Range of Interest Rate
10.99 % Onwards
Processing Fee Range
Up to 1 %
Loan Amount
up to 40 lakhs
Range of Loan Tenure
1 to 5 years
Key Salient Features
- After one year conditional pre-closure available
- No availability of part payment
Documentation
- KYC– Aadhar Card and PAN Cardd
- Financial– Last 1 Year Bank statement, 3 Months Salary slips, 2 Years form 16
Trivia
- The total number of branches of Kotak Mahindra Bank branches in India is 6000
- Average loan approval time is about 1 to 3 days
USP’s
Doorstep Service
Dedicated Relationship Manager
Minimum Documentation
Fastest Sanction Process
Fee and Charges Details
- Pre-closure Fee: 3% principal outstanding in addition to applicable taxes
Disclaimer
- All intellectual property including trademarks, logos belong to the owner
| Particulars | Salaried |
|---|---|
| Age | 21 and 60 years |
| Prepayment Charges/Foreclosure | 0-12 months: lock-in period.1-3%: 4% +GST. 3 years onwards 2% + GST Rs 500+ GST per instance |
FAQs
You need to take the following steps to apply for a Kotak Mahindra Bank Personal Loan:
- Fill the application form of Kotak Mahindra Bank
- Submit key documents like KYC and Financial which are related to salaried individuals.
- Loan eligibility of the applicant is determined based on the candidate worthiness of the applicant and his or her cibil score.
- Kotak Mahindra Bank Provide the Sanction letter which has loan amount, Interest rate, Tenure, emi Payable another terms and condition.
- Finally after completion of the disbursement process Kotak Mahindra Bank issues a cheque in favour of the applicants.
While you are applying for a Kotak Mahindra Bank Personal Loan there are a few documents that you need to submit. They are given in the table below:
KYC Documents
KYC Documents
- The previous three months’ salary slips and
the Latest Form-16 - Latest 2 years Form 16
- IT Returns for the last three years
-
Business Profile of the Applicant
Latest 3 years ITR with Computation of Income - Balance Sheet, Profit, and Loss Account, and respective schedules
- GST Registration Certificate, GSTR-3B Returns of
latest 1 Year, and GSTR-3B Returns of latest 1 Year
Company Udhyam certificate
Property Documents
Because it is fast and easy to sanction. Provides customers who have healthy financial records
Besides, minimum documentation is required to apply for and secure an Kotak Mahindra Bank Personal Loan.
If you apply for a Kotak Mahindra Personal Loan ‘Offline’ then, it should take about 1-3 days for approval.
To secure a Kotak Mahindra Personal Loan you need to have a minimum CIBIL score in the range of 700 to 750.
The minimum personal loan amount that Kotak Mahindra Bank sanctions is 4 lakh. Meanwhile, the maximum loan amount approved by the bank is up to 40 lakhs.
It is to help you understand what your EMI will be for your Kotak Mahindra Personal Loan at the lowest interest rate of 10.99% a table containing loan amount and tenure is given below:
Table of Kotak Mahindra Bank EMI @10.99% interest rate for different personal loan amounts and tenures:
| Amount | ||||
|---|---|---|---|---|
| Tenure | 10 lacs | 20 Lacs | 30 Lacs | 40 Lacs |
| 2 Years | Rs 46,603 | Rs 93,206 | Rs 139,810 | Rs 1,86,413 |
| 3 Years | Rs 32,734 | Rs 65,468 | Rs 98,202 | Rs 1,30,936 |
| 5 Years | Rs 21,737 | Rs 43,475 | Rs 65,212 | Rs 86,950 |
No it is not necessary to have a co-applicant while applying for a Kotak Mahindra Bank Personal Loan. However, if you do have one it enhances your loan eligibility and ‘Creditworthiness’ to enable you to get a personal loan easily.
Incase of Personal Loan which is an unsecured loan, the interest rates remains fixed during the entire tenure of the loan period.
If you possess IT returns for three financial years that you can show, it means you can secure a Kotak Mahindra Personal Loan very easily. However, you can also secure a personal loan offered by Kotak Mahindra despite not having IT returns for three financial years, provided you are seeking a small personal loan amount and you have a good CIBIL score.
On submitting all the necessary documents and getting a sanction letter from Kotak Mahindra Personal Loan, it takes about 1 – 2 working days for disbursement.
There are a few details that you need to know about Kotak Mahindra Bank Personal Loan given below:
-
Types of Kotak Mahindra Bank Personal Loan:
There are three types of personal loan provided by Kotak Mahindra Bank. They are given below:
-
Kotak Mahindra Bank Personal Loan for Marriage:
This is a personal loan package provided by Kotak Mahindra Bank to help you finance wedding requirements.
-
Kotak Mahindra Bank Personal Loan for Travel:
It is to help finance your vacation/travel related plans that Kotak Mahindra Bank provides you with this personal loan scheme.
-
Kotak Mahindra Bank Personal Loan for Medical Loan:
It is to help you financially manage an urgent medical requirement in the form of a procedure that Kotak Mahindra Bank provides for this personal loan package.
-
EMI Calculator
Loan Amount
₹
Rate of Interest
%
Loan Tenure (Years)
Years
Monthly EMI
₹ 21,617
Principal Amount
₹ 25,000,000
Interest Amount
₹ 23,000,000
Total Amount Payble
₹ 47,000,000
Interest Amount
Principal Amount
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