Kotak Mahindra Bank Personal Loan Highlights
|Interest rate||10.50% p.a. onwards|
|Loan Amount||Up to Rs. 30 Lakh|
|Eligible Applicant Category||Salaried Individuals|
|Eligible Applicant Age||Min. 21 years and Max. 62 years|
|Eligible Income||Min. Rs. 25,000 p.m. (Net)|
|Processing Fees||Up to 1.99% of the loan amount+ GST and other applicable statutory levies|
|Loan Tenure||Up to 60 months|
|Personal Loan Types||Marriage Loan, Travel Loan, Medical Emergency Loan, Home Renovation Loan, etc.|
Kotak Mahindra Bank personal loans are available to applicants seeking loans for amounts up to Rs. 30 lakh. These loans are suitable for funding a variety of financial requirements including home renovation, foreign travel, debt consolidation and medical expenses.
Features of Kotak Mahindra Bank Personal Loan
- Loan Amount: Kotak Mahindra Bank offers personal loan starting from Rs 50,000 up to Rs 30 Lakh. Before finalizing the loan amount, the bank takes into account the profile of the loan applicant that includes credit score, financial history, annual income, repayment capability, etc.
- Repayment Options: Kotak Mahindra Bank offers flexible repayment options with tenure ranging from 12 to 60 months through convenient EMI payments
- Minimal Paperwork: The bank asks for minimal documentation when you are applying for a personal loan making the entire process quick and hassle-free
- Balance transfer: You can transfer your existing personal loan from other lenders to Kotak Mahindra Bank in order to avail better terms along with lower interest rates
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Kotak Mahindra Bank Personal Loan Interest Rates
Starting from 10.50%, the interest rate offered by Kotak Mahindra on a personal loan ensures affordable EMIs. However, the interest rate offered to an individual depends on his credit score, age, employer, repayment history, etc.
Types of Kotak Mahindra Bank Personal Loans
The following are the key types of personal loans currently offered by Kotak Mahindra Bank:
- Personal Loan for Marriage
- Personal Loan for Travel
- Personal Loan for Medical Emergency
- Personal Loan for Home Renovation
1. Personal Loan for Marriage
If you need money to fund a wedding, you can apply for Kotak Mahindra Bank personal loan for marriage and can avail a loan amount of up to Rs. 30 lakh. This loan can cover expenses related to venue, catering, decoration, photography, accommodation for guests, honeymoon, etc.
2. Personal Loan for Travel
Are you planning to go to your dream destination but don’t have enough money to fund your vacation? With Kotak Mahindra Bank Personal Loan for Travel, you can borrow money starting from Rs. 50,000 to Rs. 30 lakh and can easily pay for your flight tickets, accommodation, sightseeing, shopping, etc.
3. Personal Loan for Medical Emergency
With minimum paperwork and instant approval, you can avail funds immediately if you apply for Kotak Mahindra Bank Personal Loan for Medical Emergency. Offered up to Rs. 30 lakh, this loan ensures that you are easily able to pay the medical bills and then repay the loan in easy instalments.
4. Personal Loan for Home Renovation
Whether you want to paint your home or fix that leaking ceiling or wish to buy a new sofa for your drawing home or want a modular kitchen, Kotak Mahindra Bank Personal Loan for Home Renovation offered up to Rs. 20 lakh is an ideal choice to give a new and modern look to your house.
Kotak Mahindra Bank Personal Loan Top-Up
After 9 months of the sanctioned date of your existing personal loan with the bank, Kotak Mahindra Bank provides the personal loan top-up loan facility. The top-up loan facility is usually offered at the existing rate.
That said a higher or lower interest rate may be applicable after considering key factors including repayment history, outstanding loan amount, age, employer, etc. of the individual applicant. You can also apply for a top-up loan by phone, just SMS ‘PLTOPUP’ to 5676788
- You should be an Indian resident
- You should be at least 21 years old and your maximum age should be 62 years
- You should be an active/permanent employee of an MNC, public or private limited company with a minimum work experience of at least 1 year
- Your net salary should be at least Rs. 25,000 per month
- You should at least be a graduate
- You should be an active resident of a city for at least 1 year
Also Read: Kotak Mahindra Personal Loan Eligibility
Documents Required for Kotak Mahindra Bank Personal Loan
- Proof of Identity: Passport, PAN, Aaadhar, Voter’s ID, Driving License
- Proof of Residence: Utility Bill, Passport or Leave and License Agreement
- Bank Statement for the last 3 months with income details
- Salary slip for the last 3 months
- 2-3 passport size photographs
How to Apply for Kotak Mahindra Bank Personal Loan with Paisabazaar?
