KOTAK MAHINDRA BANK
Personal Loan
Personal Loan
Apply for a Kotak Mahindra Personal Loan up to Rs. 35 lakhs online at an attractive rate of interest starting @ 10.99% onwards for up to 5 years. The processing fee for personal loans is up to 2% of loan amount.
Kotak Mahindra Personal Loan Details
Kotak Mahindra Personal Loan, available also as Kotak Digi Loan can be availed swiftly online for planned and unplanned expenses. You can avail of Instant Personal Loans up to Rs 35 Lakh at competitive interest rate starting from 10.99% – 19.25% p.a for max tenure of up to 5 years. To grant max customer satisfaction, the bank assures 100% digital processing. Highlights of Kotak Mahindra Personal Loan:
| Loan amount | Rs. 50000 to Rs 35 Lakhs |
|---|---|
| Rate of interest | 10.99% - 19.25% |
| 10.99% - 19.25% | Up to 5 years |
| Lowest EMI possible | Rs. 2,174 per Lakh |
| Processing fee | Upto 2% |
Table of Contents: Kotak Mahindra Bank Personal Loan
Kotak Mahindra Personal Loan: Features
Kotak Mahindra Personal Loan Benefits
Kotak Mahindra Personal Loan Eligibility
Kotak Mahindra Personal Loan Fees & Charges
Documents Required for Kotak Mahindra Personal Loan
How to Calculate Kotak Mahindra Personal Loan EMI?
How to apply for a Kotak Mahindra Personal Loan on Sharda Finance?
Why Apply for Kotak Mahindra personal loan on Sharda Finance?
Kotak Mahindra Personal Loan Comparison with Other Lenders
Kotak Mahindra Personal Loan Verification Process
Kotak Mahindra Personal Loan Customer Care
Kotak Mahindra Personal Loan Features
Let’s roll out top features of Kotak Mahindra Personal Loan and what should you expect when applying for Kotak Mahindra Loan
- 100% Digital Loan: Kotak Mahindra Personal Loan can be instantly applied digitally. It is 100% paperless and contactless loan product that can be processed online. If you need a kotak personal loan apply online.
- Loan Amount: You can apply for Kotak Mahindra Personal Loan up to Rs 35 Lakh as per your requirement for a variety of needs including and not limited to Wedding/ Celebrations, Travel, Education or any unprecedented shortfalls or emergencies.
- Tenure: Kotak Mahindra Bank Personal Loan is a customer-friendly and flexible loan offering and you can choose the tenure up to 5 years according to your requirements and repayment capacity.
- Lock-in Period: For loan tenure up to 18 months, the lock-in period will be 50% of the total tenure period and for loan tenure above 18 months, there will be 12 months lock-in period.
- Interest Rate: Kotak Mahindra Personal Loan Interest Rates start from 10.99%- 19.25% p.a. which is the best in the industry.
- Unsecured Loan: The Unsecured Loan means that it has no Loan Security, Guarantor or Collateral is required for Kotak Mahindra Personal Loan.
- Paperless Process: Taking a step ahead of competition, KMB ensures paperless loan application for the customers. Apply online and upload documents for swift processing.
- Foreclosure Charges: The foreclosure charges are 4% on outstanding principal for up to 3 years and 2% on outstanding principal after 3 years.
- Processing Fee: The processing fee on Personal Loan is upto 2% of loan amount.
Kotak Mahindra Personal Loan Benefits
Multiple Purpose Loan: Kotak Mahindra Personal Loan is available for an array of customer needs. The loan can be applied for wedding, travel, education, home renovation, business, insurance, medical or any other financial needs.
Easy-to-meet Eligibility: Kotak Unsecured Loans are available for Rs 50000 to Rs 35 lakh. Applicants with a modest monthly salary of Rs 20000 can apply for a Loan. Some other factors that will lead to loan eligibility include CIBIL Score, income, Age, Employer’s reputation and Work Experience.
Swift Processing: Kotak Mahindra Personal Loans can be processed within 3 seconds of submitting the form. It may take a couple of days for disbursal after sanction of the loan.
Top Up: You can avail of Top Up Personal Loan on Kotak Mahindra after 9 months of sanction date. The approval for Top Up, however, would depend on customer risk and bank’s credit & lending policy.
Part Pre-payment: Kotak Bank allows conditional part prepayment of the loan. For loans disbursed after 1st February 2020, the bank allows part prepayment of up to 20% every year after lock-in period.
Documentation: Kotak Mahindra Personal Loan can be applied peerlessly by uploading documents online.
Kotak Mahindra Personal Loan Eligibility
The Kotak Mahindra Bank personal Loan Eligibility criteria can be met easily. Different types of customers, including salaried, Self and working professionals can apply.
- Age: 21 to 60 years
- Minimum Fixed Monthly Income: Rs. 20,000 for Kotak employees and Rs. 25,000 for corporate salary account holders with Kotak.
- Minimum qualification: Graduation or equivalent.
- Minimum experience: At least 1 year.
