Kotak Mahindra Personal Loan
Kotak Mahindra Bank has aggressively rebuilt its personal-loan product around a paperless mobile journey. For applicants with a 750+ score and stable salaried income, Kotak is a strong contender in the ₹10-25 lakh loan band.
By Aditi Menon·Editor-in-Chief·reviewed by editor
Last updated: 15 June 2025
Interest Rate
10.99% – 24% p.a.
Loan Amount
₹50,000 to ₹40 lakh
Tenure
12 to 60 months
Processing Fee
Up to 3% (max ₹10,000)
Key features
- Starting rate 10.99% p.a. for pre-approved and eligible customers
- Loan amount up to ₹40 lakh
- Tenure 12 to 60 months
- Fully digital application via Kotak 811 app
- Balance transfer with top-up available
Fees and charges
| Charge | Amount |
|---|---|
| Processing fee | Up to 3% (max ₹10,000) + GST |
| Foreclosure charges | 4-5% of outstanding after 1 year; 5%+ before 1 year |
| Part-payment | Allowed after 12 EMIs |
| EMI bounce | ₹500 + GST |
| Overdue interest | 2% per month on overdue |
Eligibility
- Age 21 to 58 years for salaried
- Minimum monthly income ₹20,000 (varies by location)
- Minimum 1 year of employment; 6+ months at current employer
- Credit score 750+ preferred for starting rate
Digital-first experience
Kotak's personal-loan flow is one of the fastest in the industry for pre-approved customers - PAN + Aadhaar OTP + video KYC completes in under 10 minutes. For new-to-bank applicants, the journey is on par with HDFC and ICICI.