Kotak Personal Loan Documents Required

Kotak Mahindra Bank personal loans can be applied 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 existing customers of bank

• 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 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

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 705.

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. 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 only 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:

• 2-3 passport-sized photographs
• Valid identity proof: PAN Card/ Passport/ Aadhaar Card/ Driving license
• Valid residence proof: Passport/ Aadhaar Card/ Driving licence
• Income proof: Last 3 months' bank statement reflecting your income details and salary slip for the last 3 months (for salaried employees)

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 that Kotak Mahindra Bank offers a minimum of Rs. 1 Lakh and a maximum of up to Rs. 25 Lakhs personal loan amount.

You can apply for a Kotak Mahindra Bank personal loan by following the steps mentioned below:

Through Mobile Banking

• Download and install the bank’s app
• 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 and 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.

The processing fee for a personal loan from Kotak Mahindra Bank is up to 3% of the loan amount + taxes as applicable.

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

• Age: 21 to 60 years
• Occupation: Salaried (Army, Police, Shippy profiles have special treatment).
• Minimum Monthly Income: Rs. 25,000 for CAT A/ B/ Government (excluding Grade 4) and Rs. 35,000 for CAT C/ D/ BPO industry.
• Minimum qualification: Graduation or equivalent.
• Minimum experience: At least 1 year.
• CIBIL score: Above 705 with clean track (-1 allowed with additional Policy norms). Live AL/PL/HL will have better policy norms.
• App score: Green and yellow only.
• Bouncing: There should be no bounce in banking for last 3 months due to insufficient funds.
• Residence: The applicant should be an active resident for at least 1 year in any of the cities: Mumbai, New Delhi, Bangalore, Chennai, Kolkata, Hyderabad, Pune, Ahmedabad, Noida, Gurgaon, Faridabad, Ghaziabad, Jaipur, Chandigarh and Kochi.

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

Yes, Kotak Mahindra Bank allows personal loan foreclosure. However, this can be done only after 12 months with own funds. To avail of this facility, you will have to pay the following charges

• 4% on outstanding principal + taxes for up to 3 years
• 2% + taxes on outstanding principal after 3 years
• Rs. 999 + taxes for loans >10 Lakhs

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. 1 Lakh to Rs. 25 Lakhs. The quantum of loan offered will depend on your eligibility. The loan has to be repaid in a maximum of 5 years (6 years with conditions).

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:

• 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.

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 8% p.a. overdue interest (for the actual number of days) on the overdue amount + applicable taxes. 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.