Apply for Kotak Mahindra Personal Loan up to Rs. 20 Lakhs online at attractive rate of interest starting @ 11.49% onwards for up to 5 years. Under Kotak’s current Festival Offer, processing fee for personal loans is 0.75% of Loan Amount. Start a paperless online application and get instant approval on Kotak Personal Loan.
Kotak Mahindra Personal Loan, available also as Kotak Digi Loan can be availed swiftly online for planned and unplanned expenses. You can avail of Instant Personal Loans up to Rs 20 Lakh at competitive interest rate starting from 10.75%- 24% p.a for max tenure of up to 5 years. To grant max customer satisfaction, the bank assures 100% digital processing of Kotak Mahindra Personal Loan. Highlights of Kotak Mahindra Personal Loan:
|Loan amount||Rs. 50000 to Rs 20 Lakh|
|Rate of interest||11.49% – 19.25%|
|Tenure||Up to 5 years|
|Lowest EMI possible||Rs. 2,149 per Lakh|
|Processing fee||0.75% of the loan amount|
Let’s roll out top features of Kotak Mahindra Personal Loan and what should you expect when applying for Kotak Mahindra Loan
100% Digital Loan: Kotak Mahindra Personal Loan can be instantly applied digitally. It is 100% paperless and contactless loan product that can be processed online. If you need a kotak personal loan apply online.
Loan Amount: You can apply for Kotak Mahindra Personal Loan up to Rs 20 Lakh as per your requirement for a variety of needs including and not limited to Wedding/ Celebrations, Travel, Education or any unprecedented shortfalls or emergencies.
Tenure: Kotak Mahindra Bank Personal Loan is a customer-friendly and flexible loan offering and you can choose the tenure up to 5 years according to your requirements and repayment capacity.
Interest Rate: Kotak Mahindra Personal Loan Interest Rates start from 11.49%- 19.25% p.a. which is the best in the industry.
Unsecured Loan: The Unsecured Loan means that it has no Loan Security, Guarantor or Collateral is required for Kotak Mahindra Personal Loan.
Paperless Process: Taking a step ahead of competition, KMB ensures paperless loan application for the customers. Apply online and upload documents for swift processing.
Foreclosure Charges: After 12 months of successful repayment of Kotak Personal Loan, Foreclosure is allowed. However, foreclosure of Kotak Mahindra Personal Loan, will attract 5% of outstanding principal + GST after 12 months of loan completion. After 24 months, or after second year, it will attract 4%+ GST, and after 36 months or third year 3% + GST will be levied.
Processing Fee: The processing fee on Personal Loan is 0.75% of the loan amount.
Multiple Purpose Loan: Kotak Mahindra Personal Loan is available for an array of customer needs. The loan can be applied for wedding, travel, education, home renovation, business, insurance, medical or any other financial needs.
Easy-to-meet Eligibility: Kotak Unsecured Loans are available for Rs 50000 to Rs 20 Lakh. Applicants with modest monthly salary of Rs 20000 can apply for Personal Loan. Some other factors that will lead to loan eligibility include CIBIL Score, Income, Age, Employer’s reputation and Work Experience.
Swift Processing: Kotak Mahindra Personal Loans can be processed within 3 seconds of submitting the form. It may take a couple of days for disbursal after sanction of the loan.
Top Up: You can avail of Top Up Personal Loan on Kotak Mahindra after 9 months of sanction date. The approval for Top Up however would depend on customer risk and bank’s credit & lending policy.
Part Pre-payment: Kotak Bank allows conditional part prepayment of the loan.
Documentation: Kotak Mahindra Personal Loan can be applied peerlessly by uploading documents online.
The Kotak Mahindra Bank Personal Loan Eligibility Criteria can be meet easily. Different types of customers including Salaried, Self Employed & working professionals can apply.
Residence: The applicant should be an active resident for at least 1 year in any of the cities: Mumbai, New Delhi, Bangalore, Chennai, Kolkata, Hyderabad, Pune, Ahmedabad, Noida, Gurgaon, Faridabad, Ghaziabad, Jaipur, Chandigarh and Kochi
Additional Reading: What is good cibil score range?
