Kotak Mahindra Bank personal loan interest rates are competitive and start from just 10.50% p.a. Apart from the rate of interest, borrowers also have have to pay a processing fee of Rs. 3,999, up to 3% of loan amount.
Kotak personal loan interest rate is fixed and competitive starting from 10.50% p.a. Some of the most important Kotak Mahindra Bank Personal Loan details are as mentioned below:
Kotak Mahindra Bank allows you to apply for a Personal Loan online through the MyMoneyMantra website. MyMoneyMantra is a channel partner for Kotak Mahindra Bank. The website is easy, intuitive, and convenient to use. You can calculate EMI, get eligibility criteria, terms and conditions, and apply for a Kotak Mahindra Bank loan relatively faster on MyMoneyMantra website.
You can compare Personal Loan interest rates offered for a similar amount and tenure from other banks on the MyMoneyMantra website. After you apply for a Personal Loan on MyMoneyMantra, a representative will contact you instantly to take the loan process forward. MyMoneyMantra provides you a Personal Loan advisor who ensures that the lending process is quick and you get good quality customer service from Kotak Mahindra Bank.
You can inquire about Kotak Mahindra Bank personal loan by calling bank’s 24×7 all-India customer care number 1860-266-2666.
Following are a few things to be considered to get lowest interest rates on Kotak Mahindra Bank personal loan:
Additional Info: Check Kotak Overdraft Loan facility.
Personal loan balance transfer is the facility wherein the outstanding amount of the existing personal loan is transferred from one lender to another. The primary reason behind this transfer is to avail low interest rate and reduce the debt burden altogether. With Kotak Mahindra personal loan balance transfer you can enjoy the benefit of low interest rate starting from just 10.50% p.a. and save on your interest cost.
Contact Kotak Personal Loan Customer Care if you have any query related to your loan.
Additional Info: how to open Kotak 811 account online?
Kotak Mahindra Bank personal loan interest calculation done based on the borrower’s income, age, credit score, existing EMI obligations, employer’s reputation, and other crucial factors. The rates are decided as per the borrower’s eligibility and creditworthiness.
In addition to the interest rate, you need to check following other Personal Loan related charges levied by Kotak Mahindra before taking a decision to borrow from the bank:
|Processing fees||Processing fees Rs. 3,999, up to 3% of loan amount|
|Part pre-payment charges|
|Stamping charges||Applicable as per the Stamp Act of respective State|
|Credit administration/ Credit appraisal charges||Up to 5% of the loan amount, maximum Rs. 7,500|
|Collection charges||30% of cheque/instrument dishonour charges + overdue interest|
|Overdue interest||3% p.m. compounded monthly on the unpaid amount|
|Dishonour charges||Rs. 750 per instance|
|Swap charges (for change in repayment mode/instrument/EMI date swap)||Rs. 500 per swap per instance + GST & other applicable statutory levies|
|Charges for furnishing a copy of CIBIL to the applicant||Rs. 50 + GST & other applicable statutory levies for each instance|
|Charges applicable for requesting copies of records pertaining to SOA/Amortization Schedule|
Now get IDFC First Bank personal loan of Rs. 20000 to Rs. 1 Crore at lowest interest rate starting from just 10.49% per annum and the processing fee is 3.5% of the sanctioned limit + GST.
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Kotak Mahindra Bank conveys a decision on a loan application within 15 days of submitting a loan application. However, loans applied online, loans of existing Kotak bank account holders, instant loan applications can be processed as early as 2-3 hours.
Attractive interest rate starting at 10.50% per annum, easy documentation, lowest EMIs starting at Rs. 2,149 per Lakh, facility to transfer the balance of the existing loan to the bank are some reasons to opt for Kotak Mahindra Bank Personal Loan.
Depending on the loan amount, salary, repayment capacity, loan tenure, Personal Loan interest rates in Kotak Bank starts from 10.50% p.a. Kotak Bank offers special rates and offers for salary account holders and a special category of borrowers.
Kotak Mahindra Bank offers Personal Loans with the lowest EMI per Lakh as low as Rs. 2,149.
Kotak Mahindra Bank offers a Personal Loan with a minimum tenure of 12 months to a maximum tenure of 60 months.
Kotak Bank Personal Loan amounts vary from a minimum amount of Rs. 50,000 to a maximum amount of Rs. 20 Lakhs, depending on the eligibility of a borrower.
Kotak Bank charges a processing fee of up to 2.5% of the loan amount + GST & other applicable statutory levies.
Age is an important eligibility factor to get a Personal Loan. You should be at least 21 years old at loan application time and maximum 58 years old at loan maturity time to get a Personal Loan from Kotak Mahindra Bank.
|Part pre-payment charges|
Adding your spouse's income while applying for a Personal Loan will combine your income with the income of your spouse. This will increase your loan eligibility and you can get a higher loan amount sanctioned.