Short answer: HDFC Bank’s fee is capped at 2.5% or ₹25,000, against up to 5% at Kotak. Kotak allows prepayment from the second EMI (4% in the first 3 years) and lends up to ₹1 crore; HDFC Bank locks prepayment for 12 EMIs.
Last verified: 12 October 2026 from each company’s official website and, where marked, its Google Play listing. Rates and fees change; the lender’s Key Fact Statement (KFS) and loan agreement decide your actual terms. FundsTiger does not rank lenders.
HDFC Bank vs Kotak Mahindra Bank at a glance
| HDFC Bank | Kotak Mahindra Bank | |
|---|---|---|
| Type | Scheduled commercial bank | Private sector bank |
| Loan amount | Up to ₹50 lakh | ₹50,000 to ₹1 crore |
| Interest rate | From 9.99% a year (main page); 10.50% to 21% for salaried (rates page) | From 10.99% a year (fixed) |
| APR | Not published | Not published |
| Processing fee | Up to 2.5%, capped at ₹25,000, for salaried borrowers (+ GST) | Up to 5% + taxes, deducted at disbursal |
| Tenure | Not stated on the page we checked | 12 to 72 months |
| Minimum income | ₹25,000 a month | ₹30,000 a month (₹25,000 with a Kotak salary account) |
| Who can apply | Salaried (2 years employment, 1 year with current employer) | Salaried at an MNC, public or private limited company; 1 year of work experience |
| Age | 21 to 60 | 21 to 60 |
| Prepayment and foreclosure | No prepayment for the first 12 EMIs; then 4% (13 to 24 months), 3% (25 to 36), 2% (after 36) of principal outstanding. Part-payment up to 25% once a year. | 4% + taxes within 3 years, 2% after; part-payment up to 20% of principal once a financial year; no lock-in after the first EMI |
| Product | Term loan (EMI) | Term loan (EMI) |
| RBI-regulated lenders | HDFC Bank lends directly | Kotak Mahindra Bank lends directly |
| On RBI’s digital lending app list | Bank: not an app-only lender | Yes: its own banking app is listed; 5Cr+ installs, rated 4.7 |
| Also worth knowing | Pre-approved offers for existing customers with little paperwork; Fee capped at ₹25,000 | Pre-approved instant loans for existing customers; Lower income bar for Kotak salary account holders |
Install counts and ratings are from Google Play, as recorded on RBI’s digital lending app list check of 5 October 2026.
What a ₹3 lakh loan over 36 months would cost
We costed the same loan on each lender’s advertised figures, using the standard reducing-balance EMI formula and adding 18% GST to fees where the lender quotes them before tax. The lowest advertised rate is usually for the strongest credit profiles; many borrowers are offered more.
| Lender | Scenario | Rate a year | EMI | Total interest | Fee incl. GST | Total cost |
|---|---|---|---|---|---|---|
| HDFC Bank | Rates-page low end | 10.5% | ₹9,751 | ₹51,026 | ₹8,850 | ₹59,876 |
| HDFC Bank | Rates-page high end | 21% | ₹11,303 | ₹1,06,891 | ₹8,850 | ₹1,15,741 |
| Kotak Mahindra Bank | Lowest advertised rate, highest fee | 10.99% | ₹9,820 | ₹53,527 | ₹17,700 | ₹71,227 |
Try your own numbers in our personal loan EMI calculator. For loans quoted only as APR, the APR already includes fees, so the total is an estimate.
Key differences
- Fee: HDFC Bank up to 2.5% (maximum ₹25,000); Kotak up to 5% + taxes.
- Prepaying: HDFC Bank not before 12 EMIs; Kotak any time after the first EMI.
- Largest loan: HDFC Bank ₹50 lakh; Kotak ₹1 crore.
- Job history: HDFC Bank 2 years total, 1 with your employer; Kotak 1 year.
Which should you choose?
HDFC Bank may suit you if you want a lower, capped fee and do not plan to prepay in the first year.
Kotak Mahindra Bank may suit you if you have a Kotak salary account, changed jobs recently, or may prepay early.
Whichever you pick, compare the APR in the KFS you are actually offered, not the advertised starting rate.
Before you apply
- Find the lender’s name in the app and check it on RBI’s list of digital lending apps or our RBI-registered NBFC search.
- Read the Key Fact Statement (KFS) before you accept. It must show the APR, every fee and the total you will repay.
- Never pay a fee before the loan is disbursed. Regulated lenders deduct fees from the loan or add them to the EMI.
- Apply to one or two lenders, not ten. Each application is a hard enquiry on your credit report.
- Check that the EMI fits your budget with our FOIR calculator.
Want to see offers from several RBI-regulated lenders in one place?
Frequently asked questions
Which is better for a salaried borrower?
It depends on what you value. HDFC Bank has the lower maximum fee; Kotak is more flexible on prepayment and job history. Compare the APR in each offer.
Do both banks give pre-approved loans?
Yes. Both offer instant pre-approved loans to existing customers.
Are these lenders RBI-regulated?
The loans described here are given by RBI-registered NBFCs or banks named in the table. Check the lender named in your loan agreement on RBI’s digital lending app list.
Where do these figures come from?
From each company’s official website and, where noted, its Google Play listing, checked on 12 October 2026. Where a company’s own pages disagree, we show both figures.
Sources
- HDFC Bank personal loan page
- HDFC Bank rates and fees
- HDFC Bank eligibility
- Kotak personal loan
- Kotak fees and charges
- Kotak eligibility
Read more: All loan app reviews · Lender directory
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Disclosure: FundsTiger (Gatimaan Finance Advisors Pvt. Ltd.) is a loan marketplace and lending service provider for RBI-regulated lenders. Aparampaar Finance Pvt. Ltd. (Omozing), one of those lenders, is a related party of FundsTiger. This article is general information, not financial advice. Read your loan agreement and KFS before you decide.