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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.

Details of Kotak Mahindra Bank Personal Loan

Kotak Mahindra Bank Personal Loan Emi Missed

Some of the key features of personal loan offered by Kotak Mahindra Bank include:

  • Instant loans for unforeseen expenses
  • Minimal documentation and immediate processing of loans
  • Easy access to funds for any purpose including marriage, higher education, vacation, emergency medical needs, etc.

Fees and Charges of Personal Loan are as below:

Schedule of chargesRates

Processing charges

up to 2.5% of the loan amount + GST

Stamping charges

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

Collection charges

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:

  • Applicants must be between 21 years and 58 years of age. 
  • The applicant must be an active employee of a public or private sector company for at least one year.
  • The applicant must earn at least Rs.20,000 per month to be eligible for this loan.
  • The applicant must at least be a graduate.
  • The applicant must be a resident of the current city for at least one year.

Why 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.

  • Minimum Documentation – Personal loan offered by Kotak Mahindra Bank requires minimal documentation. The bank asks for an applicant’s age proof, address proof, photo identification proof, salary slip, Form 16, bank statements, Income-tax returns, and qualification proof/registration proof. These documents need to be submitted with the loan application form along with two photographs. Applicants need to be between 21 to 60 years of age and must meet the monthly net income criteria set by the bank. The bank also needs a minimum net monthly of Rs. 15,000.
  • Unsecured Loan - Borrowers can get a personal loan without the requirement to keep any asset (house, car, investments, etc.) as collateral. However, before disbursing a personal loan, Kotak Mahindra bank conducts thorough due diligence. An individual’s personal financial documents are examined carefully, plus the credit report is verified (sourced from credit information companies viz. CIBIL™, Experian, Equifax, Highmark, etc.) to judge the credit score.
  • Reasonable Interest Rate - The interest rate on a Personal Loan is competitive. However, it makes sense to compare interest rates across lenders. If one gets the best rate, it will reduce the interest outgo, and this will make repayments comfortable.
  • Flexibility in Repayment Tenure - The repayment tenure for Personal Loan could range from anywhere between 12 to 60 months. One has the option to decide the tenure. Note that a higher tenure can reduce the EMIs, making repayments comfortable, while opting for a lower tenure (of say 2 to 3 years) increases the EMI.

What Happens if One Misses EMI Payments on Kotak Mahindra Personal Loan

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.

Tips to Manage Timely EMI Payments on Personal Loan

  • Before you apply for a personal loan, always use a personal loan EMI calculator to check how much exactly you would need to pay for your EMI per month. If you think that affording a higher value per month might get strenuous for you, do not go for a high personal loan amount. Apply for a personal loan that you can repay easily.
  • Also, pick a personal loan that would amply satisfy your needs and not an outlandish amount.
  • Keeping a high CIBIL™ score will help you get a personal loan with lower interest rates, which subsequently means lesser EMIs. Therefore, always try to maintain a good credit score and not miss any EMI payment.
  • It is always important to plan for unexpected financial emergencies and set aside an amount for such urgent scenarios. Let us consider a time when one of your family members gets admitted to the hospital, and you have to now pay their medical bills as well as your EMIs. Now if you have a certain amount set aside for EMIs, then you will come through the situation all right, but if you haven’t, you will miss your payment and your credit score will plummet.
  • Make sure you pay your EMI on time. In case there’s a delay in your payment, it will lead to extra charges and payments. And if you miss it altogether, there will be higher penalties and severe consequences for your credit score. So, be mindful of the EMI deadlines and try to pay in advance.
  • Before applying for a personal loan, check whether the amount for the EMIs is more than 50% of your monthly income. If it is, don’t go for it. You should have enough left after paying the EMI so that you could afford the basic necessities for the month.

End Note

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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