Kotak Mahindra Bank Personal Loan is offered to salaried employees of Government organization, a private organization of repute, state government, and central govt. Moreover, self-employed professionals like CAs, doctors, etc. are also eligible for Kotak Mahindra Bank personal loan if they qualify for another eligibility criterion. So, anyone who is salaried, professional, or self-employed professional, he/she is eligible to avail personal loan from the organization.
Personal loan by this bank is available on attractive rates of interest for the high loan amount, which is useful for most purposes. One of the unique features of this bank is that it has some distinct feature that every bank in India does not provide.
Why go for Kotak Mahindra Bank Personal Loan
- First of all quick checking of eligibility in just 1 minute
- Quick online approval process in just 5 minutes
- Express disbursal of the loan amount in just 8 hours
- Loan amount of up to Rs.25 lakh
- Hassle-free documentation process
- Completely online application process
- Moreover, fast processing of loan application through eKYC and eSign via Aadhaar
Eligibility for Kotak Mahindra Bank Personal Loan
Salaried
Profession: The person should be working in a government, private or MNC Company.
Eligible Age: The Minimum age to apply for a Personal Loan is 21 years, and the maximum is 60 years.
Minimum income: The person should be getting a minimum of 18,000p.m. Salary.
Work Experience: The applicant should have at least three years of working experience, and more than three months of experience in the current company.
CIBIL score and EMI percentage: The minimum CIBIL score required for Personal Loan is 650 & maximum EMI should be not more than 65% of monthly income.
Self-Employed
Profession: The Person should be professionals like Doctors, CA, CS, Architects, Lawyer, or, doing his own business.
Eligible Age: The minimum age to apply for a personal loan is 23 years, and the maximum is 65 years.
Minimum income: The minimum revenue from business or the profession should be not less than 25,000p.m.
Work Experience: The person should have at least three years of his professional experience.
CIBIL score and EMI percentage: The minimum CIBIL score required for Personal Loan is 650 & maximum EMI should be not more than 65% of monthly income.
Kotak Mahindra Bank Personal Loan Interest rate
The interest rate may vary from 10.75% to 15.60% per annum. The rate of interest offered by the Kotak Mahindra Bank is as per the prevailing market trends, yet competitive compared to most of the market players. However, the interest rates are indicative only, and the final rate offered would vary and calculated based on below-mentioned points.
- Profile of Customers
- Tenure of the Loan
- Geography of residence
- Nature of Collateral (If provided)
- Prior/existing relationship with the Bank.
Documents Required
Salaried
- Identity Proof: Adhar Card, Passport, Voter ID card or Driving License
- Address proof: Ration card, Passport, Rent agreement, electricity/water bill.
- Last six months Bank statement & 3 months’ salary slip
- Latest form 16
- PAN card
Self-Employed
- Identity Proof: Adhar Card, Passport, Voter ID card or Driving License
- Address proof: Ration card, Passport, rent agreement, electricity/water bill.
- Latest six months of Bank statement.
- Latest ITR along with computation of income along with P/L audited by certified CA for the previous two years.
Tenure
The time frame of the loan is known as the tenure of the loan.
However, here it is 1 to 5 years.
How to apply for Kotak Mahindra Bank Personal Loan?
- Visit www.lendingwale.com and fill all your required details like Name, age, income, etc.
- Our Relationship Manager will contact you as soon as possible and help you get your loan approved.
About Kotak Mahindra Bank
Kotak Mahindra Bank is an Indian private sector bank headquartered in Mumbai, Maharashtra, India. In February 2003, Reserve Bank of India issued the permit to Kotak Mahindra Finance Ltd., the group’s flagship business, to carry on banking business.
FAQs (Frequently Asked Questions)
Q1. Why should I take a personal loan from Kotak Mahindra Bank?
Ans: Kotak Mahindra Bank provides a Personal Loan at a shallow interest rate with the low EMI options. Furthermore, the bank processes the Loan very fast and without any hassle.
Q 2. What interest is charged by Kotak Mahindra Bank on a personal loan?
Ans: Personal loan interest rates generally start from 10.75%. However, it changes from time. Besides that, it also depends on the profile of the applicant.
Q 3. What is the tenure of Personal Loan?
Ans: The loan tenure of the Personal Loan is One year to Five years.
Q 4. How much Personal Loan amount I can borrow from Kotak Mahindra Bank?
Ans: The applicant can get a loan amount of Rs. One Lakh to a maximum amount of Rs.40 Lakhs, depending on the professional background.
Q 5. How much does the Kotak Mahindra Bank charge a processing fee on a personal loan?
Ans: The processing fee charged is about 1%.
Q 6. Is age an eligibility factor in getting a personal loan?
Ans: Yes, age is a factor to apply for a personal loan. However, the minimum age of the applicant should be 21 years, and it can be maximum 60years.
Q 7. Are there any prepayment charges on a personal loan from Kotak Mahindra Bank?
Ans: Yes, the pre-closure charges are 4% of the outstanding amount.
Q8. How can I get a personal loan with low CIBIL score?
Ans: You cannot get a personal loan with low CIBIL score; however, you can go for a gold loan.
Q9. How to check Kotak Mahindra Bank Personal Loan EMI?
Ans: You can check your monthly EMI by our EMI calculator.