Personal Loan Eligibility Criteria

The personal loan eligibility calculator is an online tool that helps you estimate the maximum loan amount you can receive based on your eligibility parameters.

You can visit Kotak Mahindra Bank’s website and use the personal loan eligibility calculator.

Just fill in the details required in the calculator, and you will be able to check your eligibility for the loan amount.

Using the personal loan eligibility calculator, you can check the maximum loan amount you can avail.You can also find out if you need to improve your eligibility qualifications to receive a higher loan amount. Furthermore, when you check your eligibility and then apply for the loan, you minimise the chances of loan rejection.

If you have existing debts, a part of your income goes towards their repayment.This factor reduces your net disposable income for paying off the personal loan. As such, if you have existing debts, the amount of loan that you receive reduces.

You can qualify for a personal loan if you are aged 21 to 60 years and employed.Moreover, your net monthly income should match the lender’s minimum requirement, and you should have a good credit score.

Kotak Mahindra Bank offers instant Personal Loans to eligible customers starting from ₹50,000 up to ₹35 lakh. To qualify, you must meet the eligibility criteria:

1. Age: 21-60 years
2. Education: Graduation degree
3. Employment: Minimum 1 year of work experience with an MNC, public
   limited or private limited company.
4. Minimum Salary:
   • Corporate Salary: ₹25,000
   • Non-Corp Salary: ₹30,000
   • Kotak Mahindra Bank employees: ₹20,000
     

Your Personal Loan eligibility depends on your monthly income, existing debts, and credit score. You can check your eligibility using Kotak Mahindra Bank’s Personal Loan Eligibility Calculator. Once you fill in the required details, it reflects the loan amount you are eligible for.

For Example, if your monthly income is ₹56,000 and you have no other ongoing debts, you may qualify for a Personal Loan of ₹10 lakh.

Other factors impacting your eligibility include your occupation type, and employer’s history. Check the full list of eligibility requirements before applying for a Personal Loan from Kotak Mahindra Bank.

Kotak Mahindra Bank requires minimal documentation such as income proof, ID proof, and address proof. Salary slips are usually required for salaried employees as proof of income, but if you are a non-salaried employee or self-employed, you can provide an alternative proof of income such as Bank statements or taxation details.

Getting a Personal Loan from Kotak Mahindra Bank is easy and quick. You can apply online through the website, submit the required documents, and upon approval, the loan amount will be transferred to your Bank account. Before applying, don't forget checking your Personal Loan eligibility.

To qualify for a Personal Loan from Kotak Mahindra Bank, you must meet the following criteria:

1. Age: 21-80 years*
2. Residency: India
3. Employment: Working for an MNC, private or a public limited company.
4. Cibil Score: 685 or higher.

Use Kotak Mahindra Bank’s online Personal Loan eligibility calculator to instantly check your eligibility.

To improve your Personal Loan eligibility:

1. Improve your Credit Score:
   • CIBIL score is an important parameter for Personal Loan. By improving your credit score, you can also increase your chances of getting a home loan.
2. Increase Monthly Income:
   • Applicants with higher monthly income can avail higher amounts of Personal Loan.
3. Reduce Existing Debts:
   • reduction in existing debts increases your chances of Personal Loan approval.

Yes. Salary Account holders benefit from a lower minimum income requirement of ₹25,000, making it easier to qualify for a Personal Loan compared to non-Kotak account holders.

Your employment status significantly influences your Personal Loan eligibility. Being employed with a multinational, public, or private limited company indicates job security and a regular income, improving your chances of loan approval.