Kotak Mahindra Bank Personal Loan Interest Rate 2025

Updated on: Apr 21st, 2025

8 min read

Kotak Mahindra Bank offers personal loans at competitive interest rates starting at just 10.99% per annum. These loans also offer flexible repayment options and quick disbursal, making them ideal for various financial needs. Read on to see how Kotak personal loans can help you manage expenses or consolidate debt with ease.

Kotak Bank Personal Loan Interest Rate Highlights

Kotak Personal Loan Interest Rate	From 10.99% p.a.
Tenure	1 to 6 years
Amount	Up to Rs. 35 Lakhs
Processing Fees	Up to 5% of the loan amount + applicable taxes
KYC	Digital/ video KYC using an Aadhaar card

Kotak Bank Personal Loan Interest Rate 2025

Credit Facilities of Personal Loan	Interest Rates and Applicable Fees
Interest Rate	From 10.99% to 16.99% p.a.
Non-refundable Processing Charges	Up to 5% of the entire loan amount + applicable taxes
Bounce Charges/ EMI Dishonour	Rs. 750 + applicable taxes
Repayment Mode Swap Charges (charges for change in repayment mode or EMI date)	Rs. 500 + applicable taxes
Pre-payment Charges	Loans disbursed after 1st February 2020 (after completing 12 months) - Up to 20% of the principal loan outstanding can be paid partly. Loans disbursed on or before 1st February 2020 - Paying the loan amount partly is not allowed. Pre-payment of loans is allowed only once every financial year. Repayment Mode Swap Charges to be paid every time a pre-payment is made.

Types of Kotak Bank Personal Loan

Here are the different types of personal loans offered by Kotak Mahindra Bank:

Personal Loan for Travel: Kotak offers travel loans from ₹50,000 to ₹35 lakhs with flexible tenures of 1 to 6 years, helping you enjoy a memorable family vacation.
Personal Loan for Marriage: Kotak Mahindra Bank offers marriage loans ranging from ₹50,000 to ₹35 lakh, providing sufficient funds to cover all your wedding expenses.
Personal Loan for Home Renovation: Kotak Mahindra Bank provides personal loans from ₹50,000 to ₹35 lakhs, with flexible EMIs and repayment terms of 1 to 6 years, helping you upgrade your personal space with ease.
Personal Loan for Government Employees: Kotak Mahindra Bank provides flexible tenures of 12 to 72 months, loan amounts from ₹50,000 to ₹35 lakh without the need for possessing any collateral.
Personal Loan for Debt Consolidation: Kotak Mahindra Bank offers personal loans to facilitate debt consolidation up to ₹35 lakh at interest rates starting from 10.99% p.a., with flexible repayment terms of 1 to 6 years, along with the ease of applying online.
Personal Loans for Students: Kotak Mahindra Bank provides personal loans for educational purposes up to Rs. 10 lakhs for courses in India and Rs. 20 lakhs for foreign education at interest rates up to 16% per annum.
Urgent Loan: Kotak Mahindra Bank provides easy personal loans up to ₹35 Lakhs at an interest rate of 10.99%, with easy repayment tenure of up to 6 years, all without the hassle of heavy documentation or collateral.
Aadhaar Loan: Kotak offers instant, collateral-free personal loans using your Aadhaar number, with amounts from ₹50,000 to ₹35 lakh with interest rates starting at just 10.99% per annum.
Overdraft Loan: Kotak Mahindra Bank offers overdraft personal loans from ₹1 lakh to ₹20 lakh, with interest payable only on the amount used and flexible repayment tenure of up to 72 months.
Personal Loan for Rs. 15/10/5 lakhs: Kotak Mahindra Bank provides instant personal loan of ₹15/10/5 lakhs respectively with convenient repayment options through affordable monthly instalments.

