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Highlights of Kotak Mahindra Bank Business Loan |
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| Interest Rate | 16% p.a. onwards |
| Loan Amount | Rs 3 lakh to Rs 1 crore |
| Tenure | Up to 7 years |
| Processing Fee | Up to 2% of the loan or facility amount |
Table of Contents
Kotak Mahindra Bank Business Loan Interest Rates
| Loan Type | Interest Rates (p.a.) |
| Kotak Mahindra Business Loan | 16.00%-19.99% |
| Commercial Vehicle Loan | 24% |
| Construction Equipment Loan | 24% |
| Tractor and Farm Equipment Loan | 26% |
Types of Kotak Mahindra Bank Business Loan
Kotak Mahindra Business Loan
Purpose: Kotak Mahindra Bank offers unsecured business loans to fulfil the business-related financial requirements of applicants.
Loan Amount: Rs 3 lakh- Rs 1 crore
Tenure: Up to 5 years
Processing Fee: Up to 2% of the loan or facility amount
Kotak Mahindra Loan Against Property
Purpose: Kotak Mahindra Loan Against Property can be availed against commercial, residential and industrial properties to fulfil the business and personal requirements of applicants. The bank also offers overdraft facility to its business loan applicants.
Loan Amount: Rs 10 lakh- Rs 5 crore
Processing Fee: Up to 1%
Kotak Mahindra Commercial Vehicle Loans
Purpose: Kotak Mahindra Bank offers commercial vehicle loans to finance vehicles for business purposes. The bank also caters to educational institutions and other captive customers for their commercial vehicle loan requirements.
Tenure: Up to 5 years
Processing Fee: Up to 3%
Kotak Mahindra Construction Equipment Loans
Purpose: Kotak Mahindra Construction equipment loans are offered for purchase of a variety of products such as earth moving equipment, concrete equipment, material handling equipment and road building equipment.
Tenures: Up to 4 years
Processing Fee: Up to 3%
Kotak Mahindra Farm Equipment Loans
Purpose: Kotak Mahindra Farm Equipment Loans are offered for purchase of new/old tractors, loaders, trailers, rotavators, seed-cum-fertilizer, dusters, sprayers, harvestors and implements for commercial and agricultural purposes. Such loans are also offered to existing customers for captive usage.
LTV Ratio: Up to 90% of tractor value
Processing Fee: Up to 3%
Kotak Mahindra Agri Project Loans
Purpose: Kotak Mahindra Agri project loans are offered to small and medium enterprises, traders, exporters, farmers, aggregators and processors for land-based projects such as horticulture, vermiculture, floriculture, medicinal plant cultivation, sericulture, tissue culture, mushroom cultivation, farm mechanization, crop cultivation, irrigation and land development. It also provides finance for other allied agricultural activities such as dairy, poultry, fishery, piggery and bee-keeping. Loans for construction of cold storage and godowns can also be availed under Agri Project Loans.
Kotak Mahindra Healthcare Finance Solutions
Purpose: Kotak Mahindra Healthcare loans are offered to hospitals, diagnostic centres, laboratories, clinics, nursing homes and self-employed doctors to meet their business requirements.
Loan Amount: Rs 10 lakh- Rs 10 crore
LTV Ratio: Up to 85%
Tenures: Up to 7 years
Kotak Mahindra Loans for Working Capital
Kotak Mahindra Channel Finance
Purpose: Kotak Mahindra Bank Channel Finance is offered to channel partners/vendors of credible corporates engaged in healthcare, FMCG, industrial equipments, medical equipments, textiles, electronics, IT, engineering goods, etc. to meet their working capital requirements.
Kotak Mahindra Dealer Finance
Purpose: Kotak Mahindra Dealer Finance is offered to fulfil the financial requirements for purchase of commercial vehicle, 2/3 wheelers and construction equipment dealers.
Types of Dealer Finance
Term Loan Options- Dealer Finance term loans are offered to automobile dealers for expansion, renovation, setting up new dealerships and fulfilling working capital requirements.
- Amortizing Term Loans are offered for property purchase for setting up new dealerships and business expansions
- Working Capital Loans are offered to fund and supplement core working capital
- Equipment Term Loans are offered to automobile dealers for purchase of equipments for their service centres
Working Capital Options-
- Kotak Mahindra Dealer Finance Working Capital Loans provide inventory funding to automobile dealers to finance working capital
- The bank also offers cash credit facility towards the funding of debtors and spares
- Dealer inventory and vehicles funding facility is linked to retail business. Higher the retail business, lower the interest rate charged
- The loan facility can be offered to fulfil partial or entire vehicle related working capital requirements of the dealership
Non-Fund Based Facilities- Bank Guarantee and Letter of Credit
Kotak Mahindra Agri SME Business Loan
Purpose: Kotak Mahindra Agri SME Business loans are of two types:
- Working Capital Finance- Such loans are developed based on the financial and qualitative analysis of specific businesses and working capital needs. Working Capital Finance can be used for making short term supplier payments, to manage cash flow mismatches and to fulfil season dependent financial requirements.
