Kotak Mahindra Bank

Instant Kotak Mahindra Bank Personal Loan

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.

Features of Applying for Kotak Mahindra Bank Personal Loan

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.

  • The loan is collateral-free and doesn’t have any usage restrictions.
  • It takes a few seconds to apply Instant Kotak Mahindra Bank Personal Loan Online and it gets instant approval also.
  • The available loan amount is sufficient to fund any of your requirements such as higher education, traveling, wedding, medical expenses, etc.
  • The rate of interest is quite lower and affordable.
  • The flexible tenure makes it easy to repay the loan through affordable monthly installments.
  • The process for applying Instant Kotak Mahindra Bank Personal Loan Online is hassle-free and the eligibility criteria are simple as well.
  • Borrowers applying for Kotak Mahindra Bank Personal Loan Online are offered a top-up loan by the bank to manage the financial needs and loan repayments.
  • You can get the balance transfer facility also.
  • One can choose the conditional prepayment option to repay the loan before tenure.

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)

 

Fees and Charges to Apply Instant Kotak Mahindra Bank Personal Loan

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 Top-up Loan and Balance Transfer Facility

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.

Eligibility Criteria to Apply Instant Kotak Mahindra Bank Personal 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

 

Documents Required To Apply For Instant Kotak Mahindra Bank Personal Loan

To apply for the Kotak Mahindra Bank Personal Loan Online, the following documents will be required.

  • Passport, PAN Card, Aadhar Card, Voter’s ID card, Driving License, utility bills, etc. are required to prove your identity, along with your address.
  • Salary slips and bank statements as proof of your income.
  • Passport size photographs.

EMI Calculation of Kotak Mahindra Bank Personal Loan

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

 

How To Apply Instant Kotak Mahindra Bank Personal Loan Online

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.

FAQs

  • How can I check the status of my Kotak Mahindra Bank Personal Loan?

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.

  • Is there any foreclosure facility available while applying for Kotak Mahindra Bank Personal Loan Online?

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.

  • Is there any part payment facility available while applying for Kotak Mahindra Bank Personal Loan Online?

No, Kotak Mahindra Bank doesn’t offer any part-payment facility for the personal loan.

  • How can I contact the customer care department of Kotak Mahindra Bank?

You can call at 1860 266 2666. It is a 24*7 helpline number. And the 811 customers can call at1860 266 0811.

  • What is the loan top-up facility of Kotak Mahindra Bank?

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.

  • What is the balance transfer facility of Kotak Mahindra Bank?

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.

  • How can I get to know about my repayment schedule?

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.

  • Is this allowed to postpone or reschedule my EMI in case of any emergency?

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.

  • Is it possible to change the installment date of my Kotak Mahindra Bank Personal Loan after applying for Kotak Mahindra Bank Personal Loan Online?

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.