Kotak Mahindra Bank Personal Loan: If you are a customer of Kotak Mahindra Bank and you need a personal loan, then let us tell you that this bank is providing its customers the facility of personal loans up to Rs 5 lakh, whose initial interest rate is 10.99% per annum.
However, for this, you will have to apply by fulfilling some terms and conditions of the bank, only after which you will be given a loan.
In this post, we will tell you the complete information about Kotak Mahindra Bank Personal Loan, its interest rate, repayment period, loan amount, bank terms and conditions, documents required, and the complete process of applying for the loan. If you want to take a loan from this bank, then please apply only after reading the complete information given in this article carefully.
Kotak Mahindra Bank Personal Loan
Kotak Mahindra Bank Personal Loan: If you are a customer of Kotak Bank and are taking advantage of the banking services provided by it, then you can also apply for a personal loan. Let us tell you that from this bank you can easily get a personal loan ranging from Rs 50000 to Rs 5 lakh, whose interest rate starts from 10.99% per annum.
This loan also comes with the facility of part-prepayment and very few documents have to be submitted for this. You can take a loan from this bank for expenses like marriage, medical travel, etc.
Kotak Mahindra Bank Personal Loan Interest Rate
Kotak Mahindra Bank Personal Loan: According to the interest rate fixed for the new year, the starting interest rate of Kotak Mahindra Bank Personal Loan is 10.99% per annum. Talking about its repayment period, you will get 5 years to repay this loan. Along with this, you will also have to pay a 3% processing fee and GST on the loan amount.
For more details on the bank’s interest rates, we request you to contact the bank branch and get the information as the bank representative will determine the interest rate for you by evaluating factors like your job profile, credit rating, monthly income, age, etc.
Eligibility and conditions for Kotak Mahindra Bank Personal Loan
Kotak Mahindra Bank Personal Loan: The following applicants who fulfill the terms and conditions of Kotak Mahindra Bank can apply for personal loans –
- Applicants working in MNC Private Limited Company or Public Limited Company
- Applicants aged 21 years at the time of application and 60 years at the time of loan maturity
- Applicants earning a minimum monthly income of Rs 25,000 to 30,000
- Educationally graduate applicants
- Applicants having at least 1 year of work experience
Kotak Mahindra Bank Personal Loan Documents required
Kotak Mahindra Bank Personal Loan: To apply for Kotak Mahindra Bank Personal Loan, you will have to submit some important documents to the bank, which are as follows –
- Aadhaar Card
- Driving License
- PAN Card
- Passport, Utility Bill, Leave, and License Agreement for address proof
- Bank statement for the last 3 months
- Salary slip of last 3 months
- 2-3 passport-size photographs etc.
How to apply for Kotak Mahindra Bank Personal Loan?
Kotak Mahindra Bank Personal Loan: Follow the steps given below to get Kotak Mahindra Bank Personal Loan online –
- First of all, you have to go to the official website of Kotak Mahindra Bank. Kotak Mahindra Bank Personal Loan
- After going there, click on the option of “Personal Loan” given on the main page.
- With a click, a page will open, click on the “Apply Now” button given on this page.
- After clicking, a new page will open, in this page, you will be asked “Are You An Existing Kotak Customer?” If you are a customer of the bank then click on Yes otherwise click on No.
- Then you will be redirected to a new page, where you fill in some personal information like Name, Mobile Number, Email I’d, etc.
- After this, click on the option of Verify With OTP appearing in front.
- As soon as you click, you will get an OTP which you have to verify.
- After OTP verification, your loan application will reach the bank after which the bank official will contact you.
- Then you will be asked to provide some information explaining the process and submit the required documents.
- After that, you will have to pay the processing fee.
- Once you pay the processing fee, you will get your loan.