Kotak Mahindra Bank offers Personal Finance - the single expert source for all your financial needs. Unexpected expenses, education, wedding in the family, home improvement or that long awaited vacation. Kotak Mahindra’s range of Personal Loan can help.
Features and Benefits of Kotak Mahindra Personal Loan
• Available loans from Rs.50,000 - 50 lakh
• Quick approval: With a Kotak Mahindra Bank Personal Loan, In as less as 72 hours you can turn your dreams into reality.
• Minimum Documentation & Simple free processing.
• Flexible repayment options: Our flexible loan tenors range from 12 - 60 months for salaried customers and from 12- 36 months for businessmen / professionals.
• Convenience of service at your doorstep: Our Loans are just a phone call away; you can fix an appointment with any of our representatives and they could assist you in all your loan formalities.
• Minimum Personal Loan Interest Rates.
Kotak Mahindra Banks also provides services in Business Loans, Home Loans, Credit Card, fixed deposit, insurance and Loan Against Property.
Salaried Individuals Rate of Interest of Kotak Mahindra Personal loan
| Eligibility Criteria for Kotak Bank Personal Loan |
| Age of Applicant | Min-23 years (listed companies), 24 years (non-listed companies).
Max-58 years, 60 years (with proof of retirement). |
| No. of years in employment | 2 years & above (listed companies)
3 years & above (non-listed companies) |
| Current Experience | 1 year & above |
| Net Monthly Income | Rs. 25,000/- & above (listed companies)
Rs. 30,000/- & above (non-listed companies). |
| Loan Amount of Kotak Bank Personal Loan |
| Minimum Funding | Rs. 50,000/- |
| Maximum Funding | Rs. 15,00,000/- (listed companies) ,
Rs. 10,00,000/- (non-listed companies) |
| Loan Tenure offered by Kotak Bank |
| Minimum Tenure | 12 months |
| Maximum Tenure | 48 - 60 months (listed companies) 36 months (non-listed companies) |
| Turn Around Time of Kotak Bank Personal Loan |
| Salary below Rs. 75,000 | 2 working days (48 hours) |
| Salary above Rs. 75,000 | 7 working days |
| Processing Fee of Kotak Bank Personal Loan |
| Processing fee | 2% of loan amount |
| Prepayment Charges of Kotak Bank Personal Loan |
| Foreclosure Charges | 5% of outstanding principal (Can be foreclosed after 6 months only) |
| Salary available for making EMI’s |
| Above Rs. 25,000 p.m | 50% of salary is considered |
| Documents Required for Kotak Bank Personal Loan |
| Identity Proof | Passport/ driving license/PAN card/ Photo credit card (with embossed Signature and last two months statement)/ banker’s sign verification |
| Age Proof | PAN Card/ Passport/ Driving School leaving certificate/ Voter’s card/ BirthCertificate/ LIC policy (only for age Proof). |
| Address Proof | Passport/ Telephone bill (BSNL/MTNL)/ Electricity bill/ Title deed of property/Rental agreement/ Driving license/ Election ID card/ Photo-credit card (with last two month statements) |
| Income Proof | Latest salary slip/current dated salary Certificate with latest form 16 |
| Job Continuity Proof | Form 16/relieving letter/appointment Letter (for last two months) |
| Banking History | Bank statements of latest 2 months/ 3 months bank passbook |
Disclaimer : Please note that the interest rates and eligibility criteria given here are based on the market research. To enable the comparisons certain set of data has been reorganized / restructured / tabulated .Users are advised to recheck the same with the individual companies / organizations. This site does not take any responsibility for any sudden / uninformed changes in interest rates.