Kotak Mahindra Bank Business Loan

 

About Kotak Mahindra Bank Business Loans

An Indian private sector banking establishment headquartered in Mumbai, Kotak Mahindra Bank obtained its license for banking business in February 2003. It provides a comprehensive range of financial services and banking products to both retail and corporate customers via its specialised subsidiaries and efficient delivery channels engaged in wealth management, general insurance, personal finance, investment banking and life insurance. It is also the second largest private sector bank in India (by market capitalisation) as of April 2019. The bank currently employs around 40,000 people and has total assets amounting to US$ 31 billion.

With a wide range of lending solutions, Kotak Mahindra Bank assures all businesses of loans that will best suit their needs. They claim that their biggest differentiator is the ability to comprehensively understand the client’s requirements. The availed business loan can be put to any use including expansions, purchase of equipment, staff hiring, office renovation and more. It can serve as just the right medium to help you leverage opportunities for diversifying or taking your business to new heights. Below we have provided more specific details related to Kotak Mahindra Bank business loan eligibility criteria, features and charges.

Business Loan Eligibility Criteria

Talking about the Kotak Mahindra Bank business loan eligibility criteria, you should be an incorporated business entity with a minimum annual turnover of ₹ 2 crore. Self-employed professionals engaged in services can do with an annual turnover of ₹ 50 lakh too. On the other hand, self-employed businessman involved in manufacturing operations need to have an annual turnover of minimum ₹ 1 crore. The applicant should have been in business for at least the past 3 years on a continuous basis, with a cash profit in the last 2 years. Please note, you will be required to furnish pertinent documents to prove your eligibility for the loan. More details related to Kotak Mahindra Bank business loan eligibility criteria such as the minimum / maximum age, credit score, qualifications etc. can be found below.

3

Years in currert business

₹ 50Lacs

Minimum Turnover

Kotak Mahindra Bank Business Loan Features / Details

Kotak Mahindra Bank offers business loans ranging from ₹ 3 lakh to ₹ 2 crore. As mentioned above, they claim to differentiate themselves from the rest of the lenders by comprehensively understanding the customer’s requirements. You are assured quick loan approval and trouble-free processing. There is minimum paperwork involved and the disbursal doesn’t take much time if you have all the documents ready. In fact, the bank promises to dispose the loan application within 7 working days once they receive documents from you. There is even doorstep service available to complete the entire process from within the comfort of your home. Please see below for more and specific details related to Kotak Mahindra Bank business loan features.

19%

Interest Rate (Min)

1 – 3 Years.

Loan Tenure

₹ 10Lacs – 75Lacs

Loan Amount (Min – Max)

Kotak Mahindra Bank Business Loan Fees / Charges

All Kotak Mahindra Bank business loan applications involve a non-refundable processing fee of maximum 3% of the loan amount (plus GST). You are allowed to prepay the loan by paying an extra 6% of the foreclosure loan amount if you are making the prepayment within the first 12 months of taking the loan. This percentage reduces to 5% if the prepayment is made after 12 months. No foreclosure charges are taken for term loans granted to individuals at floating interest rates. Apart from these, various other charges might apply, for example, documentation charges, cheque dishonour charges, charges for duplicate NOC, charges for documents’ copy, collection charges, amortisation schedule charges, termination charges etc. The details of all these charges have been provided below.

2% of Loan Amount.

Processing Fees

0% of amount prepaid.

Pre-payment Charges

No

Part Payment Facility

0%

Part Payment Processing Fees