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Kotak Personal Loan

Online Kotak Bank Personal Loans

Last Updated 19th May 2022

  • Kotak Bank Personal Loan interest rate starts from 10.45%. Check Best Offers
  • The processing fee charged on Kotak personal loan is Starting from Rs.999.
  • Kotak also offers pre-approved personal loans at low rates for customers with strong credit history and those with an existing account with the bank.
  • The bank has an online application process where the KYC and documents submission can be done digitally.
  • You can easily check the status of your Kotak personal loan application status on a real time basis on the bank’s website or by visiting their customer care centre.
  • Kotak has special schemes for different income and occupation groups.
Apply for Personal Loan @ 10.25%* Get upto ₹ 1,000* Voucher

Kotak Personal Loan Details

  • Interest Rate on Kotak personal loan ranges from 10.45% to 17.99%.
  • Lowest EMI per lakh works out to be ₹ 2,558 , as calculated on the lowest rate and longest loan tenure.
  • Personal Loans by Kotak are available for salaried working with government, private sector, MNCs and self-employed professionals such as doctors within the age group of 22 to 55 years.
  • Loan amount can range from ₹ 1 Lakh to ₹ 50 Lakh
  • Kotak Personal Loan can be availed for a period of 12 months and can go up to 48 months.
  • Processing Fees charged by Kotak on personal loan is Starting from Rs.999
  • Kotak Bank allows personal loan foreclosure and part prepayment after 12 months with charges of Starting from Rs.999.
  • Kotak Bank also has various other post loan disbursement charges including
    • Cheque Bounce Charges - ₹. 750
    • Other Charges - ₹ 500+ GST
  • Schemes of Kotak Bank as offered to different type of borrowers in 2022 are:

How to Get the Best Offer on Kotak Personal Loan?

There are various factors that impact your chances to get the best offers on Kotak Personal Loan, as listed follows:

  • Loan Amount - Kotak Bank offers loans between ₹ 1 Lakh and ₹ 50 Lakh and charges lower rates on higher loan amount and vice-versa, so apply accordingly.
  • Salary - Kotak Bank offers personal loan to all customers with a net take home monthly salary of more than ₹ 40,000. The rate of interest is higher if you fall in the low salary bucket and lower if you fall in higher income bucket.
  • Employer Category - Kotak Bank has clubbed the companies in a high to low category based on internal assessment of company’s size, reputation, profitability etc. When you apply for Kotak personal loan, the bank will decide on your interest rate based on the company category you fall in. MyLoanCare can also help you check which category of company you qualify in to help you get the best offer.
  • Relationship with the Bank - Kotak Bank offers special rates to the existing customer of the bank, who have a high likelihood of getting loans at lowest interest rate starting at 10.45%
  • Credit Score - Kotak Bank checks the CIBIL score of personal loan customers which has to be minimum of 650. Higher the CIBIL Score, higher is your chance of securing best offer.

Kotak Personal Loan Documents

You require the following documents to avail personal loan from Kotak

  • Filled up loan application form or an online form, if you are applying online
  • 2 Passport Size Photo
  • Identity Proof – One of the following: Driving License, PAN, Passport, Voter ID, Aadhaar Card
  • Residential Address Proof – One of the following: Registered Rent Agreement, Passport, Leave and Liceincreasnse, Utility Bill of last three months
  • Income Documents – Copy of Form 16 of last 2 years, 3 month pay slip, 3 months bank statement showing salary credit and any EMI debit

Types of Kotak Personal Loan Schemes

Kotak Bank offers customized products for specific customer segments designed to meet their loan requirements. Some of the popular products with their basic features are as follows:

Personal Loan for Meeting Unexpected expenses
  • You can avail funds for Meeting unexpected expenses from ₹ 50,000 upto ₹ 20 Lakhs.
  • You can get a personal loan for home renovation to repair, remodel or renovate your home starting at 10.25% rate of interest.

How to Apply for Kotak Personal Loan?

The step-by-step procedure to get a personal loan online from Kotak Bank is mentioned below:

  • Visit the official website of Kotak Or contact your nearest Kotak Bank branch.
  • Now, fill personal, professional and financial details as required by the lender and submit the form.
  • Once you have submitted the application form, Kotak Bank will check your eligibility and provide you with information about the eligible amount you can avail.
  • If you agree to process the application, then you would be required to submit the essential documents which can also be uploaded online.
  • Finally, your documents will be processed by Kotak Bank, and on successful approval of the loan, the funds will be disbursed to your Kotak Bank account immediately.

