Personal loans from Kotak Mahindra Bank are available for applicants who are looking for instant loans for Rs amounts only. 50,000 and as high as Rs. 15 lakh These loans are suitable for financing a variety of financial needs, including home improvement, travel abroad, debt consolidation and medical expenses.
Loan amount: Kotak Mahindra Bank offers personal loans from 50,000 to 15 lakh. Before completing the instant loan amount, the bank takes into account the lender’s profile, which includes the credit rating, financial history, annual income, creditworthiness, etc.
Payment options: Kotak Mahindra Bank offers flexible payment options from 12 to 60 months with convenient EMI payments
Minimum documentation: the bank requests minimum documentation when requesting a personal loan, which makes the whole process quick and simple
You should live in India
You must be at least 21 years old and a maximum of 58 years old.
Must be an active/permanent employee of a multinational, public or private company with work experience of at least 1 year
Your net salary must be at least Rs. 20,000 per month
At least you should be a graduate
You must have lived in a city for at least 1 year.
Proof of residence: electricity bill, passport or license, and license agreement
Account statement for the last 3 months with income information
Salary receipt for the last 3 months.
2-3 passport photos
Here are some of the main fees and charges associated with your Kotak bank
Loan Processing Fees Up to 2.5% of the loan amount+ GST and other applicable statutory levies
Stamp fees are based on the stamp law of the respective federal state. Applicable as per the respective State’s Stamp Act
Overdue Interest 3% p.m. Will be added to the amount due monthly from the due date to the end of the payment
Collection Charges 30% of cheque / instrument dishonour charges (GST included) + overdue interest
Dishonor Charges each Instance Rs 750 per instance (including GST and other applicable legal assessments)
Swap Charges (Replacement of PDCs) Rs. 500+ GST and other applicable legal assessments per instance
Interest for the prepayment/foreclosure period for 12 months. Lock-in period for 12 months. After 12 months, an execution fee of 5% + GST will be charged for the principal outstanding
Duplicate Issue of NOC Rs. 500 + GST and other applicable statutory levies per instance
No Dues Certificate Rs. 500 + GST and other applicable statutory levies per instance
Fees to be applied if the client requests once a year a copy of the records relating to his transactions (SOA / amortization program). 250 per request + GST and other applicable statutory privileges