Personal Loan - Know Answers To All The Personal Loan FAQs at Kotak Bank

Frequently Asked Questions

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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 2nd and 10th of every month.

Changing of EMI date will attract rescheduling charges and PDC Swap charges* per instance plus applicable GST. You would need to provide a 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 GST.

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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'.
  • Three 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 the EMI amount'
  • PDC swap charges* will be applicable at Rs. 500/- per instance plus applicable GST.

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How can I get my Statement of Account?

You can download your statement of account for free.

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How can I get my new address updated on my Personal loan?

Please follow the below procedure:

 

  • You would need to call our 24*7 helpline number 1860 266 2666 (local call rates applicable) or visit the nearest Kotak Mahindra bank branch to inform about the change in correspondence address
  • You would need to carry the photocopy and original document of your new address for verification. Some of the address proofs are electricity bill/passport copy/ration card/aadhaar card/utility bill etc
  • The new address will be updated in the bank’s records within 2 working days post submission of the above mentioned documents.

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How can I get my Repayment Schedule?

Please follow the below procedure:

  • You can download your Repayment Schedule for Free.
  • Should you need the Bank to send you a copy, you can place a request via phone on our 24*7 helpline number 1860 266 2666 (local call rates applicable)”
  • The Repayment Schedule will be sent to you within two working days at your registered email id.

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How long does it take for a bank to approve a personal loan?

Once you submit your application form and the required documents as per Bank's criteria, you can expect our approval and disbursal of your personal loan within 10 working days provided everything is in order. All loan approvals are at the sole discretion of the bank.

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)

Or

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

Please Note: The same would be subject to approval. 

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What is Personal Loan?

Personal loan is capable of fulfilling all your emergency and unplanned financial needs. Apply for a personal loan and get quick access to funds to finance your expenses with ease. 

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)

Or

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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How can one 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)

Or

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 interest rate can I avail a personal loan?

We have attractive interest rates starting from 10.75%. Interest rates would differ basis customer profile. 

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

On Mobile banking

Go to Apply Now Personal Loan (If eligible)[RA1]

On Net Banking

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

Or

By simply clicking

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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How can I check the status of the personal loan?

In order to view the Loan Application Status, please click https://www.kotak.com/j1001card/CardStatus/Main.jsp 

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

For further queries, please call our 24x7 helpline number 1860 266 2666 (Standard call charges applicable).

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What are the documents required for applying for a personal loan?

The following documents are required for applying for a personal loan:

  • Application Form
  • 4 Photograph
  • Identity Proof
  • Residence Proof
  • Age Proof
  • Signature Proof
  • Ownership Proof
  • Income Details
  • Bank Account Statements

The documentation requirement for Kotak Personal Loan is based on your profession, income and loan requirement.

Please Note: The same would be subject to approval. 

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Do you offer any top up on the existing personal loan?

Yes. Life is as unpredictable as it gets. Our easy Top Up on Personal Loan helps you meet the new expenses with no worries.

To apply simply SMS 'PLTOPUP' to 5676788. 

Or

By calling our 24x7 helpline number 1860 266 2666 (Standard call charges applicable). 

Please Note: The same would be subject to approval. 

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What is the use of a personal loan EMI calculator?

Personal Loan EMI calculator helps you to determine the monthly instalment to be paid. You can input the personal loan amount and tenure in the EMI calculator to see the EMI that you have to pay towards your personal loan amount.

 

Please click https://www.kotak.com/en/personal-banking/loans/personal-loan/personal-loan-emi-calculator.html to view the calculator. 

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How is the personal loan disbursed?

Once you get approved for a personal loan, the amount would get electronically transferred into the salary account that is mentioned on the salary slip at the time of documentation. 

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 minimum salary required to apply for a personal loan?

The minimum salary required to apply for a personal loan is Net monthly take home of Rs. 20,000/-.

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)

Or

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 maximum tenure available for personal loan?

