Kotak Mahindra Bank offers flexible personal loans for salaried individuals with attractive interest rates and quick approvals. Whether you’re planning a vacation, home renovation, or debt consolidation, this guide covers all eligibility criteria, documents, and special policies.
1. Who Can Apply? (Eligibility Criteria)
✅ Age: 21 to 60 years
✅ Minimum Salary:
- ₹20,000/month (Kotak employees)
- ₹25,000–₹35,000/month (Others, based on company category)
✅ Employment: Salaried professionals (corporate/govt./private sector)
2. Loan Amount & Tenure
A. Loan Amount Range
- Minimum: ₹1 Lakh
- Maximum: ₹25 Lakhs (Higher amounts at bank’s discretion)
B. Loan Tenure
- Minimum: 12 months
- Maximum: Up to 5 years (Varies by profile)
3. Income & Company Category
| Category | Min. Salary (₹) | Max. Loan (₹) |
|---|---|---|
| CAT AA/A | 25,000 | 25 Lakhs |
| CAT B | 25,000 | 25 Lakhs |
| CAT C/D | 30,000–35,000 | 25 Lakhs |
| Government | 25,000 | 25 Lakhs |
| Kotak Employees | 20,000 | 25 Lakhs |
Bonus Income:
- 50% of last 2 years’ average bonus can be added to salary.
- Rental income: 70% considered (with valid proof).
4. Key Features
A. CIBIL Score Requirements
- Minimum 705 (V3)
- -1 (default) allowed if:
- Income > ₹25K, age < 30, FOIR ≤ 45%, loan ≤ ₹5 Lakhs.
B. FOIR (Fixed Obligation to Income Ratio)
| Income (₹) | CAT AA/A/Govt. | CAT B | CAT C/D |
|---|---|---|---|
| ≤20K | 50% | 45% | 45% |
| 20K–35K | 60% | 50% | 50% |
| 35K–50K | 60% | 55% | 55% |
| >50K | 70% | 60% | 60% |
C. Special Policies
- Army Personnel:
- Max loan: ₹15 Lakhs
- CIBIL: 700+
- Kotak Life Insurance (KLI) mandatory.
- Police Personnel:
- Inspector & above: ₹10 Lakhs
- Sub-inspector & below: ₹5 Lakhs
- Merchant Navy:
- Eligible ranks: Captain, Chief Officer, etc.
- 50% of salary considered (min. ₹1 Lakh).
5. Documents Required
📌 Mandatory Documents:
- ID Proof: PAN, Aadhaar, Passport
- Address Proof:
- Bank statement (last 2 months)
- Utility bills (electricity, gas, etc.)
- Registered rent agreement (not notarized)
- Income Proof:
- Last 3 salary slips
- Bank statements (3–6 months)
📌 For Special Cases:
- Army/Police: Service certificate, ID proof
- Merchant Navy: CDC (Continuous Discharge Certificate), contract copies
6. Exclusions & Restrictions
🚫 Excluded Sectors:
- Real Estate, Aviation, Travel, NBFCs (CAT C/D)
- Employees of Tata, Reliance, Infosys, HDFC, etc.
🚫 Balance Transfer Rules:
- Credit Card BT allowed once (outstanding ≤ 4x salary).
- No Kotak card balance transfers.
7. How to Apply?
- Check Eligibility: Use Kotak’s online calculator.
- Submit Documents: Upload digitally or visit a branch.
- Approval & Disbursal: As fast as 4 hours for pre-approved customers.
Final Takeaways
✔ High loan amounts (up to ₹25 Lakhs)
✔ Flexible repayment (up to 5 years)
✔ Special benefits for govt. & defense personnel
✔ Quick processing for Kotak account holders
Need a loan? Check your eligibility on Kotak’s website or mobile app today!
🔹 Pro Tip: Existing Kotak customers may get pre-approved offers with lower interest rates.
