4,80,000 people visited this section in last 30 days. Apply Online

Get Cashback of Upto ₹ 1,000* on Personal Loan Apply Online

MyLoanCare Customer Ratings - 4.5/5.0 Apply Online

Kotak Personal Loan Interest Rate

Current Kotak Bank Personal Loan Interest Rate

Last Updated 08th Jun 2021

Interest Rate 10.25% - 17.99%
Tenure Upto 48 months
Processing Fee Starting from Rs.1999
Loan Amount ₹ 1 Lakh to ₹ 50 Lakh
Minimum Income ₹ 40,000
Eligible Age 22 to 55 years
Part Prepayment Charges Not allowed
Foreclosure Charges Allowed after 12 months with charges ranging from, 5% foreclosure charges of the outstanding loan amount.
  • Today’s Kotak Bank personal loan interest rate starts at 10.25%.
  • Kotak Bank offers the lowest personal loan rate of 10.25% to borrowers who are existing customers of the bank or are working with top corporations.
Apply for Personal Loan @ 10.25%* Get upto ₹ 1,000* Cashback

Kotak Bank Personal Loan Rates and Charges

  • Kotak Bank offers personal loans to salaried individuals at a minimum rate of 10.25%.
  • Apart from the interest rate, the bank also charges processing fees and penalty fees for pre-payment, foreclosure, and late payment as Kotak Bank personal loan rates and charges. As listed below:
Kotak Bank Personal Loan Rates and Charges
Interest Rate 10.25% to 17.99%
Part Prepayment Charges Not allowed
Foreclosure Charges Allowed after paying 12 months with charges ranging from, 5% foreclosure charges of the outstanding loan amount.
Processing Fees Starting from Rs.1999
EMI Cheque Bounce Charges ₹. 750
Other Charges ₹ 500+ GST

Interest rates on Kotak Bank Personal Loans Schemes

As on today, Kotak BankPersonal loan interest rates are in the range of 10.25% to 17.99%, with lowest rates offered to existing customers of the bank with a strong CIBIL Score and for those working with reputed corporate with a stable employment history. The lowest rate on Kotak Bank personal loan remains unchanged at 10.25% as on 28 May, 2021. The last revision on Kotak Bank Personal Loan was announced on 28 May, 2021 when the rate was 10.25%. Kotak Bank also runs special schemes in which it offers lower rates for defense, armed forces and government employees.Personal loan interest rate for government employee and defense personnel is different from private salaried employees.

Kotak Bank Personal Loan Rate Comparison with Other Banks

Here is a comparison of Kotak Bank Personal Loan with top lenders based on interest rate, loan tenure, amount, processing fee, and other charges. It is always better to compare various personal loan lenders before proceeding with the personal loan process.

Particulars Kotak Bank HDFC Bank SBI
Rate of Interest Starting from 10.25% Starting from 10.25% Starting from 9.60%
Loan Tenure 12 - 48 months 12 - 60 months 6 - 72 months
Minimum Age 22 years 21 years 21 years
Processing Fee Starting from Rs.1999 Upto 2.50% Min Rs. 999 1.00%
Maximum Loan Amount ₹ 50 Lakh ₹ 75 Lakh ₹ 15 Lakh
Prepayment charges Not allowed Allowed after 12 EMI's, 2-4% Not allowed
Pre closure charges Allowed after 12 EMI's, 5% foreclosure charges Allowed after 12 EMI's, 2 - 4% Allowed after 6 EMI's, 3%

Kotak Bank Personal Loan Balance Transfer Interest Rates

Kotak Bank personal loan balance transfer facility is ideal for existing personal loan customers, who are paying high interest to their existing lender. Through this facility, you can transfer your existing of personal loan with Kotak Bank at a lower rate of interest, without closing the account. However, you do need to check the foreclosure charges that you have to pay to your existing lender. Currently Kotak Bank offers the lowest personal loan balance transfer rate of 9.99%.

How to Get Low Interest Rates on Kotak Bank Personal Loan?

You can get the lowest Kotak Bank personal loan rate, by ensuring the below-mentioned things:

  • Ensure that you are aware of the Kotak Bank personal loan eligibility and documentation requirements beforehand so that you do not end up paying a higher rate as compensation for lack of any document.
  • Ensure that you maintain a good credit score of 650. The higher the credit score, the higher is your chance of getting a low-interest rate.
  • Always check if you are eligible for a pre-approved offer from Kotak Bank as that allows you to get instant loans at the best rates.
  • Compare lenders to get competitive interest rates. Further keep tracking the loan rates trends, Kotak Bank may offer lower interest rates in the festive season.
  • If you are a high salary earning employee and work in a reputed firm, then leverage it. Kotak Bank offers lower rates to employees working in top firms drawing high salaries.