Features Of Kotak Bank Personal Loan Scheme

Following are the characteristics of the Kotak personal loan schemes:

No Collateral Needed: A Kotak Bank personal loan does not require you to pledge any collateral.
Quick Approval: The loan approval process is quick, and funds are accessible whenever you need them.
Flexible Funds: Kotak Bank personal loan funds can be used for medical expenses, home renovations, weddings, education or debt consolidation.
Credit Score Improvement: Managing your personal loans responsibly can improve your credit score, leading to lower interest rates for subsequent personal loans.
Predictable Monthly Payments: All personal loans come with fixed monthly EMIs and interest rates, which makes managing your budget easier.
Easy Loan Application: The loan application process can be easily completed online at any time without the need to submit physical documents.
Attractive Interest Rates: Kotak personal loan interest rates are competitive, starting at only 10.99% per annum.

Kotak Bank Personal Loan Interest Rates

Kotak Mahindra Bank offers easy personal loan schemes in a hassle-free manner and without the need for collateral:

Pre-Approved Personal Loan

Features	Charges
Fixed Kotak Personal Loan Interest Rates	Starting from 10.99% per annum
Non-refundable Loan Processing Charges	Up to 5% of the entire loan + applicable taxes (charged at the time of disbursal)

Personal Loan Up to Rs. 35 Lakhs

Features	Charges
Fixed Kotak Personal Loan Interest Rates	Starting from 10.99% per annum
Non-refundable Loan Processing Charges	Up to 5% of the entire loan + applicable taxes (charged at the time of disbursal)

PayDay Loan

Particulars	Charges
Interest Rate	10% p.a.
Stamping Charges	As per the Stamp Act of the respective state
Loan Processing Charges	Starting at Rs. 150 onwards and charged as per the loan amount.
Bounce Charges	Rs. 750 + applicable taxes
Overdue EMI or Penal Charges	8% per annum on overdue + applicable taxes

Factors Affecting Kotak Bank Personal Loans

Here are the different factors that affect the Kotak personal loan interest rates:

Credit Score and History: You need to have a good credit score to get the best interest rate on a personal loan from this bank.
Employment and Income Stability: Having a stable income and employment will help you get a lower interest rate for your personal loan.
RBI Policies and Market Trends: Changing RBI policies and external financial factors can affect personal loan interest rates.
Lender Relationship: Maintaining a good banking relationship for the long term will help you get a competitive interest rate for personal loans.
Existing Financial Obligations: Your exciting liabilities and debts are important factors in determining the Kotak personal loan interest rates in India.

Fees And Charges Of Kotak Bank Personal Loan Scheme

Here are the charges of the Kotak Personal Loan Scheme:

Charges	Amount
Kotak Personal Loan Interest Rate	Starting from 10.99% per annum
Stamp Duty Charges	Applicable according to the respective Stamp Act of the state
Non-refundable Processing Fee of Loans	Up to 5% of the entire loan amount + applicable taxes
Bounce Charges/ EMI Dishonour	Rs. 750 + applicable taxes
Overdue EMI Penal Charges	A penal charge of 8% per annum + applicable taxes (on the outstanding due amount on respective due dates). To be charged for the number of days remaining.
Repayment Mode Swap Charges	Rs. 500 + applicable taxes
Foreclosure Charges	After 3 years - 2% plus taxes on outstanding amount
Foreclosure Charges	Up to 3 years - 2% plus taxes on the outstanding amount
Lock-in Period	After payment of the initial EMI, there is no lock-in period
Legal Charge	At actuals
Amortisation Schedule	Once a year with no applicable charges
Pre-payment Charges	Every part payment is charged at Rs. 500 + applicable taxes
	Allowed once in a year
	Allowed for loan amounts disbursed after 1st February 2020
	Not allowed for loan amounts disbursed before or on 1st February 2020
	Part pre-payment is allowed up to 20% of the outstanding loan amount after completing 12 months
Offline or non-digital loan cancellation charges	Rs. 1000 + applicable taxes or 1% of principal outstanding + applicable taxes whichever is higher
Online or digital loans after the cooling-off period	Rs. 1000 + applicable taxes or 1% of principal outstanding + applicable taxes whichever is higher
Cancellation charges for digital loans within the cooling-off period	Nil

Note: These charges are subject to change as per the bank’s notifications or any changes in the agreement between the borrower and the bank.