- Funding Against Warehouse Receipts- Farmers, aggregators, traders and processors in the agriculture sector can avail loans against their agri-produce commodity stocks by pledging warehouse receipts. Applicants trading in any of the commodities listed below can avail funding from Kotak Mahindra Bank under Agri-SME Business Loans:
Guarseed, guargum, wheat, jeera, soyabean, black pepper, castorseed, maize, rice, paddy, pulses, cotton seeds, cotton bales, etc.
Processing Fees: Up to Rs 5,000
Kotak Mahindra Bank Loans Against Credit Card Receivables
Purpose: Applicants can avail Kotak Mahindra Loans Against Credit Card Receivables or overdraft facility on the basis of yearly transactions processed through credit card POS facility.
Loan Amount: Up to Rs 3 crore
Kotak Mahindra Bank Loans for Transportation, Logistics and Warehouse
Purpose: Kotak Mahindra Loans for Transportation, Logistics and Warehouse are offered to individuals, companies or partnership firms engaged in transportation and logistics business. The bank offers two types of loans to fulfil the financial requirements of logistics companies:
- Term Loan- Term loans are offered for setting up workshops and warehouse facilities, purchase of existing workshops and warehouses and purchase of office and supply chain management for shipping companies, transporters, Clearance and freight forwarding businesses, Inland Container Depots. The bank also allows balance transfer of term loans from other banks and NBFCs to Kotak Mahindra Bank at attractive interest rates thereby improving the overall profitability of transporters, shipping companies, CNF businesses and ICD.
- Working Capital Loan- Kotak Mahindra Bank provides fund based and non-fund based loan facilities such as cash credit, overdraft, Bank Guarantee, Letter of Credit, Bill Discounting, etc. to meet the financial requirements of applicants.
Kotak Mahindra Infrastructure Finance
Purpose: Kotak Mahindra Bank Infrastructure Finance is offered to individuals, private limited companies, partnership firms and limited companies engaged in infrastructure, construction and material handling equipment business
Product Offerings:
- Fund Based Facilities- Cash Credit/Overdraft, term loan, lease rental discounting, working capital loan, bills/invoice discounting and loan against property
- Non-Fund Based Facilities- Letter of Credit, Bank Guarantee, Buyer’s Credit and Letter of Credit Backed Bill Discounting
- Loan facility on construction and material handling equipments
- Balance Transfer and Takeover loan facilities
Processing Fees: Up to 2%
Collateral:
- All types of commercial, industrial and residential properties can be submitted as collateral
- Commercial or construction equipments can also be provided as collateral
- Non-agricultural plot within municipal limits is also accepted as collateral by the bank
Eligibility for Kotak Mahindra Business Loans
Kotak Mahindra Business Loans
- Applicant should be at least 25 years of age at the time of loan application and up to 65 years old at the time loan maturity
- Sole proprietors, partnership firms, private limited company, trust and limited liability partnership involved in the business of manufacturing, trading and services are eligible for Kotak Mahindra Bank business loans
- The business should have generated profit for at least 1 year
- The applicant should have been in the business for past 3 years with turnover of at least Rs 40 lakh
Kotak Mahindra Loan Against Property
For Salaried:
- Minimum age of the applicant at the time of loan application should be 21 years and maximum age at the time of loan maturity should be up to 65 years
- The annual income of the applicant should be above 1.8 lakh
- The applicant needs to furnish profits for the past 2 years of business and business record for at least 3 years
For Self-employed:
- Applicant should be at least 18 years old at the time of loan application and 60 years old at the time of loan maturity
- Applicant should be a graduate if he/she works in a private limited company or partnership
- The monthly income of the applicant should be above Rs 40,000 and should be working for the last 2 to 3 years
Kotak Mahindra Bank Commercial Vehicle Finance
- Applicant should be an individual, company or partnership firm with more than 2 years of experience in business.
- Individuals with at least 12 months of experience in the field are also eligible for commercial vehicle finance.
- Applicant should be a local resident for minimum 2 years in the approved location.
- Captive customers, transporters and educational institutions are eligible for such loans.
- First time owners are financed at the discretion of the bank.
