Kotak Mahindra Business Loan is one of the best in India imparting commercial business loans and MSME loans to its clients at an interest rate of 14% onwards. The financial institution affords monetary answers to cater to the maximum of the business sectors supplying loans as much as Rs. 75 lakhs to satisfy operating capital requirements.
Features of Kotak Mahindra Business Loan
|Interest Rate||14% onwards|
|Min. loan amount||Rs. 3 lakhs|
|Max. loan amount||Rs. 75 lakhs|
|2% of the loan amount + GST|
|Collateral / Security||Not required|
|Repayment Tenure||Up to 48 months|
|Documentation Charges||Loan amount less than Rs. 10 lakh Rs. 3500 and more than Rs. 10 lakh is Rs. 6000 + GST|
|Part-payment||Not available for business loans|
Eligibility Criteria for Kotak Mahindra Business Loan
Following are the generic business loan eligibility criteria for Kotak Mahindra business loan:
|Age Criteria||Min. 25 years and Max. 65 years|
|Eligible Entities||Private Limited Companies, Sole Proprietorship, Partnership firms, Trusts and Limited Liability Partnerships engaged only in Manufacturing, Trading or Services sectors|
|Business Loan for||Business owners, Traders, Self-employed professionals, Manufacturers, Restaurants, Hospitals, and many more|
|Business in profit||For at least 1 year|
|Business Tenure||Min. 3 years|
|Annual Turnover||Rs. 40 lakh|
Documents Required for Kotak Mahindra Business Loan Application
Following are a number of the documents which can be required to use for a commercial business loan:
- Duly filled application form
- Passport-sized photographs
- Proof of Identity (Aadhaar, PAN, Driving License, Voter ID)
- Proof of Address (Passport, Voter ID, Aadhaar, Bank Statements)
- Proof of Income (Income Tax Returns, Business Profit and Loss sheet)
- Business established proof
- Last 1 yr ITR, financial institution statement, P&L copy
- Copy of Certificates, Licenses, Permits, if any
- Any different document required through the financial institution
Business loans – Types and Features
- Business Loan
- Interest rate is 14% onwards in line with annum
- The commercial business loan quantity levels from Rs. 3 lakhs to the maximum of Rs. 75 lakhs
- The repayment tenure is as much as 48 months
- No collateral required
- The processing rate of 2% of the loan quantity
- Commercial Vehicle Financing
- Commercial Vehicle Financing affords custom designed answers to industrial car proprietors and transporters
- Finance is issued for the growth of each new car and used car, or to pinnacle up the present loan, or to offer the operating capital loan, or to academic institutes for the acquisition of industrial automobiles and etc.
- The tenure of the loan is 365 days up to 48 months
- Individuals/ company/ partnership companies with minimal 2 years of revel in commercial business dwelling in the accepted locality for the remaining 2 years are eligible for this loan.
- The financial institution at its discretion can problem loans to the sparkling entrants.
- Crop Loans
- The goal of this loan is to offer operating capital to farmers to satisfy the rates like fee of cultivation, improvement of the farm, fee of inputs and etc.
- The loan procedure may be very clean and the sanction turnaround time is likewise very fast.
- The loan quantity for expensive cost plants may be excessive additionally
- All farmers whose age is 18 years to a maximum of 75 years on the maturity of the loan can avail of this loan. The loan may be taken on sole obligation in addition to on joint obligation.
- Maximum 5 contributors can avail of a loan on the joint. Crop loan additionally provide prolonged centers of Kisan Credit Card and Agri Term Loan
- Farm Equipment
- This loan scheme is for the farmers who need rate range to buy tractors, devices, harvesters, sprayers, threshers, dusters, loaders, etc. to assist in the production of the plants.
- This loan is to be had for the man or woman who already has a banking courting with the financial institution.
- The financial institution community is big accordingly making the loan available to all.
- Along with this loan the applicant also can avail of Kotak Kisan Suraksha that is coverage intended for the farmers.
- The applicant needs to have a minimal three acres of land in his call and need to be residentially set up for the remaining 2 years and additionally minimal 2 years of revel in the field.
In conclusion, one can apply for Kotak Mahindra business loan online via Afinoz. All you have to contact Afinoz’s expert team and get a low business loan interest rate.
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