Kotak Mahindra Bank Personal Loan
Kotak Mahindra Bank delivers personal loans that reach up to ₹35 lakh through reasonable 10.99% p.a. rates and six-year repayment flexibility. The bank provides an excellent service for salary-based customers by offering quick approvals without extensive documentation and quick funding procedures. Part-prepayment functionality from Kotak Mahindra Bank allows borrowers to decrease their loan burden in an easy manner. The personal loan service of Kotak Mahindra Bank operates swiftly in all principal commercial and metropolitan areas of India to provide customers quick financial access.
Kotak Mahindra Bank Personal Loan Interest Rates
Kotak Mahindra Bank's personal loan interest rates start at 10.99% per annum. Although the bank does not specify varying interest rates based on individual factors such as credit score, occupation, or income, lenders generally use these criteria to determine personal loan rates. Typically, factors such as monthly income, job stability, the profile of the employer, and the applicant's credit score influence the final interest rate offered.
Kotak Mahindra Bank Personal Loan Interest Rates
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Kotak Mahindra Bank Personal Loan EMI Calculator
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Rate of Interest
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Loan Duration
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EMI Payment Schedule
Kotak Mahindra Bank Personal Loan Interest Rates vs Others Banks
| Bank | Interest rate |
|---|---|
State Bank of India | 11.45% onwards |
HDFC Bank | 10.85% onwards |
Bank of Baroda | 11.15% onwards |
Axis Bank | 11.1% onwards |
ICICI Bank | 10.85% onwards |
IDFC Bank | 10.99% onwards |
IndusInd Bank | 10.49% onwards |
PNB Bank | 11.15% onwards |
Union Bank of India | 11.50% onwards |
Yes Bank | 11.25% onwards |
Bank of India | 10.85% onwards |
Canara Bank | 10.70% onwards |
Bandhan Bank | 9.47% onwards |
Federal Bank | 11.49% onwards |
Indian Bank | 10.75% onwards |
IDBI Bank | 11.00% onwards |
| AU Bank | Based on customer’s profile |
(Source: Bank Websites)
Kotak Mahindra Bank Personal Loan Fees and Charges
| Personal Loan | Charges |
|---|---|
| Processing Charges | Up to 3% of loan amount |
| Stamping Charges | As per respective State’s Stamp Act |
| Overdue Interest | 3% per month |
| Credit Appraisal Charges | Up to 5% of loan amount, up to ₹7,500 + GST |
| Credit Administration Charges | Up to 5% of loan amount, up to ₹7,500 + GST |
| Collection Charges | 30% + GST of cheque /instrument dishonor charges + overdue interest |
| Dishonor Charges per instance | ₹750 + GST |
| Foreclosure Charges | 0-12 months: Lock-in period 1- 3 years: 4% + GST 3 years onwards: 2% + GST |
| Part Pre-payment Charges | ₹500 + GST per instance |
| No due | NIL |
| Duplicate Issue of NOC | NIL |
| Copy of CIBIL | ₹50 + GST |
| Copy of records pertaining to his transactions | ₹200 + GST |
Types of Kotak Mahindra Personal Loans
Kotak Mahindra Bank offers a range of personal loan options designed to cater to various needs. Here’s a fresh look at the types of personal loans they provide and the details you should know.
1. Marriage Loan
Purpose: Tailored to cover expenses related to wedding ceremonies, including venue costs, decorations, and other wedding-related expenditures.
Loan Amount: ₹50,000 to ₹40 lakh
Tenure: 1 to 5 years
2. Travel Loan
Purpose: Ideal for financing travel plans, including airfare, accommodation, tours, and travel accessories.
Loan Amount: ₹50,000 to ₹40 lakh
Tenure: 1 to 5 years
3. Medical Loan
Purpose:Designed to address unexpected medical emergencies or cover treatment expenses.
Loan Amount: ₹50,000 to ₹40 lakh
Tenure:1 to 5 years
Kotak Mahindra Personal Loan Eligibility Criteria
To qualify for a Kotak Mahindra Personal Loan, applicants must meet the following eligibility criteria:
Employment: Must be employed with an MNC, private limited company, or public limited company.
Age: Minimum age of 21 at the time of application and maximum age of 60 at loan maturity.
Income: For corporate employees: Minimum monthly income of ₹25,000
For non-corporate salaried individuals: Minimum monthly income of ₹30,000
For Kotak Mahindra Bank employees: Minimum monthly income of ₹20,000
Education: Applicant should be a graduate.
Experience: A minimum work experience of 1 year is required.
Credit Score: Kotak Mahindra Bank may consider the applicant's credit score as part of the loan assessment process.
Required Documentation for Kotak Mahindra Personal Loan
When applying for a personal loan with Kotak Mahindra Bank, you'll need to provide the following documents:
ID Proofs: Passport, Aadhar card, driving license, voter ID, or PAN card.
Residential Proofs: Passport, utility bill, or leave and license agreement.
Bank Statement: For the past 3 months.
Photographs: 2-3 passport-sized photos.
Experience: A minimum work experience of 1 year is required.
Salary Slips: For the last 3 months.
For detailed information on each loan type and to apply, visit Kotak Mahindra Bank’s website or contact their customer service.
Kotak Mahindra Bank Personal Loan FAQs
How do I check the status of my personal loan?
Visit Kotak Mahindra Bank’s website and check under the “Service Request” tab.
How long does personal loan approval take?
Approval can be granted in as little as 48 hours if eligibility criteria are met and all documents are submitted. Disbursement can happen in just 3 seconds with online applications. Track the application status on the Kotak Bank website.
Is collateral required for a personal loan?
No, personal loans are unsecured, so no collateral is needed.
Can I get a personal loan without a salary slip?
Yes, pre-approved personal loans are available for existing customers without a salary slip, based on the customer’s financial history and relationship with the bank.