Can you tell me the list of documents that I would need to submit to avail a personal loan from Kotak Mahindra Bank?

You will have to submit proof of identification, income, address, bank statements for the last 3 months, and 3 passport-size photographs.

Suppose I wish to avail a loan of Rs.15 lakh, should I provide collateral?

The personal loan schemes offered Kotak Mahindra Bank are unsecured, which means that no collateral will be required to avail a loan of Rs.15 lakh from Kotak Mahindra Bank.

As a self-employed individual, can I apply for a personal loan from Kotak Mahindra Bank?

Unfortunately, Kotak Mahindra Bank offers unsecured personal loans for salaried individuals only.

What are the late payment charges set by Kotak Mahindra Bank?

Kotak Mahindra Bank charges 3% per month as late payment charges of the overdue amount.

Can I top-up my existing Kotak Mahindra Bank personal loan?

Yes, the top-up option is available for existing personal loan customers of the bank.

Kotak Mahindra Bank Personal Loan Interest Rates

Kotak Mahindra Bank offers personal loans for customers with a minimum monthly salary of Rs.20,000 at attractive interest rates between 10.99% to 16.99% p.a.

Based on their eligibility, customers can avail loans between Rs.50,000 and Rs.15 lakh and choose a tenure subject to a minimum of 1 year and a maximum of 5 years. Kotak Mahindra Bank charges a processing fee up to 5% of the loan amount + GST

Particulars	Salaried
Interest Rate	10.99% p.a. onwards
Processing Fee	up to 5% of the loan amount + GST
Loan Tenure	1 to 5 years
Loan Amount	Up to ₹35L
Salary / Income	Minimum monthly income of Rs.20,000
Employment Status	Salaried Individual
Credit Score	750
Lowest EMI per Lakh	Rs.2,187
Pre-Payment/Foreclosure Charges	5% of Outstanding Principal + GST
Overdue EMI Interest	3% per month on the amount due

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Factors Affecting Kotak Mahindra Bank Personal Loan Interest Rates

Repayment tenure - Usually, the longer the tenure, the higher will be the interest rate set for the loan.
Credit score of the applicant - Kotak Mahindra Bank takes into consideration the repayment track record of the individual which is reflected in his/her credit score. The lower the credit score of the individual, due to risk involved, the bank will set a higher personal loan interest rate.
Income of the individual - With Rs.20,000 set as the minimum requirement to be eligible to apply for a personal loan from Kotak Mahindra Bank, the income of the individual plays a vital role in the interest rate offered by the bank. Generally, the lower the income the individual, the higher will be the interest rate set by the lender.
Relationship with the Kotak Mahindra Bank - If the applicant has had a long-term relationship with the bank, then the bank might possibly offer him/her a lower interest rate.

How to Calculate EMI for Kotak Mahindra Bank Personal Loan

1. For individuals with a monthly salary of Rs.20,000

Let's assume that Mr. Mohan has applied for a personal loan from Kotak Mahindra Bank, and since he has no loan repayment history or a credit card, his credit score is below average. Due to the risk involved, Kotak Mahindra Bank set an interest rate of 19.99% p.a. on the Rs.1 lakh loan amount that he has availed. The bank has also charged him a processing fee of 2.5% on the loan amount of Rs.1 lakh. To repay the loan amount of Rs.1 lakh in 12 months, Mr. Mohan will have to pay an EMI of Rs.9,263.

