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Apply for Personal Loan - Kotak Bank

Personal Loan upto ₹40 Lakhs with Instant Disbursal

Loan Amount
Interest Rate (% P.A.)
Tenure (Years)

Personal Loan

With Kotak's digital Personal Loans, you can make all your aspirations a reality! Apply for an instant 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 #DreamVacation, upskilling with advanced courses, or dreaming of a grand wedding, Kotak's Personal Loan is here to help. Our quick and hassle-free application process ensures that you get the funds you need in no time. So, why wait? Apply for a Personal Loan today and step closer to achieving your goals!

Flexibility and convenience go hand-in-hand with Kotak Personal Loans up to ₹40 Lakhs. Take it easy with repayment tenure of 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 application process, and you're all set. Want more reasons to go with Kotak for personal finance? Read on.

Features and Benefits of Personal Loan

Apply for Instant Personal Loan from Kotak


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


2. Get Your Customised Offer

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


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.

Types of Personal Loan

Want to Take the Big Leap? Get Personal Loan of Up to ₹40 Lakh

While money can't buy happiness, it can surely take you a few steps closer! At Kotak, we understand this. Be it an instant loan or something more substantial, we have a key for every lock!

Our collateral-free Personal Loan up to ₹ 40 lakh is the answer you may have been waiting for. Why dip into savings or break big investments when you can plan smartly with us? All you have to do is meet basic eligibility criteria and have a good credit score, and you will be well on your way to financial independence. And so much closer to turning your dream into a reality.

The best part? Use your loan for anything – home improvements, debt consolidation, medical needs, kick-starting a business, or even splurging on a super luxe item.

Keep These Documents Handy*

● A valid identity proof like your PAN Card, Passport, Aadhaar Card, Voter's ID Card or Driving License
● A valid residence proof like your Passport, Aadhaar Card, Driving License
● Three months' bank statements with your income details
● For salaried individuals, 3 months salary slips 
● 2-3 recent passport-sized photographs

* Indicative documents. This may vary depending on individual applications

Get a Pre-Approved FastTrack Personal Loan from Kotak

If your financial needs are pressing and need immediate addressing, this one’s for you. A minute means you’ve got more than enough time to get a Pre-Approved Personal Loan from Kotak. Our eligible salaried customers can apply through a completely digital and hassle-free process with additional benefits like:

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

Get Instant Personal Loan up to ₹5 Lakh in 30 Minutes

We get it – life can and does throw many curveballs. For those urgent financial needs that leave you with little prep time, Kotak offers Instant Personal Loans up to ₹ 5 lakh with repayment tenures of up to 4 years. Be it a small investment opportunity, educational expenses, urgent repairs, a quick getaway, a new bike or scooter, we're here for you. Quick, easy, and hassle-free – Get your instant loan disbursed within 30 minutes after completing just three easy steps online.

Documents required:

PAN Card Aadhaar Card* Three months' bank statements or salary slips

With these easy steps and minimal documentation, get ready to welcome the financial support you need without hassle.

* Providing Aadhaar is voluntary

Personal Loan EMI Calculator

Loans are a responsibility – we get that, and so do you. Use Kotak's Personal Loan EMI Calculator to plan your finances smartly. Your EMI amount is calculated based on your loan amount, the repayment tenure you choose, and the interest rate. Just a few details, and you'll know exactly what you're signing up for. Take the guesswork out of your financial planning. Calculate your Personal Loan EMI

Personal Loan Interest Rates and Charges

Here’s the rundown on 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 3% of the final loan amount plus taxes. Will be deducted from the loan amount at the time of disbursal.

Penal charges on Overdue EMI

Amounts standing unpaid on respective due dates shall attract penal charge at 8% per annum (to be charged for actual no. of days) on overdue amount plus applicable taxes

Swap charges, i.e. charges for change in repayment mode, repayment instrument or EMI date

INR 500/- plus taxes per instance

EMI dishonour/Bounce charges

INR 750/- plus taxes per instance

Lock-in period 

No lock-in period for Kotak Personal loans post payment of first EMI. 

