Kotak Mahindra Personal Loan, available also as Kotak Digi Loan can be availed swiftly online for planned and unplanned expenses. You can avail of Instant Personal Loans up to Rs 20 Lakh at competitive interest rate starting from 10.25%- 24% p.a for max tenure of up to 5 years. To grant max customer satisfaction, the bank assures 100% digital processing of Kotak Mahindra Personal Loan. Highlights of KOTAK Mahindra Personal Loan:
|Loan amount||Rs. 50000 to Rs 20 Lakh|
|Rate of interest||10.25%- 24%|
|Tenure||Up to 5 years|
|Lowest EMI possible||Rs. 2,149 per Lakh|
|Processing fee||Up to 2.5% of loan amount + GST|
Let’s roll out top features of Kotak Mahindra Personal Loan and what should you expect when applying for Kotak Mahindra Loan.
Multiple Purpose Loan: Kotak Mahindra Personal Loan is available for an array of customer needs. The loan can be applied for wedding, travel, education, home renovation, business, insurance, medical or any other financial needs.
Easy-to-meet Eligibility: Kotak Unsecured Loans are available for Rs 50000 to Rs 20 Lakh. Applicants with modest monthly salary of Rs 20000 can apply for Personal Loan. Some other factors that will lead to loan eligibility include CIBIL Score, Income, Age, Employer’s reputation and Work Experience.
Swift Processing: Kotak Mahindra Personal Loans can be processed within 3 seconds of submitting the form. It may take a couple of days for disbursal after sanction of the loan.
Top Up: You can avail of Top Up on Kotak Mahindra Personal Loan after 9 months of sanction date. The approval for Top Up however would depend on customer risk and bank’s credit & lending policy.
Part Pre-payment: Kotak Bank allows conditional part prepayment of the loan.
Documentation: Kotak Mahindra Personal Loan can be applied paperlessly by uploading documents online.
Kotak Mahindra Bank has easy-to-meet Personal Loan eligibility criteria. Different types of customers including Salaried, Self Employed & working professionals can apply.
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
Besides interest rates, you should also enquire about associated Personal Loan charges and fees.
|SUBJECT||FEES & CHARGES|
|Interest Rates (Per Annum)||10.50 % onwards|
|Processing Fees||Up to 2.5% + GST|
|Stamping Charges||As per State's Stamp Act|
|Administration Charges||Up to 5% of Loan amount (Max: Rs. 7500, includive of GST)|
|Appraisal Charges||Up to 5% of Loan amount, (Max: Rs. 7500, inclusive of GST)|
|Overdue Interest||3% p.m. on due amount|
|Dishonour Charges||Rs. 750 per instance (inclusive of GST & other levies)|
|Swap Charges (Change in mode /Instrument/EMI Date swap)||Rs.500 per swap per instance + GST & other statutory levies|
|Foreclosure Charges||Lock-in period: 12 months,|
*During lock-in, allowed only at discretion of Bank. Charges will be 6% +GST
After Ist year: 5% + GST
After 2nd year: 4%+ GST
After 3rd year: 3% + GST
|Part pre-payment charges||Loans disbursed on or before 1st Feb’20: Part payment facility not available|
Loans disbursed after 1st Feb’20: Allowed up to 10% every year after 12 months of lock-in period
Fee: Rs 750 + GST per part-prepayment
|Duplicate Issue of NOC||Nil|
|No Due Certificate||Nil|
|Credit information report (CIBIL)||Rs. 50 + GST, other statutory levies per instance|
|Copy of records ( SOA / Amortization Schedule)||NIL, Once yearly|
Rs.200 per request+ GST, other statutory levies afterwards
Using Kotak Mahindra Personal Loan EMI Calculator you can correctly assess EMI by filling in loan amount, interest rate, and tenure within a few seconds. Using different combinations, you can calculate: 1) Loan EMI, 2) Total Interest Payable, 3) Total Payments (Principal + Interest). You can also use MyMoneyMantra Personal Loan EMI Calculator for these results. It will also share amortization schedule for the loan.
How to use EMI Calculator, let’s understand with an example:
Click on Personal Loan EMI Calculator. Fill parameter for Loan Amount, Tenure- ranging from 12 months to 60 months or 1 to 5 year, and interest rate
Loan amount: Rs. 5 Lakh
Tenure: 5 years
Interest Rate: 10.50% p.a.
