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

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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 much instant personal loan can I get?

Various bank lenders provide you with a different range of personal loan amounts.

At Kotak Mahindra Bank, we provide instant personal loans anywhere from Rs. 50,000 to Rs. 40 lakhs. That too, at attractive interest rates starting from as low as 10.99% per annum. You can also enjoy a flexible tenure from 1 year to 5 years, allowing you to repay the loan comfortably.

Instant personal loans from Kotak Mahindra Bank can fulfill a wide range of your financial needs. We provide our borrowers with marriage loanstravel loans, loans for home renovation and medical loans to attend to emergencies. Upon application, if all your documentation is in place and you also meet the eligibility requirements, your loan can be disbursed in as less as 3 seconds.

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?

At Kotak Mahindra Bank we have a fast personal loan application process.

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.

For quick approvals, make sure you go through the eligibility parameters and documentation list. Kotak Mahindra Bank has a simple eligibility requirement. Individuals in the age group of 21 and 60 years can apply. They must be graduates with at least one-year employment. Kotak Mahindra Bank expects a minimum documentation from the borrowers. You need to submit documents like application form, your photographs, proof of identity and residence, to name a few.

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.

The lender will determine the borrower’s creditworthiness and then provide them with a personal loan.

You can improve your creditworthiness in various ways if you are planning to apply for a personal loan. Maintaining a good credit score is essential. Your credit history and credit score reflect your repayment ability. If the lender bank is convinced about your capacity to fully repay the loan, then they will lend you the necessary funds.

Kotak Mahindra Bank provides personal loans for various reasons like weddings, travel, renovations and medical emergencies depending on your needs. You can avail of a personal loan from us at attractive interest rates and for flexible tenures. Find out more about borrowing a personal loan from Kotak Mahindra Bank and fulfill all your financial needs.


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.

Can I apply for a small personal loan online?

Since it requires no collateral, you can apply for a small loan through a simple online process. 

Please remember that, we only offer personal loans to salaried individuals. Please do keep in mind that certain institutions only offer personal loan to salaried individuals.

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

The documents required for personal loan application are:

1. Proof of Identity
2. Proof of address
3. Salary slip/Bank Statement

● Proof of Identity

● Proof of address

● Salary slip/Bank Statement/Form 16 for Salaried individuals and Previous Year ITR/ P&L Statement and Balance Sheet/ Bank Statement for self-employed applicants

What are the different types of personal loans?

Kotak Mahindra Bank offers personal loans for wedding travel, medical needs, education, vehicle buying, debt consolidation, etc.

Can I get a personal loan if I have a home loan?

Yes, you can get a personal loan even if you have a home loan.

You just need to mention the existing loan details and the EMI. You can also opt for top-up home loans, which are like personal loans.

How do I calculate my personal loan eligibility?

The personal loan eligibility for availing a loan from Kotak Mahindra Bank is as follows:


● Age: 21 to 60 years

● Qualification: Graduate

● Employment: minimum 1-year work experience with MNC/Public Limited/Private Limited Company

● Income: 

- Customers holding Salary Account with Kotak Bank: Rs. 25,000

- Customers who don’t have a Salary Account with Kotak Bank : Rs. 30,000

- Kotak group employees: Rs. 20,000

How can I get personal loan repayment status updates?

The repayment status update is sent to you regularly by Kotak Mahindra Bank.


You can also check the status online by logging into your online banking account. 

How is the Personal Loan processing fee calculated?

The personal loan processing fee is usually a nominal amount that the borrower must pay.

It ranges up to 3% of the loan amount, plus applicable taxes. The same will be deducted from the loan amount at the time of disbursal.

What do you mean by these personal loan terms - ‘Settlement’, ‘Default’ and ‘Closed’?

Loan ‘settlement’ is when you pay a lump sum amount, which is lower than the outstanding loan amount, to pay off the loan ultimately.

This is allowed when you face an unavoidable financial crisis and cannot pay the loan on time. The lender might allow a repayment holiday and then ask you to pay a lump sum to write off the loan. This is called ‘settlement’.

‘Closed’ is when you pay the loan on time through regular personal loan EMI and the loan amount is completely paid off as stipulated.

‘Default’ is when you default on your personal loan EMI and don’t pay it on time.

What are the five easy steps to get a personal loan?

● Determine the total amount of personal loan that you need as per your requirements

● Check the loan eligibility

● Calculate monthly installments

● Approach your nearest Kotak Mahindra Bank branch or visit the official website to apply

● Submit documents