Eligibility Criteria For Kotak Bank Personal Loans

Salaried individuals must fulfil specific eligibility criteria to qualify for a personal loan. These criteria include the following:

Eligibility Criteria	Requirement
Employment Type	Salaried individual with a private limited company, public limited company or an MNC.
Age Requirement	Between 21 years and 60 years
Minimum Income	The minimum monthly income should be stable and fulfil one of the following criteria: Employees at Kotak Mahindra Bank: Minimum income should be Rs. 20,000 per month. Non-Salary Account Holder at Kotak Mahindra Bank: Minimum of Rs. 30,000 per month. Salary Account Holder at Kotak Mahindra Bank: Minimum of Rs. 25,000 per month.
Minimum Educational Requirements	Graduate or Diploma holder
Credit Score	A credit score of 750 or above is preferable to become eligible for a personal loan.
Employment Status	Stable employment with monthly income.
Work Experience	Must have at least one year of relevant work experience.
Citizenship	Must be an Indian citizen.

Documents Required To Apply For Kotak Bank Personal Loan

Certain documents need to be provided to get a personal loan from Kotak Mahindra Bank. Here is the list of documents required for a personal loan from this bank:

Bank statements for the last few months
Form 16 and Salary Slip
Address Proof: Aadhaar card, utility bills, passport, Voter ID or ration card
Age Proof: Aadhaar card, birth certificate, PAN card, or voter ID
Income Tax Returns: Income summary, tax payments and deductions

Kotak Bank Personal Loan EMI Calculator

The Kotak Bank Personal Loan EMI calculator can help you understand how much EMI and interest amount you need to pay, depending on the principal value of your personal loan. It helps with better expense planning by estimating monthly payments, offers flexibility to adjust loan terms, enables easy comparison of options.

Kotak Bank Personal Loan Customer Care

Kotak Mahindra Bank’s customer care is operational from Monday to Saturday from 9 AM to 8 PM. It is not operational on Sundays and holidays. The customer care number of this bank for personal loans is 1860 266 2666. Alternatively, you can also send an SMS KPRIVY to 5676788 to get a call back from the customer care executive within half an hour to resolve your query. You can get this service 24x7 if you are an Ignia or Privy League Optima customer. However, it is not toll-free.

To sum up, a personal loan is an unsecured loan that can be used for different financial needs. These financial needs include paying for higher education, weddings, vacations, medical emergencies, or consolidating debts. Always maintain a good credit score and financial history, and ensure to weigh the available options and select your scheme carefully for maximum benefit.

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Frequently Asked Questions

When is the personal loan instalment payment due? Can I pick a date that works best for me?

The due date of personal loan installment is due 5th of every month for Kotak Mahindra Bank. You can request the bank to change the loan repayment date through an intimation to your branch or call.

Will I have to put up any collateral to get a personal loan from Kotak Mahindra Bank?

No. Putting up collateral is not necessary to get a personal loan from Kotak Mahindra Bank. This is because a personal loan is an unsecured loan that does not require any collateral.

How long does it take for a Kotak Mahindra Bank Personal Loan to be disbursed?

Personal loans get disbursed within 24 hours of approval. Kotak creates a cheque or demand draft of the loan amount and sends it to the applicant.

Will I be given a repayment plan for my loan?

Yes. Kotak Mahindra Bank provides a repayment plan for all personal loans, which can be accessed through Net Banking or Mobile Banking.

Can my credit score impact the interest rate on a personal loan?

Yes. Maintaining a good credit score and history is necessary to get a personal loan from Kotak Mahindra Bank. Ideally, a score of 730 or above is considered a good score to get a personal loan.

About the Author

Saloni Dhumne

Content Writer - Personal Finance

A former journalist by profession, I live by the power of the written word. Specializing in personal finance, I simplify wealth planning for individuals looking to grow their money effectively. Beyond my work, I eagerly seize any opportunity to travel, exploring offbeat destinations and embracing new experiences.. Read more

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