As you submit the above information, the calculator will give results as:
EMI to be paid each month: Rs. 10, 747
Total interest outgo: Rs. 1,44, 817
Total amount to be paid: Rs. 6,44,817
You will also get the detailed amortization schedule along the calculation break-up & graphical representation of the same.
For your convenience, let’s break out step-by-step process to apply for Kotak Mahindra Personal Loan on MyMoneyMantra Platform. It is fast, easy and reliable.
There are multiple benefits of applying for Personal Loan on MyMoneyMantra platform. You not only enjoy free assistance for loan application but the process is seamless and holds several benefits.
|Lender||Maximum Loan Amount||Maximum Tenure||Interest Rate||Processing Fee|
|Kotak Mahindra Personal Loan||Rs 20 Lakh||60 months||10.25%- 24%||Up to 2.50% + GST|
|HDFC Personal Loan||Rs. 40 Lakhs||60 months||10.50% - 21.00%||Up to 2.50% (Min. Rs. 2,999 & Max. Rs. 25,000) + GST|
|ICICI Bank Personal Loan||Rs. 20 Lakhs||60 months||10.50% - 19%||Up to 2.25% + GST|
|Bajaj Finserv Personal Loan||Rs 25 Lakhs||60 months||13% onwards||Up to 4.13 % + GST|
|Axis Bank Personal Loan||15 Lakh||60 months||10.49% onwards||Up to 2% +GST|
After you fill the Personal Loan Application on MyMoneyMantra, your request is immediately shared with the banking partner. Know the next steps below:
To talk to Kotak Mahindra personal loan team, call on their customer care number 1860 266 2666, between 9.00am to 6.00pm from Monday to Saturday, excluding holidays.
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Kotak Mahindra Personal Loan can be applied to meet any of your expenses such as medical, insurance, wedding, education, vacation, home renovation or big purchases. There is no capping on the end-use of the loan.
There are several benefits of applying for Kotak Mahindra Bank’s Personal Loan. You can avail of funding for up to 20 Lakh at attractive rate of interest starting from 10.50 %. Plus, approval and sanction is fast and hassle free. You can conveniently use the loan for various needs. Documentation is minimal and you are guided digitally at each step. In all, Kotak Personal Loan saves your time by ensuring fast disbursal for urgent cash requirements.
After submission of Personal Loan application along with required documentation, the approval and disbursal will take maximum of 2 days or 48 hours.
You can choose 2nd or 10th of every month as your EMI date. You are allowed to change the date as per your requirements.
To change address contact customer care 1860 266 2666 from 9:00 AM to 6:00 PM from Monday to Saturday (excluding holidays) or visit any of the Kotak Mahindra bank branches. Carry photocopy and original document proof of your new address. You can provide any of the documents- electricity bill, passport copy, ration card, aadhaar card, utility bill etc. The request will be processed within 2 days.
As per bank the minimum salary required to apply for a Personal Loan is Rs. 20,000. However to obtain Rs 1 Lakh loan, you will require salary of more than Rs 30000.
Yes. After successful completion of 9 months of Kotak Mahindra Personal Loan, you can avail of Top-Up Loan. However the sanction is based on bank’s discretion, depending on Kotak’s lending policy and customer’s credit risk. The bank will analyse your credit history, EMI payment status, bounced cheques (if any), job stability and overall loans in your name. If you are deemed fit basis these points, your request will be accepted and processed within 2 days. You can apply for Kotak Personal Loan Top Up by sending SMS 'PLTOPUP' to 5676788 from your registered mobile number.
There are multiple benefits of Kotak Mahindra Personal Loan Top UP. You do not require collateral or security, it does not require any additional paperwork, rate of interest is attractive, you get choice of flexible repayment options, processing & disbursal is quick.
To apply for Kotak Mahindra Personal Loan Balance Transfer, send SMS 'PLBT' to 5676788 from your mobile bank. A bank representative will call you and guide you for the same. Alternatively you can contact MyMoneyMantra by filling form, calling customer care number, or writing an email for comparing top options for Balance Transfer.