The maximum tenure available with kotak is 60 months. 

To apply for a personal loan you can do so 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)

Or

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 minimum tenure available for personal loan?

The minimum tenure available with kotak is 12 months. 

To apply for a personal loan you can do so 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)

Or

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 minimum eligibility for personal loan?

The eligibility to avail Personal loans is, 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.

The other criteria is as below: 

  • 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)

Or

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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How much time does it take to process personal loan application?

Once you submit your application form and the required documents as per Bank's criteria, you can expect our approval and disbursal of your personal loan within 10 working days provided everything is in order. All loan approvals are at the sole discretion of the bank.

 

For further queries, please call our 24x7 helpline number 1860 266 2666 (Standard call charges applicable).

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What are the preclosure charges for personal loan?

The foreclosure charges applicable would be 5% + GST on principal outstanding as on date of the prepayment. 

Please Note: Prepayment may be allowed by the bank at any time after the payment of 12 EMIS.

In order to foreclose the personal loan, all you need to do is by informing us on our 24x7 helpline number 1860 266 2666 . You need to submit the full prepayment amount via NEFT/RTGS or submit cheque by visiting any bank branch at least 7 working days before the next personal loan instalment date. 

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When can I foreclose the Personal loan? What is the procedure for full prepayment?

Following are the procedures:

  • We do not allow prepayments for a period of 12 months from the date of your first EMI. 2 days foreclosure intimation period is mandatory.
  • You need to inform us on our 24x7 helpline number 1860 266 2666 (Local call rates applicable) about your request for full prepayment.
  • Once your intimation period is complete, the foreclosure statement of your loan will be issued to you from our end.
  • You need to submit the full prepayment amount via NEFT/RTGS or submit cheque by visiting any bank branch at least 7 working days before the next personal loan instalment date
  • Once your foreclosure is cleared your loan closure will happen in the banks records.
  • We will send the No Due Certificate (NDC) to your registered email id within 2-3 working days post termination of your loan account
  • After the 12 months, the foreclosure charges applicable would be 5% + GST on principal outstanding.

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What is the amount of personal loan that you can borrow?

A personal loan is a useful financial product and can help you meet a range of financial requirements. You can borrow an amount that ranges from INR 50,000 to INR 20,000,00. However, the total amount that you can avail will depend on the eligibility criteria required to obtain a personal loan.

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What are the loan tenures available with Kotak?

Kotak Bank offers a loan tenure that ranges from 1 to 5 years. The wide tenure range offered helps you in planning your financial goals more effectively. Depending upon your short or long term financial plan, you can pick a suitable loan tenure. 

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How to apply for a pre-approved personal loan?

A pre-approved loan is one that is offered to select customers. Typically, the process is quicker and the loan is disbursed instantly. The process of applying for a personal loan is very simple.

  • Contact the bank and check if you are eligible for a pre-approved loan. This can be done online by logging onto net banking or mobile banking or by visiting the bank branch.
  • In case of net banking or mobile banking, if you are eligible, you will be asked to submit/ accept the T&Cs mentioning the loan details and essential information to process your request.
  • Choose the loan amount and a suitable loan tenure.
  • On accepting the key facts loan details and T&C your loan amount is instantly credited into your bank account.

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How many times can you avail a personal loan?

Typically bank offers top up loans on your existing personal loan. Aspects such as your credit history and repayment capacity are taken into consideration when a personal loan is sanctioned. A personal loan can be availed as long as the essential aspects meet the requisites laid out by the Bank.

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How to avail a top up on your recently availed personal loan?

A personal loan top-up reduces the hassle of undergoing a new personal loan procedure. It can be availed post 9-months of the disbursed date of the primary personal loan. You can avail a top up by:

  • The Bank reviews the credit history and risk.
  • If you meet the bank’s policies and fulfil the criteria, the top-up loan amount is disbursedwithin 3-4 working days.
  • The rate of interest levied on a personal loan top-up is either the existing or a lower rate.

