Frequently Asked Questions

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How can I reschedule or postpone my EMI?

Rescheduling or postponement of EMI is not possible on your personal loan account.

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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. 30 days foreclosure intimation period is mandatory.
  • You need to inform us in writing or via email 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 this full prepayment cheque at our branch at least 7 working days before your next EMI date.
  • You can make the foreclosure payment either via DD/cheque/cash, cheque or DD in favor of "Kotak Mahindra Bank " after the intimation period is over.
  • Once your foreclosure cheque is cleared your loan closure will happen in the banks records.
  • We will send the No Objection Certificate (NOC) and the balance Post Dated Cheques (if any) to your correspondence address within 15 working days post termination of your loan account.
  • After the 12 + 1 month intimation period, the foreclosure charges applicable would be 5% + service tax on principal outstanding.

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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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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 send a written request letter to our customer care department informing the change in correspondence address.
  • You would need to enclose the photocopy proof of your new address. For example: An electricity bill/passport copy/ration card 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 or an email or letter or walk in to any fof our customer care branches.
  • The Repayment Schedule will be sent to you within two working days at your correspondence address.

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When will I receive No Objection Certificate?

Please follow the below procedure:

 

  • In case your Loan has matured, you need to send us a request for NOC via letter/email. NOC will be issued to you 15 working days post termination of the loan in our system (provided there is no penal outstanding).
  • In case if your loan is foreclosed, NOC will be issued to you 15 working days post termination of the loan in our system (provided there is no penal outstanding).
  • In case you have availed Top Up Loan, NOC on the old loan which is being foreclosed will be issued to you 15 working days post termination of the loan in our system (provided there is no penal outstanding).

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I want to know the break up and calculation of the Personal loan amount cheque given to me.

You can place a request via phone, email, letter, or walk in to any of our branches.The Personal loan interpretation will be couriered to you at your correspondence address within 4 working days.

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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 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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How can one repay the personal loan?

You have the option of repaying the personal loan through ECS (online payment) facility.  For further queries please call our 24x7 helpline number 1860 266 2666 (Standard call charges applicable)

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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 ranging from 10.99% to 24% P.A. Interest rates would differ from person to person. 

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 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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How can I calculate my personal loan emi?

In order to calculate the personal loan emi, please click https://www.kotak.com/en/personal-banking/loans/personal-loan/personal-loan-emi-calculator.html to view the details. 

 

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

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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)

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 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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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)

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, by giving the bank written notice of 30 days. 

In order to foreclose the personal loan, all you need to do is send a written request by clicking https://www.kotak.com/en/customer-service/contact-us/email-us/kotak-loan/salaried-personal-loan.html. You would need to serve a notice period of 30 days, before the Foreclosure Statement is issued to you. 

 

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