Personal Loan Eligibility FAQs
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What is a personal loan eligibility calculator?

The personal loan eligibility calculator is an online tool that helps you estimate the maximum loan amount you can receive based on your eligibility parameters.


How to use a personal loan eligibility calculator?

You can visit Kotak Mahindra Bank’s website and use the personal loan eligibility calculator.

Just fill in the details required in the calculator, and you will be able to check your eligibility for the loan amount.


What are the benefits of using a personal loan eligibility calculator?

Using the personal loan eligibility calculator, you can check the maximum loan amount you can avail.

You can also find out if you need to improve your eligibility qualifications to receive a higher loan amount. Furthermore, when you check your eligibility and then apply for the loan, you minimize the chances of loan rejection.


What are the factors that affect personal loan eligibility?

These factors affect your personal loan eligibility:

  • Age: Younger applicants are more likely to get higher personal loan amounts
  • Occupation type: Salaried individuals may easily fulfill the personal loan eligibility criteria with an added advantage of minimal documents required for personal loan
  • Income: Higher income will get you higher loan amount
  • Credit Score: 700 or above is must
  • Location: Metro city residents may be eligible for higher loan amounts
  • Existing debts: Ongoing loans can result in lower loan amount


How can my current debt status affect my eligibility for a personal loan?

If you have existing debts, a part of your income goes towards their repayment.

This factor reduces your net disposable income for paying off the personal loan. As such, if you have existing debts, the amount of loan that you receive reduces.


How to qualify for a personal loan?

You can qualify for a personal loan if you are aged 21 to 58 years and employed.

Moreover, your net monthly income should match the lender’s minimum requirement, and you should have a good credit score.


What is 5 lakhs personal loan eligibility?

Kotak Mahindra Bank provides eligible borrowers with instant personal loans starting from Rs. 50,000. You can avail up to Rs. 40 lakhs as personal loan. The eligibility criteria is quite simple.

  • You have to be between the age of 21 years and 60 years.
  • A graduation degree is required.
  • Employment period of at least one year is another requirement.
  • You should be working with an MNC, public limited or private limited company.
  • Minimum salary requirement is as follows:
  • Corp Salary: Rs. 25,000
  • Non-Corp Salary: Rs. 30,000
  • Kotak employees: Rs. 20,000

Personal loan eligibility calculator can help you determine your eligibility. So, you require a monthly income of Rs. 42,000 and no other ongoing loans to get a loan of Rs. 500,000.


What is 10 lakhs personal loan eligibility?

Checking your personal loan eligibility for 10 lakhs loan amount is easy. You can check it yourself with the help of the personal loan eligibility calculator. Whether or not you qualify for your required loan amount depends on your monthly income and existing debts, if any. 

To check your eligibility, go to the personal loan eligibility calculator on Kotak Mahindra Bank’s website and feed your monthly income and existing debts. Once you do that, the loan amount you are eligible for will get reflected. Example, if your monthly income is Rs. 56,000 and you have no other ongoing debts, you can avail of a personal loan of Rs. 1,000,000.

Other factors that impact your personal loan eligibility are credit score, occupation type, employer’s history to name a few. You can also check the full list of eligibility requirements before applying for a personal loan from Kotak Bank. 



How can I get personal loan without salary slip?

At Kotak Mahindra Bank we ask the borrowers to provide minimal documentation such as income proof, id proof, address proof and so on.

Usually salary slips are required in case of salaried employees as proof of income. But if you are a non-salaried employee or self-employed, then you may not have salary slips to prove your earnings. In the absence of salary slips, you can provide other proof of income such as bank statements. Even taxation details can be provided as your income proof. 

Getting a personal loan from Kotak Mahindra Bank is an easy and quick process. You can apply online through the website. Then submit all the required documents. Upon loan approval, the loan amount will be transferred to your bank account. Before applying you can check your personal loan eligibility.