Foreclosure Charge

Upto 3 years - 4% + taxes on outstanding principal
After 3 years - 2% + taxes on outstanding principal

Part pre-payment charges

For loans disbursed on or before - 1st February 2020 - Part Pre payment is not allowed, For loans disbursed after 1st February 2020. Post completion of 12 months -Part-Prepayment is allowed up to 20% of Principal loan outstanding.

It is allowed once a year. Charge per instance of part payment is INR 500 plus taxes

Physical SOA or Amortization schedule

Once in a year- No charge. Post that - INR 200 plus taxes per request

Disclaimer: The aforementioned fees and charges are mostly excluding GST and other statutory levies. In some charges, the GST is included while in others additional GST would be applicable. The fees and charges are subject to be revised by Kotak Mahindra Bank from time to time. If there are any changes in the fees and charge structure, the same would be intimated to the borrower and updated on the website.

Personal Loan Eligibility Criteria

Our eligibility criteria are straightforward and ensure you have the most hassle-free loan processing.

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

Personal Loan Videos

Quick & Easy In-principle sanction through Chat

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Frequently Asked Questions

What is a personal loan?

A personal loan is a multipurpose loan that allows funds for varied financial uses.

The loan is unsecured and has an easy application process to avail of the funds efficiently.

How do I check the status of my personal loan?

You can visit Kotak Mahindra Bank’s website and, under the “Service Request’ tab, you can check the status of your personal loan.

Why getting a personal loan is a good idea?

A personal loan is an unsecured loan, so it requires no collateral in exchange.

The lender bank verifies the borrower’s creditworthiness to provide them with such loans. So, if you have a good credit score, then a personal loan can be your friend in need.

You can use a personal loan for a wide range of financial needs. Kotak Mahindra Bank lends personal loans for weddings, home renovations, travel and medical emergencies to name a few.

Kotak Mahindra Bank’s personal loan amounts range from Rs. 50,000 to Rs. 40 lakhs, with a flexible tenure of 1 to 5 years and an attractive interest rate starting from 10.99% per annum. That covers many of your financial needs and even allows you to repay the loan amount comfortably.

Apart from all these, Kotak Mahindra Bank offers efficient customer service, an easy application and document process and a quick loan disbursement.


How much time will it take for my personal loan to be approved?

The approval process is also quick. If you meet the eligibility criteria and submit all the required documents, then you can expect the approval on your personal loan application in as less as 48 hours. Our online application process allows quick disbursements, in just 3 seconds. You can even track your application status on the Kotak Bank website.

Do I need to provide any security or collateral to apply for a personal loan?

No. You need not provide any security or collateral to apply for a personal loan, because it is an unsecured type of loan.

What can a personal loan be used for?

Personal loan requires no collateral, and that’s why it is an unsecured loan.

It can be used to fulfill many of your day-to-day as well as emergency needs. Kotak Mahindra Bank provides the borrowers with loan amounts from Rs. 50,000 to Rs. 40 lakhs. So, whether your expenses are small or big, our personal loan can come in handy at the time of your need. You can plan that dream wedding with the help of Kotak Bank’s marriage loan.

Or use our travel loan to rejuvenate at your favourite holiday destination. Renovate your home and transform your living space with a home renovation loan from Kotak Mahindra Bank. You can even take care of unplanned expenses such as medical emergencies with Kotak’s medical emergency loans. No need to dip into your hard-earned savings to meet your financial needs.

How is the Personal Loan interest rate calculated?

Personal Loan interest rate is the amount a lender charges you every month for borrowing money from them.

You can easily calculate Personal Loan interest rate using a Personal Loan calculator. You can easily calculate Personal Loan Interest Rate using a Personal Loan Calculator.

Does a personal loan affect your credit score?

A personal loan can impact your CIBIL score for personal loan either negatively or positively.

