When you have to bear unexpected expenses or are short on money, Kotak Mahindra Bank Personal Loan comes to the rescue. Offering a loan amount ranging from Rs. 50,000 to Rs. 15 lakh, Kotak Mahindra Bank personal loan can be availed for any kind of financial requirement. You can apply for personal loan from the comfort of your home only by providing some basic information and submitting a few documents.
Kotak Mahindra Bank Personal Loan - Features and Benefits
- Loan Amount: Kotak Mahindra Bank offers personal loan 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 credit score, financial history, location, age, repayment capability, etc.
- Repayment Options: Kotak Mahindra Bank offers flexible repayment options ranging from 12-60 months for convenient EMIs
- 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
- Balance transfer: You can transfer your existing personal loan from other lender to Kotak Mahindra Bank in order to avail better terms along with lower interest rate.
Kotak Mahindra Bank Personal Loan - Interest Rate, Fees and Charges
|Interest Rate||11.29% to 19.99%|
|Loan processing charges||Upto 2.5% of the loan amount + GST and other applicable statutory levies|
|Stamping charges||Applicable as per the respective State’s Stamp Act|
|Credit appraisal charges||Upto 5% of the Loan amount, not exceeding Rs. 7500 (inclusive of GST )|
|Overdue interest||3% p.m compounded monthly on the Amount due but unpaid from the Date of the Amount falling Due till the Date of actual payment|
|Collection charges||30% (inclusive of GST and other applicable statutory levies)of cheque / instrument dishonor charges+ overdue interest|
|Dishonor Charges Per Instance||Rs. 750 per instance (inclusive of GST and other applicable statutory levies)|
|Swap Charges( Replacement of PDCs)||Up to Rs. 500 per Swap per Instance+ GST and other applicable statutory levies|
|Prepayment Interest / Foreclosure Charges||Lock in period for 12 months. After 12 months, 5% foreclosure charges + GST on principal outstanding|
|Duplicate Issue of NOC||Rs. 500 + GST and other applicable statutory levies per instance|
|No Due 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 - Eligibility Criteria
- You should be in the age group of 21- 58 years
- Your minimum monthly income should be Rs. 20,000
- You should at least be a graduate
- You should be a resident of a city for at least an year
- You should have a minimum working experience of at least an year
Kotak Mahindra Bank Personal Loan - Documents Required
- Identity proof: Pan Card, Passport, Aadhar Card, Voter ID Card, Driving License
- Residence proof: Passport, Utility Bill or Lease and License Agreement
- Salary slip of last 3 months
- Bank statement of last 3 months with income details
- 2-3 passport size photographs
Kotak Mahindra Bank Personal Loan - EMI Calculator
Paisabazaar’s personal loan EMI Calculator calculates EMI for your Kotak Mahindra Bank personal Loan on the basis of inputs given by you. The EMI Calculator asks for the following details:
- Loan amount
- Interest Rate
On sharing the above details, Paisabazaar.com will tell you the monthly EMI that will be paid every month for your personal loan and will help you to plan for your future expenses accordingly.
Compare Kotak Mahindra Bank Personal Loan VS Other Lenders
|Particulars||Kotak Mahindra Bank||HDFC Bank||Citi Bank||Axis Bank||ICICI Bank||Bajaj Finserv|
|Interest Rate||11.29% to 19.99%||11.25% to 21.50%||Starting from 10.99%||15.75% to 24%||11.50% to 19.25%||Starting from 12.99%|
|Tenure||12 to 60 months||12 to 60 months||12 to 60 months||12 to 60 months||12 to 60 months||12 to 60 months|
|Loan amount||Upto Rs. 15 lakh||Upto Rs. 40 lakh||Upto Rs. 30 lakh||Rs. 50,000 to Rs. 15 lakh||Upto Rs. 20 lakh||Upto Rs. 25 lakh|
|Processing Fee||Upto 2.5% of the loan amount plus GST and other applicable statutory levies||Upto 2.50% of the loan amount||Upto 3% of the loan amount||2% of loan amount plus GST||Upto 2.25% of loan amount plus GST||Up to 3.99% of the loan amount|
|Apply Now||Apply Now||Apply Now||Apply Now||Apply Now||Apply Now|
Kotak Mahidra Bank Personal Loan - Top- Up
After 9 months of the sanctioned date, Kotak Mahidra Bank Personal Loan provides top- up loan facility. This facility is offered within 2 working days at either on the existing rate or lower rate is sanctioned after considering a few things including if there is a bounced cheque, EMI due, total number of loans taken and job stability. You can also apply for top- up loan by:
SMS ‘PLTOPUP’ to 5676788
Kotak Mahidra Bank Personal Loan Top-Up - Features and Benefits
- Minimum paperwork
- Hassle- free process
- Attractive interest rate
- Quick processing of application and instant disbursal of loan amount
- Flexible repayment options
Is it possible to reschedule or postpone my EMI?
No, you cannot postpone of reschedule your personal loan EMI.
Can I foreclose my personal loan?
Yes, you can foreclose your personal loan after paying the 12th EMI. You will have to inform the bank in writing or email about your request for prepayment.
Is part - prepayment of personal loan possible?
No, part- prepayment facility on a personal loan is not offered by Kotak Mahindra Bank.
Why should I opt for balance transfer facility offered by Kotak Mahindra Bank?
You should opt for balance transfer facility offered by Kotak Mahindra Bank because:
- Smooth paperwork and hassle- free documentation
- Speedy processing
- Quick disbursal of loan amount
- Flexible repayment