Kotak Personal Loan Interest Rate Calculator - Jan 2017

Kotak Bank Personal Loan Interest Rates

Last Updated 08th Dec 2016
Salaried Self Employed
Interest Rate 11.50% - 24.00% Check Special Offer 16.00% - 19.99%
Lowest EMI Rs. 2,199 per lakh Rs. 2,432 per lakh
Loan Tenure From 12 months to 60 months From 24 months to 60 months
Loan Amount Min Rs. 100,000 and Max Rs. 1,500,000 Min Rs. 300,000 and Max Rs. 7,500,000
Processing Fee Upto 2% Upto 2%
Age Min 23 years and Max 58 years Min 25 years and Max 65 years
Prepayment Charges Not allowed Not allowed
Foreclosure Charges Allowed after 6 EMI's, 5% prepayment charges, 30 days notice applicable Allowed after 0 EMI's, 6% before 6 months and 5% after that
Apply Personal Loan Online @11.29%*
 Salaried   Self Employed - Professional   Self Employed - Business 





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Kotak Bank Personal Loan

Kotak Bank gives the facility of personal loan to the people who want money to achieve their urgent requirements. There are some features and benefits of taking personal loan from Kotak Bank:
  • No collateral or security required
  • High loan amount
  • Quick approval on loan
    • Kotak Bank has been rated 3.3/5.0 by customers for its service quality on MyLoanCare
    • Kotak Bank has over 606 branches in India where you can avail service
    • Kotak Bank offers special schemes and discounts for employees of large companies.
    Personal Loan interest rates in Kotak Bank depends upon
    • Loan amount: Personal loan rate in Kotak Bank depends upon the amount you apply for. Higher the loan amount, lesser will be the interest rate
    • Company where you work: Kotak Bank has a list of companies to which they lend personal loan. Interest rate will be less if your company is listed
    • Your Salary: Income helps you in determining your rate of interest. Kotak Bank interest rate varies with your monthly income. Higher the income, less will the rate of interest
    Popular Products:
    • Personal Loan for Meeting Unexpected expenses
    • Loan for Home Improvement Expenses

    Kotak Personal Loan Eligibility

    Eligibility of personal loan in SBI relies upon different factors but the most important factor is your ability to repay the loan. The main factors on which the eligibility of an applicant depends are
    • Age: Age plays an important role to know your eligibility and repayment capacity. Kotak offers personal loan to salaried individuals who are atleast 23 years old at the time of loan approval and maximum 58 years at the time of loan maturity. Self employed individuals with age of atleast 25 years and maximum 65 years at the time of loan maturity can apply for personal loan from Kotak Bank
    • Income: Kotak Bank Loan eligibility significantly depends upon your income. Usually bank set minimum levels of income to apply for personal loan. Kotak Bank asks for net monthly income of minimum Rs. 22,000.
    • Job stability and Profession: Job stability is important to improve your status and eligibility for personal loan from Kotak Bank. In case you are salaried, you must be in a full time job for at least 36 months of which not less 6 months must be with your current company. In case you are self-employed, you must be in current profession or business for at least 0 years and should preferably own either your office or your place of residence. Minimum turnover and minimum net income criteria may apply. Other than job stability, profession is also an important factor which can affect your Kotak Bank eligibility. If you are working with a reputed company, probability of getting personal loan from Kotak Bank increases as the income is considered to be more stable and bank offers low interest personal loan to the employees of reputed companies
    • CIBIL Score: Your past CIBIL history and repayment record of existing loans and credit cards has direct impact on your personal loan eligibility. If you have a poor repayment record, then you may not get the loan but on the other side, a regular repayment record increases your personal loan eligibility.
    • Loan Amount: Kotak Bank gives you personal loan depending upon your income. Kotak Bank gives you an amount ranging from Rs. 100,000 to Rs. 1,500,000. To improve chances of approval, apply for a loan amount that you can comfortably service.

    Kotak Personal Loan EMI

    Personal Loan EMI of Kotak Bank is a fixed amount that you pay each month towards the repayment of your personal loan till the end of tenure. Lowest EMI offered by Kotak Bank is Rs. 2,199 per lakh loan amount at lowest personal loan interest rate of 11.50%. Personal Loan EMI of Kotak Bank depends on factors like:
    • Rate of interest is an important factor which affects your EMI. Higher the interest rate, higher will be the EMI
    • Loan tenure matters equally as longer tenure reduces your monthly EMI per lakh
    • Your EMI depends upon the amount of loan you are going to borrow. Loan EMI will be high if you apply for a high loan amount

    Documents Required for Kotak Personal Loan

    Personal loan Kotak Bank documents for Salaried employees

    • Filled up loan application form
    • 1 Passport Size Photo
    • Copy of Income Tax PAN
    • Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN
    • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
    • Income Documents – 3 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit

