Kotak Mahindra Bank is one of the eminent banks of the country providing business loans and MSME loans to its customers at an interest rate of 16% onwards. The bank provides financial solutions to cater to most of the industry sectors offering loans up to Rs. 75 lakh to meet working capital requirements.
Kotak Mahindra Bank Business Loan Interest Rate and Features – 2021
|Interest Rate||16% onwards|
|Min. loan amount||Rs. 3 lakh|
|Max. loan amount||Rs. 75 lakh|
|Processing Fee||2% of the loan amount + GST|
|Collateral / Security||Not required|
|Repayment Tenure||Up to 48 months|
|Documentation Charges||Loan amount less than Rs. 10 lakh Rs. 3500 and more than Rs. 10 lakh is Rs. 6000 + GST|
|Part-payment||Not available for business loans|
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Business Loan – Eligibility Criteria
To apply for a business loan from Kotak Mahindra bank, below are the eligibility criteria –
|Age Criteria||Min. 25 years and Max. 65 years|
|Eligible Entities||Private Limited Companies, Sole Proprietorship, Partnership firms, Trusts and Limited Liability Partnerships engaged only in Manufacturing, Trading or Services sectors|
|Business Loan for||Business owners, Traders, Self-employed professionals, Manufactures, Restaurants, Hospitals and many more|
|Business in profit||For at least 1 year|
|Business Tenure||Min. 3 years|
|Annual Turnover||Rs. 40 lakh|
Documents Required for Loan Application
Following are some of the documents that are required to apply for a business loan:
- Duly filled application form
- Passport sized photographs
- Business Plan
- Proof of Identity (Aadhaar, PAN, Driving License, Voter ID)
- Proof of Address (Passport, Voter ID, Aadhaar, Bank Statements)
- Proof of Income (Income Tax Returns, Business Profit and Loss sheet)
- Business establishment proof
- Last 1 year ITR, bank statement, P&L copy
- Copy of Certificates, Licenses, Permits, if any
How to Apply for Business Loan in Kotak Mahindra Bank?
Kotak Mahindra offers multiple business loan products that cater to different sections of business aspects. If you are looking for options and want to apply for a business loan, you can visit at Paisabazaar.com where all the comparisons of banks business loans along with interest rate and features are available. All the business loan products offered by the banks and NBFCs can be compared here at Paisabazaar.com
So, Kotak Mahindra Bank offers a range of business loans for small and large businesses for their financial requirements with competitive interest rate and features.
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Business loans – Types and Features
1. Business Loan
- Interest rate is 16% onwards per annum
- The business loan amount ranges from Rs. 3 lakh to maximum Rs. 75 lakh
- The repayment tenure is up to 48 months
- No collateral required
- Processing fee of 2% of the loan amount
- Kotak Mahindra Bank offers minimal paperwork along with easy EMIs
2. Commercial Vehicle Financing
- Commercial Vehicle Financing provides customized solutions to the commercial vehicle owners and transporters
- Finance is issued for expansion of both new vehicle and used vehicle, or to top up the existing loan, or to provide working capital loan, or to educational institutes for the purchase of commercial vehicles and etc.
- The tenure of the loan is 12 months to 60 months
- Individuals/ company/ partnership firms with minimum two years of experience in business residing in the approved locality for the last 2 years are eligible for this loan. The bank at its discretion can issue loan to the fresh entrants
3. Crop Loans
- The objective of this loan is to provide working capital to farmers to meet the expenses like cost of cultivation, development of the farm, cost of inputs and etc.
- The loan process is very easy and the sanction turnaround time is also very fast
- The loan amount for costly value crops can be high also
- All farmers whose age is 18 years to max 75 years at the maturity of the loan can avail for this loan. The loan can be taken on sole responsibility as well as on joint responsibility. Max 5 members can avail for loan on joint. Crop loan also offer extended facilities of Kisan Credit Card and Agri Term Loan
4. Farm Equipment
- This loan scheme is for the farmers who want funds to purchase tractors, equipment, harvesters, sprayers, threshers, dusters, loaders etc. to help in the production of the crops
- This loan is available for the individual who already has a banking relationship with the bank
- The bank network is huge thus making the loan accessible to all
- Along with this loan the applicant can also avail Kotak Kisan Suraksha which is an insurance policy meant for the farmers
- The applicant should have minimum 3 acres of land in his name and should be residentially established for last 2 years and also minimum 2 years of experience in the field
5. Agriculture Project Loan
- Dedicated relationship manager for the loan facility to guide and help the applicant in any financial issue related to the bank
- Finance of the overall project cost
- Wide network of the bank thus allowing easy loan access
- Project assessment and calculation ability by the bank
- All MSME, farmers, traders and exporters, aggregators and processors involved in the agriculture business can apply for this loan scheme
- The loan can be taken for long term, to finance the dealers, finance the suppliers, loan to promoters involved in agricultural project
6. Construction Equipment/ infrastructure Finance
- Easy documentation
- New entrants can also apply for this loan at the discretion of the bank
- Up 100% of financing
- All individuals/ company/ partnership firm with 1 year of business experience and resident in the approved locality for last 2 years can avail for this particular loan
7. Working Capital Loan
- This loan is offered so that the business can meet its daily operations without any financial constraints
- Five types of working capital loans are offered by the bank which include dealer finance, agri SME business, channel finance, facility against credit card receivables and transportation, logistics and warehouse loans
- The loan tenures are flexible and loan amounts have a wide range
- Simple documents are required to avail any type of working capital loan offered by the bank
- A dedicated relationship manager is assigned to help businesses understand their loan requirements, apply for the loan and then avail the loan at the shortest possible time
Kotak Mahindra Bank Customer Care Number
|Toll-Free No:||1860-266-2666 / 1800-209-5600|
Frequently Asked Questions (FAQ)
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 are the interest rate charges on a business loan offered by Kotak Mahindra Bank?
Ans. The business loan interest rate offered by Kotak Mahindra Bank starts from 16% onwards.
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.