Kotak Mahindra Bank offers Personal Finance - the single expert source for all financial needs - unexpected expenses, education, wedding in the family, home improvement or that long awaited vacation.

Personal Loan Eligibility Criteria

All Indian residents who are employees of either MNCs, Public and Private limited companies with a minimum age of 21 years and maximum age of 58 years are eligible for a personal loan.

Other Personal loan eligibility criteria -
o Income Net monthly salary of Rs. 25,000/-
o Minimum educational qualification - Graduate
o Years in city - Minimum 1 year
o Total work experience - Minimum 2 years

Interest Rate (Base Rate)

Interest rates that are calculated using Base rate will depend on tenure, loan amount and purpose. At Kotak Mahindra Bank, interest rates typically vary between 11.50% per annum and 24.00% per annum.

Marginal Cost of funds based Lending Rate (MCLR)

MCLR system applies for new customers and old customers will be charged as per the old system. However, if old customers wish to migrate to MCLR, it is possible.

Tenor Rate
Overnight 8.90% p.a
One Month 9.00% p.a
Three Month 9.25% p.a
Six Month 9.40% p.a
One Year 9.60% p.a
Two year 9.65% p.a
Three year 9.65% p.a


Base and Prime Lending Rates (For existing borrowers)
If availed a loan before MCLR benchmarks came into force, one can choose to stick to the traditional interest platform where one pay interest as per the base rate or can migrate to MCLR system.

Base Rate 9.50 % per annum, effective October 5, 2015
Benchmark Prime Lending Rate 18.25% per annum, effective October 5, 2015

Benefits and Features of Personal Loan:
o Avail instant personal loan in India from Rs. 50,000/ to Rs. 15,00,000/
o Flexible repayment options
o Attractive interest rates
o Minimal paper work

Avail Kotak Bank's personal loans in Mumbai, Bangalore (Bengaluru), New Delhi (Delhi), Chennai, Kolkata, Hyderabad, Pune, Ahmedabad, Noida, Gurgaon, Faridabad, Ghaziabad, Jaipur, Chandigarh and Kochi