Kotak Mahindra Bank Personal Loan Balance Transfer

Kotak Mahindra Bank Personal Loan Balance Transfer
Interest rate	10.99% p.a. onwards
Repayment tenure	Depends on outstanding loan amount
Processing fee	Up to 3% of the loan amount

Note: Interest rates as of 10th July 2023

Kotak Mahindra Bank Personal Loan Balance Transfer Interest Rates

Kotak Bank has not disclosed the interest rates it offers for personal loan balance transfer. However, the Kotak Mahindra Bank Personal Loan Interest Rates for fresh borrowers start from 10.99% p.a. 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.

Also Read: How you can build or rebuild your credit score with  Step UP Credit Card co-branded with SBM Bank India Ltd.

Compare Kotak Mahindra Bank Personal Loan Interest Rate with Other Banks/NBFCs

Banks/NBFCs	Interest Rates(p.a.)
Axis Bank	10.49% onwards	Apply Now
IndusInd Bank	10.49% onwards	Apply Now
IDFC First Bank	10.49% onwards	Apply Now
HDFC Bank	10.50% onwards	Apply Now
ICICI Bank	10.50% onwards	Apply Now
Kotak Mahindra Bank	10.99% onwards	Apply Now
Tata Capital	10.99% onwards	Apply Now
Bajaj Finserv	11.00% onwards	Apply Now
Federal Bank	11.49% onwards	Apply Now
DMI Finance	12.00% - 40.00%	Apply Now
L&T Finance	12.00% onwards	Apply Now
Kreditbee	12.25% - 30.00%	Apply Now
MoneyTap	12.96% onwards	Apply Now
Piramal Finance	12.99% onwards	Apply Now
Aditya Birla	13.00% onwards	Apply Now
MoneyView	15.96% onwards	Apply Now
Cashe	27.00% onwards	Apply Now

Fees and Charges of Kotak Bank Personal Loan Balance Transfer

Processing fee

Kotak Mahindra Bank charges a processing fee of up to 3% of the PLBT amount.

Foreclosure/part-prepayment charges

Foreclosure charges	For up to 3 years: 4% on outstanding principal For after 3 years: 2% on outstanding principal
Part-prepayment charges	Rs 500 per instance Note: 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.

Other fees and charges

Stamping charges	As per respective State’s Stamp Act
Overdue interest	3% per month
Credit Appraisal Charges	Up to 5% of loan amount, up to Rs 7,500 + GST
Collection charges	30% + GST of cheque /instrument dishonor charges + overdue interest
Copy of CIBIL	Rs 50 + GST

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
• Age: 21-60 years
• Minimum Monthly Income:
  • For Corporate Borrowers- Rs 25,000
  • For Non-corporate Salary Borrowers- Rs 30,000
  • Employee of Kotak Mahindra Bank- Rs 20,000
• Minimum Educational Qualification-Graduate
• Residential History- Continuously residing in the city for the past 1 year
• Work Experience- Minimum 1 year

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.

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
• Bank statement for past 3 months 2-3 passport size photographs
• Salary slip for last 3 months