- CIBIL score: Minimum 700
- Residence: The applicant should be an active resident for at least 1 year in any of the cities: Mumbai, New Delhi, Bangalore, Chennai, Kolkata, Hyderabad, Pune, Ahmedabad, Noida, Gurgaon, Faridabad, Ghaziabad, Jaipur, Chandigarh and Kochi.
Documents Required for Kotak Mahindra Personal Loan
- Application form- duly filled
- 2-3 passport size photos
- Identity Proof (any one): Aadhar Card/ PAN/ Voter’s ID/ Passport/ Driving License
- Address Proof (any one): Passport/ Driving License / Utility Bills like Electricity Bill / Ration Card.
- Income proof for salaried individuals:
- Bank Statements for last 3 months
- Salary Slips for last 3 months
- Income proof for self-employed/business owners:
- Tax Registration/ Company Registration License/ Shop Establishment Proof
- Savings & Current Bank Account Statements for last one year
- Income Tax Returns for last financial year
Kotak Mahindra Personal Loan Fees & Charges
Besides interest rates, you should also enquire about associated Personal Loan charges and fees.
| SUBJECT | FEES & CHARGES |
|---|---|
| Interest Rates (Per Annum) | 10.99%onwards |
| Processing Fees | upto 2% of amount |
| Stamping Charges | As per State's Stamp Act |
| Administration Charges | Up to 5% of Loan amount (Max: Rs. 7500, inclusive of GST) |
| Appraisal Charges | Up to 5% of Loan amount, (Max: Rs. 7500, inclusive of GST) |
| Overdue Interest | 3% p.m. on due amount |
| Dishonour Charges | Rs. 750 per instance (inclusive of GST & other levies) |
| Swap Charges (Change in mode /Instrument/EMI Date swap) | Rs.500 per swap per instance + GST & other statutory levies |
| Foreclosure Charges | Up to 3 years: 4% on outstanding principal After 3 years: 2% on outstanding principal |
| Duplicate Issue of NOC | Nil |
| No Due Certificate | Nil |
| Credit information report (CIBIL) | Rs. 50 + GST, other statutory levies per instance |
| Copy of records ( SOA / Amortization Schedule) | NIL, Once yearly Rs.200 per request+ GST, other statutory levies afterwards |
Here’s the complete amortization schedule for the above illustration:
| Year | Opening Balance | Amount paid by customer (EMI*12) | Interest paid during the year | Principal paid during the year | Closing Balance |
|---|---|---|---|---|---|
| 1 | ₹40,00,000 | ₹10,31,707 | ₹3,89,686 | ₹6,42,021 | ₹33,57,979 |
| 2 | ₹33,57,979 | ₹10,31,707 | ₹3,18,933 | ₹7,12,774 | ₹26,45,204 |
| 3 | ₹26,45,204 | ₹10,31,707 | ₹2,40,383 | ₹7,91,325 | ₹18,53,880 |
| 4 | ₹18,53,880 | ₹10,31,707 | ₹1,53,176 | ₹8,78,531 | ₹9,75,348 |
| 5 | ₹9,75,348 | ₹10,31,707 | ₹56,359 | ₹9,75,348 | ₹0 |
How to Calculate Kotak Mahindra Personal Loan EMI?
Using Kotak Mahindra Personal Loan EMI Calculator you can correctly assess EMI by filling in loan amount, interest rate, and tenure within a few seconds. Using different combinations, you can calculate: 1) Loan EMI, 2) Total Interest Payable, 3) Total Payments (Principal + Interest). You can also use MyMoneyMantra Personal Loan EMI Calculator for these results. It will also share amortization schedule for the loan.
How to use EMI Calculator, let’s understand with an example:
Click on Personal Loan EMI Calculator. Fill parameter for Loan Amount, Tenure- ranging from 12 months to 60 months or 1 to 5 year, and interest rate
Input:
- Loan amount: Rs. 5 Lakh
- Tenure: 5 years
- Interest Rate: 10.99% p.a.
As you submit the above information, the calculator will give results as:
- EMI to be paid each month: Rs. 10,869
- Total interest outgo: Rs. 1,52,123
- Total amount to be paid: Rs. 6,52,123
You will also get the detailed amortization schedule along the calculation break-up & graphical representation of the same.
How to Apply for Kotak Mahindra Personal Loan on MyMoneyMantra?
For your convenience, let’s break out step-by-step process to apply for Kotak Mahindra Personal Loan on MyMoneyMantra Platform. It is fast, easy and reliable.
- Click on Personal Loan on the Home Page of Website.
- Fill the Personal Loan form. Share loan details such as loan amount & tenure, and personal details such as name, city of your residence, employment type, income, & contact information.
- An OTP (one time password) will be sent to your mobile number.
- Use OTP to login to the website and access the list of most suitable Personal Loan products for your profile & requirement.
- Compare available deals or directly apply for Kotak Mahindra Personal Loan. Click on eConnect with Bank button.
- Your query will be instantly shared with the bank.
- A loan representative will call you to follow up on this request.
- She will guide you for next steps, documentation and loan processing.
