Frequently Asked Questions

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What can a personal loan be used for?

Personal loan requires no collateral, and that’s why it is an unsecured loan. It can be used to fulfill many of your day-to-day as well as emergency needs. Kotak Mahindra Bank provides the borrowers with loan amounts from Rs. 50,000 to Rs. 25 lakhs. So, whether your expenses are small or big, our personal loan can come in handy at the time of your need.

You can plan that dream wedding with the help of Kotak Bank’s marriage loan. Or use our travel loan to rejuvenate at your favourite holiday destination. Renovate your home and transform your living space with a home renovation loan from Kotak Mahindra Bank. You can even take care of unplanned expenses such as medical emergencies with Kotak’s medical emergency loans. No need to dip into your hard-earned savings to meet your financial needs.

What are the benefits of availing of a personal loan from Kotak Mahindra Bank?

Kotak Mahindra Bank’s personal loan is available within the shortest possible time, and the documentation is minimal and hassle-free. 

Interest rates start from 10.99% p.a., and the personal loan charges are also low. You can use the personal loan EMI calculator to make the loan affordable. Moreover, the prepayment facility helps you reduce the loan burden whenever you have additional funds.

What are the different types of personal loans?

Kotak Mahindra Bank offers personal loans for wedding travel, medical needs, education, vehicle buying, debt consolidation, etc. 

Can I get a personal loan if I have a home loan?

Yes, you can get a personal loan even if you have a home loan. You just need to mention the existing loan details and the EMI. You can also opt for top-up home loans, which are like personal loans.

How can I get personal loan repayment status updates?

The repayment status update is sent to you regularly by Kotak Mahindra Bank. You can also check the status online by logging into your online banking account. 

What do you mean by these personal loan terms - ‘Settlement’, ‘Default’ and ‘Closed’?

Loan ‘settlement’ is when you pay a lump sum amount, which is lower than the outstanding loan amount, to pay off the loan ultimately. 

This is allowed when you face an unavoidable financial crisis and cannot pay the loan on time. The lender might allow a repayment holiday and then ask you to pay a lump sum to write off the loan. This is called ‘settlement’.

‘Closed’ is when you pay the loan on time through regular personal loan EMI and the loan amount is completely paid off as stipulated.

‘Default’ is when you default on your personal loan EMI and don’t pay it on time. 

Can I get tax benefits on a personal loan?

No, tax benefits are not available on a personal loan. However, if you avail the loan for home improvement or renovation, the interest paid on the loan can be claimed as an exemption under Section 24(b).

 

Why should you avail a personal loan from Kotak Mahindra Bank?

A personal loan is an unsecured loan that requires no collateral. What’s more, it can be used for various needs. Right from holidays and weddings to medical emergencies and education, it helps you cover a vast range of your expenses. 

Getting a personal loan from Kotak Mahindra Bank has many advantages. Attractive interest rates starting from 10.99% per annum make our personal loans affordable. We provide loans for amounts ranging between Rs. 50,000 to Rs. 25 lakhs. This can help you cover many of your day-to-day and emergency needs. A flexible tenure of 1 to 5 years allows you ample time for full loan repayment. Our executives provide you with best-in-class services to ensure a smooth experience. Minimal documentation, faster response time and quick disbursements are some other reasons to choose a personal loan from Kotak Mahindra Bank. 

What is the minimum salary that an individual is required to earn to apply for a personal loan?

To avail a personal loan from Kotak Mahindra Bank is hassle-free with an easy application process, a quick disbursement process and above all, a simple eligibility criteria. 

Graduated individuals between the ages of 21 and 60 years, employed for at least one year can apply for a personal loan from Kotak Mahindra Bank. 

A minimum salary requirement is also essential for different types of employment to avail a personal loan. You are eligible to apply for a Kotak Mahindra Bank’s personal loan, if you are drawing a minimum Corp Salary of Rs. 25,000. In case of Non-Corp Salary, the bare minimum salary has to be Rs. 30,000. And if you are an employee of Kotak Mahindra Bank then the requirement is Rs. 20,000.

