Kotak Mahindra Bank Personal Loan Apply, Kotak Mahindra Bank Personal Loan Interest Rate, Kotak Bank Loan Eligibility
Kotak Mahindra Bank is a private sector bank that provides various financial services & products to the customers. Among various services, a personal loan is a major one. Today here we will learn about Kotak Personal loan, its eligibility, features & benefits, etc.
| Loan Amount | Rs. 50000 to Rs 20 Lakh |
| Rate of Interest | Starting from 10.25 % to 24 % p.a |
| Processing Fee | Up to 2.5% of the loan amount+ GST and other applicable statutory levies |
| Loan Tenure | Up to 5 years |
| Personal Loan Types | Wedding Loan, Travel Loan, Medical Loan, Home Renovation Loan, etc. |
Contents
Kotak Mahindra Bank Personal Loan Features & Benefits
- Kotak Bank personal loan application process is 100 % online. you can apply completely online by sitting at your comfort zone without visiting bank branch.
- Kotak Mahindra Personal Loans can be processed within 3 seconds of submitting the form. It may take few days for disbursal of the approved loan.
- Kotak Bank offers Top Up on Personal Loan after 9 months of sanction date. The approval for Top Up however would depend on customer risk and bank’s credit & lending policy.
- You can avail a loan amount from Rs. 50000 up to Rs. 25 lakhs.
- The repayment tenure is quite flexible ranging from 1 to 5 years.
- Bank offers loan with minimal personal loan documentation.
- Bank offers attractive interest rate. rate of interest starting from 10.25 %p.a.
- Bank offers Part prepayment facility.
Kotak Mahindra Bank Personal Loan Eligibility
Getting a personal loan has never been easy like this before. However, you need to meet the personal loan eligibility criteria to get the loan sanctioned. Check out the requirements below.
- In order to be eligible for a Kotak Bank personal loan, you must be between 21 and 58 years of age.
- You must employed with an MNC, public limited company, or private limited company.
- Your minimum income should be Rs. 25000 per month.
- Minimum education qualification is graduate.
- Must be actively residing in the city for the last one year.
- One should have at least one year of work experience.
Documents Required for Kotak Mahindra Bank Personal Loan
- Application form
- Proof of Identity like Passport/ PAN Card, Aaadhar card, Voter’s ID, Driving License
- Proof of Residence like Utility Bill, Passport or Leave and License Agreement.
- 2-3 Passport Size photographs.
- Salary slip for the last 3 months.
- Bank Statement for the last 3 months with income details.
Kotak Mahindra Bank Personal Loan Interest Rates
Kotak Bank offers fixed rates of interest ranging between starting from 10.25 % to -24 % p.a. The interest rate depends on the amount borrowed, the tenure of the personal loan, and your credit history profile.
Types of Kotak Mahindra Bank Personal Loan
Kotak Bank offers various types of personal loans as listed below.