Besides interest rates, you should also enquire about associated Personal Loan charges and fees.
|SUBJECT||FEES & CHARGES|
|Interest Rates (Per Annum)||11.49% onwards|
|Processing Fees||0.75% of Loan Amount|
|Stamping Charges||As per State’s Stamp Act|
|Administration Charges||Up to 5% of Loan amount (Max: Rs. 7500, includive of GST)|
|Appraisal Charges||Up to 5% of Loan amount, (Max: Rs. 7500, inclusive of GST)|
|Overdue Interest||3% p.m. on due amount|
|Dishonour Charges||Rs. 750 per instance (inclusive of GST & other levies)|
|Swap Charges (Change in mode /Instrument/EMI Date swap)||Rs.500 per swap per instance + GST & other statutory levies|
|Foreclosure Charges||Lock-in period: 12 months,|
*During lock-in, allowed only at discretion of Bank. Charges will be 6% +GST
After Ist year: 5% + GST
After 2nd year: 4%+ GST
After 3rd year: 3% + GST
|Part pre-payment charges||Loans disbursed on or before 1st Feb’20: Part payment facility not available|
Loans disbursed after 1st Feb’20: Allowed up to 10% every year after 12 months of lock-in period
Fee: Rs 750 + GST per part-prepayment
|Duplicate Issue of NOC||Nil|
|No Due Certificate||Nil|
|Credit information report (CIBIL)||Rs. 50 + GST, other statutory levies per instance|
|Copy of records ( SOA / Amortization Schedule)||NIL, Once yearly|
Rs.200 per request+ GST, other statutory levies afterwards
Using Kotak Mahindra Personal Loan EMI Calculator you can correctly assess EMI by filling in loan amount, interest rate, and tenure within a few seconds. Using different combinations, you can calculate: 1) Loan EMI, 2) Total Interest Payable, 3) Total Payments (Principal + Interest). You can also use fastmudra Personal Loan EMI Calculator for these results. It will also share amortization schedule for the loan.
How to use EMI Calculator, let’s understand with an example:
Click on Personal Loan EMI Calculator. Fill parameter for Loan Amount, Tenure- ranging from 12 months to 60 months or 1 to 5 year, and interest rate
Loan amount: Rs. 5 Lakh
Tenure: 5 years
Interest Rate: 11.49% p.a.
As you submit the above information, the calculator will give results as:
EMI to be paid each month: Rs. 10,869
Total interest outgo: Rs. 1,52,123
Total amount to be paid: Rs. 6,52,123
You will also get the detailed amortization schedule along the calculation break-up & graphical representation of the same.
Additional Info: how to open Kotak 811 account online?
There are multiple benefits of applying for Personal Loan on Fastmudra platform. You not only enjoy free assistance for loan application but the process is seamless and holds several benefits.
|Lender||Maximum Loan Amount||Maximum Tenure||Interest Rate||Processing Fee|
|Kotak Mahindra Personal Loan||Rs 20 Lakh||60 months||11.49%- 19.25%||0.75% of Loan Amount|
|HDFC Personal Loan||Rs. 40 Lakhs||60 months||10.25% – 21.00%||Up to 2.50% (Min. Rs. 2,999 & Max. Rs. 25,000) + GST|
|ICICI Bank Personal Loan||Rs. 20 Lakhs||60 months||10.50% – 19%||Up to 2.25% + GST|
|Bajaj Finserv Personal Loan||Rs 25 Lakhs||60 months||13% onwards||Up to 4.13 % + GST|
|Axis Bank Personal Loan||15 Lakh||60 months||10.49% onwards||Up to 2% +GST|
After you fill the Personal Loan Application on Fastmudra, your request is immediately shared with the banking partner. Know the Personal Loan Verification Process steps below:
To talk to Kotak Mahindra Personal Loan Customer Care team, call on their customer care number 1860 266 2666, between 9.00am to 6.00pm from Monday to Saturday, excluding holidays.