Kotak Personal Loan : Apply online
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Kotak Bank's personal loans come with enticing interest rates beginning at just 10.99%. You can secure a personal loan of up to Rs. 40 lakh at appealing rates. Select a repayment period from 12 to 72 months, tailored to your requirements

Features and Benefits of Kotak Personal Loan

  • High loan amount: You can get a loan of up to Rs. 40 lakh, which is enough to cover most major expenses.
  • Low-interest rates: Interest rates start from 10.99% p.a., which are competitive with other personal loans in the market.
  • Flexible loan tenure: You can choose a loan tenure of 12 to 72 months, so you can find a repayment plan that fits your budget.
  • Easy online application: You can apply for the loan online, which is convenient and saves you time.
  • No Collateral Required: As these are unsecured loans, there's no need for collateral or security to avail a personal loan from Kotak Bank.
  • Balance Transfer Facility: Kotak Bank offers the facility to transfer the balance of existing loans from other banks, which can help borrowers benefit from lower interest rates or better loan terms.
  • No prepayment penalty: You can pay off the loan early without having to pay any additional fees.

Kotak Personal Loan Fee & Charges

The processing fee for the Kotak Bank Personal Loan is 2% of the loan amount, subject to a minimum of Rs. 2,000 and a maximum of Rs. 50,000. There are also other charges associated with the loan, such as:

  • Late payment charges: If you make a late payment, you will be charged a late payment fee of 2% of the outstanding amount.
  • Overdue charges: If you are more than 30 days late on a payment, you will be charged an overdue charge of 1% of the outstanding amount.
  • Cheque bouncing charges: If you bounce a cheque, you will be charged a cheque bouncing charge of Rs. 500.
  • Repayment charges: If you repay the loan before the due date, you may be charged a repayment charge of 3% of the outstanding amount.
  • Swap Charges: INR 500/- plus applicable taxes per instance. These are charges for changes in repayment mode, repayment instrument or EMI date.
  • Foreclosure Charges: Post completion of the lock-in period, up to 3 years - 4% + GST on the outstanding principal. After 3 years - 2% + GST on outstanding principal. For loan amounts over 10L, the charge is Rs.999/- plus applicable taxes after completion of the lock-in period (only if closing through own funds).

Kotak Bank Personal Loan Eligibility Criteria

  • Age: You must be at least 21 years old and not more than 60 years old at the time of loan maturity.
  • Income: Your monthly income must be at least Rs. 25,000.
  • Minimum Monthly Income: For corporate salary borrowers, the minimum income should be Rs. 25,000. For non-corporate salary borrowers, it should be Rs. 30,000. For employees of Kotak Mahindra Bank, the minimum income should be Rs. 20,000.
  • Credit score: Your credit score must be at least 750.
  • Work Experience: The applicant should have a work experience of at least one year.
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