What is Kotak Bank personal Loan interest rate?

Today, the lowest interest rate on Kotak Bank Personal Loan is 10.25%. Borrowers with high income and CIBIL score are eligible for the lowest interest rate.

How can I reduce my interest in Kotak Bank personal loan?

You can reduce the interest to be paid on Kotak Bank personal loan by any of the below-mentioned ways:

  • By maintaining a good CIBIL score
  • By showing all proofs of income
  • By maintaining a good debt to credit ratio
  • By applying at peak time when Kotak Bank provides discounted personal loan offers

Is Kotak Bank personal a floating rate loan or fixed-rate loan?

Kotak Bankis offered at both fixed and floating rate. In the case of the fixed rate, the interest remains the same whereas in the case of the floating rate the personal loan rates keep varying according to the market.

Did Kotak Bank personal loan rate drop in 2021?

Presently, Kotak Bank offers personal loans at an interest rate starting at 10.25%. There has been no change in personal loan rates of Kotak Bank for a long time and continue to stand at 10.25%.

How do I check my eligibility to get a personal loan at a low rate from Kotak Bank?

The lowest rate on Kotak Bank is mostly offered to individuals with high CIBIL and high income. You can check the eligibility for the personal loan at Kotak Bank official website. Apart from that you can also use MyLoanCare Personal Loan Eligibility Calculator.

What is the lowest personal loan rate in Kotak Bank?

The lowest personal rate offered by Kotak Bank on a personal loan is 10.25%.

What is the interest rate charged by Kotak Bank on personal loan?

Personal loan interest rates in Kotak Bank are 10.25% to 17.99%. Kotak Bank personal loan interest rate for salary account holders are comparatively lower than that for other customers.

Can I ask for a reduction in the Kotak Bank personal loan interest rate?

You can ask for a reduction in your Kotak Bank personal loan interest rate. However, it depends upon the policy of the bank, whether it allows negotiation or not. Good credit score, high income, and existing relationship with the bank are some of the points which can contribute to the talks going your way.

Is there any need for security or collateral while availing Personal loan from Kotak Bank?

No, there is no need for any collateral or security while availing a personal loan from Kotak Bank. Kotak Bank personal loan is an unsecured loan; thus, it does not require pledging of any asset as security to avail the loan.

How can I close my Personal Loan from Kotak Bank early?

If you want to prepay your entire personal loan from Kotak Bank, then you can do so by making a lump sum payment. However, you should also inquire about the prepayment and foreclosure charges based on the Kotak Bank personal loan scheme availed by you, before making any decision.

How does Kotak Bank calculate the interest on a personal loan?

The interest for Kotak Bank personal loan is calculated based on the following methods:

  • Flat rate method:   Under this method, Kotak Bank personal loan rate is estimated on the original loan amount throughout the original loan tenure. Thereby, the principal amount for calculation remains the same. This method is also called the fixed method of Kotak Bank personal loan interest calculation.
  • Reducing rate method:  As per the Kotak Bank personal loan reducing balance method the interest rate is calculated on the outstanding loan amount. Therefore, the principal component that is paid during the monthly EMI is not chargeable for interest calculation. In this case, the outstanding balance and the interest reduces with time, and the interest is charged only on the remaining principal amount.

Notification ×
  • Home Loan

    Home Loan at all-time low rates starting at 6.65%. Cashback of up to ₹ 1,000.

    Apply Now
  • Personal Loan

    Instant Personal Loan starting at 10.25% with Cashback of up to ₹ 1,000 .

    Check Offers
  • Gold Loan

    Instant Gold Loan starting at 9.50% with Cashback of up to ₹ 500

    Apply Now
  • Loan Against Property

    Best Loan Against Property Offers starting @ 9.50%. Cashback of up to ₹ 1,000*.

    Apply Now
  • Business Loan

    Collateral Free Business Loan Rates starting at 14.00% with Overdraft facility.

    Apply Now
  • Fixed Deposit

    AAA rated FDs with returns as high as 6.95%.

    Invest Now
Kotak Personal Loan News - Jun 2021
  • 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.
  • 2020-06-01 : Kotak Mahindra Bank extends EMI moratorium till August.
    In line with Reserve Bank of India directive on the extension of the loan EMIs moratorium on personal, home, two-wheeler, car and gold loans, Kotak Mahindra Bank extended the deferment of the EMIs till August. Reserve Bank of India and Kotak aims to help customers sail through the economic crisis caused by coronavirus pandemic.
*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
Please wait while your information is being processed...