Kotak Mahindra Bank offers the facility of transferring the outstanding principal amount of your existing personal loan from other financial institution to Kotak Mahindra Bank. The main purpose of transferring your existing personal loan to Kotak Mahindra Bank is to get better terms such as a lower interest rate on your outstanding borrowing.
Personal Loan Balance Transfer Interest Rate
Kotak Mahindra Bank does not specify interest rates applicable to a personal loan balance transfer and decides it on a case by case basis. But in practice, these rates tend to be close to the personal loan interest rates offered by the bank which start from 10.99% onwards.
Documents Required For Kotak Mahindra Bank Personal Loan Balance Transfer
The basic documents required for Kotak Mahindra Bank Personal Loan Balance Transfer are mentioned below. However, the bank can ask you for additional documents for verification on a case by case basis.
- KYC documents: Aadhaar Card, Voter ID Card, Passport, Driving License, PAN, etc.
- Recent Loan statement (current outstanding loan with another lender)
- Salary slips and bank account statements for past 3 months
Process of Kotak Mahindra Bank Personal Loan Balance Transfer
If you wish to transfer your existing personal loan to Kotak Mahindra Bank, you can perform the following steps:
Step 1: SMS ‘PLBT’ to 5676788 using your registered mobile number as per bank records
Step 2: Arrange for document pick-up/submission with a representative of Kotak Mahindra Bank
Step 3: If your application is accepted, you will receive a draft from Kotak Mahindra Bank for the loan amount outstanding plus any taxes/charges that are applicable. You need to submit this with your current lender to complete the personal loan balance transfer to Kotak Mahindra Bank.
Important Aspects of Kotak Mahindra Bank Personal Loan Balance Transfer
- You get a lower interest rate as compared to your existing lender and hence your EMI burden reduces and you save money
- You can avail additional funds of up to 100% of the amount of your existing personal loan that you transfer to Kotak Mahindra Bank
- The transfer process requires minimum documentation and features quick approval
- You get easy EMI options to repay the loan without any stress
Q1. How do I get in touch with the customer care of Kotak Mahindra Bank?
- You can call on 1860 266 2666 (standard call rates applicable)
- You can visit the nearest branch of the bank. Branch address and similar details are available on the bank’s official website.
Q2. How can I apply for a new personal loan at Kotak Mahindra? What would be the interest rate?
You can apply for Kotak Mahindra Bank Personal Loan online at Paisabazaar. The interest rate of these personal loans starts from 10.99% p.a. and vary from individual to individual depending on the applicant’s age, credit score, repayment history, etc.
Q3. What is the minimum and maximum personal loan balance transfer amount that I can avail from Kotak Mahindra Bank?
The personal loan amount of Kotak Mahindra Bank varies from Rs. 50,000 to Rs. 15 lakh.
Q4. How do I find the personal loan balance transfer charges of Kotak Mahindra Bank?
You can check with the nearest branch, call up customer service of the bank or SMS “PLBT” to 5676788 to know the detailed charges associated with transfer of your current personal loan to Kotak Bank.
Q5. Do I need to have a prior relationship with Kotak Mahindra Bank in order to be eligible for a personal loan balance transfer?
Though this is not specified by Kotak Mahindra Bank, often the most lucrative personal loan balance transfer offers are provided to individuals who have an existing relationship in good standing with the bank.