Kotak Personal Loan Interest Rates: Updated in March 2025

In need of a personal loan but worried about high interest rates? Hold on before you settle for those sky-high interest rates you keep hearing about. Kotak Mahindra Bank is offering some of the most competitive rates out there, with personal loan interest rates starting at a crazy low of 10.99%! That could mean serious savings on your loan compared to other lenders. Let's dive in and see how Kotak can help you reach your financial goals without getting slammed with high-interest charges.

Kotak Mahindra Bank can help you save money on your loan with competitive rates and potentially fast approvals. Loan amounts can range from ₹5,000 to ₹30 lakh to fit your financial needs. Repayment terms are flexible, with options ranging from 12 to 60 months. To qualify for a Kotak Personal Loan, you'll typically need a minimum credit score of 750. Let's dive in and see how Kotak can help you reach your financial goals without getting slammed with high-interest charges.

Latest Kotak Personal Loan Interest Rates in March 2025

Kotak Personal Loans cater to your diverse financial needs with attractive interest rates. Let’s explore different loan schemes and their loan interest rates: 

Loan Scheme	Loan Interest Rate
Personal Loan for Marriage	10.99%
Personal Loan for Travel	10.99%
Home Renovation Loan	10.99%
Personal Loan for Medical Emergency	10.99%
Personal Loan for Students	Maximum up to 16%
Personal Loan for Women	10.99%

Different Types of Personal Loans Offered by Kotak

1. Personal Loan for Marriage

Planning your dream wedding shouldn't be limited by budget anxieties. A Kotak Mahindra Bank Personal Loan for Weddings can help bridge any gaps between your initial plans and your final vision. Whether you need extra funds for a stunning venue, delicious catering, or unforgettable photography, this loan empowers you to celebrate your special day in style.

Eligibility Criteria for Marriage Loan:

Checking your eligibility for a personal loan for a wedding significantly improves your chances of getting approval for a wedding loan. To obtain a marriage loan at Kotak, you must fulfil the following conditions:

Age: 21-60 years

Employment: At a private limited company, public limited company, or MNC

Work Experience: At least one year

Education: At least graduation

Minimum Net Monthly Income: ₹ 25,000 for Kotak Bank salary account holders, ₹ 30,000 for non-Kotak Bank salary account holders, and ₹ 20,000 for Kotak Bank employees.

Loan Tenure: Upto 6 years

Loan Amount:  ₹ 50,000 to ₹ 40 Lakh

Cibil score: A credit score of 700 or 750 and above is needed for a personal loan.

Type of wedding loan charge	Applicable amount
Fixed marriage loan interest rate	Starting at 10.99% per annum
Non-refundable processing fee	Up to 3% of the loan amount (taxes extra)
Overdue EMI interest	3% monthly on the outstanding amount
EMI bounce charge	Rs 500 plus taxes per bounce
Swap charges for changing repayment mode, instrument, or EMI date	Rs 500 plus taxes per instance
Foreclosure Charges on Outstanding Principal	4% up to 3 years, 2% after 3 years
Physical SOA or Amortisation Schedule	Free once per year, Rs 200 for more

2. Personal Loan for Travel

At Kotak, a personal loan for travel is simply a type of unsecured personal loan that is intended for travel, holiday, and honeymoon purposes. It can help cover the costs associated with your holidays, such as airfares, accommodation, tours, and even new travel accessories. An unsecured personal loan used for travel works in the same way as a regular unsecured Personal Loan. You can borrow anywhere between Rs.  50,000 and Rs.40 Lakhs depending on your needs, and you can choose a loan term between 1 to 5 years.