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Can one pay off a personal loan early?

Yes, a personal loan can be closed early or before the maturity of the loan. The pre-closer procedure can be carried out by contacting the Bank or visiting the physical branch of the Bank. The Bank will grant the customer a notice period of 2 days before the foreclosure statement is issued.

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When can you foreclose a personal loan?

Kotak Bank gives you the option of foreclosing your loan before the maturity date. As a borrower, you make the repayment of your loan in full to close your loan account before the completion of the stated tenure. A personal loan can be foreclosed post completion of payment of a total of 12 EMI payments. The Bank only accepts the foreclosure application post completion of the stated number of EMI’s along with 2 days of mandatory foreclosure intimation period.

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Will you be charged GST on foreclosure charges if I pre-close my personal loan?

Yes, you will incur foreclosure costs when pre-closing a personal loan. As part of the pre-closure process, the customer is charged 5% on the total outstanding loan amount. Additionally, GST is levied on the foreclosure charge of 5%.

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How can you change the mode of repayment for a personal loan?

It is extremely easy to change the mode of repayment for a personal loan. You need to Inform us on our 24x7 helpline number 1860 266 2666 (Local call rates applicable) and provide essential details to undertake the swap. You will have to pay certain charges levied for the change in mode. The charges include a sum of INR 500 per instance, GST and applicable statutory levies.

For further queries, please call our 24x7 helpline number 1860 266 2666 (Local call rates applicable).

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How can you pay your personal loan EMI?

Kotak bank streamlines the process of paying your personal loan EMI. The payment can be made through standing instructions from your Kotak Bank’s savings/salary account, postdated cheques or NACH mandate to deduct the EMI from non Kotak savings/salary account.

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Where to check the monthly EMI to be paid for a personal loan?

To get an estimate of your monthly EMI on a personal loan, you can use the online personal loan EMI calculator. It helps you know of the monthly payments that you will have to drive towards fulfilling the repayment of your personal loan. It is fairly simple to use, all you have do is enter the personal loan amount, the term for repayment and interest rate before clicking on the calculate button.

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How to repay a bounced personal loan EMI?

The bounced personal loan EMI can be made via the usual payment options available. However, the Bank will charge you an overdue interest. A fee of 3% p.m. is compounded on the unpaid due amount. It is calculated from the date of the amount falling due to the date that the actual payment is made.

For further assistance, please feel free to reach us at our 24x7 helpline number 1860 266 2666 (Local call rates applicable).

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What is the guarantor while applying for a personal loan?

In the case that the Personal loan applicant has a lacking repayment capacity, the Bank requires a guarantor. A guarantor is an individual who is registered by the Bank to support an applicant’s appeal for a loan. In an event where the applicant defaults with the payment, the same is expected to be fulfilled by the guarantor.

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How to find your personal loan account number?

Viewing your personal loan account will offer you clarity on all its related aspects. You can find your personal loan account number by logging into Kotak Bank Net Banking or Mobile Banking. Once you log into your account, click on the tab stating “Installment Loans” on the Net Banking portal or “Loans” Tab in the Mobile banking portal.

The credential for accessing these portals can be obtained by generating your online password. All you have to do is input your Customer Relationship Number (CRN).
If you do not know your CRN, you can obtain it by sending an SMS with “CRN” from your registered mobile number on “9971056767” or “5676788”. You will instantly receive the CRN. 

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How do Kotak Bank decide the maximum personal loan amount for an eligible individual?

The maximum personal loan amount is the total amount that the Bank allows you to avail as an eligible applicant. It is determined by an underwriter by taking in the combination of factors that are reviewed before the same is decided upon. The different aspects considered include the fixed obligation income ratio, credit score, credit history and the overall financial profile of the borrower. Final decision is at the sole discretion of the Bank.

