Everyone faces shortage of money on several occasions in their lives irrespective of their financial status. Salaried persons, by and large, completely depend on their salary. However, at times, they may need extra money to meet unplanned expenses. In such times, a personal loan can come to their rescue. A personal loan can easily be accessed in a financial emergency. Personal loans can be used for any purpose like home renovation, holidays, wedding, purchase of car or house and a lot more.
Kotak Mahindra Bank personal loan for salaried employees
While several lenders including banks and NBFCs (Non-Banking Financial Companies) offer a personal loan for salaried employees in Delhi-NCR, some lenders offer lucrative offers for salaried professionals. Kotak Mahindra Bank personal loan is available for individuals working with leading government, quasi-government and private organisations. The bank offers exclusive offers for salaried employees, such as attractive interest rates, flexible tenure and other nominal charges.
Why Kotak Mahindra Bank personal loan
Kotak Mahindra Bank is one of the best private sector banks in India. The bank has multiple branches in Delhi-NCR. Borrowers can get a personal loan for their urgent financial needs like medical emergency, foreign trip, credit card consolidation, higher education and destination wedding. You can enjoy the following benefits from Kotak Mahindra Bank personal loan:
Higher loan amount: Kotak Mahindra Bank offers a personal loan as high as Rs. 15 lakh.
Personal loan for multiple requirements: There are no restrictions on the end use of Kotak Mahindra Bank personal loans. Borrowers can use it for a variety of purposes, such as for buying branded outfits for your wedding, trips in Maldives and Dubai, medical expenses, home repair and credit card payments.
Attractive interest rate: A personal loan from Kotak Mahindra Bank is available at attractive interest rates starting from 10.99% p.a., which is one of the lowest in the market.
Excellent customer services: Kotak Mahindra Bank has a reputation for providing one of the finest customer care services in the industry. The bank offers counselling services to personal loan borrowers, so that they don’t face any problems throughout the loan process.
Simple documentation: Apply for Kotak Mahindra Bank personal loan online with minimal documentation. Salaried employees can apply for the loan with KYC documents.
Kotak Mahindra Bank personal loan Interest rates and other charges
Kotak Mahindra Bank personal loan interest rates are one of the most attractive rates in the loan market and other charges are also nominal.
|Rate of interest||10.99% per annum|
|Processing charges||Up to 2.5% + GST of the loan amount|
|Cheque bounce penalty||Rs. 750 per instance|
|Foreclosure Charges||Prepayment & foreclosure not allowed in the first 12 months from loan disbursal and 1-month intimation
After lock-in period (12 months + 1-month intimation), 5% foreclosure fees + GST on principal outstanding will be applied
|Loan amount||Up to Rs. 15 lakh|
|Loan tenure||1 to 5 year|
Note: Interest rates and other charges are subject to the internal policy of the bank
Eligibility required for Kotak Mahindra Bank personal loan
Eligibility requirements for Kotak Mahindra Bank Personal Loan for salaried employees are very simple. Indian residents working for the reputed government and private limited companies for at the least past 1 year are eligible to apply for a personal loan from Kotak Mahindra Bank. Here are the simple criteria for Kotak Mahindra Bank personal loan.
- Any college/ university graduate can apply for Kotak Mahindra Bank personal loan.
- The applicant should be residing in the current city for at least one year.
- Age limit for Kotak Mahindra Bank personal loan application is between 21 years to 58 years.
- They must have a good to excellent credit score to get a personal loan.
Kotak Mahindra Bank personal loan documentation
The documentation process at Kotak Mahindra Bank is completely online and paperless. Borrowers need to submit the basic documents to get a personal loan from the bank. Here is a checklist of the key documents you will need to upload while applying for Kotak Mahindra Bank personal loan.
- Identity proofs: Passport /PAN Card /Driving License /Voter’s ID /Aadhaar card
- Proof of residence: Latest utility bills (any of electricity bill/ water bill and telephone bill)/ leave & license agreement/ ration card/ passport – with the same address as mentioned in the application form
- Credit details: PAN number for credit history
- Income proof: Salary slips for the previous 3 months
- Employment certificate
- Bank statement: Bank statement with salary credited for the past 3 months
- 2-3 passport size photographs
Kotak Mahindra Bank personal loan EMI calculator
When you apply for or get a personal loan, use Kotak Mahindra Bank personal loan EMI calculator 2020 to find out how much EMI you will be repaying per month. It helps borrowers to estimate the monthly instalment they would require to pay every month. So that borrowers can choose a suitable repayment tenure based on their monthly repayment capacity. Using Kotak Mahindra Bank personal loan EMI calculator 2020 is very simple with a few simple steps. Provide the following figures to calculate your monthly instalment in seconds.
- Principal loan amount
- Rate of interest
- Loan tenure
Within a few seconds, Kotak Mahindra Bank personal loan EMI calculator 2020 will tell you the monthly instalment.
Kotak Mahindra Bank personal loan is one of the best personal loans for salaried employees. The bank offers an exclusive deal for salaried employees. Kotak Mahindra Bank personal loan application process is also seamless, short and simple.
Here is a step-by-step guide to getting a personal loan online from Kotak Mahindra Bank
Step 1: Go to the official website of Kotak Mahindra and click on ‘Apply Now’ and select the personal loan.
Step 2: Complete the online loan application form.
Step 3: Provide your personal and professional details, and contact details to know your eligibility for a personal loan.
Step 4: Based on your basic details, you will get exclusive offers in terms of the loan amount, interest rate and loan tenure.
Step 4: Share a few more personal and professional details to submit the loan application.
Step 5: Upload your documents.
Step 6: The loan amount will be credited into your bank account after verification of your details.