| Interest rate | 10.99% p.a. onwards |
| Loan amount | Rs 50,000 to Rs 25 lakh |
| Repayment tenure | 1 to 5 years |
| Processing fee | Up to 3% of the loan amount |
Note: Interest rates as on 19 September 2024
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| Interest rate | 10.99% p.a. onwards |
| Loan amount | Rs 50,000 to Rs 25 lakh |
| Repayment tenure | 1 to 5 years |
| Processing fee | Up to 3% of the loan amount |
Note: Interest rates as on 19 September 2024
Kotak Mahindra Bank offers marriage loans starting from 10.99% p.a. While the bank has not disclosed the differential interest rates for its marriage loan applicants based on credit-score, occupation, income or other parameters, lenders usually consider monthly income, job profile, employer’s profile, credit score, etc. of their loan applicants for setting their personal loan interest rates.
Also Read: How you can build or rebuild your credit score with Step UP Credit Card co-branded with SBM Bank India Ltd.
Kotak Mahindra Bank charges a processing fee of up to 3% of the loan amount for marriage loans.
| Foreclosure charges | Up to 3 years – 4% on outstanding principalAfter 3 years – 2% on outstanding principal |
| Part-prepayment charges | Rs 500 per instance |
| Stamping charges | As per respective State’s Stamp Act |
| Overdue Interest | 3% per month |
| Credit Appraisal Charges | Up to 5% of loan amount, up to Rs 7,500 + GST |
| Credit Administration Charges | Up to 5% of loan amount, up to Rs 7,500 + GST |
| Collection Charges | 30% + GST of cheque /instrument dishonor charges + overdue interest |
| Dishonor Charges per instance | Rs 750 + GST |
| Copy of CIBIL | Rs 50 + GST |
Kotak Mahindra Bank has not set any specific eligibility criteria for availing marriage loan. However, for most lenders, the eligibility criteria set for marriage loans are usually the same as regular personal loans. Mentioned below are the eligibility criteria set for availing Kotak Mahindra Bank Personal Loan:
Additionally, just like other lenders, Kotak Bank may also consider the credit score for evaluating the eligibility of its personal loan applicants
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