Kotak Mahindra Bank Personal Loan Interest Rates

Kotak personal loan interest rate is fixed and competitive, starting from 10.99% p.a. Some of the most important Kotak Mahindra Bank Personal Loan details are as mentioned below:

• Loan amount: Rs. 1 Lakh - Rs. 35 Lakhs
• Rate of interest: 10.99% p.a. onwards
• Tenure of repayment: 1 - 5 years (6 years with conditions)
• Lowest EMI possible: Rs. 1,903 Per Lakh
• Processing fee: Up to 3% of loan amount + applicable taxes
• TAT: The bank disburses funds to your account within a few minutes of approval, subject to meeting eligibility.

Why Kotak Mahindra Bank Personal Loan?

• Instant funding for customers maintaining salary accounts with Kotak Mahindra Bank.
• No security, collateral, security, or guarantor is required.
• Minimal documentation is required.
• Loans are available for weddings, vacations, medical expenses, home renovation, etc.

How to Calculate Kotak Mahindra Bank Personal Loan EMI?

• Visit the MyMoneyMantra and go to 'Finance Tools'.
• From the list given under Finance Tools, select 'Personal Loan EMI Calculator'.
• Then, enter loan details such as interest rate, loan tenure (in years), and loan amount.
• Upon entering all the details and completing the selection, the monthly EMI will be generated instantly.

How to Apply for Kotak Mahindra Bank Personal Loan?

Kotak Mahindra Bank allows you to apply for a Personal Loan online through the MyMoneyMantra website. MyMoneyMantra is a channel partner for Kotak Mahindra Bank. The website is easy, intuitive, and convenient to use. You can calculate EMI, get eligibility criteria, terms and conditions, and apply for a Kotak Mahindra Bank loan relatively faster on our website.

You can compare personal loan interest rates offered for a similar amount and tenure from other banks on the MyMoneyMantra website. After you apply for a Personal Loan on MyMoneyMantra, a representative will contact you instantly to take the loan process forward. MyMoneyMantra provides you a Personal Loan advisor who ensures that the lending process is quick and you get good quality customer service from Kotak Mahindra Bank.

Kotak Mahindra Bank Personal Loan Customer Care

You can inquire about Kotak Mahindra Bank personal loan by calling the bank’s 24×7 all-India customer care number 1860-266-2666.

Following are a few things to be considered to get the lowest interest rates on Kotak Mahindra Bank personal loan:

• Maintain a good credit score: Your credit score shows your creditworthiness and that is why it is a crucial factor in deciding your personal loan interest rate for Kotak Mahindra or any other bank. Make sure you maintain a good credit score, preferably above 705 with a clean track. A -1 score is also allowed with additional policy norms.
• Compare interest rates of different lenders: Different lenders offer different interest rates on personal loans. Make sure you compare the personal loan interest rates of all top lenders before applying for the loan to get the lowest interest rate on a personal loan.
• Look out for seasonal offers: Most lenders, including Kotak Mahindra Bank, introduce various schemes or seasonal offers on special occasions like Diwali, etc. Look out for these offers when you apply for the loan. You can get a low interest rate and concession on processing fees during these offers.
• Use your professional credentials: If you are working with a reputed company or earning a high monthly income, the chances of getting a low interest rate on Kotak Mahindra Bank's loan are higher.

Personal loan balance transfer is the facility wherein the outstanding amount of the existing personal loan is transferred from one lender to another. The primary reason behind this transfer is to avail low interest rates and reduce the debt burden altogether. With Kotak Mahindra personal loan balance transfer you can enjoy the benefit of a low interest rate starting from just 10.99% p.a. and save on your interest cost.

• Tenure: Generally, the longer the tenure is, the higher the interest rate will be for the loan. It is advised to opt for a shorter tenure to get a lower interest rate.
• Credit score: All lenders, including Kotak Mahindra Bank, consider the repayment track record of applicants which is reflected in their credit score. The interest rate will be higher for the applicant whose credit score is lower. A score of above 705 with a clean track record is considered good to get a better interest rate on a personal loan.
• Income: Kotak Mahindra Bank offers personal loans to individuals who are earning a monthly salary of Rs. 25,000 for CAT A/ CAT B/ Government (excluding Grade 4) and Rs. 35,000 for CAT C/ CAT D/ BPO industry.
• Relationship with the bank: If you have a long-term relationship with Kotak Mahindra Bank, then you may get a lower interest rate.

Kotak Mahindra Bank's personal loan interest calculation is done based on the borrower’s income, age, credit score, existing EMI obligations, employer’s reputation, and other crucial factors. The rates are decided as per the borrower’s eligibility and creditworthiness.

In addition to the interest rate, you need to check the following other personal loan-related charges levied by Kotak Mahindra before deciding to borrow from the bank:

• Visit the MyMoneyMantra and go to 'Finance Tools'.
• From the list given under Finance Tools, select 'Personal Loan EMI Calculator'.
• Then, enter loan details such as interest rate, loan tenure (in years), and loan amount.
• Upon entering all the details and completing the selection, the monthly EMI will be generated instantly.