What is Kotak Mahindra Bank Personal Loan Minimum Salary?

When I was exploring personal loan options, I remember checking out Kotak Mahindra bank personal loan minimum salary requirements. It’s crucial to know the income eligibility before applying, as it directly impacts approval chances. The bank has different criteria based on your 

employment type, so understanding these details can save a lot of time and effort. As I am a corporate employee, and I have a salary account in Kotak bank, the bank staff said that the minimum salary requirement in my case is Rs. 25,000. 

Minimum Salary for Personal Loan in Kotak Mahindra Bank

I completely agree with Nutan Paul’s answer, as the bank staff also shared similar salary requirements for different categories like,

1. For Kotak Bank Salary Account holder: Minimum monthly salary should be Rs. 25,000

2. For Non-Kotak Bank Salary Account holder: Minimum monthly salary should be Rs. 30,000

3. For Kotak Bank Employees: Rs. 20,000

The loan process is quite straightforward. The bank offers personal loans up to Rs. 35 Lakh with flexible repayment tenures of up to six years. Interest rates start from 10.99% p.a., and there’s a processing fee of up to 5% of the loan amount. If your salary meets the required limit, you can apply online with minimal documentation.

When I was checking the Kotak personal loan minimum salary eligibility, I realised that having a stable income and a good credit score significantly boosts approval chances. It’s best to check the eligibility criteria beforehand to avoid unnecessary rejections.

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What is Kotak Mahindra Personal Loan Eligibility?

A few years back, when I was in urgent need of money, I planned to opt for a personal loan. Since I already had an account in Kotak Mahindra Bank, I called the bank’s helpline and asked them about the details. The bank employee told me about a few details, such as Kotak Mahindra Bank personal loan minimum salary, documents required, etc. I have added those details below.

What is the Minimum Salary for Personal Loan in Kotak Mahindra Bank?

According to the information provided by the Kotak Mahindra Bank’s employee, the minimum salary is Rs. 25,000. But this amount is only for the Kotak bank account holders. 

As for non Kotak bank salary account holders, the amount becomes Rs. 30,000. He also said that for Kotak Bank employees the personal loan minimum salary is Rs. 20,000. 

After that, the person also told me about the documents necessary for the loan and those are.

• Aadhaar card

• PAN card

• A copy of valid residential proof

• 2-3 passport-sized photographs

• Last 3 months' bank statement.

And that’s all the information he had provided me. After this, I availed the personal loan without hassle. Hope this helps. 

Hello there, the Kotak Mahindra Bank personal loan minimum salary requirement for an applicant with a Kotak Bank salary account is Rs. 25,000, while for a non-Kotak Bank salary account holder, the minimum salary requirement is Rs. 30,000. However, for Kotak Bank employees, the minimum salary requirement is Rs. 20,000. This is about the minimum salary, but Kotak Bank has some additional requirements you need to meet to be eligible for a personal loan. 

What is the Kotak Personal Loan Minimum Salary and the Other Eligibility Criteria?

Here are all the criteria you need to meet to take a personal loan through Kotak Bank.

1. You should be aged between 21 and 60 years.

2. You should be an employee at a private limited company, a public limited company or an MNC.

3. You need at least 1 year of work experience.

4. You should at least be a graduate.

Once you meet the eligibility criteria, the bank will ask you for a list of documents, which are as follows.

1. Your Aadhar card

2. Your PAN card

3. Your last 3 months’ bank statements

4. A copy of your valid address proof

5. Around 2-3 copies of your latest passport-sized photographs

Coming back to the minimum salary, Kotak Bank says that it is beneficial for you to have a higher salary, as it increases the chances of you getting a bigger personal loan amount from the bank. The same happened to me, as I benefited from a bigger loan amount due to my higher salary. 

This was all from my end. I hope this clarifies the minimum salary for personal loan in Kotak Mahindra Bank.