Whether it’s a medical emergency or a big-ticket purchase, applying for Kotak Mahindra Bank Personal Loan Online can support you at any time with a loan amounting from Rs. 50,000 to Rs. 20 lakh for up to 5 years of tenure. Besides, the rates of interest are quite convenient, starting from 10.75% p.a., and comes with facilities like prepayment, balance transfer, and top-up loan availability.
If you are going to apply for Instant Kotak Mahindra Bank Personal Loan Online, you will avail the following beneficial features that make the loan more affordable than other lenders.
Kotak Mahindra Bank Personal Loan Criteria
|Loan Quantum||Rs. 50,000 to Rs. 20 lakh|
|Tenure||1 year to 5 years|
|Rate of Interest||@ 10.75% onwards|
|Processing Fee||Up to 2.5% (GST applicable)|
Apart from the rate of interest and processing fees, Kotak Mahindra Bank Personal Loan can have the following fees and charges.
|Stamping Charges||As per the Stamp Act of the respective States|
|Charges for Credit Appraisal||Up to 5% on the loan quantum but not more than Rs. 7,500 (GST applicable)|
|Charges for Credit Administration||Up to 5% on the loan quantum but not more than Rs. 7,500 (GST applicable)|
|Penal Charges||3% per month (compounded)|
|Dishonor Charges||Rs. 750 per event (GST and other statutory charges applicable)|
|Collection Charges||30% of the cheque dishonor charges (overdue interest applicable)|
|Instrument Swapping Charges||Rs. 500 per event (GST and other statutory charges applicable)|
|Charges for CIBIL Report||Rs. 50 (GST and other statutory charges applicable)|
|Charges for the Copies of SOA/ Amortization Schedule||Once in a year is free of cost. After that, Rs. 200 per event (GST applicable)|
Borrowers applying for Kotak Mahindra Bank Personal Loan Online have to pay charges for conditional prepayment that is allowed after the first 12 months of the agreement @5% on the outstanding principal amount, along with applicable GST.
Kotak Mahindra Bank offers a top-up loan to potential and existing borrowers, right after the completion of the first 9 months of the recently sanctioned loan. The bank sanctions this top-up loan at a lower rate of interest depending on their lending policies and checking the credit risk of the respective borrowers. It helps the borrowers applying for Instant Kotak Mahindra Bank Personal Loan Online to ease out any financial urgency.
Kotak Mahindra Bank allows you to transfer your existing loans with other lenders and that also at a lower rate of interest to ease the burden of the repayment of the loan.
|Age of the Applicant||21 years to 58 years|
|Profession||A salaried employee in a public or private concern or Multi-National Company|
|Minimum Monthly Income||Rs. 20,000 (Net)|
|Work Experience||Minimum 1 year|
|Residential Status||Should be resident of the city for at least 1 year|
To apply for the Kotak Mahindra Bank Personal Loan Online, the following documents will be required.
If you borrow Rs. 1 lakh for a year @10.99% interest then the EMI calculation will be as follows.
|Month||EMI Amount||Principal Paid||Interest Paid||Balance|
|1st||Rs. 8,838||Rs. 7,992||Rs. 916||Rs. 92,078|
|2nd||Rs. 8,838||Rs. 7,994||Rs. 843||Rs. 84,084|
|3rd||Rs. 8,838||Rs. 8,068||Rs. 770||Rs. 76,016|
|4th||Rs. 8,838||Rs. 8,142||Rs. 696||Rs. 67,875|
|5th||Rs. 8,838||Rs. 8,216||Rs. 622||Rs. 59,658|
|6th||Rs. 8,838||Rs. 8,291||Rs. 546||Rs.51,367|
|7th||Rs. 8,838||Rs. 8,367||Rs. 470||Rs. 43,000|
|8th||Rs. 8,838||Rs. 8,444||Rs. 394||Rs. 34,556|
|9th||Rs. 8,838||Rs. 8,521||Rs. 316||Rs. 26,035|
|10th||Rs. 8,838||Rs. 8,599||Rs. 238||Rs. 17,436|
|11th||Rs. 8,838||Rs. 8,678||Rs. 160||Rs. 8,757|
|12th||Rs. 8,838||Rs. 8,757||Rs. 80||Rs. 0|
To apply for the Kotak Mahindra Bank, first, check the eligibility criteria. If you can meet all the eligibility requirements, then put the details in the required fields. Calculate your EMI and apply along with the required documents. You’ve to wait for a few seconds for the approval along with proper documentation. And with minimal paperwork, your application process will be complete.
To check the status of your Kotak Mahindra Bank Personal Loan, follow the below-mentioned steps.
Go to the website of Kotak Mahindra Bank > “Get Help” > “Help Centre” > “Loans” > “Personal Loans” > “Loan Application Status” > select the type of loan from the menu > put the required data in the fields > the system will generate the result on the screen.
Yes, you can avail of the foreclosure facility offered by the Kotak Mahindra Bank but only after the successful payment of the first 12 EMIs.
No, Kotak Mahindra Bank doesn’t offer any part-payment facility for the personal loan.
You can call at 1860 266 2666. It is a 24*7 helpline number. And the 811 customers can call at1860 266 0811.
Kotak Mahindra Bank offers top-up loans to the existing borrowers after the first 9 months of the existing loan agreement. They usually charge a comparatively lower rate of interest and helps to tackle any financial needs.
The balance transfer facility of Kotak Mahindra Bank allows borrowers to transfer any existing loans from other lenders and repay the same at a lower rate of interest.
You can either download the schedule from the official website of the bank or visit the nearest branch of Kotak Mahindra Bank and get the schedule.
No, there is no facility available to postpone or reschedule your EMIs in case of emergency. If you fail to pay any EMI, you have to pay it later along with penal charges.
You can change the scheduled dates by contacting the bank and schedule the dates as per the available dates offered by the bank. At present, the dates should between the 2nd and 10th of each month.