Kotak Mahindra Bank Personal Loan
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Best Rate
11.50%
Processing Fee
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Kotak Mahindra Bank Personal Loans
Kotak Mahindra Bank is an Indian private sector bank headquartered in Mumbai, India. It has 1369 branches and 2163 ATMs across 689 locations. Being the fourth largest bank in India by assets, Kotak Mahindra Bank provides variety of financial services for corporate and retail customers.
How to Apply for kotak mahindra Bank Personal Loan
What is a personal loan?
A personal loan is an unsecured (i.e. without collateral), multi-purpose loan usually taken to cover short-term money requirements. Personal loans usually have a speedy approval process hence making it one of the most popular loans in the market.
An Introduction to Kotak Mahindra Bank Personal Loans
Kotak Mahindra Bank offers a wide range of services in the personal loan segment. It is the most preferred bank by all kinds of people for any financial service. For any immediate financial requirement like wedding, medical treatments, house repair, pleasure vacation etc. can be fulfilled using the personal loans offered by Kotak Mahindra Bank.
Advantages of Kotak Mahindra Bank
- Low interest rate
- No security needed
- Less paperwork
- Long tenure
- Minimum income requirement
Documentation Required for Kotak Mahindra Bank Personal Loans
Important documents to be submitted while applying for personal loans with Kotak Mahindra Bank
- Completed loan application
- 3 Passport size photographs
- Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
- Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
- Statement of Bank Account/ Pass Book for last six months
- Form 16/IT returns for the last two financial years for salaried employees
- IT returns for the three years for self-employed professionals
Kotak Mahindra Bank Personal Loans
Catering to the needs of various sections of people, tailor-made Kotak Mahindra Bank personal loans is the best option to fulfil your short-term needs. You can choose the best personal loan based on your requirement.
Features of Kotak Mahindra Bank Personal Loan
Key Highlights
| Eligibility Criteria | Salaried/Self-Employed |
| Age | Between 21-58 years |
| Loan Tenure | Up to 60 months |
| Loan Amount | Up to 15 Lakhs |
| Interest Rate | 11.5% to 24% |
Motive:
The aim of the Kotak Mahindra Bank personal loan is to provide financial assistance to fulfil the needs like medical treatment of self or a family member, to meet wedding and travel expenses, education and house repair.
No Collateral Required:
As personal loans are unsecured loans, you do not have to pledge any collateral to obtain Kotak Mahindra Bank personal loan. However, suitable third-party guarantee is acceptable.
Loan Amount:
You can get loan up to INR 15,00,000.
Loan Tenure:
Up to 5 years
Prepayment Charges:
No prepayment is permitted until completing 12 EMIs. Prepayment charges are applicable.
Convenient Borrowing:
You can apply online or visit nearby Kotak Mahindra Bank branches.
Eligibility Criteria
To avail the personal loans from Kotak Mahindra Bank, you need to have the following eligibility criteria.
- You should be between 21 to 58 years of age.
- Minimum educational qualification- Graduate
- Salary slip of last 3 months
- Minimum total work experience of 2 years
Interest Rate and Other Charges on Kotak Mahindra Bank Personal Loans
| Personal Loan Interest Rate | |
|---|---|
| Interest Rate | 11.5% to 24% |
| Loan processing charges | Up to 2.5% of the loan amount+ service tax / GST and other applicable statutory levies |
| Documentation charges | NIL |
| Stamping Charges | Applicable as per the respective State's Stamp Act |
| Credit Administration Charges | NIL |
| Credit Appraisal Charges | Up to 5% of the Loan amount, not exceeding Rs. 7500 (inclusive of GST / Service tax) |
| Commitment Charges | NIL |
| Overdue Interest | 3% of Overdue Amount, compounded monthly on the amount due but unpaid from the date of the amount falling due till the date of actual payment |
| Collection Charges | 30% (inclusive of service tax / GST and other applicable statutory levies) of cheque / instrument dishonour charges+ overdue interest |
| Dishonour Charges Per Instance | Rs. 750.00 per instance (inclusive of service tax / GST and other applicable statutory levies) |
| Swap Charges (Replacement of PDCs) | Up to Rs. 500 per Swap per Instance+ service tax / GST and other applicable statutory levies |
| Prepayment Interest / Foreclosure Charges | ock in period for 12 months. After 12 months, 5% foreclosure charges + service tax / GST on principal outstanding |
| Duplicate Issue of NOC | Rs. 500 + service tax / GST and other applicable statutory levies per instance |
EMI Payment Methods
Your Kotak Mahindra Bank personal loan can be repaid in following three ways.
