Check here for all the necessary details to know the documents required for Kotak Mahindra Bank Personal Loan.
A personal loan is an unsecured loan. Thus unlike other loans like home loans, car loans, etc., which are approved against a mortgaged asset, personal loans are free from this. While this comes across as a boon for the customer, it increases the credit risk of the lender. To minimize this risk, Kotak Mahindra Bank has an eligibility check and document verification process in place. Thus, documents required for Kotak Mahindra personal loan are to be submitted along with the personal loan application form. Loans are approved only after the documents validate the eligibility of the borrower.
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Kotak Mahindra Bank is known for offering personal loans to salaried individuals. So, if you are between 21-58 years of age, are a graduate with a minimum work experience of 1 year and reside at the same residential address for at least a year, you are eligible for a personal loan provided you have a minimum net salary of Rs. 20,000 (Kotak Mahindra employees), Rs. 25,000 for individuals who have salary accounts with Kotak Mahindra Bank and Rs. 30,000 for individuals who have salary accounts with other banks.
Applicants who meet the above conditions can apply for a Kotak Mahindra Personal Loan. Documents required for Kotak Mahindra, Personal Loan for both ETB (Existing to Bank) and NTB (New To Bank) customers, are as follows:
Any query related to your loan visit Kotak Personal Loan Customer Care service.
Now get Navi personal loan of Rs. 10,000 to Rs. 20 Lakhs at lowest interest rate starting from just 9.99% per annum. Repay in easy instalments of 3 to 72 months. The processing fee ranges from 2.5% to 6% of the sanctioned limit + GST.
Kotak Mahindra Bank personal loan can be applied for both through offline and online modes. To apply offline, you must visit your nearest bank branch. To apply online, you can do so through the bank's website or mobile banking app.
The application process of Kotak Mahindra Bank personal loan involves three steps:
Instant personal loans are issued only to existing bank customers and require minimal or no documentation. These loans can be applied through Kotak Mahindra Bank’s website or Kotak Mahindra Bank’s mobile banking app. Being digital and paperless, they are instantly approved and disbursed.
To get Kotak Mahindra Bank’s personal loan instantly without documents, keep the following points in mind:
Keep a high CIBIL score: Ensure that you do not default on bill payments and ongoing EMIs. A CIBIL score reflects your creditworthiness and financial behaviour. As personal loans are unsecured loans, the borrower's credit score is crucial to gauge the credit risk and approve the loan instantly without documents. Thus, Kotak Mahindra Bank approves personal loans to customers who have a CIBIL score above 700.
A good relationship with Bank: If you are the bank’s privileged customer and have numerous accounts like fixed deposit, savings account, salary account, mutual funds, etc. active with Kotak Mahindra Bank, you’ll be preferred for a personal loan without documents. As ETB (Existing To Bank) customers have their KYC formalities already updated, getting a loan instantly without documents becomes easy and quick.
Go for a pre-approved offer: Kotak Mahindra Bank gives pre-approved loan offers to select customers. The customers who have a good relationship with the bank and maintain a high credit score are eligible for the same. Opting for a pre-approved loan not just helps you avail loan instantly without documents but also comes at a preferential rate of interest with other associated features that make it more lucrative.
Documents required for Kotak Mahindra Personal Loan are:
Please note that both ETB (Existing to Bank) and NTB (New To Bank) customers must submit the documents mentioned above. ETB (Existing to Bank) will need them at the time of KYC verification. KYC, once completed, need not be repeated at every stage.
Kotak Mahindra Bank offers instant loans which can be applied online. The same can be done either through the bank's website or via the bank's mobile application. Please note, this facility is available only to ETB customers.
You can apply for a Kotak Mahindra Bank personal loan by following the steps mentioned below:
In case of documents required for Kotak Mahindra Personal Loan, upload the required documents in the subsequent link.
It is important to go through the rate of interest and other charges applicable before proceeding. In case of documents required for Kotak Mahindra Personal Loan, upload the required documents in the subsequent link.
The processing fee for a personal loan from Kotak Mahindra Bank is up to 2.5% of the loan amount + GST as applicable.
