Kotak Mahindra Bank has evolved massively in the past couple of years with a wide range of banking products. From Fixed Deposits, Home Loans, Credit Card and Personal Loan, the bank caters to almost all the requirement of the people with simple yet informative products for applicant who aren’t even the customers of Kotak Mahindra Bank. The customers can approach the bank or apply online for a personal loan if they meet with the eligibility criteria.
Kotak Mahindra Personal Loan Interest Rate
|Type Of Fees||Charges Applicable|
|Collection Charges||30% (inclusive of GST and other charges) of the Cheque / instrument dishonour charges + overdue interest|
|Loan Tenure||12-60 Months|
|Loan Processing Charges||Up to 2.50% of the Loan Amount + GST and other applicable charges|
|Credit Appraisal Charges||Up to 5% of the Loan Amount, not exceeding Rs 7500 (inclusive of GST)|
|Pre-Payment Charges||Up to 5% of Principal Outstanding which is allowed after 1 year|
|Swap Charges||Rs 500 per swap per instance + GST and other applicable charges|
|Prepayment Interest / Foreclosure Charges||The Lock in period is for 12 months. After completion of 12 months, 5% foreclosure along with GST on principal outstanding will be applied.|
|Duplicate Issue of NOC||Rs 500 + GST and other charges applicable|
Features of Kotak Mahindra Personal Loan
The bank offers a lot of features on it’s Personal Loan product. Some of which are:
- Loan Amount – Kotak Mahindra Bank offers Personal Loan Amount starting from Rs 50,000 till Rs 15 Lakh. Before finalizing the loan amount, the bank takes into account the profile of the loan applicant like CIBIL Score, Financial history, location, age and repayment capability etc.
- Repayment Options – Kotak Mahindra Bank offers flexible repayment options for it’s personal loan product. The loan applicant can avail personal loan for a period of 12-60 months.
- Interest Rate – Personal Loan Interest Rates offered by Kotak Mahindra Bank are attractive as well as competitive as compared to the other Indian Banks.
- Minimal Paperwork – The bank asks for minimal documentation while applying for a personal loan making the entire process of personal loan quick, smooth and hassle-free.
The bank asks for original documents for the verification process and self-attested copies for submission. Some of the documents that are required for a personal loan are:
- Loan Application Form
- Identity Proof – Aadhaar Card / Passport / Driving License / Voter ID Card
- Residential Proof for Personal Loan – Copy of Aadhaar / Voter ID / Passport / Driving License
- Age Proof of the Loan Applicant
- Signature and Ownership Proof
- Income along with bank account details of the previous 6 month of the loan applicant
Kotak Mahindra Bank Personal Loan Eligibility Criteria
To avail a personal loan from Kotak Mahindra Bank, there is a set eligibility criteria which an applicant needs to meet to apply for the personal loan with Kotak Mahindra Bank. Some of the factors that include are:
- All the Indian Residents who are working with MNCs or the Public and Private Limited Companies with minimum age of 21 and maximum age of 58 are eligible to apply for a Personal Loan
- Minimum net monthly salary of the Loan Applicant should not be less than Rs. 20,000/-
- Minimum educational qualification of the individual wanting to apply for a personal loan should be a Graduate.
- Minimum work experience of the loan applicant should be 1 year having minimum of 1 year in the current city.
Kotak Mahindra Top Up Personal Loan
The bank provides Top-up on Personal Loan, so anyone who is wanting some extra funds over their existing personal loan can apply for the same. The benefits of Kotak Mahindra top up personal loan are:
- While applying for a top up with personal loan, no security or collateral is required
- Simplified Documentation along with attractive interest rates* (Terms and Conditions Apply – Credit at the sole discretion of the bank and subject to the guidelines issued by the RBI from time to time)
- Quick processing along with disbursal
- Bank also offers simple repayments through the monthly instalment
To apply for a top up on Personal Loan from Kotak Mahindra Bank SMS ‘PLTOPUP’ TO 5676788
Kotak Mahindra Bank Balance Transfer Facility
If you already have an existing personal loan, the bank offers Balance Transfer Facility where you can shift your ongoing personal loan from other banks to Kotak Mahindra and can also avail lower interest rate on the same. Some of the benefits of Kotak Mahindra personal loan balance transfer are:
- One can avail additional top up amount up to 75% of the original personal loan
- No collateral or security is required for individuals who want to get balance transfer done with Kotak Mahindra Bank
- Simple repayments through monthly instalment with quick processing and disbursal helps with the entire process of personal loan application.
