| Kotak Mahindra Bank Marriage Loan Highlights 2023 | |
| 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 of 21st September 2023
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Table of Contents
Kotak Mahindra Bank Marriage Loan Interest Rates
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.
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Marriage Loan Fees and Charges of Kotak Mahindra Bank
Processing fee
Kotak Mahindra Bank charges a processing fee of up to 3% of the loan amount for marriage loans.
Foreclosure and part-prepayment charges
| Foreclosure charges | Up to 3 years – 4% on outstanding principal
After 3 years – 2% on outstanding principal |
| Part-prepayment charges | Rs 500 per instance |
Other fees and Charges
| 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 |
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Kotak Bank Marriage Loan Eligibility Criteria
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:
- Employment Type: Working in an MNC, a private limited company or a public limited company
- Age: 21-60 years
- Minimum Monthly Income:
- For Corporate Borrowers- Rs 25,000
- For Non-corporate Salary Borrowers- Rs 30,000
- Employee of Kotak Mahindra Bank- Rs 20,000
- Minimum Educational Qualification-Graduate
- Residential History- Continuously residing in the city for the past 1 year
- Work Experience- Minimum 1 year
Additionally, just like other lenders, Kotak Bank may also consider the credit score for evaluating the eligibility of its personal loan applicants
Documents Required for Kotak Bank Marriage Loan
- ID proofs like passport, Aadhar card, driving license, voter ID, PAN card
- Residential proofs like passport, utility bill, leave and license agreement
- Bank statement for past 3 months 2-3 passport size photographs
- Salary slip for last 3 months
Kotak Mahindra Bank Marriage Loan EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
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