Kotak Mahindra Bank Personal Loan

Kotak Mahindra Bank is India’s one of the best private sector bank. They are upgrading themselves day by day. They have come with a range of various products like fixed deposits, credit card, home loan, personal loan, etc. Kotak Mahindra Bank Personal Loan rate of interest is also low so its customers never had any problem with high interest. Once they match Kotak Mahindra Personal Loan eligibility criteria’s personal loan disbursal will be within 72 hours. You also can go for Kotak Mahindra Personal Loan apply online, as they offer doorstep digital service, which is very helpful. Kotak Mahindra Personal Loan interest rate starts from 10.99%* p.a.

Why choose Kotak Mahindra Personal Loan?

Kotak Mahindra Personal Loan offers amazing benefits to its customers. From lowest interest rate to flexible EMI it offers a lot. So here are the reasons why you should go for Kotak Mahindra Personal loan.

• Documentation

  The documentation for Kotak Mahindra Personal loan is very minimal. They just need minimum documents like your income proof and address proof and Kotak Mahindra Personal Loan is an unsecured loan so you don’t need any guarantor or you don’t have to mortgage anything for your Kotak Mahindra Personal loan.

• Interest Rate

  Kotak Mahindra Personal loan rate of interest is very low. If you are someone who has High CIBIL Score and you want a loan you can go for Kotak Mahindra Personal loan.

• Online

  Kotak Mahindra Personal Loan offers you the online facility you can pay your Kotak Mahindra Personal loan EMI by online. Even after you successfully applied for Kotak Mahindra Personal Loan you can check Kotak Mahindra Personal Loan application status online. This will help you to check what is your current Kotak Mahindra Personal Loan application status.

• Repayment

  You can easily repay your Kotak Mahindra Personal Loan EMI online. You also can pay it with cheques. You can easily track both.

• Prepayment Charges

  The prepayment charge is only 5% of the principal. Kotak Mahindra Personal Loan allows prepayment charges only after 12 EMIs.

Kotak Mahindra Personal Loan Features

Kotak Mahindra Personal Loan offers amazing benefits to its customers. Kotak Mahindra Personal Loan offers Rs.1,00,000 to Rs. 15lakh personal loan. They even made the documentation simplified to reach more customers and also made it online. You can go for Kotak Mahindra Personal Loan Login after you applied for the loan so you can check your Kotak Mahindra Personal Loan application status. You also can go for Kotak Mahindra Personal Loan online payment.

• Simple Documentation

  As said first Kotak Mahindra Personal Loan does not need many documents for Kotak Mahindra Personal Loan apply. You can apply with minimal documents and they are very customer-friendly.

• Service at your door

  Kotak Mahindra’s online door step digital service helps you to apply for Kotak Mahindra Personal Loan from your doorstep which makes it simpler and convenient.

• Interest Rate

  Kotak Mahindra Personal Loan offers lowest interest rate to its customer so it can be pocket-friendly and beneficial to them.

• Hassle free application

  You can apply on Kotak Mahindra Loan without any worries as they offer Kotak Mahindra Personal Loan to every one. Once you meet the Kotak Mahindra Personal Loan eligibility criteria you will get your money transferred within 72 hours.

• Balance Transfer

  You can avail the benefit of personal loan balance transfer with the help of Kotak Mahindra Personal Loan Balance Transfer. It will reduce the burden of your existing loan and if you want to you also can take a top up a loan with it because of Kotak Mahindra Personal Loan rate of interest is very low.

• Guarantor Free

  Kotak Mahindra Personal Loan does not need any guarantor or collateral or security to approve your Kotak Mahindra Personal Loan.

• Processing Fees

  The processing fees are very loan in Kotak Mahindra Personal Loan when other NBFCs and Banks take 2% to 5% for processing fees. Kotak Mahindra Personal Loan only takes only 2% to 2.50% for processing Fees.

• Customer Care

  Kotak Mahindra Personal Loan Customer Care service is so helpful if you face any problem regarding your Kotak Mahindra Personal Loan they will help you out. You just can call customer care executive for help.

• Tenure of Loan

  The tenure of your Kotak Mahindra Personal Loan matters most in your loan. You can avail 1 to 5 years of tenure to repay your loan. Your interest rate also depends on loan tenure. If you take a loan for small tenure your interest rate will be low and if you take a loan for longer tenure your interest rate will be high. So it is advisable to go for a shorter tenure. Or you also can choose which suits you best.

• Check Your Eligibility Online

  If you want to take a Kotak Mahindra Personal Loan you must check what is your Kotak Mahindra Personal Loan Eligibility on Kotak Mahindra Personal Loan Eligibility Calculator.

Eligibility for Kotak Mahindra Personal Loan

If you are someone who is opting for Kotak Mahindra Personal Loan you should know the eligibility criteria’s of Kotak Mahindra Personal Loan.

• He/ She must be salaried or self-employed.
• The monthly income should be at least Rs. 35,000.
• The age applicant should be in between 25 to 60 years.
• The applicant should have worked at least for six months on the current organization.
• The minimum CIBIL Score for Kotak Mahindra Personal Loan should be at least 600.
• The total work experience of the applicant for Kotak Mahindra Personal Loan should be at least for two years.