Kotak Mahindra Personal Loan for Marriage
| Kotak Bank Loan Type | Features/Descriptions |
|---|---|
| Kotak Mahindra Personal Loan for Marriage | you can cover the ceremony, pricing, rental fee, payment options, and special stipulations beforehand with this loan. you can avail funds instantly with Kotak’s personal loan for marriage and plan all your wedding arrangements in advance. You can avail of a personal loan for marriage with minimal documentation and quick loan disbursal for Kotak Pre-Approved Customers. |
| Loan Amount | You can avail loan amount from Rs. 50,000 to Rs. 25 lakhs |
| Loan Tenure | Kotak provides flexible tenures ranging from 1 to 5 years. |
| Interest Rate | Starting from 10.25 % p.a which is subjected to change as per the profile. |
Kotak Mahindra Travel Loan
| Kotak Bank Loan Type | Features/Descriptions |
|---|---|
| Kotak Mahindra Travel Loan | It can help cover the costs associated with your holidays, such as airfares, accommodation, tours, and even new travel accessories. |
| Loan Amount | You can avail loan amount from Rs. 50,000 to Rs. 25 lakhs |
| Loan Tenure | Kotak provides flexible tenures ranging from 1 to 5 years. |
| Loan Repayment | Repayments will be automatically direct debited from your nominated bank account each month, so you don’t need to worry about missing a payment. |
Kotak Mahindra Medical Loan
| Kotak Bank Loan Type | Features/Descriptions |
|---|---|
| Kotak Mahindra Medical Loan | Manage unforeseen medical emergencies of loved ones with our instant personal loans. you can use the loan amount for any medical emergencies or treatments. Avail of the medical personal loan amount with minimal paperwork and fast customer service. Enjoy quick disbursal of the loan to avoid delays in emergency situations. |
| Loan Amount | You can avail loan amount from Rs. 50,000 to Rs. 25 lakhs |
| Loan Tenure | Kotak provides flexible tenures ranging from 1 to 5 years. |
Kotak Mahindra Home Renovation Loan
| Kotak Bank Loan Type | Features/Descriptions |
|---|---|
| Kotak Mahindra Home Renovation Loan | Repair, refurbish, and upgrade your home to a dream home, with Kotak home renovation personal loans. Get Kotak home renovation loan with Minimal Documentation and Quick Approval. |
| Loan Amount | You can avail loan amount from Rs. 50,000 to Rs. 25 lakhs. |
| Loan Tenure | Kotak provides flexible tenures ranging from 1 to 5 years. |
Kotak Mahindra Bank Personal Loan Top-Up
As the name suggests it’s like adding or offering a loan when one loan taken by you is about to finish from Kotak Bank. personal loan top-up can be used to meet up new expenses.
The Bank will check various factors like if there is any due EMI, bounced cheque, the job stability of the customer, and the total number of loans taken as per Kotak’s lending policy and credit risk of the customer, the bank offers a personal loan Top-up within 2 working days.
Kotak Bank Personal Loan Top-Up Features & Benefits
- Zero requirements of collateral or security.
- Minimum paperwork and hassle-free documentation.
- An attractive rate of interest either the existing rate or a lower rate.
- Quick processing of the application and quicker disbursal of loan amount.
- Flexible repayment options through EMIs.
How to Apply For Kotak Personal Loan Top-Up
To apply simply send an SMS from your registered mobile number in the below-mentioned format.
SMS PLTOPUP and send it to 5676788
Kotak Mahindra Bank Fees & Charges
| Parameters | Fees & Charges |
|---|---|
| Loan Processing Charges | Up to 2.5% of the loan amount+ GST and other applicable statutory levies |
| Stamping Charges | Applicable as per the respective State’s Stamp Act |
| Credit Administration Charges | Up to 5% of the loan amount, not exceeding Rs. 7500 (inclusive of GST ) |
| Credit Appraisal Charges | Up to 5% of the loan amount, not exceeding Rs. 7500 (inclusive of GST ) |
| Overdue Interest | 3% p.m 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 GST and other applicable statutory levies)of cheque/instrument dishonour charges+ overdue interest |
| Dishonour Charges Per Instance | Rs. 750 per instance (inclusive of GST and other applicable statutory levies) |
| Swap Charges (Change in mode of repayment/Instrument/EMI Date swap) | Rs.500 per Swap per Instance+ GST and other applicable statutory levies |
| Foreclosure Charges | Lock-in Period = 12 months 1 to 3 years = 4% + GST on principal outstanding 3 years onwards = 2% + GST on principal outstanding. |
| Part pre-payment charges | For Loans disbursed on or before 1st Feb 20 = Part-payment facility not available For Loans disbursed after 1st Feb 20 = Allowed up to 20% every year, after completion of 12 months lock-in period. Fee = INR 500 + GST per instance of part-prepayment. |
| Duplicate Issue of NOC | Nil |
| No Due Certificate | Nil |
| Charges for furnishing a copy of the credit information report (CIBIL) to the applicant. | Rs. 50 + GST and other applicable statutory levies per instance |
| Charges applicable in case customer requests for copies of records pertaining to his transactions ( SOA / Amortization Schedule) | Once yearly without any charge. Post-one-year Rs.200 per request+ GST and other applicable statutory levies. |
How to Apply For Kotak Bank Personal Loan Online
- Visit the official website of Kotak Bank personal loan and click on the button Apply Now.
