Kotak Mahindra Bank Personal Loan
About Kotak Mahindra Bank
Kotak Mahindra Bank is one of India's leading private sector banks. The bank offers an extensive range of financial products and services. The bank has a chain of a business subsidiary that includes Kotak Securities Ltd., Kotak Mahindra General Insurance Company Ltd., Kotak Mahindra Capital Company, Kotak Mahindra Prime Ltd, Kotak International Business, etc.
About Kotak Mahindra Bank Personal Loan
Personal Loan could be used for both personal and professional needs. The borrower could use if for marriage expenses, uncertain medical expenses, buying a new gadget, renovating the home, educational expenses and any other personal expenses. Personal Loan with Kotak Mahindra Bank can be applied conveniently along with the various benefits. The bank disburses the loan in the quickly with less documentation.
Kotak Mahindra Bank Personal Loan Features and Benefits
- Loan Amount: Kotak Mahindra Bank offers Personal Loan of minimum Rs. 50,000 that can go up to a maximum of Rs. 50 lacs.
- Loan Tenor: Personal Loan from Kotak Mahindra Bank can be taken for the flexible loan tenor that ranges from 12 months to 60 months.
- Loan Turnaround Period: Kotak Mahindra Bank approves and disburses a Personal Loan quickly as compared to many other financial institutions.
- Kotak Mahindra Personal Loan Interest Rate: Kotak Mahindra Bank offers a Personal Loan at an attractive interest rate starting from 11.50% p.a.
- Documentation: The documents required for applying for a Personal Loan from Kotak Mahindra Bank is minimum and not very cumbersome.
- Repayment Options: The borrower can repay the EMIs of a Personal Loan by the flexible repayment options including Standing Instructions (SI), Post-dated Cheque (PDC) and Electronic Clearance System (ECS).
- Pre-payment of a Personal Loan: The borrower can repay his Personal Loan amount after a lock-in-period of 12 months at a minimum charge of 5% of the loan outstanding amount. Please read the loan agreement carefully before taking the loan disbursement.
Kotak Mahindra Bank Personal Loan Eligibility
Following are the factors that affect the eligibility criteria for Kotak Mahindra Personal Loan:
|Who can apply?||Salaried Individuals, Self-Employed Professionals and Self-Employed Business Men|
|Age||Minimum 21 years and Maximum 58 years|
|Minimum Income||Salaried Employees- Net Monthly Salary of Rs. 20,000|
|CIBIL Score||Good CIBIL Score (For Example- 750 and above)|
|Residential Status||Indian Residents only|
|Minimum Years in the Current City||Living in a current city for at least 1 year|
|Cities Eligible for Kotak Mahindra Personal Loan|| |
A Personal Loan can be applied from the following cities:
Kotak Mahindra Bank Personal Loan Documentation
The following documents are required to be submitted for a Personal Loan from Kotak Mahindra Bank:
|Type of Document|
|Application form||Duly filled application form with two photographs cross-signed|
|Identity Proof|| |
|Income Proof|| |
|Address Proof|| |
|Other documents||Bank statement (latest 3 months)|
Kotak Mahindra Bank Personal Loan Fees & Charges
The bank charges the following fees:
|Fees Type||%age of Fee|
|Loan Processing Fee||1% to 2.5% of loan amount|
|Pre-payment Charges||5% of the outstanding loan amount after the lock-in ?period of 12 months|
Other Available products from Kotak Mahindra Bank
- Business Loan
- Home Loan
- Home Loan Balance Transfer
- Loan Against Property
Total Interest Payable
Total of Payments
(Principal + Interest)