Eligibility Criteria for Travel Loan:

Personality Loan Eligibility is the assessment of an individual's qualifications for obtaining a Personal Loan. Here are the eligibility criteria for a travel loan: 

• Age: 21-60 years
• Employment: At a private limited company, public limited company, or MNC
• Work Experience: At least one year
• Education: At least graduation
• Minimum Net Monthly Income: ₹ 25,000 for Kotak Bank salary account holders, ₹ 30,000 for non-Kotak Bank salary account holders, and ₹ 20,000 for Kotak Bank employees.
• Loan Tenure: 1-5 years
• Loan Amount:  ₹ 50,000 to ₹ 40 Lakh
• Cibil score: A credit score of 700 or 750 and above is needed for a personal loan.

Travel loan charge	Applicable amount
Fixed travel loan interest rate	Starting at 10.99% per annum
Non-refundable processing fee	Up to 3% of the loan amount (taxes extra)
Overdue EMI interest	3% monthly on the outstanding amount
EMI bounce charge	Rs 500 plus taxes per bounce
Swap charges for changing repayment mode, instrument, or EMI date	Rs 500 plus taxes per instance
Foreclosure Charges on Outstanding Principal	4% up to 3 years, 2% after 3 years
Physical SOA or Amortisation Schedule	Free once per year, Rs 200 for more

3. Home Renovation Loan

Dreaming of a home makeover but worried about the cost? A Kotak Mahindra Bank Personal Loan for Home Renovation can help you transform your space, whether it's a fresh coat of paint, new furniture, or carpentry work. Focus on creating your dream home without the burden of upfront costs for contractors, designers, or materials. Redesign your house with a hassle-free application process, minimal documentation and quick loan disbursal in under 3 seconds for Kotak Pre-Approved Customers. 

Eligibility Criteria for Home Renovation Loan:

Here are the eligibility criteria for a home renovation loan: 

Age: 21-60 years

Employment: At a private limited company, public limited company, or MNC

Work Experience: At least one year

Education: Graduation/Diploma

Minimum Net Monthly Income: ₹ 25,000 for Kotak Bank salary account holders, ₹ 30,000 for non-Kotak Bank salary account holders, and ₹ 20,000 for Kotak Bank employees.

Loan Tenure: 1-5 years

Loan Amount:  ₹ 50,000 to ₹ 40 Lakh

Cibil score: A credit score of 700 or 750 and above is needed for a personal loan.

Travel loan charge	Applicable amount
Fixed travel loan interest rate	Starting at 10.25% per annum
Non-refundable processing fee	Up to 3% of the loan amount (taxes extra)
Stamp Duty Charges	Complying with the State’s Stamp Act
Overdue EMI interest	3% monthly on the outstanding amount
EMI bounce charge	Rs 500 plus taxes per bounce
Swap charges for changing repayment mode, instrument, or EMI date	Rs 500 plus taxes per instance
Foreclosure Charges on Outstanding Principal	4% up to 3 years, 2% after 3 years
Physical SOA or Amortisation Schedule	Free once per year, Rs 200 for more

4. Personal Loan for Medical Emergency

Kotak Mahindra Bank's Personal Loan for Medical Emergencies offers flexible financing up to ₹40 lakh. Unlike medical insurance, this loan goes beyond hospitalisation costs. It can cover everything from diagnosis and surgery to after-care and medical equipment. Whether you need help with IVF treatment, dental procedures, or even cosmetic surgery, this loan has you covered. Enjoy attractive interest rates starting at just 10.99% per annum and manage repayments through convenient EMIs. Plus, you don't need to put up any collateral or involve a guarantor, keeping your assets 

Eligibility Criteria of Medical Loans

Kotak has the simplest eligibility criteria for medical loans in India. Fulfil the following Personal Loan eligibility conditions to apply for a loan for medical treatment at Kotak and get funding at a reasonable medical loan interest rate:

Nature of Employment: You must be employed in an MNC, private or public limited company to qualify for a medical loan.

Age: You must be between 21 and 60 years old.

Monthly Income: The minimum salary requirement is ₹25,000 for Kotak Bank Salary Account holders, ₹30,000 for non-Kotak Bank Salary Account holders, and ₹20,000 for Kotak employees.

Education Qualification: You should have completed at least graduation when applying for a loan for medical treatment

Work Experience: You should have at least one year of work experience.