To be eligible for a personal loan from Kotak Mahindra Bank, you should fulfil the following conditions:
The fees and charges applicable on a Kotak Mahindra Bank personal loan are as follows:
|Charge Category||Charge Amount|
|Interest Rate||Starting 10.75% per annum|
|Loan Processing Charges||Up to 2.5% of the loan amount + GST as applicable|
|Stamping Charges||Applicable as per state laws|
|Credit Administration Charges||Up to 5% of the loan amount subject to a maximum of Rs. 7500 including GST|
|Credit Appraisal Charges||Up to 5% of the loan amount subject to a maximum of Rs. 7500 including GST|
|Overdue Interest Charges/ EMI Bounce Charges||3% compounded monthly on amount of default from the date of default till actually paid|
|Collection Charges||30% (including GST) of dishonour charges + overdue interest|
|Dishonour Charges||Rs. 750 including GST per instance|
|Instrument Swap Charges||Rs. 500 per instance + GST|
Loan closure allowed after repayment of 12 EMIs
|For loans disbursed on or before 1st February 2020 - 5% of Principal Outstanding + GST as applicable|
For loans disbursed on or after 1st February 2020
Closure request after 1 year 5% of Principal Outstanding + GST as applicable
Closure request after 2 years 4% of Principal Outstanding + GST as applicable
Closure request after 3 years 3% of Principal Outstanding + GST as applicable
Part prepayment allowed only after repayment of 12 EMIs
|For loans disbursed on or before 1st February 2020 part prepayment not allowed|
For loans disbursed on or after 1st February 2020
-Up to 10% every year @ Rs. 750 +GST as applicable per instance
|Issuance of No Due Certificate||NIL|
|Duplicate No Due Certificate||NIL|
|CIBIL Report Issuance||Rs. 50 + GST as applicable|
|Issuance of Amortisation Schedule|
Once yearly – NIL
More than Once – Rs. 200 +GST as applicable per request
Yes, Kotak Mahindra Bank allows personal loan foreclosure. However, this can be done only after the repayment of 12 EMIs.
The bank has the sole discretion to foreclose the personal loan account within the 1st year. 6% of the principal amount outstanding + GST as applicable are charged in such cases.
To apply for foreclosure, follow the following steps:
If all documents required for Kotak Mahindra Personal Loan are submitted along with the loan application form, the bank usually approves and disburses a personal loan within 48 hours. For instant personal loans to existing customers, the personal loan is approved and disbursed in 2 minutes.
To check Kotak Mahindra Bank personal loan application status click https://www.kotak.com/j1001card/CardStatus/Main.jsp
In case of a query, you can call customer care helpline number 1860 266 2666 between 9:00 AM to 6:00 PM from Monday to Saturday (except holidays).
Kotak Mahindra Bank approves personal loans ranging between Rs. 50,000 to Rs. 20 lakh. The quantum of loan offered will depend on your eligibility. The loan has to be repaid in a maximum of 5 years (60 months).
Yes, Kotak Mahindra Bank allows top-up loans on personal loans. However, this can be applied after nine months’ EMIs have been paid successfully. The bank will re-check your eligibility and credit score at the time of top-up. If approved, the top-up loan will be disbursed within 3-4 working days. The rate of interest on personal loan top-up will either be the same or less than the existing rate of interest.
The EMIs for Kotak Mahindra Bank personal loan can be paid through:
Borrowers can change the mode of repayment simply by calling helpline number 1860 266 2666 between 9:00 AM to 6:00 PM from Monday to Saturday (except on holidays). Instrument swap charges will apply at Rs. 500 per instance + GST rates as applicable.
In the event of bounced personal loan EMI, repayment can be made through usual payment options. Contact the bank branch for assistance. In addition to the bounced EMI amount, the bank will charge an overdue interest @ 3% compounded monthly on the unpaid EMI amount. The interest is charged for the period from the date of the EMI due till it is actually paid.
Compared to loans like home loans and car loans, personal loans come at a higher rate of interest. This is because they are unsecured and don’t require collateral. In addition to interest rates, other charges are also applicable on personal loans. But because they are approved instantly and have a shorter repayment term, they can be used wisely to meet financial emergencies.