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Personal loans are starting to see more demand than ever. You can get a loan to either meet your short-term or long-term financial needs. Personal loans help you to keep away from any harsh financial situations. Recent trends have shown that millennials also prefer meeting lavish goals such as traveling, destination weddings, etc. with the aid of personal loans.
Kotak Mahindra Bank offers personal loans with varying loan tenure that is most convenient for customers. While customers have the option of selecting a repayment tenure and EMI options that are comfortable for them, there are many instances where the borrower could have trouble repaying the EMI for a particular month or time period.
Once you have secured a loan, there are chances that you care less about repaying the personal loan and also tend to overspend more than originally planned. There are many charges involved when one defaults in paying personal loan EMI. There are penalty, cheque and other miscellaneous charges involved. To avoid getting burdened under increasing debts, it’s best to make regular and timely payments.
About Kotak Mahindra Bank Personal Loan EMI
Some of the key features of personal loan offered by Kotak Mahindra Bank include:
Fees and Charges of Personal Loan are as below:
up to 2.5% of the loan amount + GST
as per respective state’s Stamp Act
Credit appraisal charges
up to 5% of the loan amount subject to a maximum of Rs.7,500
Overdue interest charges
3% per month, compounded monthly
Rs.750 per instance
30% of dishonour charges + overdue interest
CIBIL™ report charges
Rs.50 + GST
No due certificate
Rs.500 + GST
Eligibility Criteria for Kotak Mahindra Bank Personal Loan:
Personal loans provide quick access to funds during emergency financial needs. The personal loan offered by Kotak Mahindra Bank is intended just for that purpose. If you are having a sudden financial emergency, you may reach out to Kotak Mahindra and apply for a personal loan. The reasonable interest rates and flexible repayment options can help you take care of your emergency financial needs without leaving a big dent in your monthly budget.
Missing out on EMI payments on Kotak Mahindra Personal loan could result in some negative consequences. A missed EMI or an overdue on a personal loan EMI can spiral into a debt trap over time. Here are some of the reasons why it could be bad for any individual who is looking to maintain a good credit reputation:
Impact on Credit Score - Credit score is a check of one’s credit health and repayment capabilities. To maintain a healthy debt profile, it is advisable to keep debt records clear. Identify areas where there is a debt problem and try to work on them. For example, one may find himself stretched on the monthly budget and may, therefore, have missed a payment deadline. To get an infusion of cash and comfortably make room for other purchases, anyone would wish to consider additional Personal Loan to ease the finances. Timely repayment of Personal Loans can energise an individual’s credit score.
Dwindling Savings - Saving money for future financial needs can help one achieve various financial dreams. Low-risk investment avenues such as Recurring Deposits, Retirement Schemes, and Mutual Funds allow one to invest regularly. The advantages of compound interest can be availed by making periodic/monthly investments. Lack of savings could also be the primary root cause of missing on EMI payments.
Multiple Loans - Repaying multiple loans each month could be painful for any individual! It can get exhausting to repay different loans at different times each month. It is best to consolidate all the loans under one loan umbrella to ensure a fixed rate of interest, a single repayment window every month, and peace of mind.
Make use of Kotak Mahindra bank’s personal loan to meet your financial needs but also ensure that EMI payments are made as per schedule. It makes sense to request the bank for any amendments to the EMI schedule instead of delaying payments.
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