Kotak Mahindra Bank offers personal loans for customers with a minimum monthly salary of Rs.20,000 at attractive interest rates between 10.50% to 16.99% p.a. Based on their eligibility, customers can avail loans between Rs.50,000 and Rs.15 lakh and choose a tenure subject to a minimum of 1 year and a maximum of 5 years. Kotak Mahindra Bank charges a processing fee of up to 2.5% of the loan amount. Kotak Mahindra Personal Loan interest rate is offered to the individuals at an attractive rate than any other banks. Thus, you can read the article for further information related to the bank.
Kotak Mahindra Personal Loan Highlights
| Particulars | Salaried |
| Interest Rate | It starts from 10.50% – 16.99%p.a. |
| Processing Fee | Up to 2.5% + GST |
| Loan Tenure | 1 to 5 years |
| Loan Amount | Rs.50,000 – Rs.15 lakh |
| Salary / Income | Minimum monthly income of Rs.20,000 |
| Employment Status | Salaried Individual |
| Credit Score | 750 |
| Lowest EMI per lakh | Rs.2,187 |
| Pre-Payment/Foreclosure Charges | 5% of Outstanding Principal including GST |
| Overdue EMI Interest | 3% per month on the due amount of the loan |
Features of Kotak Mahindra Personal Loan
- Loan amount: Personal loans are available from Rs 50,000 to Rs 20 lakh from Kotak Mahindra Bank. Before deciding on a loan amount, the bank considers the loan applicant’s credit score, financial background, annual revenue, repayment capacity, and other factors.
- Flexible repayment option: Flexible repayment options are available from Kotak Mahindra Bank, with terms ranging from 12 to 60 months.
- Minimal paperwork required: When applying for a personal loan, the bank only requires minimal paperwork, making the process fast and easy.
- Balance transfer: You can move your current personal loan to Kotak Mahindra Bank in order to benefit from better terms and lower interest rates.
Kotak Mahindra Personal Loan Interest Rates offers
One can easily get the Kotak Mahindra personal loan interest rate offered to the individual is starting from 10.75% p.a. with adorable EMIs. However, the user will get these benefits at an interest rate offered is depends on the user’s credit score, age, employer, repayment history, etc.
Eligibility criteria of Kotak Mahindra Personal Loan
Listed below are certain eligibility criteria of Kotak Mahindra Personal Loan:
- You must be a citizen of India.
- You must be at least 21 years old and no older than 58 years old.
- You must be an active/permanent employee of a multinational corporation, a public or private limited company, with at least one year of work experience.
- Your monthly net salary should be at least Rs. 20,000.
- You should have at least a bachelor’s degree.
- You should be a city resident who is involved in the city for at least 1 year.
Documents required for Kotak Mahindra Personal Loan
Following are the documents required for Kotak Mahindra Personal Loan:
- Proof of Identity: Passport, PAN, Aadhar, Voter’s ID, and Driver’s License are all examples of identification documents.
- Proof of residence: Utility bills, visas, or leave and license agreements are all suitable ways of proof of residency.
- Submit income details from the last three months’ bank statement.
- Submit salary slip for the previous three months.
- 2 to 3 passport-size photos
Types of Kotak Mahindra Personal Loan
The following are the key types of Kotak Mahindra personal loans offered to individuals:
- Personal loan for Travel
- Personal loan for Marriage
- Personal loan for Medical Emergency
- Personal loan for Home Renovation
- Personal loan for Travel
Are you planning a trip to your dream destination but lack the financial resources to do so? You can borrow money ranging from Rs. 1 lakh to Rs. 20 lakh with a Kotak Mahindra Bank Personal Loan for Travel and easily pay for your flight tickets, lodging, sightseeing, shopping, and other expenses.
- Personal loan for Marriage
If you need money for a wedding, you can apply for a Personal Loan for Marriage and get up to Rs. 20 lakhs in funding. This loan can be used to cover costs such as location, catering, lighting, photography, guest accommodations, honeymoon, and so on.
- Personal loan for Medical Emergency
If you apply for a Personal Loan for Medical Emergency, you can get funds right away with minimal paperwork and instant approval. This loan, which is available up to Rs. 20 lakhs, means that you can pay your medical expenses and then repay the loan in manageable installments.
- Personal loan for Home Renovation
If you want to paint your house or repair a leaking roof, buy a new sofa for your drawing room, or set a modular kitchen, a Personal Loan for Home Renovation, which is available up to Rs. 20 lakhs, is an excellent option for giving your home a new and modern look.
How to verify the process of Kotak Mahindra Personal Loan online?
- You will receive a verification call from the bank’s representative after have forwarded the personal loan application to the bank. He’ll even set up a time for you to pick up your papers.
- After the representative has obtained all of the necessary records, the bank verifies them.
- The bank will call you again after the document review is done to validate the transaction.
- After the loan terms and signing the loan agreement, the loan amount gets disbursed to your account.
How to check Kotak Mahindra Bank Personal Loan Application Status?
Following are the steps that will help you to check personal loan status:
- Step 1: Go to the Kotak Mahindra official website and go to the track application tab.
- Step 2: From the dropdown menu, choose a salaried loan.
- Step 3: Choose and include identifiers such as the application form number, phone number, PAN, and DOB, among others.
- Step 4: To check the status of your loan application, click ‘Submit.’
Benefits of applying for a Personal Loan at Afinoz
- Online application: Apply for a personal loan at Afinoz from the convenience of your own home or office. The online approach lets you save time and effort.
- Processing in a flash: After you’ve completed all of the necessary online forms, Afinoz instantly processes the personal loan application and sends it to the bank.
- The portal that is easy to use: Several websites, bank pages, and posts accessible on the website will assist you in collecting all necessary loan details to help you make an informed decision, as well as provide assistance during the application process.
- Compare and select: Afinoz helps you to compare interest rates and other personal loan features provided by different lenders, such as foreclosure costs, processing fees, and disbursal. You get to pick the bank offering this way at a low interest rate to make the user’s EMI at an affordable amount.
With the help of the above description, you can check out the loan amount, tenure, interest rate, and other information. For further information, visit the official site of Kotak Mahindra Bank.