If you’re a customer of Kotak Mahindra Bank and in need of a personal loan, you’re in the right place. Kotak Mahindra Bank offers personal loans up to ₹5 lakhs with an attractive starting interest rate of 10.99% per annum. To avail of this loan, you must meet certain eligibility criteria and follow the application process, which we have detailed below.
Why Choose Kotak Mahindra Bank Personal Loan?
As a customer of Kotak Mahindra Bank, you can easily apply for a personal loan ranging from ₹50,000 to ₹5 lakhs. With interest rates starting at 10.99% per annum, the bank offers part-prepayment options and requires minimal documentation. Whether you need funds for a wedding, medical expenses, or travel, this loan can help meet your financial needs.
Interest Rates and Repayment Period
For the current year, the interest rate on personal loans from Kotak Mahindra Bank starts at 10.99% per annum. You can repay the loan over a flexible period of up to 5 years. Additionally, a processing fee of 3% plus GST is applicable on the loan amount.
We recommend visiting your nearest Kotak Mahindra Bank branch to get a personalized interest rate based on factors like your job profile, credit rating, monthly income, and other parameters.
Eligibility Criteria
To qualify for a personal loan from Kotak Mahindra Bank, applicants must meet the following criteria:
- Must be employed with an MNC, private limited, or public limited company.
- Age should be between 21 and 60 years.
- Minimum monthly income should be between ₹25,000 and ₹30,000.
- Must hold a graduate degree.
- Should have a minimum of 1 year of work experience.
Required Documents
To apply for a personal loan, you will need the following documents:
- Aadhaar card
- Driving license
- PAN card
- Proof of address (passport, utility bill, or rent agreement)
- Last 3 months’ bank statements
- Last 3 months’ salary slips
- 2-3 passport-sized photographs
How to Apply for Kotak Mahindra Bank Personal Loan?
To apply online, follow these steps:
- Visit the official website of Kotak Mahindra Bank.
- Click on the “Personal Loan” option on the homepage.
- Press the “Apply Now” button.
- Answer whether you are an existing Kotak customer.
- Fill in your personal details such as name, mobile number, and email ID.
- Verify your application with the OTP sent to your mobile.
- Once verified, your application will be submitted, and a bank representative will contact you for further processing.
By following these steps and ensuring you have the required documents, you can easily get a personal loan from Kotak Mahindra Bank to meet your financial needs.
Disclaimer: The information provided on our website is for awareness purposes only and has been collected from sources available on the internet. We do not endorse any opinions or claims. Please independently verify the accuracy of the information.
