In this post, we are going to cover our requirements for applying for the Kotak Mahindra Bank personal loan, their rate of interest, personal loan details, their customer care number, personal loan features, comparison with other banks, documents required, and types of personal loans offered by Kotak Mahindra Bank, etc.
Be with me, I am going to clear all your doubts step by step in regards to taking a personal loan from Kotak Mahindra Bank.
Table of Contents
STEP 1:- KOTAK MAHINDRA BANK PERSONAL LOAN DETAILS
This is one of the prime factors that everyone should have to understand the details of loan providers before applying for it.
Here is the list of KOTAK MAHINDRA BANK loans details
Charges and fees
|1||Minimum loan amount||Rs.50000|
|2||Maximum loan amount||Rs.20 Lakh|
|4||Rate of Interest||10.50% p.a.onwards|
|5||Mode||100% digital Processing|
|6||Lowest EMI possible||Rs.2,149/Lakh|
|7||Processing Fee||up to 2.5% of loan amount + GST|
|8||Stamp duty charges||As per State Stamp Act|
|9||Administration Charges||Up to 5% of loan amount(Max Rs.7500,including GST)|
|10||Appraisal Charges||Up to 5% of loan amount,(Max Rs.7500,including GST)|
|11||Overdue Interest||3% p.m on due month.|
|12||Dishonor Charges||Rs.750 per instance(including GST and other Levies|
|13||Swap Charges||Rs.500 per swapper instace+GST and other statutory levies|
|14||For closure Charges||Lock-in period:12 months,|
During Lock-in, allowed only at the discretion of the Bank.
After 1 year-5%+GST
After 2 year-4%+GST
After 3 year-3%+GST
|15||Prepayment charges||Loans disbursed on or before 1st February 2020 payment facility not available and loans disbursed after 1st February 2020 allowed up to 10% every year after 12 months of lock-in period|
Fee: Rs.750+GST per part-prepayment
|16||Duplicate Issue of NOC||Nil|
|17||No Due Certificate||Nil|
|18||Credit information report(CIBIL)||Rs.50 + GST, other statutory levies per instance|
|19||Copy of records||Nil, once yearly Rs.200 per request +GST, other statutory levies afterward|
STEP 2:- KOTAK MAHINDRA BANK PERSONAL LOAN CUSTOMER CARE NUMBER, MAIL ADDRESS
if you don’t know what are the different kinds of personal offered by the banks then click on the button given below we have explained it in detail.
Okay coming back to different types of personal loans offered by the SBI Bank.
- Official Website:-www.kotak.com
- Toll-Free Number:-1860 266 2666
- Contact Timing(Mon-Sat):-9:00am – 6:00pm.
STEP 3:- STEPS TO APPLY FOR KOTAK MAHINDRA BANK PERSONAL LOAN
Before applying for any kind of bank personal loan your mobile number should be linked with your Aadhar card number and email address because they will send you a verification link over it.
Step1:Visit the Kotak Mahindra Bank Official Website and after reaching the homepage of the website click on the Personal Loan.
Step2:Now fill up the personal loan form which includes various details such as loan amount, loan period, personal details, mobile number, etc.
Step3:Once if you gave your correct mobile number you will an OTP from the bank side to the registered mobile number.
Step4:Use that OPT to log in to Kotak Mahindra’s personal loan.
Step5:After login you can compare the different kinds of personal loans available on Kotak Mahindra Bank and choose whichever you want and then click on the eConnect with Bank Button, Now your query will be shared with the bank.
Step6:After completing your request to the bank a loan representative will call you to follow up on this request. The same person will guide for the further steps which include documentation and loan processing and sanctioning.
STEP 4:- FEATURES OF KOTAK MAHINDRA BANK PERSONAL LOANS
- Maximum Loan: Rs.20 Lakhs
- Repayment Time(Tenure): Max 60 months
- Lowest EMI possible: Rs.2,149/Lakh
- 100% Digital Loan
- Paperless process
STEP 5:- ELIGIBILITY CRITERIA
- The age of the applicant should not be greater than 58 years.
- Minimum age requirement 21 years or above.
- The monthly income of the applicant should be Rs.20,000 for Kotak employees and Rs.25,000 for corporate account holders
- Minimum qualification: Graduation or equivalent degree.
- Applicant must provide and valid set of documents required for the bank.
- CIBIL score: Above 750.
- Applicant Residence: The following are the cities where the applicant should be an active resident for at least 1 year: Mumbai, New Delhi, Banglore, Chennai, Kolkata, Hyderabad, Pune, Ahmedabad, Noida, Gurgoan, Faridabad, Ghaziabad, Jaipur, Chandigarh, and Kochi.
STEP 6:- KOTAK MAHINDRA BANK PERSONAL LOAN COMPARISON WITH OTHER BANKS
|Moneylender||Max Loan||Time Period(Tenure)||ROI||Processing Fee|
|Kotak Mahindra Personal Loan||Rs.20 Lakh||60 Months||10.50%||Up to 2.50% + GST|
|HDFC Personal Loan||Rs.40 Lakhs||60 Months||10.50-21.00%||Up to 2.5%,( max Rs.25,000 for salaried and minimum Rs.2,999)+GST|
|Axis Bank Personal Loan||Rs.15 Lakhs||60 Months||10.49%||1.5-2% of loan amount +GST|
|ICICI Bank Personal Loan||Rs.20 Lakhs||60 Months||10.50-19%||Up to 2.25% + GST|
|Baja Finserv Personal Loan||Rs.25 Lakhs||60 Months||13% onwards||Up to 4.13% +GST|
STEP 7:- DOCUMENTS REQUIRED
For getting easy approval of a loan of Kotak Mahindra Bank Personal Loan you need to submit the following documents
- 2-3 passport size photos
- Duly signed loan agreement
- Duly filled personal loan application form
- Identity proof:-Submit anyone among the following
- Aadhar Card
- Driving License
- Address proof: Submit anyone among the following
- Driving License
- Utility Bills like Electricity or water bills
- Ration Card
- Income proof
- Salaried Employees
- Last 3 months Bank Statements
- Last 3months Salary Slips
- Sel-employes/Business owners
- Company Registration License/Shop Establishment Proof/Tax Registration
- Last one year Savings and current bank account statements
- Income Tax returns for last financial year
- Salaried Employees
STEP 8:- CHECK APPLICATION STATUS
After applying for a personal loan from Kotak Mahindra bank you need to check out whether the bank has approved your loan or not. Click on the following button to check the status.