Apart from the age and salary, there are various other eligibility factors. You can learn more about them here, or even calculate your eligibility using personal loan eligibility calculator.

What are the eligibility criteria for a personal loan?

Simple eligibility parameters is an important advantage of Kotak Mahindra Bank’s personal loans. Determining your eligibility is crucial because your loan amount depends on that. So, before applying for a personal loan from Kotak Mahindra Bank, check if you are eligible for it.

The eligibility criteria includes these basic parameters:

  • Age: You must be between the ages of 21 and 60 years
  • Education: Graduation
  • Employment: Minimum one-year employment with an MNC, a public limited company or a private limited company
  • Minimum Monthly Income:
  • - Corp Salary: Rs. 25,000

    - Non-Corp Salary: Rs. 30,000

    - Kotak Mahindra Bank’s employees: Rs. 20,000

Other factors that impact your eligibility to apply for a personal loan from Kotak Mahindra Bank are your location, type of occupation, employer’s reputation, ongoing loans and credit score to name a few.

How to track Personal Loan Application status?

At Kotak Mahindra Bank, applying for a personal loan is easy, quick and hassle-free. And what’s easier is to track your personal loan application status. You can get the details about your personal loan application status in a few simple steps. 

If your loan is approved, you will be able to view the status. Usually, approval time is 10 working days.

You can also call Kotak Mahindra Bank’s helpline number 18602662666 between 9 am to 7 pm from Monday to Saturday, excluding holidays.

Personal loan approvals depend upon your eligibility. So, to avoid disappointment, do check your personal loan eligibility before applying for one.

Will I have to visit Kotak Mahindra Bank branch to get an online Personal Loan?

No, you don’t have to visit the Kotak Mahindra Bank branch to avail an online personal loan.

You can easily check your personal loan eligibility on the bank’s website. Kotak Mahindra Bank’s eligibility parameters are quite simple. Next, if you fit into the criteria, proceed with your online application through the website. After you have applied, you can check your application status, once again, on the website itself. Upon loan approval, you can submit the required documents digitally. When your documentation is complete and without any problems, the funds will be transferred to your account.

With an online application, the loan can be disbursed to your account in as less as 3 seconds. Kotak Mahindra Bank offers an attractive rate of interest at 10.99% per annum. The loan amounts can be anywhere from Rs. 50,000 to Rs. 25 lakhs.

How can I apply for a personal loan?

Kotak Mahindra Bank ensures an easy and convenient personal loan application process. For an online application all you need to do is provide us with your basic details, check your eligibility to borrow a loan from Kotak Mahindra Bank and finally, submit the mandatory documents. 

 

To provide your basic details, visit the personal loan section on Kotak Mahindra Bank’s website and click on “Apply Now”. You will be redirected to the Application Form where you have to fill in the required information.

Can I foreclose or prepay the personal loan?

Yes, Kotak Mahindra Bank allows foreclosures or prepayment after completion of lock-in period. Upto 3 years Kotak Mahindra Bank takes foreclosure charges of 4 % plus GST on the foreclosure amount. For the period after 3 years the charges are 2 % plus GST on the foreclosure amount. 

The process is quite simple. All you need to do is contact Kotak Mahindra Bank on our helpline number 18602662666 between 9 am to 7 pm from Monday to Saturday. Remember, Sundays and holidays are to be excluded for such communications. After that, simply make the complete prepayment via online transactions like NEFT/RTGS. You may even visit any of our branches and submit a cheque. Remember to make the prepayment at least 7 working days prior to your next EMI date.

Lock-in period structure :

A) Loan tenure <= 18 months : Lock-in period will be 50% of the total tenure period.

B) Loan tenure > 18 months : 12 months Lock-in period.