FAQs

• What are the minimum and maximum loan amounts?

You can avail of personal loans ranging from Rs 50,000/- to 15Lakhs depending on your eligibility, income and repayment capacity.

• What are the options for repayment tenures?

The loan can be repaid over a period of 12 to 60 months.

• Are there any additional charges?

A processing fee and other charges as below are payable upfront. This fee will be deducted from the Loan amount at the time of disbursal.

• Loan processing fees maximum 2% of loan amount, out of which, 0.5% (subject to maximum of Rs.5000/-) of the processing feed shall be payable upfront, at the time of submitting the application
• Credit shield against loan
• Other charges as applicable
• Cheque bounce charges: Rs.750/- per instrument per instance
• Loan cancellation charges: Rs.2500/- per agreement within 60 days
• Swap charges: Rs.500/- per swap per instance
• How much time will it take for my loan to be approved?

Your loan will be disbursed within 4-7 working days post receipt of the required documents. Loan sanction and disbursal is at the sole discretion of the bank.

• Do I have to provide any security, collateral or guarantors?

No security, or collateral are required for obtaining a Personal Loan with Kotak Mahindra Bank. However, depending upon the application guarantor may be required.

• What is EMI?

EMI stands for Equated Monthly Installments. This installment comprises both principal and interest components.

• How do I repay the loan?

You can repay the loan in Equated Monthly Installments (EMI's) using the ECS facility, post-dated cheques favouring Kotak Mahindra Bank or a direct account debit (only for Kotak Mahindra Bank Account holders).

• What is the Foreclosure charges?

5% + ST of the principal outstanding after 6 months. Closure cannot be done within 6 months.

• Do I need to open an account with Kotak Mahindra Bank for availing and/or servicing the loan?

We will encourage you to start a banking relationship with us so that we will be able to offer a host of other value added services, which are complementary to the loan, however opening an account with us is not mandatory.

• Do I get special privileges as a Kotak Mahindra Customer?

As a Kotak Mahindra Customer, you will be offered special interest rates, asked for minimal documentation and your application will be processed on priority. You can also pay your EMI through standing instruction to debit your account.

• How does Kotak Mahindra Personal Loan benefit me?

Kotak Mahindra offers a Personal Loan for any of your personal requirements. You can use it for your child's higher education, purchasing consumer durables or a personal computer, a car or a two wheeler, to meet the expenses of family functions, to go on a vacation, to consolidate your expensive debt into a cheaper debt - or just about any personal payment requirement!

• Who can apply for Kotak Mahindra Personal Loan?

All resident individuals meeting our criteria can apply for a personal loan with Kotak Mahindra Bank.

• I am an existing Kotak Mahindra Personal Loan customer. Can I get an additional loan amount?

Yes, you might be eligible for an additional amount if it has been 6 months or more since you have availed of your loan. To find out if you are eligible, please apply online and let our relationship manager call you.

• How can I apply for Kotak Mahindra Personal Loan?

Fill in your details online, check you eligibility and apply thereafter by completing the online application form. Our Relationship Manager will get in touch you to take your application ahead.

• How much would I need to repay each month?

At the time of booking of your loan, the EMI (Equated Monthly Installments) is calculated based on the loan amount sanctioned, interest rate and tenure.

• Is it possible to change my Installment dates? Are there any charges applicable?

Yes, it is possible to change the Installment date.

• The dates available is 5th and 10th .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.
• 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.

• How can I get my new address updated on my loan?
• 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.


• How can I reschedule or postpone my EMI?

Re-schedulement or postponement of EMI is not possible on your personal loan account.

• How can I cancel my loan, what is the procedure?
• Cancellation of loan is applicable only within 60 days from the loan agreement date.
• You would need to send a written request letter to our customer care department mentioning the reason for the cancellation.
• Charges applicable are upto Rs. 2,500/- which you need to submit at the Personal Loan branch.
• You also need to handover the whole disbursement cheque back to our Personal Loan branch.
• Post completion of documentation from you and cancellation of your loan account in our records, the additional PDC's will be sent to your correspondence address within 15 working days


• I want to know the break up and calculation of the loan amount cheque given to me.
• You can place a request via phone, email, letter or walk-in at any of our branches.
• The loan interpretation will be couriered to you at your correspondence address within 4 working days.


• When will I receive No Objection Certificate?
• In case if your Loan is 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).