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Compare Kotak Bank vs Bank of Maharashtra Personal Loan

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Bank
Interest Rate
Interest Rate
10.99% - 17.99%
10.35% - 13.70%
Processing Fees
Processing Fees
Starting from Rs.999
1.00%, Min Rs. 1,000
Loan Amount
Loan Amount
₹ 1 Lakh to ₹ 50 Lakh
₹ 1 Lakh to ₹ 20 Lakh
Loan Tenure
Loan Tenure
12 to 48 Months
6 to 36 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 2,584
₹ 3,243
Part Payment Charges
Part Payment Charges
Allowed after 12 months at Rs.500/- + GST Charges applicable on part payment. After lock-in period, Customer can pay 20% every year on Principal Outstanding
Not Allowed
Foreclosure Charges
Foreclosure Charges
Allowed after 12 months at Starting from Rs.999
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)
4.5/5.0
4.5/5.0
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Compare Personal Loan EMI of Kotak Bank and Bank of Maharashtra

Loan Amount Kotak Bank Bank of Maharashtra
₹ 1 Lakh ₹ 2,584 ₹ 3,243
₹ 5 Lakh ₹ 12,920 ₹ 16,216
₹ 10 Lakh ₹ 25,841 ₹ 32,432
₹ 12 Lakh ₹ 31,009 ₹ 38,918

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

Kotak Bank offers lower Personal Loan EMI at Rs. 2584 for 48 Months compared to Bank of Maharashtra with a minimum EMI of Rs. 3243 for 36 Months. In addition, average customer ratings for Kotak Bank is currently at 4.5/5.0, making 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 make a detailed comparison of Bank of Maharashtra and Kotak Bank on all loan terms and conditions to understand their differences and make an informed decision. Keep in mind that each bank’s scheme has its 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 Loan is 10.35%, which is lower than the lowest interest rate of Kotak Bank at 10.99%. Hence, Bank of Maharashtra is offering a cheaper loan option.
  • Compared to other Personal Loan charges such as processing fees, Kotak Bank charges a processing fee of Starting from Rs.999, while Bank of Maharashtra charges a processing fee of Upto 1.00%, Min Rs. 1,000.
  • Kotak Bank offers Personal Loan upto an amount of ₹ 50 Lakh, while Bank of Maharashtra offers Loan upto an amount of ₹ 20 Lakh. Therefore, 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 the 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 Starting from Rs.999. This makes Bank of Maharashtra a better option for Personal Loan.
  • Kotak Bank allows part payment on Personal Loan after 12 months at Nil charges, while Bank of Maharashtra does not offer a part payment facility. This makes Kotak Bank a better option for instant loan requirements.
  • Bank of Maharashtra with an average customer rating 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 a 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 10.35% on loans compared to Kotak Bank, which offers a Personal Loan at 10.99%.

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 2022
  • 2022-05-13 : Punjab National Bank Increases Personal Loan Rates
    The bank has increased the rates by 40 basis points, and after the revision, the bank offers personal loans starting from 8.85% to 14.85%.
  • 2022-05-13 : South Indian Bank Posts all-time High Net Profit in Q4
    The Bank has posted an all-time high net profit of ₹272 crores for Q4 in FY 22 against ₹6.79 crores during the corresponding period of the previous year.
  • 2022-05-13 : Ujjivan Small Finance Bank Profit Falls by 7% for Q4
    The bank has reported a 7 percent fall in its net profit to Rs 126.5 crore. Earlier, the bank had posted a net profit of Rs 136 crore in the same quarter of the preceding fiscal year 2020-21.
  • 2022-05-12 : Indian Bank Revises Personal Loan Rates
    Indian Bank has increased the rates on personal loans, and as a result, the bank offers the lowest rates starting at 8.90% to upto 9.40%.
  • 2022-05-10 : Canara Bank Hikes Personal Loan Interest Rates
    The bank has increased the lowest personal loan rates from 12.40% to 12.80%.
*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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