Medical loan charge	Applicable amount
Processing Fee	Upto 3%
Stamp Duty Charges	Depends on the state’s Stamp Act
Overdue EMI Interest	3% per month
EMI Bounce Charges	₹500 per instance
Swap Charges	₹500 per instance
Foreclosure charges	4% up to three years, 2% after three years

5. Personal Loan for Students

Your child can pursue the course of their choice in India or abroad with Kotak Mahindra Bank’s Students Loan. Specially designed for higher education, a study loan from Kotak is easy to avail of with minimal documentation. Apply for a student loan, today!

Eligibility Criteria for Student Loan

Before you apply for a student loan, you must fulfil the personal loan eligibility criteria:

Age	21 years-70 yearsIn the case of minors, a consent letter is required
Eligibility of Student	Indian NationalShould have secured admission via entrance test or through merit-based selection

Education Loan Interest Rates

You can enjoy great deals on personal loan interest rates when availing of a student loan. Make sure you maintain a good credit record and repayment history to get lower interest rates on your loan.

Education Loan Interest Rate

Maximum up to 16%

Education loan amounts provided by Kotak Mahindra Bank:

- Education in India: Rs. 10 lakhs

- Education in foreign countries: Rs. 20 lakhs

Loan Tenure: 1-5 years

Cibil score: A credit score of 700 or 750 and above is needed for a personal loan.

6. Personal Loan for Government Employees

A government employee personal loan is a specially designed personal loan that takes care of the financial needs of government employees. So, be it your child’s overseas education or your daughter’s wedding, Kotak Mahindra Bank’s government employee personal loan can easily fulfil your varied financial needs.

Eligibility Criteria for Government Employees Loan

Many factors influence your eligibility. They are:

• Applicant’s age: between 21 to 60 years
• Minimum salary: Rs. 25,000
• Minimum work experience: 1 year
• Minimum education: Graduation
• Loan amounts starting from Rs. 50,000 and up to Rs. 40 lakhs
• Flexible loan tenure ranging from 12 to 60 months
• Cibil score: A credit score of 700 or 750 and above is needed for a personal loan.

Government employee's loan charge	Applicable amount
Government employee loan interest rate	Starting at 10.25% per annum
Non-refundable processing fee	Up to 3% of the loan amount (taxes extra)
Overdue EMI interest	3% monthly on the outstanding amount
EMI bounce charge	Rs 500 plus taxes per bounce
Swap charges for changing repayment mode, instrument, or EMI date	Rs 500 plus taxes per instance
Foreclosure Charges on Outstanding Principal	4% up to 3 years, 2% after 3 years
Physical SOA or Amortisation Schedule	Free once per year, Rs 200 for more

7. Personal Loan for Women

Women are taking charge of their finances! Kotak Mahindra Bank's Personal Loan empowers you to achieve your financial goals, big or small. Whether it's a dream vacation, higher education, or managing an unexpected expense, this loan is designed to support your aspirations. Financial independence starts here. Plan, manage, and conquer your financial goals with a personal loan tailored to your needs.

Personal Loan for Women Eligibility

Kotak Bank offers a lucrative personal loan for women. Women borrowers need to fulfil the personal loan for women's requirements.

Particulars	For Salaried
Age	21-60 years
Education	Graduation
Employment Type	MNC, Public Limited, Private Limited
Salary	Existing Kotak Bank Customers holding  orate Salary Account: Rs. 25,000Existing Kotak Bank Customers without Salary Account Kotak Employees: Rs. 20,000
Experience	1 year

• Loan amounts starting from Rs. 50,000 and up to Rs. 40 lakhs
• Flexible loan tenure ranging from 12 to 60 months
• Personal loan for women starts at 10.99% p.a.
• Cibil score: A credit score of 700 or 750 and above is needed for a personal loan.

