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Kotak Mahindra Bank Personal Loan Eligibility

Kotak Mahindra Bank Personal Loan Eligibility Calculator is one of the most beneficial financial tools which will help you to calculate your Kotak Mahindra Bank Personal Loan Eligibility. If you are planning to go for Kotak Mahindra Bank Personal Loan apply online you must check your Kotak Mahindra Bank Personal Loan Eligibility on Kotak Mahindra Bank Personal Loan Eligibility Calculator, which is a very beneficial tool. To calculate your Kotak Mahindra Bank Personal Loan Eligibility you have to put some key information like, your annual income, company you work for, and if you have any kind of EMI going on. In case if you are self-employed you have to put your business turnover, business name, or if there is any kind of debt going on.

How to compute the Kotak Mahindra Bank Personal Loan Eligibility?

Kotak Mahindra Bank Personal Loan Eligibility calculator uses two methods to calculate the Kotak Mahindra Bank Personal Loan Eligibility. Kotak Mahindra Bank Personal Loan always try to give the maximum amount as per that person’s Kotak Mahindra Bank Personal Loan Eligibility. Basically Kotak Mahindra Bank Personal Loan uses two methods those are- Multiple Method, and FOIR. There is also another method FOIR which depends on the monthly installment expected to be paid as compared to the NET income of that person.

  • Multiplier Method

    Kotak Mahindra Bank Personal Loan Eligibility Calculator also follows the multiplier method it is one of the easiest method. The formula for Kotak Mahindra Bank Personal Loan Eligibility Calculator is-

    Kotak Mahindra Bank Personal Loan Eligibility = (Your net salary) * (a number from 9 to 18). Your Kotak Mahindra Bank Personal Loan Eligibility Calculator also depends on the company you are currently working, basically its stability, growth and turnover also helps to make your Kotak Mahindra Bank Personal Loan Eligibility higher.

  • FOIR

    If you are someone who pays monthly fixed payments like personal loan EMI, Credit Card bill or any kind of EMI. The formula for calculating FOIR is FOIR= (Sum of existing obligations/ Net Take Home Monthly Salary)*100

    The ratio of your net take home monthly salary and your fixed obligations is FOIR. The maximum FOIR which the financial institutions consider is up to 75%, and that too when the take home monthly salary is high. The FOIR is calculated in a way that, if your current loan application is approved, your FOIR should not go beyond 75%. In the case of normal earning range, the FOIR should not go beyond 50-60% of the take home salary.

Factors that affects Kotak Mahindra Bank Personal Loan Eligibility Calculator

Kotak Mahindra Bank Personal Loan is an unsecured loan, so you don’t have to mortgage anything, so if you fail to pay your Kotak Mahindra Bank Personal Loan amount the lender can’t ask for you anything. So the Kotak Mahindra Bank Personal Loan Eligibility is high compared to home loan or car loan. Your Kotak Mahindra Bank Personal Loan Eligibility based on your inputs it will change if your inputs are wrong. Here are the factors which affects Kotak Mahindra Bank Personal Loan Eligibility Calculator.

  • Applicant’s Age

    The applicant’s age is also important on Kotak Mahindra Bank personal loan eligibility. To avail an Kotak Mahindra Bank Personal Loan you need to be in the age group from 21 to 65 years old. The younger you are there are more chance that your Kotak Mahindra Bank Personal Loan Eligibility is high and you will get a loan in lowest interest rate. You will even avail offers as you are younger.

  • CIBIL Score

    Your CIBIL Score matters a lot on your Kotak Mahindra Bank personal loan eligibility. If you have high CIBIL Score that means your Kotak Mahindra Bank Personal Loan Eligibility is high and if you have low CIBIL Score your Kotak Mahindra Bank Personal Loan Eligibility is low. Your CIBIL Score depends on how you pay your personal loan. To make your CIBIL Score high you need to repay your personal loan on time.

  • Employment

    Which company you are working and in which post and how much is your current income that matters a lot as if you are in top notch company with high salary and high position which means you will have a bright career and your Kotak Mahindra Bank Personal Loan Eligibility is high. And if you are running a business you should stick with it at least for five years so your Kotak Mahindra Bank Personal Loan Eligibility will be high. Also, if you are salaried and your employer belongs from CAT A company your Kotak Mahindra Bank Personal Loan Eligibility will be high.

  • Debt

    If you have existing debts which means if you are currently paying any kind of EMI for Credit card, home loan or personal loan your Kotak Mahindra Bank Personal Loan Eligibility will be lower but if you don’t have any kind of debts your Kotak Mahindra Bank Personal Loan Eligibility will be high.

  • Geographical Location

    Geographical locations matters a lot on your Kotak Mahindra Bank Personal Loan Eligibility as if you are from metro city you have higher Kotak Mahindra Bank Personal Loan Eligibility than someone from rural areas. Indusind Bank has red marked on some places so if you are from one of those places your Kotak Mahindra Bank Personal Loan Eligibility can be lower.

  • Housing Situation

    If you have your own house there are maximum chances that your Kotak Mahindra Bank Personal Loan Eligibility is high and your personal loan will be approved but if you are living in a rental house your Kotak Mahindra Bank Personal Loan Eligibility is low as your monthly income gets lower for that.

Kotak Mahindra Bank Personal Loan Eligibility Criteria

Kotak Mahindra Bank Personal Loan Eligibility Criteria Salaried
Profession Working in government or private sector or MNCs.
Working Experience 2 year at the same firm he/she is working.
Age 23-60
Minimum Income Rs.25,000/month
House In the case of rent he/she has to stay there minimal 1 year.
Kotak Mahindra Bank Personal Loan Eligibility Criteria Self- Employed Professionals
Age 25-65
Business Tenure At least 4 years
Minimum Income 4.8lakh/ year
Kotak Mahindra Bank Personal Loan Eligibility Criteria Self- Employed
Age 25-65
Business Tenure At least 5 years
Minimum Income 4.8lakh/ year


*Interest rate and Loan approval are subjected to band discretion and approval.

Frequently Asked Questions

The formula of FOIR in Kotak Mahindra Bank Personal Loan Eligibility is FOIR= (Sum of existing obligations/ Net Take Home Monthly Salary)*100.
The tenure for Kotak Mahindra Bank Personal Loan is 1 to 5 years.
The minimum Credit Score as per Kotak Mahindra Bank Personal Loan Eligibility is 650.
To avail Kotak Mahindra Bank Personal Loan a salaried person should have a working experience of at least 12 months as per Kotak Mahindra Bank Personal Loan Eligibility.
The interest rate of Kotak Mahindra Bank Personal Loan is 15.50%*- 30.50%*.

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