Kotak Mahindra Bank is one the most trusted banks for home loans. It is an Indian private sector bank and its headquarters at Mumbai. Kotak Mahindra Bank offers banking and financial services for corporate and retail customers.There are so many banks and non-banking financial companies in India that provide various financial products to the customers. These can be banking, insurance, loans or credit cards. Kotak Mahindra Finance Ltd. was established in 1985. The same got converted into a bank- Kotak Mahindra Bank Ltd. in March 2003. Kotak Mahindra Bank has presence in commercial vehicles, Retail finance, Corporate Banking, Treasury and Housing Finance.
Loan against security is an overdraft facility that you get in return for pledging securities, such as mutual funds, bonds, shares and life insurance policies. It provides the benefits of a current account while letting you pay interest only on the amount used. Kotak Mahindra Bank Loan against securities providing interest on overdraft facility is charged only on utilized funds. Resident India, self employed and salaried (for funding against equity and debt) are eligible to take this loan.
1. Instant liquidity
2. Interest on overdraft facility is charged only on utilised funds
3. Tenure of 1 year renewable yearly
4. Complete online access to funds
5. SMS and e-mail client services
6. Competitive interest rate from 9.25% to 13% per annum
To apply for a loan against securities you have to pay fees and charges applied by the Kotak Mahindra Bank. It covers all charges and fees made by a Kotak Mahindra Bank to their customers.The following charges are taken from Kotak Mahindra Bank loan against securities i.e processing fee, late payments of EMIs, cheque dishonour charges, prepayment / foreclosure charges etc.
|
TYPE |
CHARGES |
|
Processing fee |
2% of the loan amount (Minimum Rs.2500) plus GST |
|
Prepayment charges |
NIL |
|
Cheque collection charges |
Rs.500 |
|
Cheque deposited and returned charges |
Rs.1000 |
|
DD Revalidation charges |
Rs.500 |
|
DD Cancellation charges |
Rs.500 |
|
DD issuance Charges |
Rs.500 |
|
Duplicate interest statement charges |
Rs.100 |
|
Duplicate TDS Certificate charges |
Rs.200 |
|
Signature verification charges |
Rs.100 |
|
Solvency certificate charges |
Rs.10000 |
|
Renewal charges |
Rs.2500 |
|
Security invocation charges |
0.3% of the sell off subject to Maximum Rs.5000 |
Before applying for a loan against securities from Kotak Mahindra Bank, you should fulfil all basic eligibility criteria as prescribed by the bank. You will get your loan amount very soon if you meet all the required eligibility criteria once the documentation is done.
Resident Individuals – Self Employed / Salaried
Resident Individuals – Self Employed / Salaried (for funding against Equity & Debt)
Age – 18 Years & above
NRI – Non Resident Individual – (for funding against Equity & Debt MF held in the name of the borrower)
Non-individual entities like Proprietorship concerns / Partnership Firms/ Limited Liability Partnerships / Private Limited / Limited Companies / HUF (for funding against Debt securities)
Any applicant who is going to avail for a loan against securities must have to submit the following documents. These documents are the requirements for the lenders who are providing you the amount of loan.
1. KYC
2. Latest statement of holding for mutual funds
3. Pledge form for the creation of pledge
4. Income proof = Latest salary slip showing all deductions or FORM 16 along with recent salary certificate
5. Last 2 years ITR
6. Last 6 month Bank Statement
7. Optional - Guarantor form (Mandatory in case of joint holdings)
|
BANKS |
INTEREST RATE |
|
10.50% to 12.75% |
|
|
9.25% to 13% |
|
|
8.20% to 12.50% |
|
|
9.50% to 12% |
There are two ways to apply for Kotak Mahindra Bank loan against securities :
1. Online Method
Today, almost every bank in India provides you with the option of availing loan against securities online. The whole process is fast and hassle-free. You can visit the official website of the bank from whom you wish to avail the loan and click on the ‘Apply Now’ button. You will have to enter the details required by the lender and upload the necessary documents. Once the bank has verified the details and documents submitted by you, the loan amount will be disbursed to your bank account.
2. Offline Method
You can visit the nearest branch of the lender from whom you wish to avail the loan along with the necessary documents. An official from the bank will then further assist you with the process of applying for a loan against securities scheme.
1. Kotak Mahindra Bank Car Loan
2. Kotak Mahindra Bank Home Loan
3. Kotak Mahindra Bank Education Loan
4. Kotak Mahindra Bank Gold Loan
Kotak Mahindra Bank Loan Against Securities Customer Care
Contact number : 18602662666 / 18602660811
Email id : itsecurity.bank@kotak.com
The mathematical formula to calculate EMI is :
EMI = P × r × (1 + r)n/((1 + r)n - 1)
Where,
P= Loan amount,
r= interest rate,
n=tenure in number of months
Financials products offered by Bank
Interest Rates range between 9.25% to 12% per annum of Kotak Mahindra Bank loan against securities
Today, almost every bank in India provides you with the option of availing loan against securities online. The whole process is fast and hassle-free. You can visit the official website of the bank from whom you wish to avail the loan and click on the ‘Apply Now’ button. You will have to enter the details required by the lender and upload the necessary documents. Once the bank has verified the details and documents submitted by you, the loan amount will be disbursed to your bank account.
Check the status of your loan by visiting the bank’s official website and clicking on the ‘Track my Application’ link. You can also contact the bank via email or call on their customer care number for more information.
The processing fee charged by Kotak Mahindra Bank Loan Against Securities is 2% of the loan amount (Minimum Rs.2500) plus GST.
Kotak Mahindra Bank loan against securities provides a minimum loan amount of Rs.5 lakh and maximum loan amount is upto Rs.20 lakh.
The loan tenure is 1 year of Kotak Mahindra Bank loan against securities.
18 years to 65 years of age of the customer is required to take a loan against securities from Kotak Mahindra Bank.
Last Updated on : 27/Aug/2020Know More About
You're eligible for a Kotak Mahindra Bank Loan Against Securities if you:
Are legally adult enough to handle it
Have still got it
Get a regular pay check
Make more than a basic buck
Your eligibility depends on:
Earn more than minimum income required
Maximum allowed Loans Against Securities is Rs. 10K to Rs. 45 lakhs
EMIs of other loans loweryour eligibility
Boost your eligibility by:
Pay off your credit card bills
Choose longer tenure loan up to 5 years
Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:
- 1. Photo ID and age proof
- 2. Signed application form with photograph
- 3. Residence proof
- 4. Last 6 months bank statement
- 5. Documentation for salaried applicants:
- Last 3 months salary - slips
- Form 16 or Income Tax Returns
- 6. Documentation for self-employed applicants:
- Last 3 years Income Tax Returns with computation of Income
- Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
Updated on 25 Nov 2017
| Kotak Mahindra Bank Loan Against Securities Details | |
|---|---|
| Interest Rate (Monthly reducing balance) | 9.25% - 13% |
| Processing Fees | 2% of the loan amount (Minimum Rs.2500) plus GST |
| Loan Tenure | 1 year to years |
| Pre-closure Charges | Varies with bank |
| Guarantor Requirement | Varies with bank |
Loans Against Securities EMI Calculator