- MMM Loan assistance is absolutely free of cost and there is no charge to apply for any loan from this website.
Why Apply for Kotak Mahindra Personal Loan on MyMoneyMantra?
There are multiple benefits of applying for Personal Loan on MyMoneyMantra platform. You not only enjoy free assistance for loan application but the process is seamless and holds several benefits.
- Choice: MyMoneyMantra has 100+ financial partners including banks, NBFCs & financial institutions. We assure you choicest loan partner for your needs.
- Product review: You can access in-depth Personal Loan details on our website. We share detailed overview on loan amount, interest rate, application process, documentation, and schedule of charges for your convenience.
- Informed Decision: A Loan representative will answer all your queries on loan process, eligibility, documentation and repayment so that you can walk on the borrowing journey conveniently.
Kotak Mahindra Personal Loan Comparison with Other Lenders
| Lender | Maximum Loan Amount | Maximum Tenure | Interest Rate | Processing Fee |
|---|---|---|---|---|
| Kotak Mahindra Personal Loan | ₹ 35 Lakh | 60 months | 10.99%- 19.25% | upto 2% |
| HDFC Personal Loan | ₹ 40 Lakhs | 60 months | 10.75% | 4999 |
| ICICI Bank Personal Loan | ₹ 40 Lakhs | 60 months | 10.80% | 4999 - 2% |
| Bajaj Finserv Personal Loan | ₹ 35 Lakhs | 11% | 1%-1.5% | 1%-1.5% |
Kotak Mahindra Personal Loan Verification Process
After you fill the Personal Loan Application on MyMoneyMantra, your request is immediately shared with the banking partner. Know the Personal Loan Verification Process steps below:
- As you click on apply button, your loan request is automatically sent to the lender digitally.
- A loan representative from Kotak Mahindra will call you and verify the shared details on the form.
- You are required to share your consent for Personal Loan application and verify the details.
- After this, if required, some documents will be picked from your location.
- After the process of document verification is completed, the loan will be sanctioned.
- The bank will yet again contact you and take a final consent and present loan agreement detailing loan amount, Personal Loan Interest Rate, and Repayment Tenure. After you acknowledge consent for everything listed above with your signature, the loan amount will be disbursed into your bank account.
The best offers from India’s most trusted banks
Looking for Best Personal Loan Offer?
Fill the form by clicking on Apply Now Button and compare latest Interest Rate of all Banks/NFBCs for Instant and Quick Personal Loan Disbursal.
Bajaj Overdraft Loan FAQs
Kotak Mahindra Personal Loan can be applied to meet any of your expenses such as medical, insurance, wedding, education, vacation, home renovation or big purchases. There is no capping on the end-use of the loan.
- Check your eligibility for the loan
- Apply for the loan online
- Upload necessary documents
- Get your loan based on the terms in the sanction letter.
- Check your eligibility for the loan
- Apply for the loan online
- Upload necessary documents
- Get your loan based on the terms in the sanction letter.
There are several benefits of applying for Kotak Mahindra Bank’s Personal Loan. You can avail of funding for up to 20 Lakh at attractive rate of interest starting from 10.99%. Plus, approval and sanction is fast and hassle free. You can conveniently use the loan for various needs. Documentation is minimal and you are guided digitally at each step. In all, Kotak Personal Loan saves your time by ensuring fast disbursal for urgent cash requirements.
After submission of Personal Loan application along with required documentation, the approval and disbursal will take maximum of 2 days or 48 hours.
You can choose 2nd or 10th of every month as your EMI date. You are allowed to change the date as per your requirements.
To change address contact customer care 1860 266 2666 from 9:00 AM to 6:00 PM from Monday to Saturday (excluding holidays) or visit any of the Kotak Mahindra bank branches. Carry photocopy and original document proof of your new address. You can provide any of the documents- electricity bill, passport copy, ration card, aadhaar card, utility bill etc. The request will be processed within 2 days.
As per bank the minimum salary required to apply for a Personal Loan is Rs. 20,000. However to obtain Rs 1 Lakh loan, you will require salary of more than Rs 30000.
Yes. After successful completion of 9 months of Kotak Mahindra Personal Loan, you can avail of Top-Up loan. However, the sanction is based on the bank’s discretion, depending on Kotak’s lending policy and the customer’s credit risk. The bank will analyse your credit history, EMI payment status, bounced cheques (if any), job stability, and overall loans in your name. If you are deemed fit based on these points, your request will be accepted and processed within 2 days. You can apply for Kotak Personal Loan Top Up by sending SMS ‘PLTOPUP’ to 5676788 from your registered mobile number.
There are multiple benefits of Kotak Mahindra Personal Loan Top UP. You do not require collateral or security, it does not require any additional paperwork, rate of interest is attractive, you get choice of flexible repayment options, processing & disbursal is quick.
To apply for Kotak Mahindra Personal Loan Balance Transfer. A bank representative will call you and guide you for the process. Alternatively you can contact ShardaFinance by filling form, calling customer care number, or writing an email for comparing top options for Balance Transfer