    Personal loan Kotak Bank documents for Self-Employed

    • Filled up loan application form
    • 1 Passport Size Photo
    • Copy of Income Tax PAN
    • Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN
    • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
    • Income Documents – 2 years audited financials, 6 months bank statement
    • Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof

    Fee and Charges on Personal Loan Kotak

    Foreclosure Charges- These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. Kotak Bank allows prepayment of personal loan after paying 6 EMI’s with 5% prepayment charges, 30 days notice applicable
    Processing Fee- Kotak Bank asks for a processing fee of Upto 2% of loan amount with applicable service tax

    Kotak Personal Loan Top up, Transfer

    • Kotak Bank offers personal loan balance transfer from another bank. This is subject to your meeting other eligibility criteria of Kotak Bank
    • You can avail additional top-up personal loan from Kotak Bank, subject to your eligibility
    Illustration on Personal Loan Kotak Bank
    Maximum Annual Percentage Rate (APR) 11.9% to 24.4%
    Representative example of the total cost of the loan, including all applicable fees
    Here is an illustration of the total cost of the loan:
    • Total amount borrowed: Rs. 100,000
    • Time period: 12 months to 60 months
    • Kotak Bank Personal Loan Interest Rate: 11.50% to 24.00%
    • Processing Fee payable to Kotak Bank: Upto Rs. 2,000. Current offer for processing fee is Upto 2%
    • Fee payable to MyLoanCare: NIL
    • Total Monthly Cost – From Rs. 2,199 for a 60 months Rs. 100,000 loan at 11.50% (lowest rate, longest time period) to Rs. 9,456 for a 12 months Rs. 100,000 loan at 24.00% (highest rate, shortest time period). This is inclusive of principal repayment.
    • Annual Percentage Rate (APR) of charge including all applicable fees: 11.9% to 24.4%
    • Total cost payable over loan tenure: Rs. 15,472 for 12 months loan to Rs. 33,956 for 60 months loan
    Kotak Bank’s terms and conditions as per loan agreement applicable. Short term loans/ pay day loans not available; minimum loan tenure - 12 months. Rate of interest depends upon company categorization, income, job stability, loan amount, CIBIL score, credit profile, existing obligations, verification and other factors. Credit at sole discretion of Kotak Bank.

    Compare Personal Loan Interest Rates of Kotak with other banks

    Frequently Asked Questions on Kotak Personal Loan

    How much interest is charged by Kotak Bank on personal loan?

    Kotak Bank offers an interest of 11.50% to 24.00% on personal loan.

    What is the lowest EMI per lakh on Kotak Bank personal loan?

    If you apply for a personal loan from Kotak Bank, your lowest EMI per lakh will be Rs. 2,199.

    What is the minimum and maximum tenure of Kotak Bank personal loan?

    You can repay your personal loan from Kotak Bank in a flexible period of minimum 12 months to maximum 60 months.

    How much personal loan amount I can borrow from Kotak Bank?

    Kotak Bank offers you personal loan if you need a minimum amount of Rs. 100,000 to a maximum amount of Rs. 1,500,000.

    How much processing fee is charged by Kotak Bank on personal loan?

    Kotak Bank charge a processing fee of Upto 2% with applicable service tax.

    Is age an eligibility factor to get personal loan from Kotak Bank?

    Yes, age is an important eligibility factor to get Kotak Bank personal loan as you should be at least 23 years old at loan approval time and 58 years old at loan maturity time.

    Are there any prepayment charges on Kotak Bank personal loan?

    You can take personal loan from Kotak Bank with 5% prepayment charges, 30 days notice applicable.

    Can I add my spouse’s income while applying for personal loan from Kotak Bank?

    You can combine your income with the income of your spouse to increase your loan eligibility and to get higher loan amount.
Kotak Personal Loan News - Jan 2017
13th May 16 Kotak Mahindra Bank Q4FY16 standalone net profit rises 32%
Kotak Bank reported standalone net profit of Rs. 695.78 crore for the quarter ended March 31, 2016, registering growth of 31.99%. NII for the quarter stood at Rs. 1857.24 crore, clocking growth of 65.36%. Gross NPA for the quarter stood at 2.36% up 51 bps yoy For the year ended March 31, 2016, the bank reported net profit of Rs. 2089.78 crore, registering growth of 11.99% yoy. NII for the current period of Rs. 6900.38 crore was up 63.37% yoy.
12th May 16 Kotak Mahindra announces rise in earnings, becomes 2nd most valued private bank
At a time when most Indian banks profitability has been marred by high levels of bad loans and provisions, Kotak Mahindra Bank earnings reflect the rise of yet another superior class bank despite the challenging times. The private lender which closed the year with a credit cost of 83 bps has guided towards a total credit cost of 45 to 50 bps for FY 2017. The bank also expects a loan growth of over 20% in the coming year largely on the back of revival in the CV, small business and SME segment.
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