You can also apply for Kotak Bank personal loans by visiting their branch or by calling their customer care centre.Offline mode are mentioned below:

  • Visit the nearest Kotak Bank branch and fill in the application form with the loan amount required, your personal details, occupation information and your contact number.
  • The Kotak Bank representative will explain about the eligibility of the loan as well as the loan rates, terms as well as processing fees, prepayment and foreclosure clauses.
  • After submitting the application form and required documents, you will be provided with an application reference number. You can use the same number to track the status of your Kotak Bank Personal Loan application.
  • On successful verification, the loan can get disbursed immediately after loan sanction and signing of the agreement.
Illustration on Personal Loan Kotak
Maximum Annual Percentage Rate (APR) 10.7% to 18.24%
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: ₹ 1,00,000
  • Time period: 12 Months to 48 Months
  • Kotak Bank Personal Loan Interest Rate: 10.45% to 17.99%
  • Processing Fee payable to: Upto ₹ 1,000
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 2,558 for 48 Months ₹ 1,00,000 loan at 10.45% (lowest rate, longest time period) to ₹ 9,168 for 12 Months ₹ 1,00,000 loan at 17.99% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 10.7% to 18.24%
  • Total cost payable over loan tenure: ₹ 1,06,750 for 12 Months loan to ₹ 1,23,780 for 48 Months loan

Compare Kotak Bank Bank Personal Loan from Other Banks in India


How much time will the Kotak Bank take to take a decision on my personal loan?

Banks generally convey their decision on a loan within 15 days of submitting a loan application. However, some banks also offer instant loan offers, which can be approved within a few hours to 2-3 days.

Why should I take a personal loan from Kotak Bank ?

Below-mentioned is the reason why you must avail a personal loan from Kotak Bank.(1) Special rate for top corporate (2) Online approval & disbursal during Covid (3) High loan amount eligibility (4) No collateral or security required (5) Easy documentation process

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

Personal loan interest rates in Kotak Bank are 10.45% to 17.99%. Kotak Bank personal loan interest rate for salary account holders are comparatively lower than that for other customers.

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

If you apply for loan from Kotak Bank, your lowest Personal Loan EMI per lakh will be ₹ 2,558 which corresponds to lowest interest rate of 10.45% and longest tenure of 48 years.

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

Kotak Bank personal loan has a minimum tenure of 12 months to maximum 48 months.

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

Kotak Bank offers you loan if you need a minimum amount of ₹ 1 Lakh to a maximum amount of ₹ 50 Lakh

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

Yes, you can add the income of your spouse to increase your Personal Loan Eligibility and to get a higher loan amount from Kotak . In this case, the bank will check the CIBIL score of your spouse and ask for all income and bank statements of your spouse for the purpose of processing your application

How can I get Kotak Bank personal loan?

You can get a personal loan from Kotak Bank by directly visiting the nearest branch or can apply online at their website. While these two are the traditional methods of applying, you can easily apply for the loan at MyLoanCare website where you can do a thorough comparison of all loan details, rates and charges before deciding to proceed with Kotak’s application process.

How can I check my Kotak Bank personal loan status?

You can check the status of your loan online and offline. Once you have applied for a personal loan from Kotak Bank, you will be given an application number. You can use that application number and registered mobile number to check the status of your loan online at Kotak Bank's website. In case you are unable to track your application online, you can get Kotak Bank loan assistance at Kotak Bank loan customer care centre and ask them to help you out with the status. If you have applied for the loan through MyLoanCare, you can check the status of your application by logging into MyLoanCare account.

What is the importance of credit score if I wish to avail a Kotak Bank personal loan ?

It is important to have a good credit score if you wish to apply for a personal loan from Kotak Bank. A credit score above 750 is considered good for a personal loan. A low credit score increases the chances of rejection of your application.

Is there security or collateral needed to get a personal loan from Kotak Bank?

No, Kotak Bank does not require any collateral or security to lend you the personal loan as it is an unsecured loan.

Can I close my Kotak Bank personal loan after 1 year?

You can close your personal loan from Kotak Bank after 12 months by paying charges: Starting from Rs.999

Can I negotiate with Kotak Bank on the personal loan interest rate?

Yes, as a customer, you should negotiate for a rate discount when you apply. You may end up getting a better rate from the bank if you have applied for a high loan amount and are in a high income range working with a reputed company.

