Kotak Mahindra Bank Personal Loan Interest Rates

Factors Affecting Kotak Mahindra Bank Personal Loan Interest Rates

• Repayment tenure - Usually, the longer the tenure, the higher will be the interest rate set for the loan.
• Credit score of the applicant - Kotak Mahindra Bank takes into consideration the repayment track record of the individual which is reflected in his/her credit score. The lower the credit score of the individual, due to risk involved, the bank will set a higher personal loan interest rate.
• Income of the individual - With Rs.20,000 set as the minimum requirement to be eligible to apply for a personal loan from Kotak Mahindra Bank, the income of the individual plays a vital role in the interest rate offered by the bank. Generally, the lower the income the individual, the higher will be the interest rate set by the lender.
• Relationship with the Kotak Mahindra Bank - If the applicant has had a long-term relationship with the bank, then the bank might possibly offer him/her a lower interest rate.

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