Getting a Kotak Mahindra online personal loan is easy – no need for a guarantor. With over 606 branches in India, applying for a loan with this bank is really simple. Kotak Mahindra Bank offers personal loans from INR 50,000 to 40 lakhs for eligible individuals. You will qualify for the loan if you’re between 21 and 60, have a graduation degree, and work with a reputable company.
The process is simple, with minimal requirements. Salaries must meet certain criteria, but benefits include competitive interest rates starting at 10.99% per annum and a straightforward fee structure. It’s a practical choice for quick financial support. With the digital application process, you can save a great deal of time as well.
Setting itself apart, this bank provides a unique feature – “Personal Loan Overdraft.” This lesser-known benefit allows customers to withdraw excess funds after repaying the loan.
Prime Features & Benefits of Kotak Mahindra Bank Personal Loan
With easy repayments and low-interest rates, this fast personal loan will help you use a big loan amount at the right place. So, let’s dive into what makes Kotak Mahindra Bank’s loan different for you.
1] Easy Payment Options
Repaying your Kotak Mahindra Bank Personal Loan is a convenient option. You can use the user-friendly online platform, mobile app or visit nearby branches. After getting the funds, you can repay the loan via net banking, cheque, or cash.
2] Competitive Interest Rates
Get benefits from Kotak Mahindra Bank’s competitive interest rates on personal loans. These rates are as low as 10.99% to make your loan even more affordable.
3] No Mortgage Of Property Is Needed
No need to worry about putting your property on the line – Kotak Mahindra Bank personal loans don’t require any mortgage. You can still get your amount if you prefer not to use your house as security.
4] Attractive Tenure & Loan Amount
You can take your time while repaying your online personal loan, as the repayment period is 6 years. Another benefit is that you can borrow up to INR 40 lakhs according to your future expenses.
5] Digital Process
Kotak Mahindra Bank offers a fully digital loan application process. Apply online without any paperwork, ensuring a hassle-free and efficient experience. This feature is designed for your convenience, allowing you to access financial services swiftly.
6] Quick Disbursal
Experience fast financial relief with Kotak Mahindra Bank’s quick loan disbursal. After approval, funds are quickly transferred, providing you with the needed support promptly. This fast access to funds is perfect for urgent financial situations.
7] Pre-Payment Facility
For loans disbursed after February 1, 2020, Kotak permits part pre-payment. You can prepay up to 20% of the principal loan outstanding annually, after 12 months, with a nominal fee of INR 500 plus taxes. This flexibility helps you manage your loan effectively.
With such amazing features, applying for this loan is one of the best decisions. Being a fast personal loan, you can get access to funds in no time.
Online Application Process for Kotak Mahindra Bank Personal Loan
With a few clicks, you’ll be on your way to the funds you need. This online personal loan process is designed to be simple to avoid the unnecessary stress of visiting Kotak Bank.
Step 1: Start By Opening the Kotak Mahindra Bank Loans Website
Open your web browser to check out Kotak Mahindra Bank’s website. Go to the bank’s homepage and look for the personal loan tab. You can find all the info about Kotak Mahindra Bank’s personal loans there.
Step 2: Check Your Eligibility
Go to the loan section and pick the personal loan you like. Follow the steps to check if you qualify by sharing basic info like your age, income, and personal details. Enter your Aadhaar or PAN card number to make the process smooth.
Step 3: Get Verified With KYC
After making sure you qualify, move on to the application. Check the highest loan amount you can get and see your monthly payments by picking the tenure you want. The last step is a video KYC to confirm your identity. Once that’s done, expect the money in your account within a day.
Step 4: Check Other Customisation Options
Take a look around the app for more ways to customise your loan. This step lets you add life, disability, and critical illness insurance. You must also check the mandatory charges you have to pay to get your loan approved on time.
Once you finish, just finalise the offer and disburse your loan. Well, this surely makes this instant personal loan one of your finest options.
Eligibility of Kotak Mahindra Bank Personal Loan
See if you qualify for a Kotak Mahindra Bank personal loan. Just find out the eligibility criteria set by this bank to give all types of online personal loans.
Age Requirement: Age eligibility ranges from 21 to 60 years for this personal loan.
Income Criteria: A monthly income of a minimum of INR 20,000 and 1 year of work experience is required to get this online personal loan.
Credit Score: A credit score of 700 or above is important for meeting eligibility criteria.
Mandatory Identification: You must give identification documents like PAN or an Aadhaar card.
Financial documents: Salary slips and bank statements when needed.
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Kotak Mahindra Bank Personal Loan Fees & Charges
Let’s discuss the charges levied on digital personal loans from Kotak Mahindra Bank. It’s important to understand why these charges are imposed on borrowers. Below, we’ll break down the main fees related to Kotak Bank’s loan.
1] EMI Dishonour Or Bounce Charges
If your EMI payment bounces or isn’t accepted, Kotak Mahindra Bank charges you INR 500 plus taxes each time. They do this to cover the costs of managing the administrative side and the inconvenience caused by the unsuccessful transaction. It’s like a fee for their extra work when the payment doesn’t go through.
2] Swap Charges
For any changes in your repayment mode, repayment instrument, or EMI date, Kotak Mahindra Bank applies Swap Charges of INR 500/- plus applicable taxes per instance. These charges are in place to cover various costs associated with processing these changes. Any alterations to the agreed-upon terms come with these fees.
3] Processing Charges
When processing your online personal loan, this bank charges a non-refundable processing fee of up to 3% of the final loan amount plus applicable taxes. This fee is deducted from the loan amount during disbursal. The purpose of this fee is to cover the expenses associated with evaluating, approving, and disbursing the loan. It’s a standard industry practice to ensure the bank can efficiently process and manage loan applications.
4] Overdue EMI Interest
Kotak Mahindra Bank charges an overdue EMI interest of 3% per month on the overdue instalment amount. This penalty encourages timely payments, ensuring borrowers stay on track with their loan repayment schedule. It’s a reminder of the importance of maintaining regular payment habits.
Important Insurance to Take with a Loan
Kotak Mahindra Bank helps you access the right insurance, so you’re covered throughout your loan journey. Remember, having the right insurance will give your money an extra layer of protection. Check out these four best insurance you can apply:
EMI Protection Insurance
It determines if unexpected events like job loss or critical illness impact your ability to pay EMIs. Kotak Mahindra Bank recommends considering EMI Protection Insurance for additional security to safeguard your financial well-being. So, it’s wise to go through your loan repayment journey with added assurance.
Life Insurance
Beyond covering outstanding debts, including loans, it is a legacy protection plan. It will maintain your family’s standard of living. Moreover, Life Insurance offer returns and tax benefits. So, integrating this Insurance with your loan showcases a nuanced approach to financial planning.
Critical Illness Insurance
This insurance helps with different costs after your treatment, so you don’t worry about money during your recovery. You can use critical illness insurance for medical bills and other things like daily expenses or even caring for your family during tough times.
Disability Insurance
Disability Insurance covers day-to-day living expenses such as rent, groceries, and utilities. It can also be used to cover medical costs associated with the disability. You should also check whether you get the benefit of gaining income from this insurance if you’re unable to work due to a disability.
More Savings With A Balance Transfer of Existing Loan with Kotak Bank
Thinking about moving your loan to Kotak Mahindra Bank? You can go for it as it will save you money. You’ll also get amazing features like low-interest rates from just 10.99% p.a. With this, you can choose how to pay back and get cashback. So, move your loan to a Kotak Mahindra bank account for extra savings. With the seamless balance transfer facility, get your existing offer better facilities with low interest, reduced processing fees, and minimal charges.
