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Pre-loan Eligibility checker
Last updated on: July 22, 2025
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Read Bio| Eligibility Criteria | Details/Requirements |
|---|---|
| Age | Minimum: 21 years, Maximum: 60 years |
| Employment Type | Salaried individuals |
| Minimum Income | ₹25,000/month for Kotak Salary Account holders; ₹30,000/month for non-Kotak holders |
| Employment Stability | Minimum 1 year of continuous employment with the current employer |
| Credit Score | Typically above 750 |
| Loan Amount | Up to ₹40 Lakhs |
| Interest Rates | Starting from 10.99% |
| Loan Tenure | 12 to 72 months |
| Existing Relationship | Existing customers may get preferential terms |
| Documents Required | ID proof, address proof, income proof, bank statements, and passport-size photographs |
| Processing Fee | Up to 3% of the sanctioned loan amount + applicable taxes |
| Guarantor/Co-applicant | May be required in some cases |
Several factors influence your loan eligibility at Kotak Mahindra Bank:
Credit Score
A score above 750 significantly improves approval chances.
Age of the Applicant
Must be between 21 and 60 years as per the bank’s policy.
Employment Type and Stability
Salaried applicants must have at least 1 year with the current employer.
Monthly Income
Higher income improves your eligibility and loan amount.
Existing Relationship with the Bank
Holding a Kotak savings or FD account may lead to better terms.
Loan Amount and Tenure
Your ability to service the EMI based on income and tenure is evaluated.
Personal Loan Overdraft Facility at Kotak Mahindra Bank Kotak Mahindra Bank offers a Personal Loan Overdraft Facility, allowing eligible customers to overdraw from their accounts to meet urgent financial needs.
| Charges Specific to Overdraft Facility | Details |
|---|---|
| Interest Rate | From 13.5% onwards |
| Processing Fee (PF) | Up to 3% |
| Overdue Interest | 3% per month, compounded annually |
| Overline Interest | 18% p.a., compounded annually |
| Lock-in Period | 12 months |
| Foreclosure Charges | Nil after lock-in period |
| Foreclosure (Before Lock-in) | 4.5% + GST |
Written by Prem Anand, a content writer with over 10+ years of experience in the Banking, Financial Services, and Insurance sectors.
Prem Anand is a seasoned content writer with over 10+ years of experience in the Banking, Financial Services, and Insurance sectors. He has a strong command of industry-specific language and compliance regulations. He specializes in writing insightful blog posts, detailed articles, and content that educates and engages the Indian audience.
The content is prepared by thoroughly researching multiple trustworthy sources such as official websites, financial portals, customer reviews, policy documents and IRDAI guidelines. The goal is to bring accurate and reader-friendly insights.
This content is created to help readers make informed decisions. It aims to simplify complex insurance and finance topics so that you can understand your options clearly and take the right steps with confidence. Every article is written keeping transparency, clarity, and trust in mind.
Based on Google's Helpful Content System, this article emphasizes user value, transparency, and accuracy. It incorporates principles of E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness).
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