Kotak Mahindra Bank offers personal loans tailored to various financial requirements, delivering flexibility and convenience. With loan amounts extending up to Rs 40 lakh and interest rates beginning at 10.99% per annum, these loans offer tenures up to 6 years. The bank ensures swift disbursal, part-prepayment options, and simple documentation, especially for salaried individuals. Additionally, Kotak Mahindra Bank offers instant personal loans in key metropolitan areas across India.

Reasons to Opt for Kotak Mahindra Bank Personal Loans:

• Interest Rate: Begins at 10.99% per annum.
• Loan Amount: Up to Rs 40 lakh.
• Tenure: Up to 6 years.
• Processing Fees: Up to 3% of the loan amount.

Minimum Monthly Income Requirements:

• Corporate Borrowers: Rs 25,000.
• Non-corporate Salary Borrowers: Rs 30,000.
• Kotak Employees: Rs 20,000.

Note: Rates as of 23rd July 2024.

Detailed Information

Interest Rates

With a competitive rate starting at 10.99% per annum, Kotak Mahindra Bank evaluates factors such as income, employment profile, and credit score, although specific rates based on criteria are not disclosed.

Fees & Charges

• Processing Charges: Up to 3% of the loan.
• Stamping Charges: As per state regulations.
• Overdue Interest: 3% monthly.
• Credit Appraisal & Administration Charges: Up to 5% of the loan (max Rs 7,500 + GST each).
• Collection Charges: 30% + GST of and overdue interest.
• Dishonor Fee: Rs 750 + GST.
• Foreclosure Fees:
  0-12 months: Lock-in period.
  1-3 years: 4% + GST.
  3 years+: 2% + GST.
• Part Pre-payment Fee: Rs 500 + GST.
• No Due Certificate: Free.
• Duplicate NOC Issuance: Free.
• CIBIL Report: Rs 50 + GST.
• Transaction Record Copy: Rs 200 + GST.

Types of Loans

Marriage Loan: Cover expenses from Rs 50,000 to Rs 40 lakh. Tenure: 1 to 5 years.

Travel Loan: Finance travel expenses, from Rs 50,000 to Rs 40 lakh. Tenure: 1 to 5 years.

Medical Loan: For emergencies, up to Rs 40 lakh.

Eligibility

Employment: Must be with MNC, private/public company.
Age: 21 to 60 years.
Income:
Corporate: Min Rs 25,000.
Non-corporate Salary: Min Rs 30,000.
Kotak Employees: Min Rs 20,000.
Education: Graduate degree.
Experience: 1-year stable employment.
Credit Score: Reviewed for eligibility.

Required Documents

Identity Proof: Passport, Aadhaar, etc.
Address Proof: Passport, utility bill, etc.
Financial Proof: 3-month bank statement.
Photographs: 2-3 passport-sized.
Income Proof (Salaried): Last 3 salary slips.

Apply via Paisabazaar

Paisabazaar allows comparison and application for personal loans from diverse lenders offering:

• Top Offers: Access to numerous banks and NBFCs.
• Comparison: Evaluate multiple loan offers easily.
• Personalized Solutions: Offers based on credit scores and eligibility.
• Pre-approved Loans: Faster approval with minimal documentation.
• Expert Advice: Assistance in selecting suitable loans.
• Digital Process: Convenient online applications.
• Document Pickup: Free collection of necessary documents.
• Comprehensive Support: End-to-end assistance throughout the loan process.

Conclusion:

Kotak Mahindra Bank provides various personal loans with attractive interest rates and flexible terms, ideal for weddings, travel, medical expenses, and more. Utilize platforms like Paisabazaar to seamlessly compare and apply for suitable personal loan options aligned with your financial needs.