An ideal option for all financial emergencies, Kotak Mahindra Bank Personal Loan can be availed to deal with expenses related to medical condition, home renovation, wedding, vacation, debt consolidation, etc. The amount varies from Rs. 50,000 to Rs. 15 lakh and can be applied online from the comfort of your home or office.
Eligibility for Kotak Mahindra Bank Personal Loan
- You should be a resident of India
- You should be at least 21 years old and your maximum age should be 58 years
- You must be an active employee of an MNC or private limited company
- Your salary should be at least Rs. 20,000 per month
- You should at least be a graduate
- You should have a minimum working experience of at least 1 year
- You should be an active resident of your current city for at least 1 year
Documents Required to Apply for Kotak Mahindra Bank Personal Loan
- Proof of Identity: PAN Card/Passport/Aadhar Card, Driving License
- Proof of residence: Passport, Utility Bill, Leave and License Agreement
- Salary slips for last 3 months
- 2- 3 passport size photographs
Process to Apply for Kotak Mahindra Bank Personal Loan
- Fill out the personal loan application form on Paisabazaar. Details required include desired loan amount, current profession, net monthly income, etc. and click on proceed
- Choose from various personal loan that are displayed as per the chances of approval or call Paisabazaar for further assistance
- Once you select the lender, fill a few more forms to forward your loan application to the prospective lender
How to Apply for Kotak Mahindra Bank Personal Loan Offline?
- Domestic customers can call on 1860 266 2666 (standard call rates applicable)
- NRIs can call on the following numbers:
- USA: 1855-365-6767
- Australia: 001-1800-4499-0000
- Hong Kong: 00-1800-4499-0000
- K: 00-800-4499-0000
- Canada: 185-5768-4020
- Singapore: 800-101-3054
- You can also visit the nearest branch of Kotak Mahindra Bank and submit a filled out application in person.
Benefits of Applying for Kotak Mahindra Bank Personal Loan
- Loan Amount: The personal loan amount offered by Kotak Mahindra Bank varies from Rs. 50,000 to Rs. 15 lakh to cater to various personal needs. However, your loan eligibility will depend on various factors like age, employer, credit score, income, etc.
- Flexible tenure: Ensuring complete flexibility and convenience, the tenure of Kotak Mahindra Bank Personal Loan varies from 12 to 60 months
- Minimum documents: When you apply for a personal loan, you will be asked to submit only a few documents so that your application is processed quickly
- Balance transfer: You can transfer your existing personal loan from other bank to Kotak Mahindra Bank to avail better terms along with lower interest rates
Q1. What is the interest rate of Kotak Mahindra Bank Personal Loan?
The interest rate of Kotak Mahindra Bank Personal Loan starts from 10.99%.
Q2. What is the processing fee of personal loan?
The processing fee is up to 2.5% of the loan amount+ GST and other applicable statutory levies.
Q3. Can I prepay my Kotak Mahindra Bank Personal Loan?
Yes, you can prepay your personal loan after a lock- in period of 12 months along with the applicable charge of 5% foreclosure charges + GST on principal outstanding.
Q4. Can I avail additional funds on my Kotak Mahindra Bank Personal Loan?
Yes, you can avail more funds after the 9 months of sanction of your existing personal loan. You can also apply for top-up loan by phone, just SMS ‘PLTOPUP’ to 5676788.
Q5. What would be my EMI date to repay Kotak Mahindra Bank Personal Loan?
The EMI date would be between 5th and 10th of every month. You can call the customer care executive to know your exact EMI date and it is also mentioned in your loan agreement.