if you work for a reputable company. Lenders view these jobs as more stable than those at lesser-known businesses. These workers will be in a better position to repay the debt down the road.

Calculating EMIs on Kotak Mahindra Bank Personal Loans at Different Interest Rates

An interest calculator is another name given to a personal loan EMI calculator. This is an online tool available 24X7 without any additional cost involved. You can use it as many times as you want until and unless you are satisfied with the combination of the rate and tenure. 

Use the Wishfin online Kotak Mahindra Bank Personal Loan calculator to quickly and easily determine your EMIs for a personal loan from the Kotak Mahindra Bank -

You can simply put the following details - 

  • Loan Amount
  • Tenure
  • Interest Rate

The equal monthly payments (EMIs) for a ₹6,00,000 personal loan with interest rates starting from 10.99% up to 16.99% per annum for terms of one to five years are shown in the table below. To better meet your needs, you can modify the loan amount and other information.

Tenure (In Years)

EMI (at 10.99% interest rate)

EMI (at 16.99% interest rate)

1

₹53,026.20

₹54,720.00

2

₹27,961.92

₹29,662.48

3

₹19,640.39

₹21,388.65

4

₹15,504.40

₹17,309.92

5

₹13,042.46

₹14,908.32

What Should You Do to Fetch the Lowest Interest Rate from the Kotak Mahindra Bank?

You can take the following actions to get the best interest rate possible from Kotak Mahindra  Bank:-

  • Maintain a High Credit Score - A high credit score reflects your creditworthiness and responsible financial behavior. Lenders from Kotak Mahindra Bank are more likely to offer you lower interest rates and better loan terms if you have a strong credit score, as it indicates that you’re less of a risk.
  • Negotiate with the Lender - Don’t hesitate to negotiate with the lender for better terms. If you have a good credit score or a strong relationship with Kotak Mahindra Bank, you may be able to negotiate lower interest rates, reduced fees, or more favorable repayment terms.
  • Clear your Debts - Reducing your existing debt can improve your debt-to-income ratio, making you a more attractive borrower. Clearing debts before or getting approval for a loan can decrease your interest rates.
  • Have a Stable Employment History - Lenders prefer borrowers with a stable employment history, as it suggests a steady income. If you’ve been employed at the same job or within the same industry for a significant period, you’re more likely to be seen as a reliable borrower, which eventually lowers your interest rate.
     
  • Utilize Seasonal Offers - Kotak Mahindra Bank often provides special offers during festive seasons or specific periods. These offers might include reduced interest rates, processing fee waivers, or other incentives. Taking advantage of these seasonal offers can help you save money on your loan. 

 

Kotak Mahindra Bank Personal Loan Balance Transfer Rates

Now transferring your personal loan balance to Kotak Bank can fetch you lower rates. That’s right! If you transfer your existing PL to Kotak, you can enjoy the attractive interest rates as low as 11.65% per annum. The BT facility offered by the bank allows you to avail the personal loan at competitive rates. To know more about the same, just take a look at the table below.

Balance Transfer and CIBIL Watch CAT A/B/C
  Category Income Interest Rate (in p.a.) Processing Fee
Balance Transfer and CIBIL Watch CAT A/B/C
  • NTH >=35K
  • NTH< 35K
  • 11.65%
  • 11.99%
  • INR 1,999
  • INR 1,999
CAT D
  • NTH >=35K
  • NTH < 35K
  • 13.05%
  • 13.05%
  • 1.49% of the loan amount
  • 1.49% of the loan amount

Kotak Mahindra Bank Personal Loan Contact Number

In case you want to get in touch with the customer care executives of the personal loan team at Kotak Mahindra Bank, you can dial 1860 266 2666 either from your mobile or landline. These experts with their friendly nature and experience give you proper support and guidance. They are always there to solve all your concerns, queries, complaints and ensure that you have a hassle-free personal loan journey.

Kotak Mahindra Bank Personal Loan Cibil Score

If you want to avail a personal loan from Kotak, it is important that you need to have a good CIBIL score. However, the minimum score required varies from bank to bank but generally a score of 700 or above out of 900 is considered to be good enough in grabbing the best deal. Thus, it is always advisable to maintain a fair credit score so that you can enjoy a hassle-free journey.

