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Personal Loan

With Kotak Mahindra Bank's Personal Loans, you can make all your aspirations a reality! Apply for a Personal Loan online and unlock a world of endless possibilities where your dreams know no bounds. Whether you've been eyeing the latest gadget, planning an exciting dream vacation, upskilling with advanced courses, or dreaming of a grand wedding, Kotak Mahindra Bank's instant Personal Loan is here to help. Our hassle-free personal loan application process ensures you get the funds you need in no time. So, why wait? Apply for a Personal Loan to get instant approval and step closer to achieving your goals!
 

Flexibility and convenience go hand-in-hand with Kotak Mahindra Bank’s easy Personal Loan up to ₹35 Lakhs. Take it easy with repayment tenure up to 6 years without the hassle of heavy documentation or collateral with an interest rate starting at 10.99%*. Just breeze through an easy online loan application process, and you're all set.

For example, if you apply for a personal loan of ₹1 lakh from Kotak Mahindra Bank for 4 years at an interest rate of 10.99%*, your EMI would be ₹2,584.

Features and Benefits of Personal Loan

How to Apply for Personal Loan With Kotak Mahindra Bank - 3 Easy Steps

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1. Start Your Application

This initial step is about assessing your loan eligibility. It's quick, easy, and the first step towards getting your funds

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2. Get Your Customised Offer

This part of the process ensures what you get aligns perfectly with your financial situation and requirements.

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3: Finalise Your Loan

The last step is all about making it official. e-Sign your loan agreement to confirm your acceptance. To add to your ease, we also set up an auto-repayment so you never miss a date.


3 Personal Loan Variants offered by Kotak Mahindra Bank

1. Personal Loan Up to ₹35 Lakhs

 

Kotak Mahindra Bank offers quick and easy access to funds for your personal needs. With easy documentation and a hassle-free application process, you can get a loan up to ₹35 lakhs.

 

Personal Loan Eligibility

Eligibility Criteria Requirement
Nature of Employment Salaried - MNC, public limited company, or private limited company
Age 21 years to 60 years
Minimum Monthly Income - Kotak Bank Salary Account holders: ₹ 25,000 minimum net monthly income

- Non-Kotak Bank Salary Account holders: ₹ 30,000 minimum net monthly income

- Kotak Bank employees: ₹ 20,000 minimum net monthly income

Minimum Educational Qualification Graduation / Diploma
Work Experience At least one year of work experience is required.
CIBIL Score A CIBIL score of 730 or above is generally considered good for approving a personal loan.

 


Visit our personal loan eligibility page to know more.

 

Required Documents

  • Identity proof: PAN Card, Passport, Aadhaar card, or Driving licence
  • Residence proof: Passport, Aadhaar card, or Driving licence
  • Income proof: Salary slips for the last three months (salaried employees) or ITR for the last two years (self-employed)
  • Bank statements for the last three months.


Visit the personal loan documentation page to check the documents list in more details.

 

Personal Loan Interest Rates and Charges

Here’s the rundown on Personal Loan interest rates and charges.

Features Rate/Charge
Personal Loan interest rate (Fixed) Starting from 10.99% p.a.
Loan processing fees (Non Refundable) Up to 5% of the final loan amount plus taxes. Will be deducted from the loan amount at the time of disbursal.

 

Visit the personal loan fee and charges page to know more.

 

2. Pre-Approved Personal Loan

 

If your financial needs are pressing and need immediate addressing, this one’s for you. An instant loan means you have more than enough time to get a Pre-Approved Personal Loan from Kotak Mahindra Bank.

 

Our eligible salaried customers can apply for an instant personal loan online through a completely digital and hassle-free process.

 

Be it educational expenses, home repairs, travel getaway, dream wedding, new bike or scooter, we're here for you.

 

Quick, easy, and hassle-free – Get an instant Personal Loan online instantly after completing just three easy steps online via Kotak Mahindra Bank Net Banking.

 

Step 1: Check Eligibility & Confirm Details,

Step 2: Accept Offer Online,

Step 3: Instant Disbursal.

Pre-Approved Personal Loan Benefits

If you’re eligible, the funds are as good as yours. Just click below to know.

 

Pre-approved Personal Loan: Fees and Charges

Features Rate/Charge
Personal Loan interest rate (Fixed) Starting from 10.99% p.a.
Loan processing fees (Non Refundable) Up to 5% of the final loan amount, plus taxes, will be deducted from the loan amount at the time of disbursal.

 

 

3. PayDay Loan

 

Facing a mid-month cash crunch or an emergency at month-end? A short-term loan can be your saviour! With PayDay loans at Kotak Mahindra Bank, you can get instant cash with just a few clicks and repay it when your salary is credited.

PayDay Loan Features

 

PayDay Loan: Eligibility

Eligibility Criteria Requirement
Nature of Employment Salaried - MNC, public limited company, or private limited company
Age 21 years to 58 years
Minimum Monthly Income Kotak Bank Salary Account holders: ₹ 10,000 minimum net monthly income

 

 

PayDay Loan: Fees and Charges

Type Interest/Charges
Interest rate 10% per annum
Loan Processing Fees As per loan amount starting at Rs.150/- onwards only
Stamping Charges Applicable as per the respective State's Stamp Act
Penal charges on Overdue EMI 8% per annum on overdue amount plus GST from the date of amount falling due
Bounce charges INR 750/- plus GST per instance

Personal Loan Videos

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Frequently Asked Questions

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How do I avail a Payday Loan?

Kotak PayDay Loan is available to pre-approved existing Kotak customers. You can apply for a PayDay Loan immediately by logging into the Kotak Mobile Banking app or Net Banking.

Kotak PayDay Loan is available exclusively online for new Kotak customers. You can check your eligibility here.

What is payday loan @Kotak?

PayDay Loan is a one-month term loan, pre-approved at 50% of your net in-hand salary. Get instant disbursement without any paperwork.

What is the maximum loan amount to avail?

PayDay Loan offers you a maximum loan amount of Rs.1.5 lakh.

For new Kotak customers, PayDay Loan offers a maximum loan of Rs.60,000.

What is the minimum loan amount to avail?

You can get a loan for as little as Rs.3,000/-.

What is the total repayment amount due & tenure?

The total repayment amount due will be the sum of the principal loan amount plus the interest charged until maturity, which must be paid in a single installment as per the repayment date specified in the loan details.