When it comes to choosing the right personal loan provider, salaried individuals often compare leading options like Bajaj Finserv and Kotak Mahindra Bank. While both offer competitive interest rates, flexible tenures, and quick disbursals, the suitability of each depends on your income level, loan usage, and repayment preference.
In this blog, we’ll compare Bajaj Finserv vs. Kotak Mahindra Bank personal loans, helping you decide which loan type fits your salary bracket and financial goals better.
Bajaj Finserv Personal Loan – Features and Loan Types for Salaried Borrowers
Bajaj Finserv is a well-known NBFC that caters to a wide spectrum of salaried individuals, from mid-income professionals to high earners. Known for its paperless process and tailored loan products, Bajaj Finserv has become a go-to lender for those looking for flexibility and high-value loans.
Let’s explore the personal loan variants offered by Bajaj Finserv for salaried borrowers.
1. Flexi Hybrid Personal Loan – Best for Variable Expenses
- Borrow multiple times within a pre-approved limit.
- Pay interest-only EMIs during the initial phase.
- You’re charged interest only on the amount you use — not the total limit.
- Ideal for fluctuating needs like education, home repairs, or medical emergencies.
2. Flexi Term Personal Loan – Predictable EMIs with Flexibility
- Withdraw funds as needed, repay via fixed EMIs (principal + interest).
- Great for medium-term plans like upskilling, moving cities, or side businesses.
- Provides the flexibility of drawdowns without compromising on EMI predictability.
3. Term Loan – Fixed Loan, Fixed EMIs
- Lump sum disbursal with a structured EMI schedule.
- No flexibility for future withdrawals.
- Suitable for one-time requirements like weddings, large purchases, or debt consolidation.
Common Features of Bajaj Finserv Personal Loans:
| Feature | Details |
| Loan Amount | Up to ₹40 lakh |
| Tenure | 6 to 96 months |
| Interest Rate | 11% to 36% p.a. (based on credit profile) |
| Processing Fees | Up to 4% |
| Disbursal Time | Within 24 hours |
| Documentation | PAN, Aadhaar, salary slips, bank statements |
| Minimum Salary | ₹22,000–₹35,000 (city-dependent) |
| Eligible Age | 21 to 60 years (at loan maturity) |
RupeeQ Tip:
Before applying, check your credit score using RupeeQ ACE. A healthy score improves your chances of getting a better interest rate and higher loan amount.
Kotak Mahindra Bank Personal Loan – Variants and Eligibility Based on Salary
Kotak Mahindra Bank is a private sector bank with a strong digital banking presence and fast-growing personal loan segment. Known for its simple loan journey and competitive interest rates, it caters well to salaried professionals with transparent terms.
Now, let’s explore the different personal loan types Kotak offers to salaried individuals.
1. Standard Kotak Mahindra Bank Personal Loan – Structured Loans for Salaried Customers
- Loan amount up to ₹35 lakh.
- Repayment tenure from 1 to 6 years.
- No collateral or security required.
- Interest rate starts from 99% p.a.
Eligibility Criteria:
| Parameter | Requirement |
| Age | 21–60 years |
| Employment | Salaried with MNCs, Pvt Ltd, or Public Ltd firms |
| Monthly Income | ₹25,000 (Kotak salary a/c), ₹30,000 (others) |
| Work Experience | Minimum 1 year |
| Credit Score | 730+ preferred |
| Education | Graduate or Diploma |
Example:
Loan of ₹1 lakh at 10.99% for 4 years = EMI ~ ₹2,584.
2. Pre-Approved Personal Loan – Instant Funds for Eligible Kotak Mahindra Bank Customers
- 100% digital process via net banking.
- Applicable for select Kotak salary account holders.
- Disbursal within minutes after online approval.
Charges:
- Interest: Starts from 10.99% p.a.
- Processing Fee: Up to 5% + taxes.
3. Kotak Mahindra Bank PayDay Loan – Short-Term Loan for Emergency Needs
- Designed for mid-month cash needs.