Kotak Mahindra Bank Personal Loan Status

In order to know the actual status of your Kotak personal loan, you just need to visit the official website of the bank. You simply need to enter the loan application number and click on the submit button. The moment you enter the credentials online, you can easily know whether your application has been accepted, rejected or pending. It is that simple and quick!

Other Charges of Kotak Bank Personal Loan

Here are the additional fees or charges that could be applicable while availing the personal loan from Kotak Mahindra Bank Bank - 

Loan Processing Charges (Non-refundable) Up to 3% of loan amount + Applicable Taxes
Pre - Payment Charges For loans disbursed on or before - 1st February 2020 - Part Pre-payment is not allowed
For loans disbursed after 1st February 2020 -Post completion of 12 months - Part-Prepayment is allowed up to 20% of the Principal loan outstanding.It is allowed only once per financial year.
Payment of ₹ 500 + taxes to be made for every instance of pre-payment
Repayment Mode Swap Charges ₹ 500 + Taxes per instance
EMI dishonor/Bounce charges ₹ 750 + Taxes per instance
Legal charges at actuals

Compare Personal Loan Interest Rates from Different Banks

Below is a table showing the personal loan interest rates from various banks for 2024 to help you make the best choice.

Aditya Birla Personal Loan Interest Rates Axis Bank Personal Loan Interest Rates
Bajaj Finserv Personal Loan Interest Rates Bandhan Bank Personal Loan Interest Rates
Bank of Baroda Personal Loan Interest Rates Muthoot Finance Personal Loan Interest Rates
Bank of Maharashtra Personal Loan Interest Rates Canara Bank Personal Loan Interest Rates
Central Bank Of India Personal Loan Interest Rates DCB Bank Personal Loan Interest Rates
Federal Bank Personal Loan Interest Rates SMFG India Credit Personal Loan Interest Rates
HDFC Personal Loan Interest Rates HSBC Personal Loan Interest Rates
ICICI Personal Loan Interest Rates IDBI Bank Personal Loan Interest Rates
IndusInd Bank Personal Loan Interest Rates IDFC First Bank Personal Loan Interest Rates
Karur Vysya Bank Personal Loan Interest Rates Bank of India Personal Loan Interest Rates
Bank of India Personal Loan Interest Rates Nainital Bank Personal Loan Interest Rates
Punjab and Sind Bank Personal Loan Interest Rates SBI Personal Loan Interest Rates
Tata Capital Personal Loan Interest Rates YES Bank Personal Loan Interest Rates
PNB Personal Loan Interest Rates RBL Bank Personal Loan Interest Rates
Standard Chartered Bank Personal Loan Interest Rates Union Bank Personal Loan Interest Rates
UCO Bank Personal Loan Interest Rates Indian Bank Personal Loan Interest Rates

Frequently Asked Questions

1. What is the current Kotak Mahindra personal loan interest rate?

Kotak Mahindra Bank offers affordable personal loans at a reasonable interest rate starting from 10.99% p.a. However, the actual interest rate may differ depending on your profile, income, and CIBIL score, among other factors.

2. What is the rate of interest of 3 lakh, 5 lakh, 7 lakh, and 10 lakh in Kotak Mahindra Bank?

Kotak Mahindra Bank offers personal loans at interest rates starting from 10.99% p.a. and can range up to 16.99% p.a. However, the interest rates on amounts of INR 3 lakh, 5 lakh, 7 lakh, and 10 lakh can be influenced by your personal relations with the bank, income, and credit score. 

3. What will be the interest rate of Kotak Mahindra personal loans for women?

Personal loans are generally short-term loans and banks do not offer any special discounts for women. However, you can negotiate with the bank based on your relations.

4. What is Kotak Mahindra's Personal Loan Customer Care number?

You can contact the Customer care service of Kotak Mahindra Bank by dialing 1860 266 2666 from your mobile phone.

5. How can I negotiate with Kotak Mahindra on the personal loan interest rate?

There are various scenarios in which you can negotiate your personal loan interest rate with Kotak Mahindra Bank. For instance, if you have an exceptionally high CIBIL score or good personal relations with the bank, you might be able to negotiate better terms and interest rates. 

6. What is the list of documents that need to be submitted for a personal loan application from Kotak Mahindra Bank?

You will need to submit proof of identity, proof of income, and proof of address, along with three passport-sized photographs and your bank statements from the last three months.

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