If taken while already in debt, it can have a negative impact. At the same time, its timely repayment will boost your overall score. If taken while already in debt, it can have a negative impact, while its timely repayment will boost your overall score.

What are the benefits of availing of a personal loan from Kotak Mahindra Bank?

Kotak Mahindra Bank’s personal loan is available within the shortest possible time, and the documentation is minimal and hassle-free.

Interest rates start from 10.99% p.a., and the personal loan charges are also low. You can use the personal loan EMI calculator to make the loan affordable. Moreover, the prepayment facility helps you reduce the loan burden whenever you have additional funds.


How can I get a Personal Loan immediately?

To get a Personal Loan immediately, apply online. Securing a Personal Loan online swiftly is a hassle-free process with Kotak Mahindra Bank. Here are the steps.

  1. 1. Visit Our Website/App: Visit the Kotak Mahindra Bank website or mobile app, go to the Personal Loan section and click Apply Now.

  2. 2. Fill in the Application: Complete the online application form by entering your personal and financial details.

  3. 3. Document Submission: Upload the necessary documents digitally. This convenience speeds up the verification process.

  4. 4. Instant Approval and Disbursal: Our efficient evaluation process allows instant approval. After approval, the loan amount is disbursed to your account, often within a few hours.

Before applying, use our Personal Loan EMI Calculator to calculate your EMIs based on the loan amount, tenure and interest rate.

Can I get a Personal Loan without a salary slip?

Yes, Kotak Mahindra Bank offers the convenience of pre-approved Personal Loans for our existing customers, even without the need for a salary slip.


These pre-approved loans are designed to provide quick financial assistance based on your relationship with the bank and your financial history with us. It simplifies the personal loan application process, making it faster and hassle-free, as the bank already possesses your financial details and repayment capacity.

How to Get a Personal Loan using Kotak Bank App?

If you urgently need financial assistance, Kotak Mahindra Bank's mobile banking Personal Loan app is the solution you're looking for to secure an instant Personal Loan quickly. Let's see how it works.

1. Quick Application: Our mobile banking Personal Loan app eases your loan application process, allowing quick application submission directly from your smartphone.

2. Instant Decision Making: Our mobile banking app is engineered to provide instant Personal Loan decisions, leveraging advanced algorithms to assess your application in real-time and offer immediate approval.

3. Simplified Documentation: Our mobile banking app minimises the hassle by reducing the documentation required for loan approval, facilitating quicker verification.

4. Rapid Disbursal: Upon approval, the loan amount is swiftly disbursed into your account, ensuring you can access the funds you need without delay.


Is insurance mandatory for Personal Loan? Is insurance included in deductions or in EMI?

At Kotak Mahindra Bank, while opting for an instant Personal Loan, insurance is not mandatory but highly recommended as a financial safety net. Here's how it works in relation to your loan


1. Insurance Coverage: When you apply for a personal loan online, considering insurance can be a prudent step in safeguarding your financial well-being. Insurance for a personal loan provides coverage in events like accidental death, permanent disability, or loss of employment. In the unfortunate event of such occurrences, the insurance ensures that the loan is repaid without placing undue financial strain on the borrower's family.

2. EMI and Insurance: When you utilise our Personal Loan EMI Calculator, it helps you understand your monthly repayment amount. However, the cost of insurance is not typically included in your EMI. If you opt for loan insurance, the premium may be charged as a separate, one-time fee or added to the total loan amount, depending on the policy terms.

3. Flexibility and Choice: We at Kotak Mahindra Bank offer you the flexibility to choose your insurance provider.

What documents should be kept handy for new and existing customers?

When applying for a Personal Loan, whether you're a new or existing customer, having the proper documents ready can ease the process significantly.

The document requirements for Personal Loan at Kotak Mahindra Bank include identity, address and income proof. Also, you should have a good credit score, preferably 750 or more, to get the best Personal Loan interest rate.

We at Kotak Mahindra Bank aim to make your Personal Loan application process as hassle-free as possible. For a detailed list of documents and any further assistance, please visit our website or contact our customer service.


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