Kotak Mahindra Bank Construction Equipment Loans
- Any individual, partnership firm or company with more than 1 year of business stability is eligible for Construction Equipment Loans
- Captive customers, contractors and plant hirers can avail such loans
- Applicant can have a Guarantee or co-borrower
- Applicant should be a local resident
Kotak Mahindra Bank Farm Equipment Loan
- Individual having at least 3 acres of land in his/her name is eligible for Farm Equipment Loan
- Applicant should have residential stability of 2 years an 2 years of business experience
Kotak Mahindra Bank Crop Loan
- Minimum age of the applicant should be 18 years at the time of loan application and maximum age should be 75 years at the time of loan maturity
- Borrowers above 60 years of age should have a co-borrower (legal heir/immediate family member) less than 60 years old
- All farmers (individuals or joint borrowers) who are owner cultivators are eligible for such loans
Kotak Mahindra Bank Agri Project Loans
Such loans are offered to:
- Small and medium enterprises
- Farmers, aggregators and processors
- Traders and exporters
Kotak Mahindra Bank Healthcare Finance Solutions
- Applicant can be a hospital, laboratory, nursing home, diagnostic centre, clinic or self-employed doctors
- Certified medical practitioners registered with IMA or State Medical Council with a business experience of at least 3 years for MD and 5 years for MBBS are also eligible for such loans
- Audited financials for the past 3 years along with bank statements and other financial documents also determine the eligibility of applicants
- Promoters should have an experience in running a hospital, nursing home, diagnostic centre, laboratory or clinic
Eligibility for Kotak Mahindra Bank Working Capital Loans
Kotak Mahindra Bank Agri SME Business
Such loans are offered to:
- Farmers, aggregators and processors
- Traders and exporters
- Small and medium enterprises
Kotak Mahindra Bank Facility Against Credit Card Receivables
- Establishment should a partnership, sole proprietorship, public limited company and private limited company
- Sales through credit card should be above Rs 60 lakh
- The business should have existed for at least 3 years or more
- Establishment should have had positive profit before tax for last 2 years
- Applicant should the premises from which business is being conducted
Kotak Mahindra Bank Transportation, Logistics and Warehouse
- Individuals, partnership firms and company in transportation and logistics business are eligible for such loans
- First time owners can be offered business loans at the discretion of the bank
Kotak Mahindra Bank Infrastructure Finance
- Individuals, partnership firms, private limited companies engaged in infrastructure and material handling equipment business are eligible for such loans
- Applicants engaged in road construction, rail projects, power projects, irrigation projects, development of ports, mining of natural resources, etc. are also eligible for Kotak Mahindra Bank Infrastructure Finance
- Applicant should be the resident of approved location for minimum 2 years
- Captive customers, all types of public and private contractors and plant hirers are eligible
Documents Required for Kotak Mahindra Bank Business Loans
Kotak Mahindra Bank Business Loans
- ID Proof- PAN Card, Passport, Driving License, Aadhaar Card, Voter ID
- Address Proof- Passport, Driving License, Voter ID, Aadhaar Card, Bank Statement, Utility Bill, Bank Account Passbook not more than 3 months old
- Ownership Proof- Electricity bill, maintenance bill, agreement copy, municipal tax bill, share certificate
- Business Continuity Proof- Shop and establishment certificate, tax registrations-VAT, Service tax, GST registration
- Firm Constitution- Partnership deed, MOA, GST registration certificate
- Bank statement of business account for last 6 months
- Financials of last 2 years
- Latest tax audit report
Kotak Mahindra Bank Loan Against Property
For Salaried:
- ID Proof- PAN Card (compulsory), Driving License, Voter ID, Aadhaar Card
- Address Proof- Passport, driving license, utility bills, bank statement, bank account passbook, Aadhaar card
- Ownership Proof- Electricity bill, maintenance bill, agreement copy, municipal tax bill, share certificate
- Financial documents- Salary slips for last 3 months, Latest Form 16, employment proof of the name of current employer does not match with that of Form 16
- Bank statement for last 6 months reflecting salary as well as existing EMI repayment
Additional documents for Self-employed:
- Business Continuity Proof- Shop and establishment certificate, tax registrations-VAT, service tax, GST registrations
- Firm Constitution- MOA, AOA, partnership deed, GST registration certificate, Form 32 for knowing latest directors
- Financial documents- Last 3 years audited financials, GST, breakup of all secured and unsecured loans, last 3 years tax audit report, existing loan sanction letters and their corresponding EMI reflecting bank statement for past 1 year
- Bank statement of business account for last 1 year