Women's Personal loan charge	Applicable amount
Government employee loan interest rate	Starting at 10.99% per annum
Non-refundable processing fee	Up to 3% of the loan amount (taxes extra)
Overdue EMI interest	3% monthly on the outstanding amount
EMI bounce charge	Rs 500 plus taxes per bounce
Swap charges for changing repayment mode, instrument, or EMI date	Rs 500 plus taxes per instance
Foreclosure Charges on Outstanding Principal	4% up to 3 years, 2% after 3 years
Physical SOA or Amortisation Schedule	Free once per year, Rs 200 for more

Kotak Personal Loan Interest Rates for Self-Employed

Self-employed individuals are the sole proprietors of their business. They do not draw a fixed monthly salary but are the owners of their unincorporated businesses. Banks will approve personal loans to self-employed people only if they have a good credit score.  Since they do not have a regular source of income, their credit score is the only indication of their credit-repayment behaviour.

Cibil Score	700 or 750
Interest Rate	10.99% p.a.

Kotak Personal Loan Interest Rates for Salaried

With inflation and lifestyle changes happening all the time, salaried individuals often need financial support, whether for home renovation, education, travel, or unforeseen emergencies. At Kotak, we understand that stability doesn't mean stagnation. This loan for salaried individuals is designed with your dynamic needs in mind, ensuring quick approval, attractive interest rates, and flexible EMI options to help you achieve your dreams without undue stress.

Cibil Score	700 or 750
Interest Rate	10.99% p.a.

Kotak Personal Loan Interest Rates for NRI

Whether you’d like a new kitchen, add an extra bathroom or just wish to breathe new life into your house, Kotak Mahindra’s NRI Home Improvement Loans will bring your grand plans to life. So, make your home suit your changing needs and renovate, furnish or paint your home with ease.

Eligibility:

The eligibility depends on an individual's repayment capacity and is based on the following:

Age, Qualification & Employment: 

• The Applicant's /Co-applicant's or both incomes will be considered for eligibility. (Both incomes would be considered only if both are NRIs. If the applicant is NRI and the co-applicant is a Resident Indian, clubbing can’t be done.)
• Minimum education qualification – Graduate 
• Should be employed for at least 3 years 
• Maximum Age - 58 years at the time of maturity of the loan

Minimum Income Norms:

For Loan Tenure up to 5 years, Annual Gross Salary (after Currency Conversion, if required) should be at least:

• USD 30,000 for USA/UK/Other Countries excluding Gulf
• Dirhams 36,000 for Gulf Countries
• USD 20,000 for the Merchant Navy  

For Loan Tenure above 5 years and up to 15 years, Annual Gross Salary (after Currency Conversion, if required) should be at least:

• USD 42,000 for USA/UK/Other Countries excluding Gulf
• Dirhams 48,000 for Gulf Countries
• USD 26,000 for&Merchant Navy

Feature and Benefits of Kotak Personal Loan

Here are the features and benefits of Kotak Personal Loan:

Competitive Interest Rates: Starting at 10.99% per annum, Kotak Personal Loans offer attractive rates compared to other lenders.

Flexible Loan Amounts: Borrow anywhere from ₹5,000 to ₹40 lakh to cover your expenses.

Variety of Repayment Terms: Choose a repayment term that fits your budget, ranging from 12 to 60 months.

Minimal Documentation: The application process is streamlined with minimal documentation required.

Fast Approvals: Get quick approvals on your loan application, potentially within the same day.

Multipurpose Use: Use the loan amount for various personal expenses like weddings, medical emergencies, travel, education, or debt consolidation.

No Collateral Required: Unlike a home loan, a Kotak Personal Loan is unsecured, meaning you don't need to put up any collateral.

Online Application: Apply for the loan conveniently from the comfort of your home through Kotak's online platform.

How to Apply For Kotak Personal Loan

Application for Kotak Personal loan involves 3 steps:

1. Start Your Application

This initial step is about assessing your loan eligibility. It's quick, easy, and the first step towards getting your funds

2. Get Your Customised Offer

This part of the process ensures what you get aligns perfectly with your financial situation and requirements.

