Kotak Mahindra Bank is the fourth largest private sector bank in India by market capitalisation. Headquartered in Mumbai, Maharashtra, the bank is a one-stop destination for your entire banking and financial needs. It has more than 1,300 branches, over 2,000 ATMs and is present in over 650 locations around the country. Loans are an important part of its products portfolio due to its reasonable interest rates and the additional benefits it offers to its customers. Among the host of loan options, the bank’s personal loans are one of the most popular among customers. Kotak Mahindra Bank offers personal loans with minimal documentation and attractive interest rates.
People look and opt for Kotak Mahindra Bank personal loans for different reasons. The reasons may vary from preparing for an upcoming wedding or planning a vacation to renovating one’s home or funding a child’s education. A personal loan can help them get access to instant cash for better management of their finances. When used judiciously, a personal loan can turn out to be a great option.
Kotak Mahindra Bank personal loan eligibility criteria are quite liberal and you can easily fulfil your dreams by availing the bank’s personal loans and meet your financial needs at attractive interest rates.
Kotak Mahindra Bank personal loan is an unsecured loan– unsecured because you do not have to put anything as collateral with the bank. The Kotak personal loan is also referred to as a multi-purpose loan as it can be taken from the bank to meet any kind of financial need. The personal loan can help you meet planned and unplanned expenses such as wedding expenditure, school or college fees, dream vacations costs, home renovation project expenses or even cost of high-value consumer durables such as refrigerators or TV.
Applying for a personal loan from Kotak Mahindra Bank is an easy, quick, and convenient process. The bank also allows you to apply for a personal loan online and get an instant solution for all your immediate financial needs. The Kotak Mahindra personal loan offers several benefits to its customers. Some of them are briefly discussed here:
Kotak Mahindra Bank Personal Loan Eligibility: Overview
- Kotak personal loans are available for all Indian citizens between the age of 21 and 58 years.
- One can avail a personal loan of any amount from Rs. 50,000 to Rs. 15 lakh.
- The bank offers flexible repayment options.
- Kotak Mahindra offers competitive interest rates on all its loan options.
- The bank’s personal loan application process needs minimal paperwork and documentation.
- The loan is available for customers living in Ahmedabad, Bangalore, Chandigarh, Chennai, Delhi NCR, Hyderabad, Jaipur, Kochi, Kolkata, Mumbai and Pune.
The following documents are needed to apply for a personal loan from Kotak Mahindra Bank.
- The duly filled loan application form
- Two passport size photographs
- Identity proof such as PAN card, Passport, Voter ID card or Aadhar card.
- Residence proof such as electricity or telephone bill, Passport or Aadhar card.
- Proof of age such as your School Leaving Certificate or Birth Certificate
- Signature verification from your bank
- Ownership proof
- Income details such as your salary slip or a document from the employer with your salary details.
- Statements of your bank account
- A Kotak Mahindra Bank personal loan is available to salaried individuals who are Indian residents and who are working in MNCs, public companies, or other large private organisations.
- The income of the individual must be more than Rs. 25,000 per month.
- He or she must have total work experience of at least 2 years
- Moreover, he or she must be able to produce an experience certificate of the company they are working in currently.
- The applicant must be at least 21 years of age and should not have crossed the age of 58 years.
- The bank prescribes minimum educational qualification as an undergraduate.
- He or she must have lived at least one year in the city of residence to avail a personal loan from Kotak Mahindra Bank.
Kotak Mahindra offers its customers some of the best and most economical repayment options in the industry. Its EMIs are constructed in such a way that you can pay the borrowed amount of loan back in affordable monthly instalments. This reduces the pressure because you do not have to pay a larger sum and skew your budget irrevocably during the repayment tenure.
With EMI as a repayment option, the bank enables a broader section of society to realise their dreams of affording things they never thought of such as a dream holiday, a proper wedding and other things that are otherwise too expensive to be afforded in the near term. By using the EMI calculator, you can find out your loan repayment requirements and plan your monthly budget accordingly. EMIs give you the flexibility to decide the amount you are comfortable paying in a month and the duration for which you wish to make the payment depending upon your income and financial stability.
To calculate the monthly or quarterly EMI for the borrower, Kotak Mahindra Bank has a special EMI calculator. The online personal loan EMI calculator makes it simple for an applicant to determine the monthly instalment to be paid. You can input the loan amount, the interest rate and tenure in the EMI calculator for a personal loan to see the amount that you have to pay towards your loan every month.
To use the Kotak Mahindra Bank personal loan EMI calculator, you need to follow the steps mentioned below:
- Move the slider to select the amount you wish to borrow.
- You can also move the interest rate slider to get the interest rate you are likely to get. Since the bank offers interest rates from 11.49% to 20.15% based on Kotak Mahindra personal loan eligibility, it is best if you use both the maximum and the minimum rates to get an idea of the EMIs you may have to pay.
- At the end, you have to choose your loan time period (i.e. the tenure) to calculate the monthly instalment. The EMI reduces when the duration increases and vice versa.
Kotak Bank has provided a graphical representation of the amount you will have to pay and the percentage share of the interest and the principal. You need to move your computer mouse or cursor over the respective portion in the pie chart to see the percentage. This gives you a quick idea of the overall payments you have to make.
|Category||Rates and Charges|
|Interest Rate||11.49% to 20.15%|
|Loan Tenure||1 year to 5 years|
|Pre-Closure Charges||Pre-closure is permitted after 12 months. The bank charges 5% of the principal outstanding (plus service tax) when you prepay the loan|
Up to 2% of the loan amount
|Guarantor Requirement||No guarantor required|