Kotak Mahindra Bank

Bank Name
Interest Rate Range
Processing Fee Range
Loan Amount
Tenure Range
Action

Rate of Interest

  • Floating rate of Interest : 11.50% p.a. to 24% p.a.

Eligibility Criteria

  • Minimum 21 years of age and maximum 65 years
  • Loan period from 1 years to 5 years
  • Should be either salaried or self-employed and have regular source of income
  • Should have sufficient income to pay EMI on required loan
  • Applicant must be Indian Citizen, in case of NRI or person of Indian origin it should be properly documented

Fees and Charges

  • Processing Fees 1.00 % to 2.50% depends on type and category of borrower
  • Preclosure Charges – Rs 0
  • Part Payment charges- Rs 0
  •  No any other hidden charges

Documents Required

  • KYC- Pan Card, Adhar Card, ID Proof and Address proof
  • ITR with computation for 3 years with Income proof
  • Bank Statement
  • Photograph
  • 2 references

Value Additions

  • Doorstep services
  • E- approvals
  • Part payment allowed

Special Feature

  • No guarantor required
  • No pre-closure or part payment fees
  • Balance Transfer Allowed
  • Top up available

Overview about Kotak Mahindra Bank

Kotak Mahindra Bank is an Indian Private sector Bank. It’s headquartered in Mumbai, Maharashtra, India. Kotak Mahindra Bank is an Indian Bank and financial service firm. It is established in 1995. It was previously known as Kotak Mahindra Finance Limited, a non-banking financial company. Kotak Mahindra Finance Ltd is the first company in the Indian banking history to convert to a bank.

Your Eligibility depends on following


You should be minimum 21 years old

You should be maximum 60 years old

You should be salaried or self employed

You should have sufficient income to pay EMI on required loan

You can increase your eligibility by doing following

Choose longer tenure of loan period maximum upto 5 years
Make your spouse as co applicant , her/his income will also be added in eligibility
EMIs of other loans loweryour eligibility
Choose maximum amount for loan

Rate of Interest and Other Charges for Personal Loan are following

Rate Of Interest :

Sno.

Type

Interest Rate

1

Personal Loan

11.05%  to 24 % p.a.

Existing Loan take over or New Loan

Here are Some points for this:

  • Flexible options for repayment, with loan periods extending up to 5 years.
  • Competitive interest rates, and fast and hassle-free processing of applications.
  • Identity proof, 1 photograph, residential address proof, age proof, signature proof, ownership proof, income details, and last 6 months banking statements are required before applying for Kotak personal loan.
  • Prospective customers can opt for the ˜Bank Doorstep Service wherein they can get an appointment with the bank, which will then send a representative for any clarification and completing formalities.
  • No collateral or security needed.

Features of Loan

Features of Loan:

  • Avail instant personal loan in India
  • Flexible repayment options
  • Attractive interest rates
  • Minimal paper work

Documents Required for Kotak Mahindra Bank Personal Loan:

For Salaried Person:

  • Application form with a recent photograph
  • Proof of Identity (Passport Copy/ Voter ID card/ Driving License/ PAN Card)
  • Address Proof (Ration card/ Telephone Bill/ Electricity Bill/ Rental agreement / Passport copy/ Bank Passbook or Statement/Driving License)
  • Age proof (PAN Card, Passport, any other certificate from a statutory authority)
  • Bank Statements (Bank statement / Bank Passbook for last 6 months) OR Last 3 months salary slip
  • Form 16
  • Income Tax Returns for last 3 years
  • Processing fee cheque

for the self-employed are:

  • Application form with a recent photograph
  • Proof of Identity (Passport Copy/ Voter ID card/ Driving License/ PAN Card)
  • Address Proof (Ration card/ Telephone Bill/ Electricity Bill/ Rental agreement / Passport copy/ Bank Passbook or Statement/Driving License)
  • Age proof (PAN Card, Passport, any other certificate from a statutory authority)
  • Proof of business existence
  • Bank Statements (Bank statement / Bank Passbook for last 6 months)
  • Profit and loss statement for last 3 years
  • Balance sheet for last 3 years
  • Income Tax Returns for last 3 years (for self and business) duly certified by a CA
  • Processing fee cheque