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Compare Personal Loan - Kotak Bank vs Bank of Maharashtra

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Interest Rate
Interest Rate
10.25% - 17.99%
9.55% - 12.90%
Processing Fees
Processing Fees
Starting from Rs.1999
1.00%, Min Rs. 1,000
Loan Amount
Loan Amount
₹ 1 Lakh to ₹ 50 Lakh
₹ 50,000 to ₹ 20 Lakh
Loan Tenure
Loan Tenure
12 to 48 Months
12 to 84 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 2,548
₹ 1,637
Part Payment Charges
Part Payment Charges
Not Allowed
Not Allowed
Foreclosure Charges
Foreclosure Charges
Allowed after 12 months at 5% foreclosure charges
Allowed after 1 month at Nil prepayment charges
Eligible Age
Eligible Age
22 to 55 Years
21 to 60 Years
Minimum Income
Minimum Income
₹ 40,000
₹ 20,000
Current Work Experience
Current Work Experience
6 Months
12 Months
Total Work Experience
Total Work Experience
24 Months
36 Months
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
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Compare EMI of Kotak Bank and Bank of Maharashtra Personal Loan

Loan Amount Kotak Bank Bank of Maharashtra
₹ 1 Lakh ₹ 2,548 ₹ 1,637
₹ 5 Lakh ₹ 12,741 ₹ 8,185
₹ 10 Lakh ₹ 25,483 ₹ 16,370
₹ 12 Lakh ₹ 30,579 ₹ 19,644

Which is a better bank for Personal Loan – Bank of Maharashtra or Kotak Bank?

Bank of Maharashtra offers lower Personal Loan EMI at 1637 on a Personal Loan for 84 Months as compared to Kotak Bank with a minimum EMI of 2548 for 48 Months. Average customer ratings for Bank of Maharashtra is currently at 4.5/5.0 which makes it a good choice for taking a Personal Loan.

How does Bank of Maharashtra Personal Loan compare with Kotak Bank Personal Loan?

It is important to do a detailed comparison of Bank of Maharashtra and Personal Loan on all loan terms and conditions to understand their differences and take an informed decision. Keep in mind that each bank’s scheme has its own pros and cons that have to be evaluated before choosing the best offer. Some of the key results of the comparison between the two banks are:

  • Lowest Interest rate of Bank of Maharashtra Personal Loan is 9.55%, which is lower than the lowest interest rate of Kotak Bank at 10.25%. Hence, Bank of Maharashtra is offering a cheaper loan option.
  • When compared on other Personal Loan charges such as processing fees, Kotak Bank charges a processing fees of Starting from Rs.1999 while Bank of Maharashtra charges a processing fees of 1.00%, Min Rs. 1,000.
  • Kotak Bank offers Personal Loan upto an amount of ₹ 50 Lakh while Bank of Maharashtra offer Personal Loan upto an amount of ₹ 20 Lakh. Kotak Bank can be a better option if you are looking for a high value amount.
  • One feature that makes Personal Loan a better option is foreclosure facility. Bank of Maharashtra gives the option to close the loan after 1 months at Nil prepayment charges and Kotak Bank gives the option to close the loan after 12 months at 5% foreclosure charges. This makes Bank of Maharashtra a better option for Personal Loan.
  • Bank of Maharashtra with an average customer ratings of 4.5 is equally comparable to Kotak Bank with an average customer rating of 4.5. Hence, the customer can expect the same kind of service levels from these banks.

Which bank offers lower interest rate on Personal Loan – Bank of Maharashtra or Kotak Bank?

As per the current rates, Bank of Maharashtra offers a lower interest rate of 9.55% on Personal Loan when compared to Kotak Bank which offers a Personal Loan at 10.25%.

Know all about Personal Loan

Know more about Kotak Bank Personal Loan

Know more about Bank of Maharashtra Personal Loan

Compare Kotak Bank Personal Loan With Other Banks

Compare Bank of Maharashtra Personal Loan With Other Banks

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Personal Loan News - Jun 2021
  • 2021-06-10 : Rural Loan Collections to be affected by the Second wave
    As the borrowers are continuously facing the issues created by the pandemic, India Ratings - a rating agency reported that the collections of Rural Loan which includes Home Loan, Loan Against Property, Business Loan, Personal Loan, etc. will be vastly affected because of the second wave of Covid-19.
  • 2021-06-09 : Canara Bank announces personal loan scheme
    Under the ‘Canara Suraksha personal loan scheme’, the bank is offering loans from ₹25,000 to ₹5 lakh to financially assist the customers for covid-related treatment. The moratorium is of six months and the scheme will be valid till September 30, 2021.
  • 2021-06-09 : Healthcare credit facility announced by Canara Bank
    Under the ‘Canara Chikitsa healthcare credit facility’, Canara bank will offer loans from ₹10 lakh to ₹50 crores to all the units engaged in servicing the healthcare. Valid till March 31, 2022, the loan will be available at concessional rates with a tenure of upto 10 years
  • 2021-06-08 : Unsecured personal loan of upto Rs 5 lakh to be made available by the SBI
    Under the Emergency Credit Line Guarantee Scheme (ECLGS) SBI is offering a collateral-free loan up to ₹5 lakh, allowing an unsecured ‘covid personal loan’ for covid treatment.
  • 2021-06-01 : Karur Vysya Bank posted 24% growth in Q4 net
    Karur Vysya Bank posted a 24% rise in its net profit at Rs 104 crore in the last quarter of the fiscal ended March 2021. The profit was boosted by retail loans home, LAP, personal, two-wheeler, car education and doctor loan along with business and mudra loan. The lender credit growth during the year was higher at 8.87% and gross advances reached Rs 52,820 crore.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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