Kotak Mahindra Bank is one the most trusted banks for personal 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. Common uses of a personal loan from Axis Bank include :
Education expenses
Wedding in the family
House improvement
Holiday expenses
1. Fast approval :
Kotak mahindra bank provides personal loan approval in a very speedy way for the customers so they don't have to waste their precious time for loan approval. They can easily get approval for the personal loan either online or offline.
2. Less documentation :
Kotak Mahindra Bank required less documentation for the processing of personal loans.The documents submitted by the customers are KYC, address proof and income proof with the loan application form. It is not required to submit so many documents for a personal loan. The process of documentation is very simple and fast.
3. Flexible loan tenure period :
The Kotak Mahindra Bank personal loans are taken to meet their sudden needs of the customers. It provides a flexible loan tenure period of minimum 1 year and maximum 5 years for salaried employees and for self employed professions the maximum loan tenure is upto 3 years with this you can easily repay your loan.
4. Best interest rate :
The minimum interest rate of Kotak Mahindra Bank personal loans is 10.50% and the maximum interest rate is 16.99%. Basically the rate of interest will be decided by the bank according to the customer age, employment type, overall profile and the most probably Cibil score.
|
TYPE |
CHARGES |
|
Processing fee |
Upto 2.5% of loan amount |
|
Stamping fee |
As per respective states Stamp ACT |
|
Overdue charges |
3% of overdue amount |
|
Preclosure charges |
5% of principal outstanding plus applicable tax |
|
Dishonor charge |
Rs.750 |
|
TYPE |
DOCUMENTS |
|
Identity proof |
Aadhar card, pan card, driving license, passport etc. |
|
Address proof |
Aadhar card, voter id, rental agreement, registry and utility bills |
|
Income proof |
Last 3 month salary slip, last 6 months bank statement, latest ITR |
|
ELIGIBLE |
Salaried, self-employed, private sector employees, government employees, doctors, teachers, Employees of various public and private companies, local bodies. |
|
AGE |
21 years to 55 years at the time of loan maturity |
|
INCOME |
Minimum Income is Rs 15,000 |
|
BANKS |
INTEREST RATES |
|
12% to 24% |
|
|
11.30% to 16.40% |
|
|
12.15% to 15.15% |
|
|
11.50% to 12% |
|
|
10.75% to 21.50% |
|
|
10.50% to 16.99% |
|
|
20.00% to 22.00% |
|
|
10.50% to 17.99% |
|
|
10.99% to 16.25% |
|
|
11.00% to 19.20% |
|
|
12.00% to 14.00% |
|
|
14.00% to 23.00% |
|
|
10.75% to 17.84% |
|
|
11.00% to 16.75% |
|
|
7.65% to 12.65% |
|
|
12.15% to 14.15% |
|
|
12.05% onwards |
1. Kotak Mahindra Bank Personal Loan
2. Kotak Mahindra Bank Business Loan
3. Kotak Mahindra Bank Holiday Loan
4. Kotak Mahindra Bank Car Loan
5. Kotak Mahindra Bank Commercial Vehicle Loan
There are 2 ways by which you can apply for the personal loan i.e. Online & Offline
1. Offline method : You have to visit the Kotak Mahindra bank branch
2. Online method :
Browse to Kotak Mahindra bank official portal
In “Personal” section look for “Loan”
In loan section click on “ personal Loan”
Fill the application form
Attached all required documents with application form
After submitting your application form you will get notification through bank about loan status
To calculate the EMI of Kotak Mahindra Bank personal loan by this formula :
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
where,
EMI = Equated Monthly Installment
P = Principal Loan Amount
R = Monthly Interest Rate
N = Number of Monthly Installments
From 10.50% to 16.99% interest rate charged by Kotak Mahindra Bank personal loan.
For salaried the tenure is 1 to 5 years and for self employed profession the ttenure is 1 to 3 years of Kotak Mahindra Bank personal loan.
Yes, age is an important factor to get a Kotak Mahindra Bank personal loan and the age should be at least 21 to 55 years at the time of maturity.
For Kotak Mahindra Bank personal loan you can Apply online and offline both.
The loan amount is charged by Kotak Mahindra Bank personal loan is Rs. 50000 to 25 lakh.
Last Updated on : 07/Sep/2020Know More About
You're eligible for a Kotak Mahindra Bank Personal Loan 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 Personal Loans 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 Personal Loan Details | |
|---|---|
| Interest Rate (Monthly reducing balance) | 10.5% - 16.99% |
| Processing Fees | Upto 2.50% of the loan amount |
| Loan Tenure | 1 year to 5 years |
| Pre-closure Charges | Varies with bank |
| Guarantor Requirement | Varies with bank |
Personal Loans EMI Calculator