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Kotak Personal Loan Documents Required

Check here for all the necessary details to know the documents required for Kotak Mahindra Bank Personal Loan.

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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.

Additional Info: how to open Kotak 811 account online?

Kotak Mahindra Bank Personal Loan Documents Required

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:

  • Personal Loan Application Form
  • Three passport size photographs (coloured, latest)
  • Identity Proof (any one): Passport, PAN Card, Driving License, Aadhar card, Voter's ID
  •  Address Proof (any one): Utility Bill, Passport, Driving License, Leave and License Agreement, Voter ID, Aadhar card
  • Income Proof (all): Last three month’s bank account statement with income details, last three months salary slip.

Any query related to your loan visit Kotak Personal Loan Customer Care service. 

Navi Personal Loan @9.99% p.a

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.

FAQs

Q1. What is the process of personal loans in Kotak Mahindra Bank?

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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:

  • Provide your basic information
  • Check eligibility
  • Submit documents required for Kotak Mahindra personal loan

For ETB (Existing to Bank), customers

  • Provide Register mobile number, Date of Birth or CRN number to authenticate your association with Kotak Mahindra Bank
  • Fill up the loan application form
  • Receive personal loan credit in your account after credit score check

For NTB (New To Bank), customers

  • Check loan eligibility in 1 minute by submitting your personal details
  •  If eligible, fill up the loan application form
  • Submit documents required for Kotak Mahindra personal loan
  • Loan approval after document verification and credit score check
  • Receive personal loan credit in your account

Q2. How can I get a loan instantly without documents?

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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.

Q3. When applying for a loan, what documents are required?

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Documents required for Kotak Mahindra Personal Loan are:

  • Personal Loan Application Form
  • Three coloured, latest passport size photographs of the applicant
  • Identity Proof: Any one document from
    • Passport,
    • PAN Card,
    • Driving License,
    • Aadhar card,
    • Voter's ID
  • Address Proof: Any one document from
    • Utility Bill,
    • Passport,
    • Driving License,
    •  Leave and License Agreement,
    • Voter ID,
    • Aadhar card
  •  Income Proof: All documents
    •  Last three month’s bank account statement with income details,
    • Last three months salary slip.

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.

Q4. How can I get a 50k personal loan instantly from Kotak Mahindra?

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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:

Through Mobile Banking

  • Download App
  •  Install App using Debit Card details
  • Go to Apply Now
  • Navigate to Personal Loan
  • Set Credit Limit
  •  Choose Loan Term
  •  Set EMI value
  •  Submit

In case of documents required for Kotak Mahindra Personal Loan, upload the required documents in the subsequent link.

Through Net Banking

  • Visit official website
  • Login using Net banking ID and Password
  • Go to Apply Now
  • Navigate to Personal Loan
  • Set Credit Limit
  • Choose Loan Term
  • Set EMI value
  • Submit

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.

Q5. What is the processing fee for a personal loan in Kotak Mahindra?

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The processing fee for a personal loan from Kotak Mahindra Bank is up to 2.5% of the loan amount + GST as applicable. 

Q6. Who is eligible for Kotak Mahindra Bank personal loan?

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To be eligible for a personal loan from Kotak Mahindra Bank, you should fulfil the following conditions:

  •  Aged between 21-58 years
  • Salaried individual
  • Qualification - Graduate
  • Minimum work experience of 1 year
  •  Reside at the same address for at least a year
  • Minimum net salary of Rs. 20,000 (Kotak Mahindra employees)
  • Minimum net salary of Rs. 25,000 for individuals who have a salary account with Kotak Mahindra Bank
  • Minimum net salary of Rs. 30,000 for individuals who have salary accounts with other banks.

Q7. What fees and charges are applicable on a Kotak Mahindra Bank personal loan?

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The fees and charges applicable on a Kotak Mahindra Bank personal loan are as follows:

Charge CategoryCharge Amount
Interest RateStarting 10.75% per annum
Loan Processing ChargesUp to 2.5% of the loan amount + GST as applicable
Stamping ChargesApplicable as per state laws
Credit Administration ChargesUp to 5% of the loan amount subject to a maximum of Rs. 7500 including GST
Credit Appraisal ChargesUp to 5% of the loan amount subject to a maximum of Rs. 7500 including GST
Overdue Interest Charges/ EMI Bounce Charges3% compounded monthly on amount of default from the date of default till actually paid
Collection Charges30% (including GST) of dishonour charges + overdue interest
Dishonour ChargesRs. 750 including GST per instance
Instrument Swap ChargesRs. 500 per instance + GST

Q8. Can I foreclose my Kotak Mahindra Bank Personal Loan? What is the process to foreclose my Kotak Mahindra Bank Personal Loan?

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Yes, Kotak Mahindra Bank allows personal loan foreclosure. However, this can be done only after the repayment of 12 EMIs.

  • For loans disbursed on or before 1st February 2020 standard foreclosure charge of 5% of principal outstanding + GST as applicable is charged.
  • For loans disbursed on or after 1st February 2020, the charges applicable are:
    • Closure request after one year - 5% of the principal amount outstanding + GST as applicable
    • Closure request after two years - 4% of the principal amount outstanding + GST as applicable
    • Closure request after three years - 3% of the principal amount outstanding + GST as applicable

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:

  • Intimate at least 12 days before the next EMI due date. Five day closure intimation period is mandatory.
  • Inform via customer care helpline number 1860 266 2666 between 9:00 AM to 6:00 PM from Monday to Saturday (except holidays)
  • A foreclosure statement will be issued by the bank within five days.
  • Make full payment through NEFT/RTGS or cheque at least seven days before the next EMI due date.
  • Once payment is cleared, the account will stand closed in bank records.
  • No Due Certificate will be issued within 2-3 days of account closure.

Q9. How long does it take for Kotak Mahindra Bank to approve a personal loan?

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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.

Q10. How can I check the status of my Kotak Mahindra Bank personal loan application?

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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).

Q11. How much personal loan can I borrow from Kotak Mahindra Bank?

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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).

Q12. Can I apply for a top-up loan on my ongoing Kotak Mahindra Bank personal loan?

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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.

Q13. How can I pay my Kotak Mahindra Bank personal loan EMI?

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The EMIs for Kotak Mahindra Bank personal loan can be paid through:

  • Standing instructions to auto-debit EMI amount from Kotak Bank savings account or salary account
  • Post-dated cheques
  • NACH mandate to auto-debit EMI amount from non-Kotak bank’s savings or salary account

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.

Q14. How to repay a bounced personal loan EMI?

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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.

Q15. Are personal loans expensive?

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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.