Compare Kotak Mahindra Bank Personal Loan and HDFC Personal Loan

A personal loan, as you know, can be availed from any lender where you are eligible. However, the application should only be submitted to a bank where approval is guaranteed which means you should at least know the basic details of personal loan at different lenders so that you can choose.

HDFC Bank being one of the top private banks is undoubtedly popular for its finesse services. But, Kotak Mahindra Bank is no less. Kotak Mahindra has grown so fast in past few years.

In this article, we will compare Kotak Mahindra Bank personal loan and that of HDFC Bank. We have done the comparison on the basis of eligibility, eligibility calculator ( which helps in getting an idea about the maximum loan amount you can get from the bank), EMI (based on different interest rates) and last but most importantly the lowest personal loan interest rates at both the banks.

What is the eligibility required to apply for Kotak Mahindra Bank Personal loan?

The eligibility you need to match for Kotak Bank personal loan is as follows:

• If you a salaried person working with any MNC or with Public and Private limited companies

• Your age must be above 21 years and below 58 years at the time of applying for the loan

• Your net monthly income should be above Rs. 20,000/-

• You must be a graduate

• You must have been the resident of the city for more than 1 year

• You must have a total work experience of at least a year

Personal Loan EMI Calculator

For example, if you are taking a personal loan with the following details:

From Kotak Mahindra Bank

• Loan amount- ₹10,00,000

• Kotak Mahindra Personal Loan Interest rate- 10.99% p.a.

• Tenure-  5 years

The EMI, Total Interest Outgo, and Total Amount (Principal+Interest) will be as follows:

EMI- ₹21,737

Total Interest Outgo- ₹3,04,246

Total Amount- ₹13,04,246

From HDFC Bank

• Loan amount- ₹10,00,000

• HDFC Personal Loan Interest rate- 11.25% p.a.

• Tenure-  5 years

EMI- ₹21,867

Total Interest Outgo- ₹ 3,12,038

Total Amount- ₹13,12,038

HDFC personal Loan Eligibility

If your profile matches the criteria set by the HDFC Bank, the chances of getting desirable loan amount and interest rates are higher for you, so let us have a look:

• Your minimum age should be 21 years

• Your maximum age should be 60 years

• An individual must have 2 years of working experience wherein having 1 year of experience with the current employer is important

• The applicant must have a Net Monthly Income of ₹12,000/-. However, the Net Monthly Income should be ₹15,000/- if the applicant is living in Mumbai, Delhi, Bangalore, Chennai, Hyderabad, Pune, Kolkata, Ahmedabad, Cochin

Personal Loan Eligibility Calculator

To check eligibility, follow the below steps:

• Click on ‘Check Eligibility’ on the personal loan page

• A Digital Application Form would appear

• Mention if you are an existing customer of the bank or not

• Continue with the mobile number you use

• Mention the Net Banking Details like the Customer ID Number and Mobile Number

• Fill in the OTP you receive here