Types of Personal Loan Offered in India | Kotak Mahindra Bank
  • Personal
  • Business
  • Corporate
  • Private Banking
  • Privy League
  • Solitaire
  • NRI Services
  • Investors
  • Personal
  • Business
  • Corporate
  • Private Banking
  • Privy League
  • Solitaire
  • NRI Services
  • Investors

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Frequently Asked Questions

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.

How can I get a Personal Loan immediately?

To get a Personal Loan immediately, apply online. Securing a Personal Loan online swiftly is a hassle-free process with Kotak Mahindra Bank. Here are the steps.


1. Visit Our Website/App
: Visit the Kotak Mahindra Bank website or mobile app, go to the Personal Loan section and click Apply Now.

2. Fill in the Application: Complete the online application form by entering your personal and financial details.

3. Document Submission: Upload the necessary documents digitally. This convenience speeds up the verification process.

4. Instant Approval and Disbursal: Our efficient evaluation process allows instant approval. After approval, the loan amount is disbursed to your account, often within a few hours.

Before applying, use our Personal Loan EMI Calculator to calculate your EMIs based on the loan amount, tenure and interest rate.

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 get a Personal Loan without a salary slip?

Yes, Kotak Mahindra Bank offers the convenience of pre-approved Personal Loans for our existing customers, even without the need for a salary slip.

These pre-approved loans are designed to provide quick financial assistance based on your relationship with the bank and your financial history with us. It simplifies the personal loan application process, making it faster and hassle-free, as the bank already possesses your financial details and repayment capacity.

Which Personal Loan mobile banking app gives loans very fast?

If you urgently need financial assistance, Kotak Mahindra Bank's mobile banking Personal Loan app is the solution you're looking for to secure an instant Personal Loan quickly. Let's see how it works.  


1. Quick Application
: Our mobile banking Personal Loan app eases your loan application process, allowing quick application submission directly from your smartphone.

2. Instant Decision Making: Our mobile banking app is engineered to provide instant Personal Loan decisions, leveraging advanced algorithms to assess your application in real-time and offer immediate approval.

3. Simplified Documentation: Our mobile banking app minimises the hassle by reducing the documentation required for loan approval, facilitating quicker verification.

4. Rapid Disbursal: Upon approval, the loan amount is swiftly disbursed into your account, ensuring you can access the funds you need without delay.

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. 

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