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What is the criteria for sanctioning a personal loan?

A personal loan can be availed by an active employee of an MNC, Public or Private limited company. The applicant has to be between the age of 21-58 years. The criteria considered by the bank for a personal loan sanction include:

  • A net salary of INR 20,000 per month
  • A minimum educational qualification of being a graduate
  • An active city-resident for a minimum of 1 year
  • A minimum work experience of 1 year

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Does my rate of interest change every month?

The rate of interest that you pay on your personal loan throughout the tenure  remains fixed throughout your tenure period. You will be charged a consistent amount in interest throughout the loan repayment tenure.

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What is the processing fee that is charged at the time of applying for a personal loan?

At the time of applying for a personal loan, you are charged a certain amount in the form of a processing fee. This fee is used to fulfil the cost incurred by the bank for processing of the loan amount and all the related costs. A charge of up to 2.5% of the total loan amount is levied as a processing fee. Additionally, GST and applicable statutory is charged

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How to pay off your Kotak personal loan in one go?

You can make the full prepayment of your Kotak personal loan by informing us on our 24x7 helpline number 1860 266 2666 . You need to submit the full prepayment amount via NEFT/RTGS or submit cheque by visiting any bank branch at least 7 working days before the next personal loan instalment date

Please note: Personal loan can only be foreclosed after completing payment of total 12 EMI payments along with the mandatory foreclosure intimation period of 2 days.

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I want to know details with regards to personal loan foreclosure charges?

As part of your personal loan foreclosure charges, here are some details that you must know:

  • A charge of 5% of the outstanding loan amount + GST is levied
  • No waiver on the foreclosure charge
  • Evaluate the charges carefully

 

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How to get the welcome letter for your personal loan?

The welcome letter for your personal loan will be sent to you via email r post loan disbursement.

For further queries, please feel free to reach us at our 24x7 helpline number 1860 266 2666 (Standard call charges applicable).

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

Yes, Kotak bank allows you to change your personal installment date. A charge of INR 500 is levied per swap. Additionally, there is GST and applicable statutory levied.

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How can you get the amortization sheet of personal loan?

Amortization of a personal loan involves getting a spread out of the loan depicting the different series of fixed payments to be made over time. It lets you view a detailed table of the loan repayments that you must make. The bifurcations of the total principal amount with the charged interest as part of the EMI gives you a clear idea of where your money is directed. The amortization sheet can be obtained by  calling our 24x7 helpline number 1860 266 2666 (Local call rates applicable).

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How can one fix an appointment for document-pickup for a personal loan?

Kotak Bank offers a convenient document pickup service at your doorstep. The process is simple and you have to call or visit the Bank website to fix an appointment with a Bank’s representative. The representative will assist you with your formalities and arrange for a pickup of your documents at your doorstep.

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How can you close a personal loan with Kotak Bank?

Closing a personal loan with Kotak Bank is a simple process. The steps to follow include:

  • Call the contact center and raise a request for foreclosure .
  • Foreclosure statement is sent by the Bank on the registered email id within 2 working days
  • Make the payment via NEFT/RTGS or via cheque by visiting the bank branch
  • Call the contact center and inform them about the payment towards foreclosure
  • Acknowledge the fulfilment of the payment and loan closure.
  • Once the loan is closed, the Bank will dispatch to you a loan closing document.

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How can you apply for the NDC of your personal loan?

At the time of your personal loan closure, you can request a No Due Certificate (NDC). A NDC is a document in which the Bank states that you have fully repaid your loan along with the interest amount. To apply for a NDC, you can request for one when the loan account is closed via call center or visit the Bank or loan branch. A bank representative will help you with a NDC that includes all the requisite details.

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How secure is the information provided by you at the time of applying for a personal loan?

Kotak Bank ensures ultimate security of the information provided by you at the time of applying for a personal loan. You can be rest assured that your personal data and documentation are safeguarded by the Bank.

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