Kotak Mahindra Bank Personal Loan

 

About Kotak Mahindra Bank Personal Loan

Kotak Mahindra Bank is an Indian banking and financial services company having its headquarters in Mumbai. Earlier known as Kotak Mahindra Finance Ltd, an NBFC (Nonbanking Financial Company), it was given the license for banking business by the RBI in February 2003. Kotak Mahindra Bank provides a comprehensive range of banking and financial services to retail and corporate clients through multiple delivery channels. As of March 2017, the bank had around 1369 branches and 2163 ATMs spread over 689 locations in India. In 2018, it emerged as the second biggest private banking establishment in India (based on market capitalization) with only HDFC Bank ahead of it.

Kotak Mahindra Bank offers a convenient personal loan service to help people meet their urgent financial requirements like home renovation, purchase of consumer durables, vacation, wedding etc. They promise approval of personal loans with minimum paperwork, ensuring quick disbursal of the loan amount. More details on Kotak Mahindra personal loan eligibility criteria, features and charges are provided below.

Personal Loan Eligibility Criteria for Salaried / Self-Employed

Kotak Mahindra Bank extends its personal loan service to all Indian residents employed with multinational, public or private limited companies, and in the age bracket of 21 years to 58 years. Their minimum net monthly income should be INR 20,000 and they should at least be graduates. Apart from that, a total work experience of at least one year is essential. Following are the updated Kotak Mahindra personal loan eligibility criteria.

18 – 65 years

Age (Min – Max)

4k – 65k

Minimum Income (Metro Cities)

4k – 65k

Minimum Income (Other Cities)

18 – 65 years

Age (Min – Max)

4k – 65k

Minimum Income (Metro Cities)

4k – 65k

Minimum Income (Other Cities)

4k – 65k

Minimum Income (Doctors/ Chartered Accountants)

4k – 65k

Minimum Income (Company Secretary / Architect)

4k – 65k

Minimum Income Self Employed (Businessman)

Kotak Mahindra Bank Personal Loan Features / Details

At Kotak Mahindra Bank you can apply for a personal loan ranging anywhere from INR 50,000 to INR 15 lakh. The approved amount will depend entirely on how well you meet the eligibility criteria. The loan tenure can be 12 months to 60 months. No guarantor is required for approval of the personal loan. Following are updated details on Kotak Mahindra Bank personal loan features like the applicable interest rate, minimum and maximum loan amount, repayment tenure and mode.

18.25%

Interest Rate (Min)

Upto XX Years.

Loan Tenure

25k – 50Lacs

Loan Amount (Min – Max)

Kotak Mahindra Bank Personal Loan Fees / Charges

All Kotak Mahindra personal loan applications are subject to a loan processing fee of up to 2.5% of the approved loan amount (plus GST). Other pertinent charges like stamping charges, credit appraisal charges, overdue interest, collection charges, dishonour charges, swap charges, foreclosure charges, duplicate NOC charges, no dues certificate charges and more might also be applied depending upon the situation. The exact details about these charges are provided below.

2.4% of Loan Amount.

Processing Fees

2.4% – 5.2% of amount prepaid.

Pre-payment Charges

Yes / No

Part Payment Facility

2000

Part Payment Processing Fees