Kotak Mahindra Personal Loan
Apply for Kotak Mahindra Personal Loan up to Rs. 20 Lakhs online at attractive rate of interest starting @ 10.75% onwards for up to 5 years. Under Kotak’s current Festival Offer, processing fee for personal loans is flat Rs 999 for LIMITED period. Start a paperless online application and get instant approval on Kotak Personal Loan.
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 20 Lakh at competitive interest rate starting from 10.75%- 24% p.a for max tenure of up to 5 years. To grant max customer satisfaction, the bank assures 100% digital processing of Kotak Mahindra Personal Loan. Highlights of Kotak Mahindra Personal Loan:
| Loan amount | Rs. 50000 to Rs 20 Lakh |
| Rate of interest | 10.75% - 24% |
| Tenure | Up to 5 years |
| Lowest EMI possible | Rs. 2,149 per Lakh |
| Processing fee | Flat Rs.999/- for LIMITED time period* |
Kotak Mahindra Personal Loan Features
SBI Personal Loan have something for everyone. For emergency needs, you can avail of small instant loans by applying online.
- 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 20 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.
- Interest Rate: Kotak Mahindra Personal Loan Interest Rates start from 10.75%- 24% 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: After 12 months of successful repayment of Kotak Personal Loan, Foreclosure is allowed. However, foreclosure of Kotak Mahindra Personal Loan, will attract 5% of outstanding principal + GST after 12 months of loan completion. After 24 months, or after second year, it will attract 4%+ GST, and after 36 months or third year 3% + GST will be levied.
- Processing Fee: The processing fee on Personal Loan is Flat Rs.999/- for LIMITED time period.
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 20 Lakh. Applicants with modest monthly salary of Rs 20000 can apply for Personal 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.
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 meet easily. Different types of customers including Salaried, Self Employed & working professionals can apply.
- Age: 21 to 58 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: Above 750
- 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
- Additional Reading: What is good cibil score range?
Kotak Mahindra Personal Loan Fees & Charges
| SUBJECT | FEES & CHARGES |
| Interest Rates (Per Annum) | 10.75% onwards |
| Processing Fees | Flat Rs.999/- |
| Stamping Charges | As per State's Stamp Act |
| Administration Charges | Up to 5% of Loan amount (Max: Rs. 7500, includive 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 | Lock-in period: 12 months, *During lock-in, allowed only at discretion of Bank. Charges will be 6% +GST After Ist year: 5% + GST After 2nd year: 4%+ GST After 3rd year: 3% + GST |
| Part pre-payment charges | Loans disbursed on or before 1st Feb’20: Part payment facility not available Loans disbursed after 1st Feb’20: Allowed up to 10% every year after 12 months of lock-in period Fee: Rs 750 + GST per part-prepayment |
| 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 |