KOTAK PERSONAL LOAN
Kotak Mahindra Bank offers Personal Finance - the single expert source for all your financial needs.
Features and Benefits of Kotak Mahindra Personal Loan :
• Available loans from Rs.50,000 - 20Lac
• Quick approval: With a Kotak Mahindra Bank Personal Loan, In as less as 72 hours you can turn your dreams into reality.
• Minimum Documentation & Simple free processing.
• Flexible repayment options: Our flexible loan tenors range from 12 - 60 months for salaried customers and from 12- 36 months for businessmen / professionals.
• Convenience of service at your doorstep: Our Loans are just a phone call away; you can fix an appointment with any of our representatives and they could assist you in all your loan formalities.
• Minimum Personal Loan Interest Rates.
Current interest rartes on Kotak Personal loans-March, 2017
Interest rates | Pre Payment Charges | Processing Fees |
11.29% - 11.49% (Special Rates for Loan Amount above 10 lakhs) |
Zero (if loan Amount is more than 10 lakhs) Else 5% |
Rs.999 - 2% |
14.25% (Salary above 45,000) |
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15.35% (Salary 30,000 - 45,000) |
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16% (Salary 20,000 - 30,000) |
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11.29% (BT Rates for Listed Companies) |
Good News for new borrowers, Now Kotak bank offers zero processing fees on till 16 August 2016. If we look at the benefits it helps you save in around 2.00% of the loan amount. So don’t wait login your file with kotak bank to get the benefits of this scheme before 16 August 2016.
Eligibility Criteria for Kotak Personal Loan | |
Age of Applicant | Min-23 years (listed companies), 24 years (non-listed companies). Max-58 years, 60 years (with proof of retirement). |
No. of years in employment | 2 years & above |
Current Experience | 1 year & above |
Net Monthly Income | Rs. 25,000/- & above (listed companies) Rs. 40,000/- & above (non-listed companies). |
Loan Amount of Kotak Bank Personal Loan | |
Minimum Funding | Rs. 50,000/- |
Maximum Funding | Rs. 20,00,000/- (listed companies) , Rs. 10,00,000/- (non-listed companies) |
Loan Tenure offered by Kotak Bank | |
Minimum Tenure | 1 yr |
Maximum Tenure | 5 months |
Turn Around Time Kotak Bank Personal Loan | |
Salary below Rs. 75,000 | 2 working days (48 hours) |
Salary above Rs. 75,000 | 7 working days |
Processing Fee of Kotak Bank Personal Loan | |
Processing fee | Rs.999 - 2% |
Prepayment Charges of Kotak Bank Personal Loan | |
Foreclosure Charges | Nil for Loan Amount above 10 Lakhs else 5% |
Salary available for making EMI’s | |
Above Rs. 25,000 p.m | 50% of salary is considered |
Documents Required for Kotak Bank Personal Loan | |
Identity Proof | Passport/ driving license/PAN card/ Photo credit card (with embossed Signature and last two months statement)/ banker’s sign verification |
Age Proof | PAN Card/ Passport/ driving license/ School leaving certificate/ Voter’s card/ BirthCertificate/ LIC policy (only for age Proof). |
Address Proof | Passport/ Telephone bill (BSNL/MTNL)/ Electricity bill/ Title deed of property/Rental agreement/ Driving license/ Election ID card/ Photo-credit card (with last two month statements) |
Income Proof | Latest salary slip/current dated salary Certificate with latest form 16 |
Job Continuity Proof | Form 16/relieving letter/appointment Letter.(for last two months) |
Banking History | Bank statements of latest 2 months/ 3 months bank passbook |
Disclaimer : Please note that the interest rates and eligibility criteria given here are based on the market research. To enable the comparisons certain set of data has been reorganized / restructured / tabulated .Users are advised to recheck the same with the individual companies / organizations. This site does not take any responsibility for any sudden / uninformed changes in interest rates.