An ideal option for all the financial needs and emergencies, Kotak Mahindra Bank Personal Loan is available up to Rs. 20 lakh. With easy documentation and quick processing, the funds you avail from the personal loan get disbursed to your bank account instantly. For your convenience, the bank offers flexible repayment tenure ranging from 12 to 60 months.
Kotak Mahindra Bank Personal Loan- Eligibility Criteria
- You should be an Indian resident
- You should be a permanent employee of MNC, Private and Public Limited company
- You should be at least 21 years old and your maximum age should be 62 years
- Your minimum monthly salary should be Rs. 20,000
- You should at least be a graduate
- You should be an active resident of a city for at least 1 year
- You should have a minimum work experience of at least 1 year with at least 6 months in current organisation
Kotak Mahindra Bank Personal Loan- Eligibility Calculator
One can surely calculate his Kotak Mahindra Bank personal loan eligibility at Paisabazaar with respect to criteria given by the bank. The Personal Loan Eligibility Calculator available at Paisabazaar is easy to use and gives you an instant result just after you finish filling a small form with mandatory information.
How to Improve Your Kotak Mahindra Bank Personal Loan Eligibility?
- Credit score: A credit score is a 3 digit numeric number that helps the lender to know how you have handled your finances in the past. Therefore, higher the credit score, higher are the chances of being eligible for a personal loan
- Employer: The lender ensures that you are working with a reputed organisation and have a steady flow of income so that you are able to repay the loan on time. However, if you are permanently employed, your eligibility for a personal loan increases
- Pay your existing credit card bills: In order to increase your debt-to-income ratio, it is necessary to pay all your credit card bills and in fact, close exiting loans. This way, your personal loan eligibility gets a boost
Frequently Asked Questions
Q1. Do I need any collateral or security to be eligible for a personal loan from Kotak Mahindra Bank?
No, no collateral/security is needed to be eligible to get a personal loan from Kotak Mahindra Bank.
Q2. Do I need to have an account with Kotak Mahindra Bank to avail a personal loan from them?
No, you need not have an account relationship with Kotak Mahindra Bank to avail a personal loan from them. However, having an existing relationship can give you an upper hand as it can ease up the overall application procedure, help you avail a lower interest rate, make repayments easier, etc.
Q3. I have a monthly income of Rs. 30,000. Can I get a personal loan from Kotak Mahindra Bank?
Yes, you can avail a personal loan from Kotak Mahindra Bank provided you meet the bank’s other personal loan eligibility criteria.
Q4. I have repaid my consumer durable loan last month. Can I get a personal loan now from Kotak Mahindra Bank?
Yes, you can get a personal loan from Kotak Mahindra Bank, provided you meet the bank’s other eligibility conditions.
Q5. I have a 2 year work experience. However, I have joined my current organisation 3 months back. Can I get a personal loan from Kotak Mahindra Bank?
In order to be eligible to avail a personal loan from Kotak Mahindra Bank you should have worked at least 6 months in your current organisation.