Documents required for Kotak Mahindra Personal Loan

• Salaried

  • Dully signed Kotak Mahindra Personal Loan application form with passport photographs.
  • Identity Proof and age proof (PAN Card/ Driving License/ Passport/ Voter ID/ Aadhaar Card etc)
  • PAN Card (Must)
  • Address proof (Aadhaar Card/ Passport/ Landline Bill/ latest electricity bill/ Rent Agreement)
  • Last Six months Bank statement
  • Salary slips of last 3 months.
  • If currently, you are paying any EMI for Credit Card or Personal Loan.

• Self-Employed

  • Correctly signed Kotak Mahindra Personal Loan application form with passport photographs.
  • Identity Proof and age proof (PAN Card/ Driving License/ Passport/ Voter ID/ Aadhaar Card etc)
  • Address proof (Aadhaar Card/ Passport/ Landline Bill/ latest electricity bill/ Rent Agreement)
  • TAN Card
  • Last three years of balance sheet along with profit and loss in business.
  • Last six months of bank statement of individual and business entity.
  • If currently, you are paying any EMI for Credit Card or Personal Loan.

Kotak Mahindra Personal Loan Interest Rate Calculator

You can calculate your Kotak Mahindra Personal Loan rate of interest easily by the help of your loan amount, salary, and your current company and also your Credit Score makes really big impact on your Kotak Mahindra Personal Loan rate of interest.

• Loan Amount

  Loan amount matters a lot on your interest rate. A loan amount is borrowed by a borrower from NBFC or a bank. Basically Kotak Mahindra Personal Loan offers loan in between Rs. 1 lakh to Rs. 15,00,000.

• Salary amount

  Your current income shows that how much you are eligible to repay your Kotak Mahindra Personal Loan. If you are someone with higher salary your Kotak Mahindra Personal Loan rate of interest will be low.

• CIBIL Score

  To be the eligible candidate for Kotak Mahindra Personal Loan you should have a good CIBIL Score. CIBIL Score stands for your repayment ability so if you have high cibil your Kotak Mahindra Personal Loan rate of interest will be low and if you have low CIBIL your interest rate will be high. Minimum Kotak Mahindra Personal Loan CIBIL Score is 650. To make your CIBIL high you have to repay your Kotak Mahindra Personal Loan payment on time.

• Company Category

  Kotak Mahindra Personal Loan has internal a list of companies and they had made categories regarding those companies like CAT-A, CAT-B, etc. Bank made this categorization based on the company’s size, reputation and existing relation with the bank. Employees who belong from higher companies always get amazing discounts and low interest on loans.

• Loan Tenure

  Kotak Mahindra Personal Loan offers loan tenure from 12 months to 60 you can choose your tenure as per your choice but you go for the higher tenure you have to pay more interest.

• Repayment Capacity

  Before you take any loan you should remember one thing that you have to repay your loan nothing is free to take the loan amount you need do not take extra. No one likes a debt burden in their shoulder. Even if you get cold calls for higher loan amount doesn’t fall for it.

Kotak Mahindra Personal Loan Benefits

• The maximum loan amount for Kotak Mahindra Personal Loan is Rs.15lakh. They offer loan amount up to Rs.15lakh to its customer.
• Kotak Mahindra Personal Loan documents are very minimal. You just have to submit your address proof and your salary proof.
• Kotak Mahindra Personal Loan process is completely online so you can receive the instant approval for your loan.
• An applicant also can go for an E-Kyc and eSign through Aadhaar for loan processing that is faster than normal.
• Kotak Mahindra Personal Loan has an attractive features and loan get disbursal within 24 hours.
• Kotak Mahindra Personal Loan is giving personal loan both for salaried and self-employed.
• The age of borrowers for Kotak Mahindra Personal Loan is 25 to 60 years.
• The tenure for Kotak Mahindra Personal Loan is 12 to 60 months.
• Kotak Mahindra Personal Loan interest rate is also very low it starts from 10.99% to 19.99%* .
• The lowest EMI for Kotak Mahindra Personal Loan is Rs. 2,275 per lakh.
• With the help of online facility, you can repay your Kotak Mahindra Personal Loan payment online.

Kotak Mahindra Personal Loan Interest Rate, Processing Fees & other Charges

Points you should remember before taking Personal Loan

• Personal Loans are a type of installment loan. Which means applicator will borrow a fixed amount of loan from bank or NBFC. A borrower has to pay back to the bank or NBFC by installments in 12 to 60 months with interest. Once you have paid the loan your loan account gets closed.
• If you need 3Lakhs then just borrow 3Lakhs from bank or NBFC don’t borrow excessive money only because you have eligibility. You will receive cold calls, e-mails or messages from bank or NBFC but don’t fall for it.
• Banks and other financial institutions who give the personal loan always check the CIBIL Score before giving you personal Loan. So you have to maintain the score. You have to pay your EMIs on time. Because if you have high CIBIL Score your interest rate will be low.
• Personal Loans are more difficult to get because it is an unsecured loan so bank or NBFCs can’t take any of your property if you can’t repay the loan and interest rate is higher than any other loan.
• Personal Loans have a fixed interest rate. It doesn’t change by time if you got a loan on a 15%* interest rate it would be the same till the last date of your repayment.
• Penalty Charges are heavy on personal loans if you missed an EMI that Bank or NBFC have right to charge you. And it also affects your CIBIL Score. So pay your loan on time.