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Compare Kotak Bank vs Muthoot Personal Loan

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Bank
Interest Rate
Interest Rate
10.99% - 17.99%
14.00% - 24.00%
Processing Fees
Processing Fees
Starting from Rs.999
2.5-3.5%
Loan Amount
Loan Amount
₹ 1 Lakh to ₹ 50 Lakh
₹ 50,000 to ₹ 15 Lakh
Loan Tenure
Loan Tenure
12 to 48 Months
12 to 60 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 2,584
₹ 2,327
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
Allowed after 0 months at Nil prepayment charges
Foreclosure Charges
Foreclosure Charges
Allowed after 12 months at starting from Rs.999
Allowed after 0 months at Nil prepayment charges
Eligible Age
Eligible Age
22 to 55 Years
26 to 58 Years
Minimum Income
Minimum Income
₹ 40,000
₹ 10,000
Current Work Experience
Current Work Experience
6 Months
NA
Total Work Experience
Total Work Experience
24 Months
NA
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 Muthoot

Loan Amount Kotak Bank Muthoot
₹ 1 Lakh ₹ 2,584 ₹ 2,327
₹ 5 Lakh ₹ 12,920 ₹ 11,634
₹ 10 Lakh ₹ 25,841 ₹ 23,268
₹ 12 Lakh ₹ 31,009 ₹ 27,922

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

Muthoot offers lower Personal Loan EMI at Rs. 2327 for 60 Months compared to Kotak Bank with a minimum EMI of Rs. 2584 for 48 Months. In addition, average customer ratings for Muthoot is currently at 4.5/5.0, making it a good choice for taking a Personal Loan.

How does Kotak Bank Personal Loan compare with Muthoot Personal Loan?

It is important to make a detailed comparison of Kotak Bank and Muthoot 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 Kotak Bank Loan is 10.99%, which is lower than the lowest interest rate of Muthoot at 14.00%. Hence, Kotak Bank 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 Muthoot charges a processing fee of Upto 2.5-3.5%.
  • Kotak Bank offers Personal Loan upto an amount of ₹ 50 Lakh, while Muthoot offers Loan upto an amount of ₹ 15 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. Muthoot gives the option to close the loan after Zero 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 Muthoot a better option for Personal Loan.
  • Kotak Bank and Muthoot allow part payment on Personal Loan after 12 months at Nil charges. Kotak Bank applies a charge of Nil charges and Muthoot charges Nil charges on Personal Loan.
  • Kotak Bank with an average customer rating of 4.5 is equally comparable to Muthoot 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 – Kotak Bank or Muthoot?

As per the current rates, Kotak Bank offers a lower interest rate of 10.99% on loans compared to Muthoot, which offers a Personal Loan at 14.00%.

Know more about Kotak Bank Personal Loan

Know more about Muthoot Personal Loan

Compare Kotak Bank Personal Loan With Other Banks

Compare Muthoot Personal Loan With Other Banks

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Personal Loan News - Oct 2022
  • 2022-09-12 : Union Bank of India hikes interest rates - home, car EMIs set to rise
    Union Bank of India has increased its marginal cost-based lending rate (MCLR) in the range of 0.05 per cent to 0.35 per cent, which would make the loans from the bank more expensive. MCLR rates for overnight and one-month tenures to 7.00 per cent and 7.15 per cent, thus increasing them by 5 bps. For the three-month tenure, the rates are the same as before and are at 7.25 per cent.
  • 2022-09-09 : HDFC Bank to introduce 10-second personal loan service
    India’s largest private sector lender HDFC Bank is aiming at introducing the 10-seconds loan service for everyone including those who do not have an account with the bank. The bank has been a paradigm pioneer in 10-second loans for existing customers and has been able to deliver this over the past six years.
  • 2022-09-07 : Kotak Mahindra Bank Goes Live with Client Onboarding via Face Authentication
    The bank has become the first to enable client onboarding via face authentication and does not require an additional device except the mobile phone.
  • 2022-09-07 : HDFC Bank Expands Personal Loan in 10 Seconds
    The bank will offer Personal Loan in 30 seconds to all, including self-employed and non-existing customers of HDFC Bank.
  • 2022-08-18 : HDFC bank opens its first all women branch in Kerela`s kozhikode.
    HDFC has opened its first all-women branch in Kozhikode. The branch, located in Cherootty Road, the hub of traders in the district, will have 4 women bankers. HDFC Bank is driving diversity and inclusion within the organization with a special focus on enhancing gender diversity.
*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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