Thursday, December 8, 2022

Kotak Mahindra Bank Personal Loan Interest Rate @10.99%, EMI Calculator

Kotak Mahindra Bank Personal Loan: Kotak Mahindra Bank offers Personal loans at attractive interest rates and flexible tenures keeping in mind the needs of its customers. Kotak Mahindra Bank offers you personal loans up to a maximum of Rs 25 lakh at an interest rate of 10.99% per annum with a flexible tenure of 5 years. We can use the Kotak personal loan amount per our requirement for household expenses, home renovation, family weddings, vehicle purchases, etc. Kotak Mahindra Bank Personal Loan is beneficial for us due to the low-interest rate.

Kotak Mahindra Bank Personal Loan Details

Kotak Mahindra Bank Personal Loan Interest Rate10.99% to 19.20% p.a.
Kotak Personal Loan AmountUp to Rs 25 lakhs
Tenure TimeUp to 5 years
Minimum Monthly IncomeSalary 20,000 and Sefl-employed 25,000
Processing feeUp to 2.50% + GST (Maximum Rs 7,500)
Age Limit21 to 60 years
Foreclosure Charges3%-5%
Collection Charges30% of dishonor charges + overdue interest
Kotak Mahindra Bank Personal Loan Customer Care Number1860-266-2666
1860-266-0811
ExampleLoan Amount: Rs 50,000
Tenure: 12 Months
Interest Rate: 10.99% (on Reducing Principal Balance Interest Calculation)
EMI Amount: Rs 4,418
Total Interest Payable: Rs 3,026
Processing Fees (incl. GST): Rs 1,475
Disbursed Amount: Rs 50,000 – 1,475 = 48,525
Total Amount Payable: 53,026
Overdue Interest Charges3% per month, compounded monthly

Kotak Mahindra Bank Personal Loan Interest Rate

Kotak Mahindra Bank offers personal loans up to Rs 25 lakh to customers at the lowest interest rate of 10.99% per annum. Customers can apply online as well as offline mode. Applicants with a Kotak Mahindra Bank savings account can apply for a personal loan through net banking. Kotak Mahindra Bank decides the interest rate based on customer profile, income structure, credit score, etc., which may differ from customer to customer.

Factor affecting Kotak Mahindra Bank personal loan interest rates

Age of the applicant: The interest charged on the personal loan can be more or less according to our Age. Younger applicants have to pay less interest as the risk involved is less, and older applicants may have to pay higher interest as the risk involved is more.

CIBIL Score: The credit score of the applicant is taken into consideration before determining the personal loan interest rate. If the applicant has a low CIBIL score and has failed to repay his previous loans or credit card bills on time, the interest will be determined higher.

Loan Tenure: In most cases, the loan repayment tenure is chosen by the applicant. The option is in the hands of the applicant as to when he will repay the loan. The longer the tenure of the personal loan, the higher the interest.

Residential Location: The interest rate decided by Kotak Mahindra Bank can also be based on whether the applicant lives in an urban or semi-urban area. People living in city areas can get a personal loans at low-interest rates.

Higher Loan amount: The interest charged on the personal loan is decided according to the amount you get. You are charged a lower interest rate if you apply for a higher loan amount.

Features of Kotak Mahindra Bank Personal Loan

100% Digital Loan: Kotak Mahindra Bank offers its customers the convenience of applying for a personal loan digitally, instantly. The process is 100% digital and contactless. All documents are to be uploaded online by the customer.

Loan Amount: As per your requirement, you can avail Kotak Mahindra personal loan up to Rs 25 lakh. The loan amount can be used for weddings, travel, education, or any unprecedented shortfall or emergency.

Interest Rate: The minimum interest rate applicable to Kotak Mahindra Personal Loan is 10.99%. Kotak Mahindra Bank decides the interest rate based on the customer profile, income structure, credit score, etc., which may differ from customer to customer.

Unsecured Loan: Kotak Personal Loan is an unsecured loan. You do not need to submit any security to avail of a personal loan.

Foreclosure charges: The foreclosure charges are 4% on the outstanding principal amount up to 3 years and 2% after three years.

Repayment Tenure: You get a flexible tenure of 5 years to repay the amount taken as a personal loan, which proves very beneficial for all the customers.

Low Processing Fee: You are charged a low processing fee on the loan amount get by you. A processing fee of 2.5% + GST of the sanctioned loan amount will be applicable.

Customer Care Support: Immediately after you submit the Kotak Mahindra Bank Personal Loan form, the Kotak Personal Loan team gets in touch with you and gives you complete details about the loan.

All Your Loans in One Place: Kotak Mahindra Bank works relentlessly to bring all personal loan options on the same platform. Get multipurpose instant loans without any guarantee & collateral security for all your needs. Kotak Personal loan makes it possible with a quick & easy online process.

Eligibility for Kotak Mahindra Bank Personal Loan

  • Minimum age – 21 years
  • Maximum age – 60 years
  • Employees of government bodies/private companies with a service of at least 1 year
  • Employees of private limited companies, proprietorship firms, trust, and partnership firms with a service of at least 1 year continuously
  • NRI/PIO and the members of the staff are ineligible.
  • Insurance agents in the business for at least 2 years
  • Self-employed businessmen with at least 1 year of stable business
  • Self-employed professionals like doctors, engineers, company secretaries, architects, interior designers, etc with at least 1 year of a stable business.
  • Kotak Mahindra Bank may also check the credit score and monthly income of its applicants, just like other lenders do while evaluating their loan eligibility.

