Kotak Mahindra Bank is one of the top lenders that offers personal loans at lowest rates. The bank has been providing various financial services to its customers since its establishment and made a mark in the industry due to the wider customer reachability.
There is also a provision to choose the tenure on the loan as per your repayment capacity so that there is a continuous EMI payment from your end. In this article, you will get to know all about the personal loan offered by Kotak Bank. The information will include the eligibility required to apply for the loan, documentation checklist and also an example of EMI calculation to give you an idea.
What is the eligibility required to apply for the loan?
The eligibility you need to match if you want a personal loan from Kotak Bank is as follows:
- If you a salaried person working with any MNC or with Public and Private limited companies
- Your age must be above 21 years and below 58 years at the time of applying for the loan
- Your net monthly income should be above Rs. 20,000/-
- You must be a graduate
- You must have been the resident of the city for more than 1 year
- You must have a total work experience of at least a year
What are the documents you need to have?
The documents checklist that you must have at the time of applying for the loan are:
- Application Form
- 1 Photograph
- Identity Proof
- Residence Proof
- Age Proof
- Signature Proof
- Ownership Proof
- Income Details
- Bank Account State
How can you apply for a personal loan?
There are different ways through which you can apply for the loan. You can either apply by visiting the official website of Kotak Bank. You can also visit the nearest bank branch along with the listed documents and then apply. The choice is yours as in you can choose the way that is suitable for you.
How much loan can you get on your salary?
At Kotak Mahindra Bank, you can a maximum of Rs. 15 lakhs through personal loans. The minimum loan amount you can take is Rs. 50,000 so you can both fulfill your small financial needs as well as bigger requirements.
Why is Kotak Mahindra Bank personal loan different from others?
Below are some of the features that make Kotak personal loans different from others:
- Instant loan of up to Rs. 15 lakhs
- Flexible repayment options
- Low-interest rates starting from 10.99% per annum
- Minimal paperwork
- Low processing fees
What about the processing fee on the loan?
Now that GST has been implemented in India, all the services taxes applicable on services such as loans have come under the 18% GST tax slab from the previous slab of 15%. As a result, there has been a slight hike in the processing fee you pay on the loan. On personal loans, the processing fee charged by the bank is up to of the loan amount + GST and other applicable statutory levies.
In how much time can you except the approval?
As mentioned above, the facility is available instantly which means that if you have all the matching documents and eligibility criteria, you can expect instant approval for your loan.
How can you calculate the EMI?
If you are worried about the usage of the calculator, you must know that the calculator is very simple to use. As you know that you have to mention the loan amount, interest rate and tenure in the calculator. For example, if you are taking a personal loan with the following details:
- Loan amount– ₹2,00,000
- Interest rate– 11.99% p.a.
- Tenure– 5 years
The EMI, Total Interest Outgo, and Total Amount (Principal+Interest) will be as follows:
Total Interest Outgo– ₹66,873
Total Amount– ₹2,66,873
With all the above information, you can see that Kotak Mahindra Bank personal loan is surely one of the best deal you can get in the market today. So, if you are also looking for a lender that gives personal loans at low rates, you must not miss the chance to apply at this bank.