A short guide to Kotak Mahindra bank personal loan

Kotak Mahindra Bank personal loan is a loan you could use to confront a financial situation and get luxury goods. Its processing is quick and transparent, consequently, it remains constant in elevating its products and reputation. If you are looking for a personal loan, it is one of the best choices out there in the market. 

But why is it so? What is the reason behind this? In this short post, we will explore just that which will include the loan details ranging from eligibility criteria to application process. There is also a special personal loan for Oracle India employees. For now, let’s check out the fundamental details. 

Kotak Mahindra Bank Personal Loan

The personal loan offered by Kotak Bank is hassle-free, have transparency and a competitive interest rate. It does not require collateral to provide the loan.

  • Kotak Mahindra offers a loan amount ranging from Rs. 50,000 to Rs. 40 lakhs. 
  • The Kotak Mahindra bank personal loan interest rate starts at 10.74% p.a., going up to 24% p.a.
  • The loan repayment tenure is up to five years. 
  • The processing fee is up to 2.50% of the loan amount. 

Other charges for the loan 

  • The credit appraisal charge is up to 5% of the principal loan amount. 
  • The overdue interest is 3% per month. 
  • The collection charge is 30% of the cheque. 
  • The dishonor charge is Rs. 750 per instance. 
  • The swap charge is Rs. 500 per instance. 
  • The prepayment is allowed after 1 year at 5% charge on the outstanding loan amount. 
  • The duplicate issue of NOC charge is Rs. 500. 
  • The no dues certificate charge is Rs. 500. 

The eligibility criteria for Kotak Mahindra personal loan

  • The applicant should be a self-employed professional or salaried individual. 
  • The applicant’s minimum age should be 21 years, and the maximum should be 58 years old. 
  • The applicant’s minimum salary or income should be at least Rs. 25,000/ month. 
  • The minimum CIBIL score required is 730. 
  • The applicant should be at least a graduate.
  • The applicant must be living in the current city. 

If you are not sure whether you are eligible or not, use the personal loan eligibility calculator to be sure. 

Comparing Kotak Mahindra bank personal loan with other lenders 

Lender Rate of interest
SBI Personal loan  10.90% p.a.
HDFC Personal loan  11.25% p.a.
TATA capital personal loan  11.25% p.a.
IndusInd bank personal loan  11.25% p.a.
Axis bank personal loan  16% p.a.
Aditya Birla personal loan  14% p.a.
Bank of Baroda personal loan  11.60% p.a.

The required documents for Kotak Mahindra personal loan

  • The identity proof – Aadhar card, PAN card, Passport, Driving license
  • The proof of residence – Rent agreement, utility bill, telephone bill 
  • Bank statement for the last 3 months
  • Salary slips for the previous 3 months
  • Passport size photographs 

Kotak Mahindra personal loan Customer care number

If you want to know more, contact the Kotak Mahindra customer care at this toll-free number, 1860 266 2666.  Note: The Kotak Mahindra personal loan contact number may vary from state to state. 

How to apply for Kotak Mahindra personal loan? 

The first thing you should do is download the Kotak Mahindra app from the Google play store or its official website. Afterward, visit the personal loan section and apply for the loan accordingly. The bank will then contact you to verify the details. Once the verification process is completed, the loan amount gets disbursed. 

If you do not want to apply online or unable to do it, visit the nearby Kotak Mahindra branch to initiate the process. 

The conclusion

The Mortgage Loans is for multipurpose use which comes with affordable interest rates and flexible repayment options. It requires minimal paperwork to apply. Overall it is a good deal among many offers available in the market.