Kotak Mahindra Bank Personal Loan Documents Required

Here is the indicative personal loan documents list that you would have to submit to avail personal loan up to Rs.25 lakhs:

Bank Statement for the last six months and updated passbook.

Proof of residence includes any of the following:

  • Valid passport
  • Voter id card
  • Driving license
  • Postpaid utility bill (gas bill and electricity bill)
  • Updated passbook or bank statement
  • Registered rent agreement

Proof of identity:

  • PAN card
  • Aadhar Card
  • Valid Indian passport
  • Voters ID card
  • Driving license
  • Employee ID cards issued by relevant authorities like the Govt or Defence or reputed corporate
  • Identity document or certificate of practice with photograph issued by professional bodies like ICAI, ICWA, ICFAI

For Salaried individuals

  • Last 3 months’ salary slips
  • Statement of account for last Six months of Bank

For Self-employed individual

  • Balance sheet and profit and loss account, computation of income for last 1 year
  • Income Tax Return – last 1 year for applicants, 26 AS, Traces
  • Business proof: Gomasta License, Registration Certificate, Service Tax Registration, etc.
  • IT Assessment Certificate, Income Tax Certificate (Form 16A)

How to apply for a Kotak Mahindra Bank Personal Loan?

  • Visit the official website of Kotak Mahindra Bank or contact your nearest Kotak branch.
  • Now, fill in the personal, professional, and financial details as required by the lender and submit the form.
  • Once you submit the application form, Kotak Mahindra Bank will check your eligibility and provide you with information about the eligible amount you can avail of.
  • If you agree to process the application form, you will submit the required documents, which can also be uploaded online.
  • Finally, your documents will be processed by Kotak Mahindra Bank, and on successful approval of the loan, the funds will be disbursed instantly into your Kotak Mahindra Bank account.

You can also apply for a Kotak Mahindra Bank personal loan by visiting their branch or calling their customer care center. Offline mode is mentioned below:

  • Visit the nearest branch and fill out the application form with the required loan amount, personal details, business information, and your contact number.
  • The representative of Kotak Mahindra Bank will explain loan eligibility, loan rates, terms, processing fees, prepayment, and foreclosure terms.
  • After submitting the application form and required documents, you will receive an application reference number. You can use the same number to track the status of your loan application.
  • On successful verification, the loan can be disbursed immediately after loan approval and agreement signing.

Kotak Mahindra Bank Personal Loan Fees & Charges

A personal loan comes associated with different types of fees, processing fees being the primary one. The processing fee is the fee that you pay along with the loan application. This is a one-time fee that you have to pay with the application form and documents. Even if the loan is not sanctioned, the processing fee would be non-refundable.

Charges typeApplicable amount
Personal loan interest rateMinimum 10.99% p.a.
Loan processing feeUp to 3% of the final loan amount plus applicable taxes.
Stamp Duty ChargesAs per the respective State’s Stam Act
Bounce ChargesINR 500/- plus taxes per instance
Fore Closure ChargesPost completion of lock-in period Paid within 0-3 years-4% of Principal outstanding Paid beyond 3 years-2% of Principal outstanding
Collection charges in case of delayINR 150 + 3% on the overdue installment amount
Renewal charges1% of the renewal limit or Rs 5,000 whichever is below 10%
Swap chargesRs 500 per swap
Charges for SOAPhysical: Rs 200 + GST per instance Digital free

Kotak Mahindra Bank Personal Loan Customer Care Number

By Phone: You can call on the company’s customer care number 1860-266-2666

Equipment Finance: You can call on the company’s customer care number 1860-266-0811.

Email: You can also contact customer care via email. The email address for specific queries is below:

Kotak Mahindra Bank Personal Loan FAQ:

What is Personal Loan?

Personal loans help you to borrow money for a price of a personal nature – be it for some other requirement such as an emergency, education, family marriage, or home renovation. With Kotak Mahindra Bank Personal Loan, with various loans ranging from 50k to 25 Lakh, you can enjoy an interest rate of 10.99% to 19.25% p.a. with flexible functions ranging from 24 to 60 Months.

What is an EMI?

EMI Stands for Equated Monthly Installment. Which is the fixed amount paid for the repayment of your loan. It includes both the principal component and the interest amount. It gives you the convenience and benefit of repaying the personal loan amount in small and easy installments.

What is the minimum CIBIL score required for Kotak Mahindra Bank Personal loan?

A good CIBIL score can help you get an adequate personal loan amount. If the applicant has a low CIBIL score and has failed to repay his previous loans or credit card bills on time, the interest will be determined higher. The minimum CIBIL score prescribed for availing of Kotak Mahindra Bank Personal Loan is 650.

How do I check the status of my personal loan?

You can visit Kotak Mahindra Bank’s website and, under the “Service Request” tab, you can check the status of your personal loan.

What are the different types of personal loans?

Kotak Mahindra Bank offers personal loans for weddings, travel, medical needs, education, vehicle buying, debt consolidation, home renovation, etc.

What are the processing fees charged by Kotak Bank for Personal Loans?

Kotak Mahindra Bank Personal Loan charges a processing fee of up to 3% of the loan amount. An additional GST is also payable on the processing fee.

What is the minimum salary for a personal loan in Kotak Mahindra Bank?

To avail Kotak Mahindra Bank personal loan, you need to have a minimum net income of ₹ 20,000 per month.

How to contact Kotak Mahindra Bank personal loan customer care?

For any type of query related to Personal Loans, you can also call on the customer care number 1860-266-2666. You can also get an answer to your questions by sending mail to [email protected]

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