- Select Yes if you are an existing Kotak bank customer else select No. Here I will select No as I am not a customer of Kotak Bank.
- On the next page enter your personal details like name, DOB, Resident, Name of the employer, Net take home salary, Total EMI you can pay, Loan purpose, your contact details etc. accept terms & conditions and click on the Proceed button.
- An OTP will be sent to your entered mobile number. enter the OTP and click on the Button Verify Now.
- On the Next page enter your Date of Birth, PAN Number, GSTIN (optional) select residence city & address and click on the Continue button.
- After entering the details a message will be shown on the screen if you are eligible for Kotak personal loan.
- If you are eligible, total approved loan amount will show on the screen. you can adjust the loan amount, loan tenure on this screen. after that click on the Proceed button.
- Next you need to enter your bank details and other require documents. click on proceed.
- Once documents are uploaded and it is verified by the bank, the amount will get credited to your bank account. you might get a call from the bank to verify your details.
How Kotak Bank Personal Loan Repayment Works?
Kotak Bank offers flexible repayment options in the form of easy EMIs ranging from 1 to 5 years. The loan amount will be auto-debited from your bank account automatically as agreed.
The payment can be made through standing instructions from your Kotak Bank’s savings/salary account, postdated cheques, or NACH mandate to deduct the EMI from the non-Kotak savings/salary account.
Just make sure that there is a sufficient amount in your bank account on the due date to avoid any extra fees or charges.
How to check the status of the Kotak Bank Personal Loan?
Once you have applied for Kotak Bank Personal loan, you must check the status of it. follow the steps below to proceed. you can use the same process to check Kotak Credit Card status as well.
- Visit the Kotak Bank Tracking application status website and select Salaried Loan from the drop-down.
- Enter your application number, or PAN number,Mobile Number etc and click on the Submit button.
- Once your details are verified by the system , your loan application status will be shown on the screen.
Kotak Mahindra Bank Contact Details
Kotak Bank Personal Loan Customer Care Number = 1860 266 2666
When Calling From Outside India = +91 22 6204 2001
NRI Customer Can Call =
- USA = 1855-3656767
- AUSTRALIA = 001180044990000
- HONG KONG = 00180044990000
- UK = 0080044990000
- CANADA = 18557684020
- SINGAPORE = +658001013054
- UAE = 80001830148
Conclusion
In this article, we have seen Kotak Mahindra Bank Personal Loan Review | How to Apply for Kotak Bank Personal Loan, Eligibility, required documents, Loan application status.
I hope the information will be helpful in finalizing the personal loan from Kotak Bank.
It offers various types of loans for salaried professionals. you can choose a loan as per your requirement. The application process is completely online so you do not need to visit a bank.
It offers an attractive interest rate, which makes it a good option to consider availing of a personal loan with Kotak Mahindra Bank.
Read Also
- Punjab National Bank Business Loan Review | How to Apply for PNB Business Loan
- How to Apply For Yes Bank Personal Loan | Yes Bank Personal Loan Review
FAQs
Yes, you can change the Installment date. The dates are available between the 2nd and 10th of every month. However, you have to pay rescheduling charges and PDC Swap charges per instance plus applicable GST.
You can log in to the internet or mobile banking to get the statement. Also, you can call Kotak Bank customer care and request your loan statement to your email ID.
you can place a request by calling Kotak Bank customer care number 1860 266 2666 (local call rates applicable) 9:00 AM to 6:00 PM from Monday to Saturday.
The Repayment Schedule will be sent to you within two working days at your registered email id.
you can expect approval and disbursal of a personal loan within 48 hours provided you meet all the eligibility criteria and your documents are in order.
The bank offers loan tenure from 1 year to 5 years for a personal loan.
As the personal loan are mostly unsecured, you need not put anything as collateral.
