Welcome to Kotak Bank Personal loan
Kotak Mahindra Bank is an Indian bank and financial service firm established in 1985. Kotak Mahindra is one of India's leading banking and financial services organizations, offering a wide range of financial services that encompass every sphere of life. From commercial banking, to stock broking, to mutual funds, to life insurance, to investment banking, the group caters to the diverse financial needs of individuals and corporate sector.
Features and Benefits of Kotak Bank personal loan
- Choose a loan tenure as per your convenience ranging from 1 to 5 years.
- You can repay your loan over a period of 12 to 60 months
- Flexible Repayment option
- Enjoy the convenience of doorstep service
- Get the best in class interest rates
- Minimal paper work and hassle fee processing
- No Security required
Kotak Mahindra Bank personal loan interest charges
| Service type |
Interest rate |
| Interest rate |
15% to 24%
|
| Loan Processing charges |
Up to 3.00% of loan amount
|
| Documentation Charges |
Up to Rs. 5000
|
| Credit Administration Charges |
Up to 5% of the Loan amount, not exceeding Rs. 7500
|
| Overdue Interest |
3% of Overdue Amount, compounded monthly
|
| Collection charges of Agreement / Documents |
30% of penal and cheque bouncing charges
|
| Prepayment Interest / Forclosure charges |
6%,if within 6 months of the date of Agreement, 5% after 6 months
|
| Duplicate Issue of NOC |
Rs. 500/-
|
Eligibility for Kotak Mahindra Bank Personal Loan - Salaried
- Minimum age at the time of application should be under 21-58 years
- Minimum net monthly income should be Rs.25000
- Should have completed minimum 2 years in employment and minimum 1 year in the current organisation
- Should have completed minimum 1 year of stay at the current residence, if rented.
- Should be a Graduate.
Documents required to process Kotak Mahindra Bank Personal Loan
- Identity Proof - Passport, photo pan card, driving license, votes ID card, Aadhar card, Overseas Citizen of India card, and Person of Indian Origin card.
- Address Proof - Passport, voter ID, telephone bill, Bank account statement printed on bank's letterhead, not more than 3 months old, signed and stamped by existing banker, Overseas Citizen of India Card, Person of Indian Origin Card, Latest IT Return, Original Letter from Company, Telephone/Electricity Bill
- An application form and a photo are required.
- Age proof - Pan Card, passport copy.
- Signature proof - PAN Card, Driver’s License, Passport copy, Banker’s attestation of Bank Account Statement.
- Ownership Proof - Electricity Bill, Water Bill, Sales Deed, and Receipt of Tax paid.
- Documents like 3 months bank pay slip form 16, and latest 6 months bank statement.