3: Finalise Your Loan

The last step is all about making it official. e-sign your loan agreement to confirm your acceptance. To add to your ease, we also set up an auto-repayment so you never miss a date.

Document Required of Kotak Personal Loan 

Here are the documents required for Kotak Personal Loan: 

• A valid identity proof like your PAN Card, Passport, Aadhaar Card, Voter's ID Card or Driving License
• A valid residence proof like your Passport, Aadhaar Card, Driving License
• Three months' bank statements with your income details
• For salaried individuals, 3 months salary slips 
• 2-3 recent passport-sized photographs

Kotak Personal Loan EMI Calculator

A Personal Loan EMI Calculator is essential for accurate financial planning. It helps borrowers anticipate their monthly repayment amount based on the amount they are looking to borrow, interest rates, and tenure.  Kotak Mahindra Bank's Personal Loan EMI Calculator provides precise calculations that help make better financial decisions.

Calculating the EMI for a Personal Loan involves using a formula that considers three essential factors: the loan amount, the interest rate, and the repayment duration. To streamline this process, individuals use a Personal Loan EMI Calculator. It helps in understanding the financial implications of a loan by allowing borrowers to calculate Personal Loan EMIs effortlessly. This calculator becomes particularly valuable for those with Pre-approved Personal Loan eligibility, offering insights into monthly repayment amounts and facilitating informed financial planning. It empowers borrowers to make informed decisions, ensuring a clear understanding of their financial commitments throughout the loan tenure.

The formula to calculate EMI for a Personal Loan is:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

P represents the principal loan amount

R represents the monthly interest rate, calculated by dividing the annual rate by 12 and converting it to a decimal.

N denotes the loan tenure measured in months.

The steps involved in using this formula are:

1. Convert the annual interest rate to a monthly rate by dividing it by 12 and then converting it to a decimal.

2. Convert the tenure of the loan from years to months.

3. Plug these values into the formula to calculate the EMI.

Factors that Affect Personal Loan Interest Rates

Understanding what plays on interest rates for a Personal Loan is key to securing the best deal. At Kotak Mahindra Bank, we consider several factors when determining the interest rate on a Personal Loan.

1. Credit Score and History: A higher credit score can lead to the best interest rate. A consistent repayment history and a good credit score often result in lower interest rates.

2. Income and Employment Stability: A steady income and a stable job enhance your chances of getting the lowest interest rates.

3. Existing Financial Obligations: Your current debts and liabilities are considered to determine the Personal Loan interest rates in India. Higher existing debts might lead to a higher interest rate due to increased risk.

4. Relationship with the Lender: Long-term customers with a good banking relationship might secure more favourable terms.

5. Market Trends and RBI Policies: External economic factors and RBI policies influence the overall interest rate scenario in the market. Changes in repo rates and other economic indicators can affect interest rates.

Kotak Personal Loan Comparison With Other Banks

Bank	Interest Rate Range
Kotak Mahindra Bank	10.99% - 20.00%
HDFC Bank	10.50% - 24.00%
ICICI Bank	10.50% - 16.00%
State Bank of India (SBI)	11.05% - 14.05%
Axis Bank	10.49% - 22.00%
IndusInd Bank	10.25% - 26.00%
HSBC Bank	9.99% - 16.00%
Yes Bank	10.99% - 20.00%
Bank of Baroda	10.90% - 18.25%
Federal Bank	11.49% - 14.49%

Tips to Avail Kotak Personal Loan  at Lower Interest

Here are some tips to help you potentially avail a Kotak Personal Loan at a lower interest rate:

Build and Maintain a Strong Credit Score:

• This is the single most crucial factor influencing your interest rate. Aim for a credit score above 750, which indicates a good credit history and responsible borrowing behaviour.

Reduce Your Credit Utilisation Ratio:

• Keep your credit card balances low and avoid maxing out your credit limits. A lower credit utilisation ratio (outstanding debt divided by credit limit) shows lenders you manage credit responsibly.

