Personal loans from Kotak Mahindra Bank are open to borrowers seeking loans for amounts as low as Rs. 50,000 and as high as Rs. 20 lakhs. These loans are ideal for financing several financial requirements, including rehabilitation of residences, international travel, restructuring of debt, and medical expenses.

Features of Kotak Mahindra Bank Personal Loan

  • Loan Amount: Personal loan from Rs. 50,000 up to Rs. 20 Lakhs is provided by Kotak Mahindra Bank. The bank takes into account the profile of the loan borrower, including credit score, financial history, annual revenue, repayment potential, etc., before finalizing the loan amount.
  • Repayment Options: With easy EMI payments, Kotak Mahindra Bankprovides flexible repayment options with tenure varying from 12 to 60 months.
  • Minimal Paperwork: When you apply for a personal loan, the bank demands minimal documents, making the whole procedure fast and hassle-free.
  • Balance transfer: You can transfer your current personal loan to Kotak Mahindra Bankfrom other lenders to benefit from better terms and lower interest rates.

Kotak Mahindra Bank Personal Loan Interest Rate

The interest rate provided by Kotak Mahindraon a personal loan starting from 10.75 percent ensures affordable EMIs. The interest rate offered to a person, however, depends on his credit score, age, employer, history of repayment, etc.

Types of Personal Loans from Kotak Mahindra Bank

The following are the main types of personal loans that Kotak Mahindra Bank currently offers:

  • Marriage Loan
  • Travel Loan
  • Medical Emergency Personal Loan
  • A personal home renovation loan

1. Marriage Loan

If you need money to fund a marriage, you can apply for a personal loan for marriage from Kotak Mahindra Bank and a loan amount of up to Rs. 20 lakhs can be used. This loan can cover expenses for location, catering, decor, photography, guest accommodation, honeymoon, etc.

2. Travel Loan

Do you plan to go to your dream destination, but you don’t have enough money to finance your holiday? With Kotak Mahindra Bank Personal Travel Loan, you can borrow money from Rs. 1 lakh to Rs. 20 lakhs and easily pay for your flight tickets, sight-seeing accommodation, shopping, etc.

3. Medical Emergency Personal Loan

With minimum paperwork and instant approval, if you apply for Kotak Mahindra Bank Personal Loan for Medical Emergency, you can access funds immediately. Offered up to Rs. 20 lakhs, this loan means you can pay the medical bills quickly and then repay the loan in simple installments.

4. Personal home renovation loan

Kotak Mahindra Bank Personal Loan for Home Renovation, which is provided up to Rs. 20 lakhs, is an ideal option to give your house a fresh and modern look, whether you want to paint your home or repair the ceiling that has been leaking or want to buy a new sofa for your drawing home or want a modular kitchen.

Eligibility Criteria for Personal Loan

  • You should an Indian citizen
  • You should be 21 years of age or older and your highest age should be 58.
  • You should be an active/permanent employee of an MNC, a public or private limited company with at least 1 year of minimum working experience.
  • At least Rs. 20,000 per month should be your net income.
  • You want to be a graduate at least,
  • You should be an involved city resident for a minimum of 1 year.

Documents Required for Kotak Mahindra Bank Personal Loan

  • Passport, PAN, Aaadhar, Voter’s ID, Driving License: Proof of identification
  • Evidence of residence: Utility Bill, Passport or Leave and Agreement of License
  • Bank Statement with income information for the last 3 months
  • Last 3 months salary slips
  • 2-3 photos of passport scale

Kotak Mahindra Bank Personal Loan EMI Calculator 2021

The sum that a borrower has to pay each month to a bank or a non-banking financial company (NBFC) to repay a loan is the EMI or Equated Monthly Installment. Various variations of these loan parameters can be used to obtain the most acceptable EMI for your particular circumstance.

How Does the EMI Calculator Work?

Based on the following 3 parameters, the EMI calculator functions:

  • Loan Amount: Loan Amount refers to the loan principal amount that Kotak Mahindra Bank borrows from you. A higher amount usually leads to higher EMI payouts. Personal loans ranging from Rs. 50,000 to Rs. 15 lakhs are issued by Kotak Mahindra Bank.
  • Loan Tenure: It is the period during which repayment of the loan will be completed. The repayment period for a personal loan from Kotak Mahindra varies from 12 to 60 months. Higher EMI payouts usually result from a shorter repayment tenure. It helps you, however, to save on the loan’s overall interest payment.
  • Interest rate: The interest rate on personal loans from Kotak Mahindra Bank begins as low as 10.99 percent p.a. As long as the tenure and loan amount are kept unchanged, a higher interest rate typically results in higher EMI payouts over the tenure of the loan.

Personal Loan EMI Calculation Formula

If the bank uses the flat rate method or the equilibrium reduction method, the method of measuring interest chosen by the bank decides the formula used to measure EMIs for personal loans. The 2 EMI calculation methods are explained below:

  • Flat Rate Method: The EMI sum remains the same over the tenure of the loan as interest is measured using the flat rate method. This is because interest on the entire principal amount of the loan lent by the borrower is paid. The EMI calculation formula, therefore, as per this procedure, is:

EMI by Flat Rate Method = (Principal + Interest)/ Months of Loan Tenure

  • Reducing Balance Process: The EMI amount tends to decline over the tenure of the loan according to the reducing balance method, as interest is accrued on the unpaid loan principal amount (which continues to decrease as the loan is paid off) rather than on the entire loan amount originally lent. Therefore, this strategy allows you to save on the overall interest payable. The EMI calculation method, according to this methodology, is:

EMI calculation by balance system reduction = [P x (R/100) x {1+(R/100)}^N]/[{1+(R/100)}^(N-1)]

Where to,

P refers to the principal/loan amount

R refers to the monthly interest rate (i.e., the annual interest rate)/12;

N refers to the tenure for repayment of the loan in months.


Kotak Mahindra Bank’s loan can be a great support that comes at a low cost. And the Kotak Mahindra Bank personal loan EMI calculator 2021 is like a cherry on a cake as it facilitates the loan processing also helps the loan seeker to make a wise decision.

By peter

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