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Kotak Bank Personal Loan
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Rate of interest
10.99% to 16.99%
Loan Amount
1 Lakh - 50 Lakhs
Processing Fee
0.50% to 2.50%
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Tenure
1 year to 6 years
Rate of interest %
10.99% to 16.99%
Loan Amount
1 Lakh - 50 Lakhs
Processing Fee
0.50% to 2.50%
Tenure
1 year to 6 years
Features
Kotak Mahindra Bank offers a range of features with their personal loans that are designed to meet various consumer needs efficiently and effectively. Here are some of the standout features:
Loan Amount: You can avail loans ranging from Rs. 50,000 to Rs. 40 lakh, which provides significant flexibility depending on your financial requirement.
Interest Rates: The personal loans from Kotak Mahindra Bank start at an interest rate of 10.99% per annum, which is competitive in the current market.
Repayment Tenure: The repayment options are flexible, allowing you to choose terms from 12 months up to 5 years, depending on your convenience and repayment capacity.
Quick Processing: Kotak Mahindra Bank emphasizes minimal paperwork and hassle-free processing, making it easier and faster to get your loan approved.
Special Loan Offers: For salaried individuals, there are facilities like pre-approved FastTrack personal loans which promise features like minimal documentation, instant approval, and immediate disbursal.
No Guarantor Required: These loans do not require a guarantor or security, simplifying the application process for borrowers.
These features make Kotak Mahindra Bank’s personal loans a versatile option for financing a wide range of personal expenses, from emergency financial needs to planned expenditures like weddings or vacations. If you’re considering applying for a personal loan from Kotak Mahindra Bank, you can check out their offerings and apply directly with us as Qredit.in
Products
Kotak Mahindra Bank offers a variety of personal loan products to cater to different financial needs, ensuring flexibility and convenience for borrowers. Here are some of the key personal loan types available:
Standard Personal Loan: Available for various personal financial needs such as debt consolidation, medical expenses, weddings, travel, or education. Borrowers can avail loans up to Rs. 40 lakh.
FastTrack Personal Loan: Aimed at salaried individuals who require immediate financial assistance. This loan features quick approvals and immediate fund disbursal with minimal documentation, often processed in less than a minute for pre-approved customers.
Instant Personal Loan: Designed for urgent short-term needs up to Rs. 5 lakh, with the possibility of disbursal within 30 minutes, especially useful for small emergencies or quick cash requirements.
Top-Up Personal Loan: For existing loan customers who may need additional funds on their current loan.
Balance Transfer Loan: Allows customers to transfer their existing loans from other banks to Kotak Mahindra Bank to benefit from potentially lower interest rates.
These products are designed to cater to a wide range of needs, providing flexibility and rapid access to funds when required.
Eligibility Criteria
Kotak Mahindra Bank has set clear eligibility criteria for those applying for a personal loan to ensure that applicants are capable of repaying the loan without financial strain. Here are the key eligibility requirements:
Applicant Age: The minimum age to apply for a personal loan at Kotak Mahindra Bank is 21 years, and the maximum age at loan maturity should not exceed 60 years.
Employment Type:Salaried Individuals: Applicants should be employed at public and private limited companies or multinational companies.
Self-Employed Professionals: This includes doctors, architects, chartered accountants, engineers, company secretaries, and consultants.
Minimum Income:Salaried Individuals: The minimum net monthly income should be Rs. 25,000 for non-Kotak Bank account holders and Rs. 20,000 for Kotak Bank salary account holders.
Self-Employed Individuals: They must demonstrate a stable income sufficient to cover loan repayments, usually evidenced by income tax returns and profit and loss statements.
Work Experience:Salaried individuals should have at least one year of work experience, and they should be employed with the current employer for a minimum specified period.
Self-employed professionals should have been in business for a minimum period, usually around 3 to 5 years.
Credit Score: A good credit score (usually 750 or higher) is preferred as it indicates the creditworthiness of the applicant, impacting the interest rate offered and the loan amount.
Residential Stability: Applicants should have a stable residential history, which may be verified through documents like utility bills or rental agreements.
These criteria are designed to assess the financial stability and repayment capacity of applicants, ensuring that loans are granted to individuals who are most likely to repay them without defaulting.
Fees and Charges
Kotak Mahindra Bank has various fees and charges associated with its personal loans, which are important to consider when applying. Here’s a breakdown of the typical fees:
Interest Rates: The interest rates on personal loans from Kotak start from 10.99% per annum, which can vary based on the applicant's credit profile and loan specifics.
Processing Fees: There is a processing fee of up to 3% of the loan amount plus applicable taxes. This fee is deducted from the disbursal amount.
Prepayment Charges:If the loan tenure is up to 3 years, a foreclosure charge of 4% plus taxes on the outstanding principal is applicable.
After 3 years, the charge is reduced to 2% plus taxes on the outstanding principal.
Part Payment Charges: Part payment is allowed up to 20% of the principal outstanding every year after the first year, with a charge of INR 500 plus taxes per instance.
EMI Bounce Charges: INR 750 plus taxes are charged per instance for EMI bounce.
Swap Charges: INR 500 plus taxes are levied for changes in repayment mode, repayment instrument, or EMI date.
Stamp Duty: This is charged as per the state laws and is mandatory for loan documentation.
Late Payment Penalties: A penal interest is charged at 8% per annum on the overdue amount, calculated for the actual number of days the payment is overdue.
Statement Charges: Physical copies of statements or amortization schedules may attract a fee if more than one request is made in a year.
For a Kotak Mahindra Bank personal loan, the documentation required typically includes:
Proof of Identity: Any government-issued identity card such as PAN Card, Aadhaar Card, Passport, Driving License, or Voter ID.
Proof of Address: This can include utility bills, Aadhaar Card, Passport, or any other government-approved proof of address.
Income Proof:For salaried individuals: Last 3 months' salary slips and bank statements that reflect salary credits, along with the latest Form 16.
For self-employed individuals: Latest Income Tax Returns, profit and loss statements, and balance sheets for the last 2-3 years, along with bank statements of the last 6 months.
Photographs: Recent passport-sized photographs are also typically required.
Additional Documents: Depending on the applicant’s profile and the bank’s requirements, additional documents might be requested during the application process.
Policies
Bank / NBFC :
Kotak Bank
Applicable to :
Salaried
NTH Salary:
Above 25,000
Age (Min/Max):
Loan Amt (Min /Max):
CIBIL (0 / -1):
Tenor (Min /Max):
Hostel Accommodation:
Listed/Non-Listed MCA:
Present Employment:
Total Employment:
Minimum Locking period :
Balance Transfer (BT):
Top up Policy:
Foreclosure/partial Policy:
21 yrs. / 60 yrs
1 Lakh - 50 Lakhs
12/72 months
Yes
Yes
Only Listed companies.
1 month
2 years
1 EMI
Up to 4 BTs
Allowed after 6 months.
After 1 EMI
Qredit
FINSAMUDRA PRIVATE LIMITED,
1ST FLOOR, NO.3013/7, SIMHA ARCADE, MKK road , Bangalore
560021 ( opposite metro pillar 207 )