Maintain a Healthy Debt-to-Income Ratio:

• This ratio compares your total monthly debt obligations to your gross monthly income. A lower ratio indicates you have more income to manage your loan repayments.

Compare and Explore Different Loan Options:

• Don't just settle for the first offer. Compare interest rates and terms from other banks and lenders. You might find a better deal elsewhere.

Apply for the Right Loan Amount:

• Don't borrow more than you need. Apply for the exact loan amount required for your specific needs. This reduces the risk for the lender and might qualify you for a lower interest rate.

Opt for a Shorter Repayment Tenure:

• Shorter loan terms generally come with lower interest rates because the lender faces less risk. However, ensure the monthly EMI (Equal Monthly Instalment) fits comfortably within your budget.

Explore Pre-approved Loan Offers:

• Check if Kotak Mahindra Bank has pre-approved loan offers for you based on your credit profile. These offers might come with lower interest rates.

Consider Adding a Co-applicant with a Strong Credit Score:

• If your credit score is lower, consider a co-applicant with a strong financial standing. This can improve your overall application and potentially qualify you for a lower interest rate.

Personal Loan Services Offered by NoBroker

NoBroker acts as a facilitator to connect you with lenders for personal loans. We offer the following services to help you with your home loan needs:

• Eligibility Check: Use NoBroker's platform to check your eligibility for a home loan based on factors like your income, credit score, and desired loan amount.
• Loan Comparison: NoBroker compares home loan options from various banks and lenders, allowing you to compare interest rates, processing fees, and other terms.
• Document Assistance: They can guide you through the document collection process required for your home loan application.
• Application Assistance: NoBroker can assist you in filling out the home loan application forms for chosen lenders.
• Dedicated Relationship Manager: Some NoBroker plans offer a dedicated relationship manager to answer your questions and guide you throughout the home loan process.
• NB InstaCash: Using the NoBroker loan app you can get up to ₹10 Lacs Instantly in your bank account. Instant approval and disbursement, interest rate starting from 12.99%, and hassle-free auto-repayment. 

How to Use NoBroker Personal Loan Services?

• Download NoBroker InstaCash app or visit the website https://www.nobroker.in/instacash 
• Click the withdraw now option.
• Sign up or log into the app. 
• Provide your contact details and check Loan Amount Eligibility.
• Submit your application.
• Get personal Loan Services from NoBroker without paying any fees.

Why Choose NoBroker Personal Loan Services?

Here’s why you should choose NoBroker personal loan services:

Faster Approvals and Disbursements:

• Pre-qualification: NoBroker can pre-qualify you with lenders based on your financial profile. This saves you time by eliminating lenders with strict eligibility criteria you wouldn't meet.
• Streamlined Process: NoBroker's online platform simplifies the application process by gathering your information electronically.
• Partner Network: They have partnerships with various lenders known for faster processing times.

Competitive Rates:

• Comparison Tool: NoBroker allows you to compare interest rates from multiple lenders in one place. This empowers you to find the best deal and potentially secure a rate lower than 12.99%.

Hassle-free Auto-Repayment:

• Automated Payments: Many lenders NoBroker connect you with offer features like auto-debit from your bank account. This ensures your EMIs (Equal Monthly Instalments) are paid on time, avoiding late fees and maintaining a good credit score.
• Manage Everything Online: NoBroker's platform might allow you to manage your loan repayments and track your progress electronically, saving you time and effort.

Get Expert Help with Personal Loans: Choose NoBroker

With Kotak Personal Loan interest rates starting at a competitive 10.99%, you can access the funds you need without breaking the bank. Explore their flexible repayment options and minimal documentation process to see if a Kotak Personal Loan is the right fit for your financial goals.

NoBroker platform connects you with a network of reputable lenders offering competitive rates. NoBroker simplifies the process by streamlining the application and potentially expediting approvals. Start your free consultation today and see how NoBroker can help you find the perfect personal loan for your needs. 

Frequently Asked Questions