Personal Loan Eligibility

There are specific factors that determine whether one is eligible to apply for a personal loan.
Go through our eligibility criteria to experience a hassle free, satisfactory process while availing a personal loan. 

Personal Loan

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Disbursal in 3 seconds* for pre-approved Kotak Bank customers

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Frequently Asked Questions

How can I get a Personal loan in 3 seconds?

All you need to do is check your eligibility for a preapproved loan by clicking here, 

select the loan amount, tenure and accept the terms and conditions of the loan and the loan amount will be credited in your Kotak Bank account in 3 seconds. This offer is for preselected Kotak Bank customers and is a limited period offer.  

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What is the procedure for personal loan part prepayment?

We do not offer a part prepayment facility on your personal loan account.

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Is it possible to change my personal loan Installment date? Are there any charges applicable?

Yes, it is possible to change the Installment date. The dates are available between 5th and 10th of every month.

Changing of EMI date will attract rescheduling charges and PDC Swap charges* per instance plus applicable service tax. You would need to provide a written request mentioning the reason for the EMI date change and send the rescheduling charges to us 7 working days pre/7 working days post the EMI date.

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When can I swap my PDC's and what are the charges?

PDC's need to be swapped at least 7 working days pre/7 working days post the Installment date.

 Charges* applicable would be Rs.500/- per instance plus applicable service tax.

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What do I need to do, in case I want to opt for an ECS mode for making my Installment payments instead of PDC?

You need to do the followings:

  • You would need to sign an ECS Mandate form.
  • One security cheque to be drawn in favor of 'Kotak Mahindra Bank'. This cheque needs to be undated and blank, and at the bottom, it needs to mention 'Not more than the loan amount'.
  • Six security cheques to be drawn in favor of 'Kotak Mahindra Bank '.This cheque needs to be undated and blank, and at the bottom, it needs to mention 'Not more than three times the EMI amount'

  • PDC swap charges* will be applicable at Rs. 500/- per instance plus applicable service tax.

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