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Personal loans from Kotak Mahindra Bank are available for applicants who are looking for instant loans for Rs amounts only. 50,000 and as high as Rs. 15 lakh These loans are suitable for financing a variety of financial needs, including home improvement, travel abroad, debt consolidation and medical expenses.

Characteristics of the Kotak Mahindra Bank personal loan

Loan amount: Kotak Mahindra Bank offers personal loans from 50,000 to 15 lakh. Before completing the instant loan amount, the bank takes into account the lender’s profile, which includes the credit rating, financial history, annual income, creditworthiness, etc.

Payment options: Kotak Mahindra Bank offers flexible payment options from 12 to 60 months with convenient EMI payments

Minimum documentation: the bank requests minimum documentation when requesting a personal loan, which makes the whole process quick and simple

Balance Transfer: You can transfer your existing personal loan from another lender to Kotak Mahindra Bank to get better terms and lower interest rates

Eligibility criteria

You should live in India

You must be at least 21 years old and a maximum of 58 years old.

Must be an active/permanent employee of a multinational, public or private company with work experience of at least 1 year

Your net salary must be at least Rs. 20,000 per month

At least you should be a graduate

You must have lived in a city for at least 1 year.

Documents required for a personal loan from Kotak Mahindra Bank

Proof of identity: passport, PAN, Aadhaar, voter registration card, driving license

Proof of residence: electricity bill, passport or license, and license agreement

Account statement for the last 3 months with income information

Salary receipt for the last 3 months.

2-3 passport photos

Fees and other Charges

Here are some of the main fees and charges associated with your Kotak bank

Loan Processing Fees Up to 2.5% of the loan amount+ GST and other applicable statutory levies

Stamp fees are based on the stamp law of the respective federal state. Applicable as per the respective State’s Stamp Act

Credit Appraisal Charges Up to 5% of the loan principal, not exceeding Rs. 7500 (inclusive of GST)

Overdue Interest 3% p.m. Will be added to the amount due monthly from the due date to the end of the payment

Collection Charges 30% of cheque / instrument dishonour charges (GST included) + overdue interest

Dishonor Charges each Instance Rs 750 per instance (including GST and other applicable legal assessments)

Swap Charges (Replacement of PDCs) Rs. 500+ GST and other applicable legal assessments per instance

Interest for the prepayment/foreclosure period for 12 months. Lock-in period for 12 months. After 12 months, an execution fee of 5% + GST will be charged for the principal outstanding

Duplicate Issue of NOC Rs. 500 + GST and other applicable statutory levies per instance

No Dues Certificate Rs. 500 + GST and other applicable statutory levies per instance

Fees for submitting a copy of the Credit Information Report (CIBIL) to the applicant. Rs.50 + GST and other applicable legal assessments per instance

Fees to be applied if the client requests once a year a copy of the records relating to his transactions (SOA / amortization program). 250 per request + GST and other applicable statutory privileges


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