- Instant loan with minimal processing.
- Repay after salary is credited.
Eligibility & Features:
| Criteria | Details |
| Age | 21–58 years |
| Income | ₹10,000/month (Kotak salary account) |
| Interest | 10% p.a. |
| Processing Fee | Starts at ₹150 |
Personal Loan Comparison – Bajaj Finserv vs. Kotak Mahindra Bank
| Parameter | Bajaj Finserv | Kotak Mahindra Bank |
| Loan Amount | Up to ₹40 lakh | Up to ₹35 lakh |
| Tenure | 6 to 96 months | 12 to 72 months |
| Min. Salary | ₹22,000–₹35,000 | ₹20,000–₹30,000 |
| Interest Rate | 11% to 36% | Starting at 10.99% |
| Loan Variants | Flexi, Hybrid, Term | Standard, Pre-Approved, PayDay |
| Disbursal Speed | Within 24 hours | 1–2 days (instant for pre-approved) |
| Processing Fees | Up to 4% | Up to 5% |
| Collateral | Not required | Not required |
Best Personal Loan Based on Salary Bracket – Scenario-Based Suggestions
Below are some scenarios that can tell you more about the kind of financial help needed in that situation. These situations and solutions are not the absolute answers but give an idea of which bank to choose in what situation.
For Salaries Below ₹25,000/Month
- Kotak Mahindra Bank (especially for salary account holders) offers PayDay loans starting at ₹10,000 income.
- Useful for small, short-term requirements with low documentation.
For Salaries Between ₹25,000–₹35,000/Month
- Kotak’s standard personal loan may offer smoother approval if you meet the salary criteria and work for an approved employer.
- Bajaj Finserv is also viable, especially if you reside in a metro and have a good credit profile.
For Salaries Above ₹35,000/Month
- Bajaj Finserv may be preferable for those seeking flexible withdrawals via Flexi Hybrid or Flexi Term loans.
- Offers higher limits, longer tenure, and options for interest-only EMIs.
Example Scenario:
You earn ₹40,000/month. You want a ₹3 lakh loan for 3 years.
- Kotak Mahindra EMI (@11%) = ~₹9,800
- Bajaj Finserv EMI (@13%) = ~₹10,100
Monthly difference: ₹300
Over 3 years: ₹10,800 saved — but Bajaj Finserv could still be preferred if flexibility is key (e.g., not using the full amount at once).
Final Thoughts – How to Choose the Right Personal Loan
There’s no single winner in the Bajaj Finserv vs. Kotak Mahindra Bank personal loan comparison. The ideal loan depends on your salary bracket, repayment preference, and flexibility needs.
- Choose Bajaj Finserv if:
- You want flexible withdrawal options or interest-only EMIs
- You are planning for long-term or staggered expenses
- Choose Kotak Mahindra Bank if:
- You want a fixed EMI structure
- You are a salary account holder with Kotak
- You need instant disbursal via a pre-approved offer
RupeeQ Tip: Before applying, use RupeeQ ACE to check your free credit score and discover personalized loan offers that match your income profile.
FAQs – Bajaj Finserv vs. Kotak Mahindra Bank Personal Loans
Q1. Can I get a personal loan from either bank with a salary of ₹25,000?
Yes. Both offer loans for this salary, but Kotak may be more lenient if you’re an existing salary account holder.
Q2. Which bank offers instant disbursal?
Bajaj Finserv offers disbursal within 24 hours; Kotak offers instant loans to pre-approved users.
Q3. What’s better for emergency short-term borrowing?
Kotak’s PayDay Loan is ideal for emergencies with small loan needs.
Q4. Do both banks offer prepayment options?
Yes. Both allow part-prepayment. Bajaj Finserv often offers more flexibility in this regard.
Q5. Which loan is better for someone planning variable expenses over 6–12 months?
Bajaj Finserv’s Flexi Hybrid Loan is more suitable as it offers interest-only EMIs and multiple withdrawals.
