Kotak Mahindra Bank 5 Lakh Personal Loan

• Your credit score & credit history: A higher credit score (750+) can fetch you a lower interest rate. It is of utmost importance that you maintain a healthy credit behaviour with a consistent repayment track record to build a robust credit score.
• Current income and job stability: A fixed income with a stable job helps you get the best interest rates and loan terms.
• Current Financial Obligations: Your existing debts and liabilities are taken into account when determining personal loan interest rates in India. The greater the pre-existing debts, the greater the chances of a higher interest rate.
• Relationship with the Lender: Customers who have a good banking relationship and are long-term customers may be able to obtain better terms.

• Identification documents such as passport, Aadhar card, driver’s license, voter ID, PAN card
• Residential evidence such as a passport, a utility bill, a leave and license agreement
• Bank statements from the last 3 months
• Salary slips from the last 3 months

Also Read: Personal Loan without Salary Slip

• Loan Processing Fees (Non-Refundable):
  • Up to 5% of the final loan amount plus taxes.
  • Deducted from the loan amount at the time of disbursal.
• Stamp Duty Charges: As per the respective State’s Stamp Act.
• Penal Charges on Overdue EMI: 8% per annum plus applicable taxes on the overdue amount (charged for actual number of overdue days).
• EMI Dishonour/Bounce Charges: INR 750 per instance (inclusive of applicable taxes).
• Lock-in Period: No lock-in period for Kotak Personal Loans post-payment of the first EMI.
• Foreclosure Charges:
  • Up to 3 years: 4% + taxes on outstanding principal.
  • After 3 years: 2% + taxes on outstanding principal.

• For travel: To fund your travel-related expenses
• For education: To cover a part of your educational expenses
• For weddings: To cover a part of your wedding expenses
• For medical emergencies: To cover the expenses of any medical emergency