To apply for a Balance Transfer of Personal Loan from Kotak Mahindra Bank SMS ‘PLBT’ TO 5676788
Kotak Mahindra Bank Personal Loan EMI Calculator
In order to calculate the Personal Loan EMI, you can log on to the bank’s website www.kotak.com, under the Explore Products tab, there is a tab of ‘Loans’ under which you can go to EMI Calculator. For calculating EMI, you will need to provide the loan you want to apply for. Like the Loan requirement, interest rate of the personal loan, the loan tenure. On giving these details, Kotak Mahindra will give the total amount payable, interest payable and the Principal on the desired Loan Amount.
Alternatively, you can also calculate the Personal Loan EMI on www.paisabazaar.com.
How EMI Calculator on Paisabazaar.com works?
- Personal Loan EMI Calculator calculates EMI for Personal Loan on the basis of inputs given by the Loan Applicant. The EMI Calculator asks for the following details:
- Loan Amount
- Loan Tenure
- Interest Rate
On sharing the above details, Paisabazaar.com will tell you the monthly EMI that will be paid every month for the Personal Loan.
Kotak Mahindra Personal Loan Application Status
Personal Loan application status can be checked online as well as offline with Kotak Mahindra Bank.
On the website, there is Loan Application tracker where one can check the status of Personal Loans, Home Loans, Credit Card, and Business Loans along with the Application Number of the product.
To apply for a personal loan offline, you can also visit the nearest Kotak Mahindra Bank and the bank executives will accordingly help on the personal loan information.
How to apply for Personal Loan with Kotak Mahindra Bank?
Personal Loan with Kotak Mahindra can be applied online as well as offline.
For online application, you can visit the website www.kotak.com. The portal has lot of banking products. Under the tab of ‘Explore Products’, one can read about Personal Loan and then apply for the same.
In case of offline, one can visit their nearest Kotak Mahindra Bank Branch or call on their Customer Care no. to get more details on Personal Loan.
Kotak Mahindra Personal Loan Foreclosure / Full Prepayment Procedure
Kotak Mahindra Bank allows foreclosure on the personal loan. Below is the procedure for foreclosure:
- 30 days foreclosure period is mandatory for the bank. Prepayments are not allowed for 12 months from the date of the first EMI
- If there is a request of full prepayment, the bank would want a written confirmation or over the Email stating the same.
- The bank issues the foreclosure statement to the customer after the intimation period is over.
- Full Prepayment cheque need to be submitted at the Kotak Mahindra Bank branch at least 7 days before the next due EMI.
- Foreclosure payment can be made via Cheque, Cash or Demand Draft in favour of ‘Kotak Mahindra Bank’ once the intimation period is over.
- The bank will send the No Objection Certificate (NOC) and the post-dated cheques if there are any, to the given address within 15 working days post-closing the Loan Account and once the Foreclosure Cheque is cleared, the Loan Closure will take place in the bank records
- The bank might also charge 5% + service tax on the Principal Outstanding after the 12+1 intimation period.
Kotak Mahindra Bank Customer Care
Phone Banking Services for Kotak Mahindra Bank for any banking related queries
Toll Free Number : 1860-266-2666
For 811 Customers : 1860-266-0811* (Charges as applicable as per the service provider country or the area)
NRI Customers and Kotak Multi Currency World Travel Card customers can call on the below mentioned numbers –
|United States||Australia||Canada||United Kingdom||Singapore||Hong Kong|
Frequently Asked Questions (FAQ)
Q. What are the Interest Rates on Personal Loan?
Ans: Kotak Mahindra Personal Loan Interest Rate ranges between 11.29-19.99%
Q. Is foreclosure allowed with Kotak Mahindra Bank?
Ans: Yes, foreclosure/Prepayment is allowed on Personal Loan only after 12 months from the first date of the first EMI.
Q. What is the loan amount that is offered by the Kotak Mahindra Bank personal loan?
Ans: Personal Loan amount of Kotak Mahindra Bank ranges from Rs 50,000 to Rs 30 Lakhs. Though the final Loan Amount is calculated on the basis of financial profile of the Loan Applicant.
Q. Is part prepayment allowed on Personal Loan?
Ans: Kotak Mahindra Bank does not allow part prepayment on Personal Loans.
Q. How can one get to know the break up and entire calculation of the Personal Loan amount cheque?
Ans: To know the entire calculation, one can place a request via phone, Email or contact the nearest Kotak Mahindra Branch. The Personal Loan calculation will be sent to the mentioned address within 4 working days.