| 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
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Kotak Mahindra Bank Personal Loan Balance Transfer
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 |
|
| Part-prepayment charges | Rs 500 per instance for part-paymentNote:
|
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:
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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Personal Loan Articles
View All ArticlesPaisabazaar is a loan aggregator and is authorized to provide services on behalf of its partners.
The APR (Annual Percentage Rate) of a personal loan is its annualised cost of borrowing, which includes the interest rate as well as the processing fees, documentation fees and other fees charged during the loan origination. The APR is expressed in the form of a percentage and thus, allows personal loan applicants to detect personal loan schemes offered at lower interest rates but with higher processing fees and/or other charges.
The APR of personal loans usually ranges between 11.29% to 35%. For example, assume that you have availed a personal loan of Rs. 5 lakhs @ 10.50% p.a. with a repayment tenure of 5 years. The processing fee charged for this loan is 1.5% of the loan amount, which amounts to Rs 7,500. Therefore, the total borrowing cost of your personal loan will be Rs 1,52,317 and its APR will be 11.16%.
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Get up to ₹50 Lakhs starting at 9.98%*
Get up to ₹50 Lakhs starting at 9.98%*









