Kotak Mahindra Bank Business Loan – Highlights – August 2022
|Interest Rate||16.00% to 19.99% p.a. (Fixed Interest Rate)|
|Loan amount||Minimum Rs. 3 lakh & Maximum Rs. 75 lakh|
|Collateral / Security||Not required|
|Repayment Tenure||Up to 4 years|
|Loan Sanctioning Time||Within 72 hours of submitting documents|
*The bank also funds against credit card receivables (FCCR) with loan amount up to Rs. 3 crores.
Note: With effect from 16th July, Kotak Mahindra Bank’s 1-year MCLR is 8.05%.
Apply for Business Loan @ 16% p.a. onwards Apply Now
Comparison of Business Loan Interest Rates offered by Top Banks/NBFCs
|HDFC Bank||10.00% – 22.50% p.a.||Apply Now|
|FlexiLoans||1% per month onwards||Apply Now|
|ZipLoan||1% – 1.5% per month (Flat ROI)|
|Axis Bank||14.25% – 18.50% p.a.||Apply Now|
|IDFC First Bank||14.50% onwards|
|Kotak Mahindra Bank||16% – 19.99%||Apply Now|
|Fullerton Finance||17% – 21%|
|Bajaj Finserv||17% p.a. onwards||Apply Now|
|RBL Bank||17.50% – 25% p.a.||Apply Now|
|ICICI Bank||17% onwards|
|Indifi Finance||1.5% per month onwards||Apply Now|
|Lendingkart Finance||1.5% – 2% per month||Apply Now|
|Tata Capital Finance||19% p.a. onwards||Apply Now|
|NeoGrowth Finance||19% – 24% p.a.||Apply Now|
|Hero FinCorp||Up to 26% p.a.||Apply Now|
Note: Business loan interest rates are updated as on August 2022.
Get Business Loan upto Rs. 1 crore within 72 hours Apply Now
Fees & Charges
|Processing Fees – Non Refundable||Maximum 2% of the sanctioned loan / facility amount + GST|
|Foreclosure Charges||6% of the foreclosure amount, if within locking period of 12 months from date of agreement|
5% on foreclosure amount otherwise + GST
|Documentation Charges:||Loan amount less than Rs. 10 Lakh – Rs. 3500 + GST|
Loan amount above Rs. 10 Lakh – Rs. 6000 + GST
|Prepayment Charges||Up to 4% of Outstanding amount (plus taxes as applicable)|
|Penal Interest||Up to 3% p.m. (plus taxes as applicable) compounded monthly on the Amount Due|
Private Limited Companies, Sole Proprietorships, Partnership Firms, Trusts, and Limited Liability Partnerships (LLPs) engaged only in the manufacturing, trading, or services sectors
- Age Criteria: Min. 25 years and Max. 65 years
- Business in profit: For at least 1 year
- Business Tenure: Minimum 3 years with annual business turnover of minimum Rs. 40 lakh
Documents Required for Loan Application
Following are some of the documents that are required to apply for a business loan:
- Proof of Identity: Passport, Aadhar card, PAN, Driving License, Voter’s ID card
- Proof of Address: Passport, Voter’s ID card, Aadhar card, Utility Bill, Bank Statement, Bank Account Passbook – Not older than 3 months
- Ownership Proof: Agreement Copy, Electricity and Maintenance Bills with share certificate, Municipal tax bill & Share certificate
- Business Continuity Proof: Shop and Establishment certificate, Tax registrations-VAT, Service tax & GST registrations
- Firm Constitution: Memorandum of Association (MOA), Partnership Deed & GST Registration Certificate
Note: Original for verification and self-attested copies for submission.
Kotak Mahindra Bank Customer Care Number
|Toll-Free No:||1860-266-2666 / 1800-209-5600|
Q. What are the different business loan products that Kotak Mahindra Offers?
Ans. Some business loan products that the bank offers are:
- Term Loan (Short term loan, Long term loan)
- Cash credit
- Working Capital Loan
- Supply Chain Finance
- Business Loan
Q. What is the minimum and maximum loan limit offered for a business loan in Kotak Mahindra Bank?
Ans. The loan amount starts from Rs.3 lakh up to Rs. 75 lakh, with terms and conditions set by the bank
Q. What is the minimum turnover requirement for a Business Loan?
Ans. The minimum annual turnover to avail business loan is Rs. 40 lakh.
Q. What is Supply Chain Finance in Kotak Mahindra Bank?
Ans. Supply chain finance is a technique or practice followed by Kotak Mahindra Bank to manage the capital invested into the supply chain by reducing the risks involved for the engaged entities.
Q. How to get a Kotak Mahindra Bank Business Loan account statement?
Ans. To get a business loan account statement, you can use the bank’s net banking services and download it online. Secondly, you can use the mobile app for the same or visit the nearest bank branch to get a copy of your account statement for the desired months or years.
Q. How to track Kotak Mahindra Business Loan status?
Ans. To track loan application status, you can visit their official website or call on their Toll Free Nos: 1860-266-2666 / 1800-209-5600.
Q. What are the Fees and Charges associated with Kotak Business Loans?
Ans. The fees and charges levied by the bank shall vary from applicant to applicant depending on the business requirements, loan amount and repayment tenure.
Q. Do I need to provide any security for availing business loans from Kotak Bank?
Ans. No, you are not required to submit any collateral or security to avail loan from Kotak Mahindra Bank.