Kotak Mahindra Bank Commercial Vehicle Loan
- Audited financial statements for 2 years, ITR, latest provisional financial statement
- Bank statement for past 6 months
- ID proof, address proof, signature verification of applicant and guarantor
- Maintenance and electricity bill
- Billing copies, transportation contract copies, partnership deed, Memorandum and articles of association, trust deed
- Details of existing loans and repayment track record
- List of existing vehicles
- Business stability proof
Kotak Mahindra Bank Construction Equipment Loans
Pre-Sanction Documents:
- KYC Documents
- Photographs
- Bank statement for last 6 months
- Address Proof (Residential and Office)
- Repayment track records
- Latest loan position
- Certified work orders or contracts in hand
- Work in hand for contractors
- Performa Invoice
- List of assets for plant hirers
- Past equipment ownership proof with free and finance details
- Financials along with ITR, for last 2 years and provisional financial statement or key figures
Post Disbursal Documents:
- Insurance cover note
- Invoice of asset funded
- PDC/ECS/Direct Debit Mandate
- RC with hypothecation
- Disbursement advice
- Margin Money Receipt
Kotak Mahindra Bank Farm Equipments
Pre-Sanction Documents:
- ID Proof and Address Proof- PAN card, Voter ID, Passport, Aadhaar card, Driving License
- Agricultural land proof if available
- Signature verification proof
Pre-Disbursement Documents:
- Original invoice of the tractor purchased from the dealer
- Fully executed loan documents
- Insurance pledged to Kotak Mahindra Bank
- Margin Money Receipt received from dealer
Kotak Mahindra Bank Crop Loan
- Completely filled application form
- ID/Address Proof- Voter ID, PAN Card, Driving License, Aadhaar Card, Passport
- Coloured passport size photographs
- Records of land ownership
- Records of crops grown
- Details of existing loans and repayment track records
- Signature verification of applicant and guarantor
Kotak Mahindra Bank Healthcare Finance Solutions
- ID Proof- Voter ID, Aadhar Card, passport, driving license, PAN card
- Ownership Proof- Agreement copy, electricity bill, maintenance bill with share certificate, Municipal tax bill
- Proof of Residence- Telephone bill, electricity bill, property tax receipt, passport, voter ID of proprietor/partner/director
- Business Continuity Proof- Shop and establishment certificate, tax registrations- VAT/service tax/GST registrations
- Firm Constitution- For a partnership firm: latest partnership deed, PAN of firm and office address proof
Documents Required for Kotak Mahindra Bank Working Capital Loans
Kotak Mahindra Bank Facility Against Credit Card Receivables
- ID proof and address proof details
- Audited credit card sales statement for 1 year
- Application form along with letter for loan request on merchant’s letterhead, duly signed and stamped
- Basic financial documents
- Partnership deed in case of partnership firm, Memorandum and Articles of Association with certificate of incorporation in case of a company
- Latest annual returns that confirm the list of directors in case of private and public limited companies
- Audited credit card sales statement giving monthly breakup for a period of 1 year on the letterhead of a CA
- Audited business financials for last 2 financial years, ITR for small merchant establishments
- Net worth statement and business statement for 6 months
- Individual ITR of proprietor, directors (promoters), partners for the last year
Kotak Mahindra Bank Infrastructure Finance
- KYC details of company, directors, partners/individuals and their financial details for last 3 years
- GST returns and Form 26AS for current financial year
- Bank statement for last 6 months for all primary accounts
- Latest sanction letter for all banking facilities
- Account statement for existing term loans
- Details of work order in hand
- List of existing bank guarantee issued by other banks
- Details of guarantee/co-borrower
Kotak Mahindra Bank Business Loan Fees and Charges
| Particulars | Fees |
| Processing fee | Maximum 2% of the loan/facility amount; NIL for loan facility up to Rs 5 lakh for micro and small enterprises subject to URC submission prior to disbursal |
| Documentation charges | -Loan amount up to Rs 10 lakh- Rs 3,500
-Loan amount above Rs 10 lakh- Rs 6,000 |
| Cheque dishonour charges | Rs 750 |
| Account swap charges | Rs 500 |
| Charges for copy of any document | Rs 500 |
| No dues certificate | Rs 500 |
| Prepayment charges | Up to 4% of the outstanding amount; For Micro & Small (MSE) Borrowers–Nil charges on fixed rate loans up to Rs 50 lakh -Nil charges on Floating loans |
| Penal interest | Up to 8% |
| Charges for amortisation schedule/ account statement | Free once in a Financial Year. Thereafter, Rs 500 per instance |
| Annual review charges | Up to 2% of renewal limit |
| Non-utilisation charges | If the average utilization of the facility limits for a quarter is below 60% of the sanctioned limits, commitment charges of Rs 5.50 per day per lakh of unutilized limits (or a part thereof) + taxes |