How to pay your Kotak Bank personal loan EMI?

You can pay your Kotak Bank personal loan EMI by using ECS facility or through Standing Instruction.Kotak Bank also provides you the facility to pay your Personal Loan EMI online using net banking and mobile banking.

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Kotak Bank Personal Loan Reviews 4.5/5  by 116 customers
MyLoanCare Service
Banks Service
Nanchara, Hyderabad
Reviewed on 29th Apr 2022
4 / 5 stars
Kotak Bank Personal Loan Availed in Apr 2022

Thank you for your service and support. We are happy with the service.Read more...

Prasanth, Coimbatore
Reviewed on 26th Apr 2022
4.5 / 5 stars
Kotak Bank Personal Loan Availed in Apr 2022

The service was very good. Really took good care of customer satisfaction. Read more...

Umasankararao, Bangalore
Reviewed on 08th Apr 2022
5 / 5 stars
Kotak Bank Personal Loan Availed in Apr 2022

Speedy process. One should go with MyLoanCare. Will refer to more.Read more...

Shweta, Mumbai
Reviewed on 01st Apr 2022
4 / 5 stars
Kotak Bank Personal Loan Availed in Mar 2022

The executive from MyLoanCare was very helpful. He was transparent in his approach and guided me thrRead more...

Fstpsm, Hyderabad
Reviewed on 30th Mar 2022
5 / 5 stars
Kotak Bank Personal Loan Availed in Mar 2022

The response and way of approach was good.

Pfosa, Delhi
Reviewed on 23rd Mar 2022
4 / 5 stars
Kotak Bank Personal Loan Availed in Mar 2022

It’s an amazing process.No difficulty in applying for a loan with guidance. Read more...

Rameshwar, Delhi
Reviewed on 16th Mar 2022
5 / 5 stars
Kotak Bank Personal Loan Availed in Mar 2022

I got full support from the MyLoanCare team, especially from Mr Abhishek. He is a very nice and gentRead more...

Kishore, Hyderabad
Reviewed on 31st Jan 2022
5 / 5 stars
Kotak Bank Personal Loan Availed in Jan 2022

Good follow up and service. Promised interest rate and processing fee. Read more...

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Kotak Personal Loan News - May 2022
  • 2021-07-09 : Kotak Bank Q1 Net Profit seen up 25.6% YoY to Rs. 1,563.4 crores
    Motilal Oswal has come out with its first-quarter earnings estimates for the Banks and Insurance sector. The brokerage house expects Kotak Bank to report a net profit of Rs. 1,563.4 crore up 25.6% year-on-year on all products combined including Personal Loan, Home Loan, Loan Against Property, Business Loan, Gold Loan, and Car Loan. Net Interest Income (NII) is expected to increase by 7.7% Y-o-Y to Rs. 4,011.9 crores.
  • 2021-02-18 : Kotak Remit launched to send money abroad directly from phone
    Kotak Mahindra launched its outward forex remittance service, Kotak Remit. The service will allow its users to directly send money abroad from their phones. The feature is live on the Kotak Mobile Banking App.
  • 2021-01-27 : Kotak Mahindra Bank Q3 net profit up 16%
    Kotak Mahindra Bank posted a net profit of Rs 1,853.5 crore as against Rs 1,595.90 crore last year. The bank reported a growth of 16% on a year-on-year basis backed by home, personal, car, two wheeler and gold loan along with business and mudra loans.
  • 2020-10-16 : Kotak Mahindra Bank launches festive offers
    Kotak Bank introduced festive offers to lure customers. Individuals can avail special offers on other banking products including savings accounts, debit & credit cards and no-cost EMI payments. Festive offers include home loans starting at 7% p.a plus savings of up to Rs. 20 lakh on Balance Transfer cases. Further, the bank is offering 50% waiver on Processing Fee on Car Loans, Two-wheeler Loans, Agri-Business, Commercial Vehicle and Construction Equipment.
  • 2020-07-27 : Kotak Mahindra Bank Q1 net dips 8.5% to Rs. 1,244 cr
    Kotak Mahindra Bank reported a fall of 8.5% in its standalone net profit at Rs.1,244 crores for the quarter ending 30 June 2020. It was Rs. 1,360 crores in the year-ago period. The net interest income backed by retail loans home, personal, gold, car loans and two-wheeler loans along with business and mudra loans increased by 17.81% to Rs. 3,723.85 crore.
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