Meet all your financial needs through Kotak Mahindra Bank
Kotak is an Indian Bank that was known earlier as Kotak Mahindra Finance Limited, a non-banking financial company. Established in 1995 this firm is lending its services in the financial sector since 2003 after it was issued a license by Reserve Bank of India (RBI). At present, it is the leading financial services firm that offers all types of banking businesses to meet its customer’s demands. Thus Kotak Mahindra Finance Ltd. had made a history to stand alone as the first company to get converted into a bank. Avail the Kotak personal loan that is offered by the bank with minimal documentation at attractive interest rates from any of their 1100 branches situated throughout the country.
Best Features and Benefits of this Financial Firm
Let your goals and dreams meet with Kotak Mahindra that extends its services to all the individuals who are in need of funds for various financial needs. One can visit their nearest Kotak branch to apply for Kotak personal loan that can meet their sudden and unavoidable expenses like Children’s Education, Wedding needs, House renovation, to purchase a vehicle, for travelling and other needs all met, under one roof. The bank never asks for which purpose you are applying for personal loan. Just go through the important points in order to avail the Kotak Mahindra bank personal loan with ease. One can benefit their loan amount that ranges between Rs. 50,000 to Rs.15 Lakhs to meet all their diverse personal needs. Benefit their competitive interest rates, fast and hassle-free processing of applications by following the set of rules and regulations provided by this private bank to get instant approval for Kotak bank personal loan that meets with the substantial amount of funding you are looking for.
Elements That Decide Your Eligibility Criteria and Documents Required
All the applicants who wish to apply for the personal loan should meet the Kotak Mahindra bank personal loan eligibility criteria using their eligibility calculator that is available on their official website. The minimum age of the applicant should be less than 21 years and maximum age limit is below 55 years. Every bank has an in-built eligibility calculator and one needs to fill in the details regarding their Name, City, D.O.B, Employment type, Source of Income, Work experience, etc. As everyone knows, verification process vary from bank to the bank, as sometimes they might ask for your company details as well as details like, which company you are working in currently, personal contact details and your relationship with the bank to determine whether you can pay the loan amount (EMI) in regular intervals and without any obstacles. If one clears all these parameters then they are liable to get approved for Kotak Mahindra bank personal loan eligibility for their desired amount, tenure and interest all depending on their credit score and credit history.
List of documents to be submitted by a Salaried applicant:
- Duly signed-in application form with the latest photograph
- For proof of Identification: Pan card, Passport, Driving License, Voter’s ID, Employee ID, Bank Passbook, Ration card
- For proof of Address: Passport, Utility Bill (that includes your Current Bill, Gas Bill, Phone Bill), Bank account statement or passbook, Voter’s ID, Ration card, LIC policy and so.
- Residence ownership proof (electricity bill, property document, maintenance bill),
- Proof of income (payslip, bank statements, passbook, increment letter, certified letter from the employer),
- If one is paying any taxes, submit form 16, and the experience certificate from their employer,
- Bank statement of the last 6 months
- Mention about any existing loans,
- Other investment proofs (fixed deposits, assets, shares etc)
- Processing fee cheques
List of documents to be submitted by a Self-Employed professional:
Apart from Identification and Address, they need to submit Proof of business existence (sales deed, a copy of tax registration, company registration license), Proof of income (IT returns duly attested by chartered accountant and audited balance sheet along with form 16), Latest bank statement, Passport and a Professional degree certificate.
Procedure to obtain a Loan from Kotak Bank
One can ease the process of getting Kotak Mahindra personal loan by simply submitting all the essential documents mentioned above to the bank. Once you are done with the verification and have checked for the eligibility criteria soon the bank will sanction the desired loan amount to the candidate. The calculation of Equated Monthly Installments had never been easy, but with the Kotak personal loan EMI calculator, it has become simple to pay the loan amount in fixed tenure with both principal and interest rate due on the personal loan sanctioned. The candidate can now extend their loan repayment up to 5 years. Thus this tool is not only beneficial to pay your EMI’s on the loan amount but also states your eligibility criteria and requirements to get you a personal loan. Thus, the EMI Calculator saves one from tedious calculations and calculates your personal loan EMI in seconds for a fixed tenure. You can even calculate your personal loan EMI at policy bazaar in a quick and simpler way. An applicant can use this, as many times they want.
Possible Ways to Check the Status of Your Loan
When the applicant files for Kotak Mahindra personal loan he/she can check the Kotak personal loan status by visiting the official website of the bank or loan application form number. The applicant can even call on their helpline numbers to check the status of their loan. One can even approach Kotak’s call centre which is functional from 9 am to 6 pm, for applicants to check the status of their loan approval.
Percentage of Interest Rate
The percentage of interest rate is fixed for any loan. It varies according to the need of the applicant. At present, the Kotak personal loan interest rate ranges from 11.50% to 18%. There are several factors which affect the interest rate on personal loans like the purpose of loan, its availability, documentation, approval, loan tenure period, repayment mode, charges for processing personal loan, charges with respect to late payment, the payment mode, the cheque bounce charges, cancellation charges, service tax, credit score, mode of employment and relationship between bank and the applicant (customer).
1) What is the minimum income required in order to apply for a Kotal Mahindra a personal loan?
The minimum income required is Rs 25,000 or higher with a 2-year work experience.
2) Where can I find the personal loan application form?
The application form for Kotak Mahindra personal loan is available on the official bank website www.kotak.com
3) How does an EMI calculator help?
With the help of an EMI calculator, you will be able to get a fair idea of how your monthly installments would be for the loan amount taken.
4) When can I do a pre-closure of my personal loan?
Pre-closure of personal loans can be done after completion of one year. The charges are 5% plus GST if you wish to close the principal amount.
5) How do I check the status of my personal loan application?
You may check the loan status online on the bank’s official website.