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Kotak Mahindra Bank Personal Loan Balance Transfer

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HDFC Bank
10 Second Disbursal*100% Digital Process*Quick Disbursal
Max. Loan Amt.Upto ₹25L
Rate of Interest9.99% - 12.5%
Tenure upto1-5 Years
Processing Fee₹ 6,500
Axis Bank
Low Processing fee
Max. Loan Amt.Upto ₹25L
Rate of Interest9.99% - 17.15%
Tenure uptoUpto 6 Years
Processing FeeUpto 2%
Kotak Mahindra Bank
Lowest Income requirement100% Digital Process*
Max. Loan Amt.Upto ₹25L
Rate of Interest9.98% - 17.2%
Tenure upto1-5 Years
Processing Fee1.1% - 1.5%
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How Can I Apply for a Personal Loan Online?

Get up to ₹40 Lakh in 5 Simple Steps

Step 1: Enter your mobile number in the application form

Step 2: Provide your personal details

Step 3: Enter OTP to verify your mobile number

Step 4: Select the loan purpose and loan amount

Step 5: Compare offers and apply for the best-suited loan

Kotak Mahindra Bank Personal Loan Balance Transfer

Interest rate 9.98% p.a. onwards
Repayment tenure Depends on the outstanding loan amount
Processing fee Up to 5% of the loan amount

Kotak Mahindra Bank Personal Loan Balance Transfer Interest Rates

Kotak Mahindra Bank offers personal loan balance transfer at an interest rate of 9.98% p.a. onwards and the Kotak Mahindra Bank Personal Loan Interest Rates for fresh borrowers also start from the same rate of interest. Just as in the case of personal loan balance transfer schemes offered by other lenders, the final interest rates offered to an applicant of Kotak Mahindra Bank Personal Loan Balance Transfer may vary according to his credit score, monthly income, job profile, employer’s profile, etc.

Fees & Charges of Kotak Bank Personal Loan Balance Transfer

Processing Fees

Kotak Mahindra Bank charges a processing fee of up to 5% of the final loan amount or balance transfer amount plus applicable taxes. The loan processing fees charged by the bank is non-refundable.

Foreclosure/part-prepayment charges on Personal Loan

Foreclosure charges
  • Up to 3 years: 4% on outstanding principal amount
  • After 3 years: 2% on outstanding principal amount
Part-prepayment charges Rs 500 per instance for part-paymentNote:

  • Part prepayment of personal loan is not allowed for loans disbursed on or before February 1, 2020.
  • Part prepayment of personal loan is allowed for up to 20% of outstanding loan amount every year after lock-in period for loans disbursed after February 1, 2020.

Fees & Charges on Personal Loan Overdraft

Lock-in Period 12 months
Penal charges on Overdue 8% p.a.
Processing Fees Up to 5% of the final loan amount
Foreclosure Charges (Post Lock-in Period) NIL
Foreclosure Charges (If Lock-in Period is not served) 4% on current sanction limit
Repayment account swap charges Rs. 500 per swap
Account statement charges Physical account statement: Rs. 200 + taxes per instance
Bounce/dishonour charges Rs. 750 per instance

Eligibility Criteria for Kotak Bank Personal Loan Balance Transfer

The bank has not disclosed the eligibility conditions for Kotak Mahindra Bank Personal Loan Balance Transfer. However, the eligibility criteria for PLBT should be similar to the other Kotak Personal Loan schemes.

Here are the various Kotak Mahindra Bank Personal Loan Eligibility conditions:

  • Employment Type: Working in an MNC, a private limited company or a public limited company for at least 1 year
  • Age: 21-60 years
  • Minimum Net Monthly Income: Rs. 20,000
  • Minimum Educational Qualification: Graduate
  • Residential History: Continuously residing in the city for the past 1 year
  • Work Experience: Minimum 1 year with reputed organization
  • Good credit history is an added advantage

Additionally, Kotak Bank may also consider the credit score of its personal loan balance transfer applicants, just like other lenders while evaluating the personal loan balance transfer eligibility of their applicants.

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Kotak Mahindra Bank Personal Loan Balance Transfer Documents Required

  • ID proofs like passport, Aadhar card, driving license, voter ID, PAN card
  • Residential proofs like passport, utility bill, leave and license agreement
  • Last 3 months’ bank statement
  • Salary slip for last 3 months

How Can I Apply for a Personal Loan Online?

Get up to ₹40 Lakh in 5 Simple Steps

Step 1: Enter your mobile number in the application form

Step 2: Provide your personal details

Step 3: Enter OTP to verify your mobile number

Step 4: Select the loan purpose and loan amount

Step 5: Compare offers and apply for the best-suited loan

Explore Our Kotak Mahindra Bank Lenders

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