- Fill an online application form available at Paisabazaar and click on ‘proceed’
- You will be redirected to another page showing you offers from various lenders as per the chances of approval
- Select the loan offer(s) from Kotak Mahindra Bank (if available) or give a call to the customer care team of Paisabazaar for further assistance
- The last step would involve filling another online form asking for additional information so that your personal loan application can be forwarded to the desired lender
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Why Apply for Personal Loans at Paisabazaar
- Offers from Top Lenders: 40+ partner Banks/NBFCs/Fintechs provide the best available loan at one place.
- Compare & Choose: You can check and compare loan offers from top banks, NBFCs and fintechs, and choose the best option with a click of a few buttons.
- Personalized solutions & certainty of approval: On Paisabazaar, personal loan offers are ranked according to your credit score and other eligibility factors. This helps in choosing the best offer for which certainty of loan approval is the highest.
- Pre-Approved Loans: You get pre-approved personal loan offers based on your credit health from time to time. These options come with low processing fees, low interest rates and almost no documentation.
- Unbiased advice: In case of queries or need for assistance, Paisabazaar’s team of experts can be of great help in coordinating with lender Banks/NBFCs and help in getting the most-suited personal loan.
- Complete Digital Process: As a digital-only organization, Paisabazaar.com provides a completely digital experience. It helps you to avail personal loans from the comfort of your homes with almost no paperwork and a completely digital experience.
- Document Pickup: In case physical documentation is required, Paisabazaar representatives pick documents from your location on a mutually agreed date and time after you apply for the loan. You are not required to physically visit the lender to submit your documents as Paisabazaar will do the needful for you – At no extra cost.
- End-to-end Assistance: Right from looking out for a loan option to getting the sanctioned loan amount in your bank account, Team Paisabazaar remains with you and works in the background with the lenders, to give you a wonderful experience.
Fees and other Charges
The following are some of the key fees and charges associated with your Kotak Bank personal loan:
|Loan Processing Charges||Up to 1.99% of the loan amount+ GST and other applicable statutory levies|
|Stamping Charges||Applicable as per the respective State’s Stamp Act|
|Credit Appraisal Charges||Up to 5% of the loan principal, not exceeding Rs. 7500 (inclusive of GST )|
|Overdue Interest||3% p.m. compounded monthly on the overdue amount from the due date till completion of payment|
|Collection Charges||30% of cheque / instrument dishonour charges (GST included) + overdue interest|
|Dishonour Charges each Instance||Rs. 750 per instance (inclusive of GST and other applicable statutory levies)|
|Swap Charges( Replacement of PDCs)||Up to Rs. 500 per instance + GST and other applicable statutory levies|
|Prepayment Interest / Foreclosure Charges||Lock-in period for 12 months. After 12 months, up to 5% foreclosure charges + GST on principal outstanding|
|Duplicate Issue of NOC||Rs. 500 + GST and other applicable statutory levies per instance|
|No Dues Certificate||Rs. 500 + GST and other applicable statutory levies per instance|
|Charges for furnishing a copy of the credit information report (CIBIL) to the applicant.||Rs. 50 + GST and other applicable statutory levies per instance|
|Charges applicable in case customer requests for copies of records pertaining to his transactions ( SOA / Amortization Schedule)||Once yearly without any charge. Post that Rs. 250 per request+ GST and other applicable statutory levies|
Kotak Mahindra Bank Personal Loan EMI Calculation
The following personal loan EMI calculation is an illustration of how the monthly EMI of a Kotak Mahindra Bank PL varies based on loan tenure, loan principal and interest rate.
|Loan principal @ interest||Tenure|
|1 year||2 years||3 years||4 years||5 years|
|2 lakh @ 11%||Rs. 17,676||Rs. 9,321||Rs. 6,547||Rs. 5,169||Rs. 4,348|
|5 lakh @ 11.25 %||Rs. 44,249||Rs. 23,361||Rs. 16,428||Rs. 12,983||Rs. 10,933|
|10 lakh @ 12%||Rs. 88,848||Rs. 47,073||Rs. 33,214||Rs. 26,333||Rs. 22,244|
|14 lakh @ 12.5%||Rs. 1,24,716||Rs. 66,230||Rs. 46,835||Rs. 37,211||Rs. 31,497|
Also Read: Kotak Mahindra Personal Loan EMI Calculator