Personal Loans are financial support for individuals who have to incur planned and unplanned lump-sum expenses like education fees, wedding expenses, renovation, etc. Since its inception, Kotak Mahindra has been one of the biggest players in the financial market and offers a wide range of services to its customers in various sectors like banking, mutual funds, life insurance, stock broking, etc.
Kotak Personal Loan can be raised to fulfill immediate financial requirements like weddings, medical treatments, repair work, vacations, etc. Kotak’s tailor-made personal loans are the best solution to fulfill short-term needs based on the requirement.
|Kotak Mahindra Bank Personal Loan – A Snapshot|
|Interest Rate||10.99% p.a. onwards|
|Loan Amount||Up to INR 40 lakh|
|Tenure||Up to 6 years|
|Processing Fees||Up to 3% of the loan amount|
|Minimum Monthly Income||For Corporate Borrowers: INR 25,000 For Non-corporate Salary Borrowers: INR 30,000 An employee of Kotak Mahindra Bank: INR 20,000|
Features & Benefits
Below mentioned are the features and benefits to apply for Kotak Personal Loan:
|Interest rate||Starts from 10.99% p.a.|
|Loan amount||Minimum – ₹50,000 Maximum – ₹40 Lakhs|
|Loan tenure||Up to 5 years or 60 months|
|Loan type||Unsecured loan (No need of any collateral)|
|Processing Fee||Up to 1.10% – 1.50% of the loan amount + GST and other applicable statutory levies.|
|Foreclosure Charges||1 to 3 years after loan approval – 4% of the outstanding principal + GST After 3 years – 2% of the outstanding principal + GST|
|Part Prepayment||Only for loans disbursed after 1st February 2020 Post completion of 12 months – Up to 20% of Principal loan outstanding.|
|Top Up offer||Avail Top Up on the loan after 9 months of the sanction date.|
|Loan Amount Disbursal||Instantly (Up to ₹5 Lakhs) Within 48 hours (Up to ₹25 Lakhs)|
Processing Fees & Charges
Below mentioned are the processing fees and charges to apply for Kotak Mahindra Personal Loan:
|Processing Charges||Up to 3% of the loan amount|
|Stamping Charges||As per the respective State’s Stamp Act|
|Overdue Interest||3% per month|
|Credit Appraisal Charges||Up to 5% of the loan amount, up to INR 7,500 + GST|
|Credit Administration Charges||Up to 5% of the loan amount, up to INR 7,500 + GST|
|Collection Charges||30% + GST of cheque /instrument dishonor charges + overdue interest|
|Dishonor Charges per instance||INR 750 + GST|
|Foreclosure Charges||0-12 months: Lock-in period 1- 3 years: 4% + GST 3 years onwards: 2% + GST|
|Part Pre-payment Charges||INR 500 + GST per instance|
|Duplicate Issue of NOC||NIL|
|Copy of CIBIL||INR 50 + GST|
|Copy of records pertaining to his transactions||INR 200 + GST|
Some Additional Features:
- Attractive kotak personal loan interest rates
- Flexible repayment options
- Bank Doorstep Service
- Gain quick approval on loans
- Minimal paperwork and hassle-free processing
- No security or collateral required
Below mentioned are the eligibility criteria to apply for Kotak Mahindra Personal Loan:
|Employment Type||Salaried individuals are preferred. The applicant should be employed with an MNC, public limited company, or private limited company.|
|Age||Minimum: 21 years Maximum: 60 years|
|Monthly income||For a Corporate employee: ₹25,000 For a Non-Corporate employee: ₹30,000 For an employee of Kotak Mahindra Bank: ₹20,000|
|Educational Qualification||The applicant should have a graduate degree.|
|Work experience||At least 1 year|
|Residence||The applicant must be a resident of the current city for at least one year.|
|CIBIL score||750 and above|
Below mentioned are the Kotak Personal Loan Interest Rates:
|Personal Loan Credit Facilities||Interest Rate and Charges Applicable|
|Interest Rate for Personal Loan||10.99% p.a.|
|Loan Processing Charges (Non-refundable)||Up to 3% of loan amount + Applicable Taxes|
|Pre-Payment Charges||For loans disbursed on or before – 1st February 2020 – Part Pre-payment is not allowed|
For loans disbursed after 1st February 2020 -Post completion of 12 months – Part-Prepayment is allowed up to 20% of the Principal loan outstanding. It is allowed only once per financial year. Payment of INR 500 + taxes to be made for every instance of pre-payment
|Repayment Mode Swap Charges||INR 500 + Taxes per instance|
|EMI Bounce Charges||INR 500 + Taxes per instance|
How to Avail Low Personal Loan Interest Rate?
Step 1: Maintain a good credit rating and prove your creditworthiness.
Step 2: Ensure Employment and Income Stability.
Step 3: Look out for Kotak Bank’s seasonal offers.
Below mentioned is the list of documents required to apply for a personal loan for up to INR 5 lakhs:
- PAN Card
- Aadhaar Card
- Last 3 months’ bank statements of salary account – not required if uploaded via net banking
Below mentioned is the list of documents required to apply for a personal loan for up to INR 40 lakhs:
- A valid identity proof like your PAN Card, passport, Aadhaar card, Voter’s ID Card or driving license
- A valid residence proof like your passport, Aadhaar card, Driving license
- Bank statement of the last 3 months that contains your income details
- Salary slip of the last 3 months if you are a salaried employee
- 2-3 passport-sized photographs
How to Apply for Kotak Personal Loan?
Below mentioned are the steps to apply for Kotak Personal Loan:
Step 1: Fill all the details online by entering personal and income details.
Step 2: Select the lending partner i.e. Kotak Mahindra Bank from the list of offers.
Step 3: Specify the details like loan amount repayment tenure.
Step 4: Get online approval and the amount will then be credited into the bank account after verification.
Types of Kotak Mahindra Bank Personal Loan
Below mentioned are the different types of Kotak Personal Loans:
1) Personal Loan Scheme for Marriage
It can be availed to fulfill the financial requirement to meet wedding expenses like buying an engagement ring and a fantasy honeymoon.
Maximum loan amount: INR 25 lakh.
Tenure: 1 to 5 years
2) Medical Loan Scheme
Medical loans are used to cover unforeseen medical expenses or treatment.
Loan Amount: 50,000 to 25 lakh rupees
3) Travel Loan Scheme
To satisfy the financial requirements for travel, such as flights, excursions, lodging, travel accessories, and so on.
Loan Amount: 50,000 to 25 lakh rupees
Tenure: 1 to 5 years
4) Renovation Scheme
It provides collateral-free loans for renovation-related expenses such as contractors’ and interior designers’ fees, raw material purchases, and so on.
Maximum loan amount: INR 25 lakhs
Duration: Up to 5 years