Standing Instruction (SI):
If you are an existing account holder with Kotak Mahindra Bank, Standing Instruction is the best mode of repayment. Your EMI amount will be debited automatically at the end of the monthly cycle from the Kotak Mahindra Bank account you specify.
Electronic Clearing Service (ECS):
This mode can be used if you have a non-Kotak Mahindra Bank account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.
Post-Dated Cheques (PDCs):
You can submit post-dated EMI cheques from a non-Kotak Mahindra Bank account at your nearest Kotak Mahindra Bank Loan Centre. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.
It is recommended that you opt for either the SI or ECS mode of payment for faster and less prone to error than the use of PDCs.
Kotak Mahindra Bank Personal Loans Summary
Kotak Mahindra Bank provides attractive interest rates on personal loans when compared to other lenders. Low interest rate with no hidden charges makes Kotak Mahindra Bank personal loans a prospective and viable option for borrowing for your urgent financial requirements. With long tenure and part-prepayment, Kotak Mahindra Bank personal loans do not impose much burden on the customers.
Kotak Mahindra Bank Personal Loan FAQs
1. What are my loan limits?
Your personal loan limit would be determined by your income and repayment capacity.
2. Can my spouse income be included for calculating the loan amount?
Yes, your spouse's income can be included provided he/she guarantees the loan or the loan is taken jointly.
3. Do I have to pledge some form of security?
No Security is Needed
4. What is the repayment schedule like?
The minimum amount that you are expected to pay every month is the EMI. You are allowed to pay more than the EMI if you wish to, and we do not charge any prepayment penalty.
5. What is EMI?
EMI stands for Equated Monthly Instalments. This instalment comprises both principal and interest components. Use the EMI calculator to find out your monthly payments based on the loan amount, the rate of interest and the repayment period. Choose the combination that best meets your financial resources and requirements.
6. What is the processing fee? Are there any other charges?
The processing fee for Kotak Mahindra Bank personal loan is 2.50% of the loan amount. Processing fees have to be paid upfront.
7. Do I have the option of choosing a fixed or floating rate for the loan?
You have the option to avail the loan with either a fixed interest rate or a floating one. In the case of a fixed rate loan, the interest rate on the loan will remain fixed through the entire tenure of the loan, whereas in the case of a floating rate loan, the interest rate could decline or rise in line with the changes in the Bank's Medium-Term Lending Rate (SBMTLR).
8.How does Kotak Mahindra Bank Personal loan compare with those offered by other banks?
There is total transparency with regard to the rate of interest and the fees charged by us. Kotak Mahindra Bank offers personal loans at the cheapest rates of interest, with no security or collateral Kotak Mahindra Bank offer loans for the longest tenors (60 months), with the flexibility provided to reduce the tenor by prepaying the loan without any penalty. The Bank provides finance for any personal need or requirement; the total amount being determined on the basis of repaying capacity. With an Kotak Mahindra Bank personal loan, you can choose between fixed rates of interest and floating interest rates.
9.How can I apply for the Kotak Mahindra Bank personal loan?
You can either apply online or visit the nearest Kotak Mahindra Bank loan centre for a personal loan.
10.Will there be any charges for prepayment towards my Kotak Mahindra Bank personal loan?
There are prepayment charges on Kotak Mahindra Bank personal loan. You can make the prepayment only after completing 12 EMIs.