Kotak Personal Loan Interest Rate

Kotak Bank Personal Loan Interest Rates Mar 2017

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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 Personal Loan
Kotak Personal Loan Interest Rates
MyLoanCare Kotak Personal Loan Interest rate calculator works on various inputs like:
Loan Amount - Generally banks offer lower interest rates for higher amount. However Kotak offers loan between minimum and the maximum loan amount.
Salary - Higher salary bracket individuals are offered loans at lower interest rates. Kotak interest rate varies with your net monthly income.
Employer Category - Employer category of the borrower is a major deciding factor in order to determine his/her rate of interest. Kotak has a list of company categories of salaried individuals to which they avail personal loan. So, higher company category leads to low rate of interest.
Relationship with the Bank - Kotak Bank offers special rates, offers and charges to the existing account holders of the bank. Those who have managed their accounts and made all the payments on time in past will get benefit of low interest rates from the bank.
Loan Tenure - Kotak Personal loans are of shorter tenure ranges from 12 years to 60 years and carry high rate of interest compared to longer term loans.
Repayment Capacity - Before giving loan to the borrower, Kotak Bank checks the repayment capacity of the borrower. Bank verifies the repayment capacity of the customer through CIBIL as it has all the details of previous loans taken and their repayments. CIBIL also gives the information of credit card bills payment.
Kotak Personal Loan Eligibility
Eligibility of personal loan in Kotak 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.
  • 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 month must be with your current company. 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
  • Income Tax PAN Copy
  • Identity Proof - Driving License/ PAN/ Passport/ Voter ID
  • Residential Address Proof - Registered Rent Agreement/ Passport/ Leave and License/ Utility Bill (upto 3 months old)
  • Income Documents - 2 years Form 16, 3 month pay slip, 3 months bank statement showing salary credit and any EMI debit
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 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. -97,880 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 charges 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 Prepayment charges vary by year: 2nd year - 4%; 3rd year - 3%, after 3 years - 2%.

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 - Mar 2017
11th Mar 17 Kotak MF launches Go Digital
Kotak Mahindra Asset Management Company has launched a digital platform named Go Digital. The digital platform will enable the distributors to build their own website or mobile application. With the help of digital platform, Kotak Mutual fund investors can access their portfolios, view scheme details and check for documents required for investment.
09th Mar 17 Kotak Mahindra Bank sold 1.5 percent stake to Canadian Funds
Chief of Kotak Mahindra Bank has sold 1.5 percent of his personal stake in Kotak Bank to two Canadian Pension Fund managers for Rs. 2,255 crore via open market transaction. The 2.76 crore shares were sold at Rs. 817 per share. Under the sale, 1.84 crore share of the bank were purchased by CPDQ fund and the remaining shares were taken by Canada Pension Plan Investment Board. As per sources, the move will help the bank to comply with RBI directive on promoter shareholding that should stand at 30 percent.
08th Feb 17 Kotak Mahindra Bank registers a high growth in its mobile channel transactions in December, 2016
Kotak Mahindra Bank has reported a growth of 108 percent in the volume of transactions on its mobile banking application. As per the president of consumer bank, the volume of transactions on its mobile banking platform during the month of December has been Rs. 4,800 crores . The bank also saw a significant growth in its credit card and debit card transactions at 49 and 188 percent respectively.
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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