Personal Loan Interest Rates - Know the Fees & Charges Implied on Personal Loan at Kotak Bank

Fees and Charges

List of The Charges Implied

Knowing the fees and charges not only gives you further details pertaining to your loan, but also helps you plan your finances better. Are you confused about the fees and charges associated with personal loans? Run through the complete list of related costs mentioned below and understand the charges implied on personal loans at Kotak Mahindra Bank.

Loan	Personal Loan
Fixed Interest Rate	Starting 10.75%
Loan Processing Charges	Upto 2.5% of the loan amount+ GST and other applicable statutory levies
Stamping Charges	Applicable as per the respective State's Stamp Act
Credit Administration Charges	Upto 5% of the Loan amount, not exceeding Rs. 7500 (inclusive of GST )
Credit Appraisal Charges	Upto 5% of the Loan amount, not exceeding Rs. 7500 (inclusive of GST )
Overdue Interest	3% p.m compounded monthly on the Amount due but unpaid from the Date of the Amount falling Due till the Date of actual payment
Collection Charges	30% (inclusive of GST and other applicable statutory levies)of cheque / instrument dishonour charges+ overdue interest
Dishonour Charges Per Instance	Rs. 750 per instance (inclusive of GST and other applicable statutory levies)
Swap Charges (Change in mode of repayment/Instrument/EMI Date swap)	Rs.500 per Swap per Instance+ GST and other applicable statutory levies
Foreclosure Charges	-	- For Loans disbursed on or before 1st Feb’20: * 5% + GST on principal outstanding after 12 months (lock-in period for 12 months) - For Loans disbursed after 1st Feb’20: * 5% + GST on principal outstanding after 12 months (lock-in period for 12 months) * After 2nd year - 4%+ GST, * After 3rd year - 3% + GST
Part pre-payment charges	-	- For Loans disbursed on or before 1st Feb’20 : Part payment facility not available - For Loans disbursed after 1st Feb’20: * Allowed up to 10% every year, after completion of 12 months lock-in period. * INR 750 + GST per instance of part-prepayment
Duplicate Issue of NOC	Nil
No Due Certificate	Nil
Charges for furnishing a copy of the credit information report (CIBIL) to the applicant.	Rs. 50 + GST and other applicable statutory levies per instance
Charges applicable in case customer requests for copies of records pertaining to his transactions ( SOA / Amortization Schedule)	Once yearly without any charge. Post that Rs.200 per request+ GST and other applicable statutory levies
*Taxes as applicable.^Foreclosure within lock-in period will be granted at the sole discretion of the Bank. Charges if granted will be 6% +GST on principal outstanding.

Documents Required For Personal Loan

The documents required to avail a personal loan from Kotak Mahindra Bank are dependent on many different factors that detail crucial information like identity proof, proof of residence, bank details and business details. As we believe in minimal paperwork, the documentation processes while providing personal loans are smooth and easy.

Find out the detailed list of personal loan documents that are required to avail personal loan.

Know Your EMIs and Available Repayment Options

You can avail attractive interest rate and enjoy different repayment options on Kotak Mahindra Bank personal loan. However, it is only a smarter move to put our EMI Calculator at use, and get a clearer understanding of your EMI figures before taking a personal loan. Calculate your EMI accurately with the help of Kotak Mahindra Bank Personal loan EMI Calculator. Select the loan requirement, get a pre-determined interest rate, and select the loan repayment tenure, between 12 to 60 months and view results in seconds!

Why avail a Personal Loan from Kotak Bank?

Are you looking for a quick personal loan alongside a seamless banking experience? Let us give you 7 good reasons to opt for a personal loan from Kotak Mahindra Bank without any second thoughts!

Browse and apply for personal loan online
Check personal loan eligibility online
Quick and minimal paperwork
Fast approval and speedy disbursal of loan. Disbursal TAT as “within 3 sec” or “in under 3 secs”.
Avail personal loan from Rs.50000 up to Rs.20 Lakh
Attractive interest rate and easy loan repayment options
The ability to obtain personal loan instantly in commercial cities of India.

Know more details about availing a personal loan from Kotak Bank.

Frequently Asked Questions

What can a personal loan be used for?

Personal Loan can help you meet unexpected expenses such as wedding expenditure, school or college fees, dream vacations, home renovation projects or even for the purchase of consumer durables.

Applying for a personal loan is a lot easier, quick, and convenient with Kotak Mahindra Bank.Click https://www.kotak.com/en/personal-banking/loans/personal-loan.html to apply for the same.

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

No, you do not have to provide any security or collateral to obtain a personal loan. Personal loan is a type of unsecured loan. This essentially means that it is not backed by the guarantee of collateral. You are not burdened by the need to generate collateral like gold, property or shares, as with other types of loans. As there is no security to assure loan repayment, the bank will focus on the income and financial stability of the applicant.

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What are the benefits of taking a personal loan with Kotak?

There are several benefits of availing a personal loan from Kotak bank. Some of the most notable benefits include:

prepaymentInstant approval – The bank approves the loan at a quick rate and this makes the process much easier to serve different financial purposes.
Easy Documentation – It comes with minimal documentation requirements to help you save time and cater to your emergency financial needs without any hassle.
Versatile usage – The personal loan can be used to fulfil many purposes. From funding a dream wedding to serving a medical emergency, it can be used to serve different planned and unplanned financial needs.
Attractive interest rate – The personal loan is made more convenient with an attractive rate of interest starting at 10.75 p.a.
Part Prepayment facility – In case of excess funds/financial liquidity , you can reduce your loan burden with part prepayment

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What is the eligibility criteria to apply for a personal loan?

The eligibility to avail Personal loan is as follows :

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 :
- Income Net monthly salary of Rs. 20,000/-
- Minimum educational qualification - Graduate
- Years in city - Minimum 1 year
- Total work experience - Minimum 1 years

You can apply for a personal loan by following the below steps:

On Mobile banking

Go to Apply Now
Personal Loan ( If eligible)

On Net Banking

Go to Banking
Apply for Preapproved Personal Loan (If eligible)

By simply clicking https://rcasprod.kotak.com/personal-loan?source=website&banner=ProductPageApplyonlineTab.

Please Note: The same would be subject to approval. The time frame for the personal loan is 10 working days if approved.

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What is the best way to apply for a personal loan?

You can apply for a personal loan by following the below steps:

On Mobile banking

Go to Apply Now
Personal Loan ( If eligible)

On Net Banking

Go to Banking
Apply for Preapproved Personal Loan (If eligible)

By simply clicking https://rcasprod.kotak.com/personal-loan?source=website&banner=ProductPageApplyonlineTab.

Please Note: The same would be subject to approval. The time frame for the personal loan is 10 working days if approved.

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Personal Loan Fees and Charges

Fees and Charges

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Frequently Asked Questions

What can a personal loan be used for?

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

What are the benefits of taking a personal loan with Kotak?

What is the eligibility criteria to apply for a personal loan?

What is the best way to apply for a personal loan?

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