Month	Principal Paid(A)	Interest Paid(B)	Total Payment (A+B)	Outstanding Loan Balance
1	Rs. 7,597	Rs. 1,666	Rs. 9,263	Rs. 92,403
2	Rs. 7,724	Rs. 1,539	Rs. 9,263	Rs. 84,679
3	Rs. 7,852	Rs. 1,411	Rs. 9,263	Rs. 76,827
4	Rs. 7,983	Rs. 1,280	Rs. 9,263	Rs. 68,844
5	Rs. 8,116	Rs. 1,147	Rs. 9,263	Rs. 60,727
6	Rs. 8,251	Rs. 1,012	Rs. 9,263	Rs. 52,476
7	Rs. 8,389	Rs. 874	Rs. 9,263	Rs. 44,087
8	Rs. 8,529	Rs. 734	Rs. 9,263	Rs. 35,559
9	Rs. 8,671	Rs. 592	Rs. 9,263	Rs. 26,888
10	Rs. 8,815	Rs. 448	Rs. 9,263	Rs. 18,073
11	Rs. 8,962	Rs. 301	Rs. 9,263	Rs. 9,111
12	Rs. 9,111	Rs. 152	Rs. 9,263	Rs. 0

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2. For individuals with a monthly salary of Rs.45,000

Let's assume that Mr. Anbu earns a monthly salary of Rs.45,000 and applied for a personal loan of Rs.3.5 lakh. Since Mr. Anbu has had a personal loan with Kotak Mahindra Bank in the past and has made his payments on time, he has a good relationship with the bank and a good credit score and repayment track record. Kotak Mahindra Bank sets the lowest possible interest rate of 10.99% on the loan amount and charges a processing fee of 1% of the total loan amount to be availed. Mr. Anbu also chooses a repayment tenure of 12 months, which works in his favour with regard to the interest rate that was set by the bank. To repay the loan on time and keep his credit score optimum, Mr. Anbu will have to pay an EMI of Rs.30,975.

Month	Principal Paid(A)	Interest Paid(B)	Total Payment (A+B)	Outstanding Loan Balance
1	Rs.27,693	Rs.3,281	Rs.30,974	Rs.3,22,307
2	Rs.27,953	Rs.3,022	Rs.30,975	Rs.2,94,354
3	Rs.28,215	Rs.2,760	Rs.30,975	Rs.2,66,139
4	Rs.28,479	Rs.2,495	Rs.30,974	Rs.2,37,660
5	Rs.28,746	Rs.2,228	Rs.30,974	Rs.2,08,914
6	Rs.29,016	Rs.1,959	Rs.30,975	Rs.1,79,898
7	Rs.29,288	Rs.1,687	Rs.30,975	Rs.1,50,610
8	Rs.29,562	Rs.1,412	Rs.30,974	Rs.1,21,047
9	Rs.29,840	Rs.1,135	Rs.30,975	Rs.91,208
10	Rs.30,119	Rs.855	Rs.30,974	Rs.61,088
11	Rs.30,402	Rs.573	Rs.30,975	Rs.30,687
12	Rs.30,687	Rs.288	Rs.30,975	Rs.0

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FAQs on Kotak Mahindra Bank Personal Loan Interest Rates

Can you tell me the list of documents that I would need to submit to avail a personal loan from Kotak Mahindra Bank?
You will have to submit proof of identification, income, address, bank statements for the last 3 months, and 3 passport-size photographs.
Suppose I wish to avail a loan of Rs.15 lakh, should I provide collateral?
The personal loan schemes offered Kotak Mahindra Bank are unsecured, which means that no collateral will be required to avail a loan of Rs.15 lakh from Kotak Mahindra Bank.
As a self-employed individual, can I apply for a personal loan from Kotak Mahindra Bank?
Unfortunately, Kotak Mahindra Bank offers unsecured personal loans for salaried individuals only.
What are the late payment charges set by Kotak Mahindra Bank?
Kotak Mahindra Bank charges 3% per month as late payment charges of the overdue amount.
Can I top-up my existing Kotak Mahindra Bank personal loan?
Yes, the top-up option is available for existing personal loan customers of the bank.

Important Personal Loan Pages

Personal Loan Eligibility by Banks

Personal Loan Interest Rates by Bank

Personal Loan EMI Calculator by Bank

Personal Loan Customer Care by Bank

Personal Loan Status Track by Bank

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