Personal Loan Details for Kotak Mahindra Bank
- Easy online application process
- Minimal paperwork and faster processing
- Hassle-free loan disbursal process
Fees and charges
The fees and charges associated with Kotak Mahindra Bank personal loan are given as follows:
Eligibility for Kotak Mahindra Bank personal loan
The eligibility criteria for Kotak Mahindra Bank personal loan are listed as follows:
- Anyone between the ages of 21 years and 58 years can get access to this loan.
- The applicant must be an active employee of a public or private sector company for at least one year.
- The applicant must earn at least Rs.20,000 per month to be eligible for this loan.
- The applicant must at least be a graduate.
- The applicant must be a resident of the current city for at least one year.
The following list of documents must be submitted to get the personal loan offered by Kotak Mahindra Bank:
- Proof of identity (PAN, Aadhar, driving license, voter’s ID, etc.)
- Proof of residence (Utility bill, passport, etc.)
- 3 passport size photographs
- Salary slips for at least 3 months
- Bank statement for the last 3 months
How the EMI calculation works for Kotak Mahindra Bank personal loans?
Let’s consider the example below. You take a personal loan of Rs.1 lakh from the bank. The bank charges an interest rate of 10.99% p.a. for a loan tenure of 1 year. The repayment schedule for this loan is given as follows:
How Kotak Mahindra Bank compares with other lenders?
Personal loans provide quick access to funds during emergency financial needs. The personal loan offered by Kotak Mahindra Bank is intended just for that purpose. If you are having a sudden financial emergency, you may reach out to Kotak Mahindra and apply for a personal loan. The reasonable interest rates and flexible repayment options can help you take care of your emergency financial needs without leaving a big dent in your monthly budget.