Kotak Mahindra Bank has steadily grown to become one of the premier private lenders after making a debut in 2003. From being a frontrunner in offering up to 6% interest rate on the savings account post savings rate deregulation to launching the digital Kotak 811 account, the noted private lender has come a long way.
Its personal loan offers have combated the competition for long to become the favourite of the customers. As offers are viewed differently by different customers, it would be worth reading the details of Kotak Personal Loan before taking a plunge with the same.
What Should You Look for the Most in Kotak Personal Loan?
The first thing that you should keep an eye on the interest rate as it would greatly influence your repayment for a period of up to 5 years, the maximum time permitted by the lender to pay off the debt. Kotak Personal Loan Interest Rate ranges from 10.99%-24% per annum, with the highest range being more than double to that of the lowest. Now, this offers a scope for variation in the EMIs according to the rates being offered at the time of availing a loan from the bank. The Equated Monthly Installments (EMIs) will align with your budget if the bank offers you the lowest rate or close to the same. On the other side, a greater rate will make you pay more on the EMI, adding strain to your finances.
Can You Negotiate for a Lower Kotak Personal Loan Interest Rate?
Yes, you can on the basis of healthy income, a good credit score and a sound repayment ability. These factors, if found in your favour, can let you negotiate with Kotak Mahindra Bank for a lower personal loan interest rate. Even your savings or any other form of banking relationship with Kotak can allow you to bargain for a lower rate and get the same.
How Can You Calculate Kotak Personal Loan EMI?
The amount of installment can be easily calculated by Kotak Personal Loan EMI Calculator with the help of the loan amount, tenure and interest rate. Before applying for a loan, you could be at least at least sure of two things the loan amount and tenure. The rate may or may not resonate with what you think of at that time. But a fair idea would still be there. So, just enter the values of these three in the calculator waiting to get a touch of your fingers online to sum up your repayment future.
What Else Apart from Interest Rate Should You Look at?
You should look at the one-time processing fee charged to the loan. The fee is actually charged at about 2.50% of the loan amount plus applicable GST. If you find the fee overbearing, you can call for a deduction on the same. If the bank finds you worth lending to, a lower processing can also be a reality just like a lower rate as stated earlier.
How to Apply for Kotak Personal Loan?
Just visit the official website of Kotak Mahindra Bank, navigate to its ‘Personal Loan’ section and click on the button Apply Now. Enter the personal and professional details correctly and submit the application for the bank to take a call on. You can even visit the bank branch to do so.