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Personal loan requires no collateral, and that’s why it is an unsecured loan. It can be used to fulfill many of your day-to-day as well as emergency needs. Kotak Mahindra Bank provides the borrowers with loan amounts from Rs. 50,000 to Rs. 40 lakhs. So, whether your expenses are small or big, our personal loan can come in handy at the time of your need.
Personal Loan interest rate is the amount a lender charges you every month for borrowing money from them. You can easily calculate Personal Loan interest rate using a Personal Loan calculator.
A personal loan can impact your CIBIL score for personal loan either negatively or positively. If taken while already in debt, it can have a negative impact. At the same time, its timely repayment will boost your overall score.
Kotak Mahindra Bank’s personal loan is available within the shortest possible time, and the documentation is minimal and hassle-free.
Since it requires no collateral, you can apply for a small loan through a simple online process. Please remember that, we only offer personal loans to salaried individuals.
The documents required for personal loan application are:
1. Proof of Identity
2. Proof of address
3. Salary slip/Bank Statement
● Proof of Identity
● Proof of address
● Salary slip/Bank Statement/Form 16 for Salaried individuals and Previous Year ITR/ P&L Statement and Balance Sheet/ Bank Statement for self-employed applicants
Kotak Mahindra Bank offers personal loans for wedding travel, medical needs, education, vehicle buying, debt consolidation, etc.
Yes, you can get a personal loan even if you have a home loan. You just need to mention the existing loan details and the EMI. You can also opt for top-up home loans, which are like personal loans.
The personal loan eligibility for availing a loan from Kotak Mahindra Bank is as follows:
● Age: 21 to 60 years
● Qualification: Graduate
● Employment: minimum 1-year work experience with MNC/Public Limited/Private Limited Company
● Income:
- Customers holding Salary Account with Kotak Bank: Rs. 25,000
- Customers who don’t have a Salary Account with Kotak Bank : Rs. 30,000
- Kotak group employees: Rs. 20,000
The repayment status update is sent to you regularly by Kotak Mahindra Bank. You can also check the status online by logging into your online banking account.
The personal loan processing fee is usually a nominal amount that the borrower must pay. It ranges up to 3% of the loan amount, plus applicable taxes. The same will be deducted from the loan amount at the time of disbursal.
Loan ‘settlement’ is when you pay a lump sum amount, which is lower than the outstanding loan amount, to pay off the loan ultimately.
This is allowed when you face an unavoidable financial crisis and cannot pay the loan on time. The lender might allow a repayment holiday and then ask you to pay a lump sum to write off the loan. This is called ‘settlement’.
‘Closed’ is when you pay the loan on time through regular personal loan EMI and the loan amount is completely paid off as stipulated.
‘Default’ is when you default on your personal loan EMI and don’t pay it on time.
● Determine the total amount of personal loan that you need as per your requirements
● Check the loan eligibility
● Calculate monthly installments
● Approach your nearest Kotak Mahindra Bank branch or visit the official website to apply
● Submit documents
