Personal Loans

Get a step closer to your dreams and goals by availing our Personal Loans and meet your financial needs. You can avail a personal loan to meet unexpected expenses, a dream holiday, school or college fees, wedding expenditure, home improvement expenses or even purchase of consumer durables.

  1. Avail loans from Rs. 50,000/- to Rs. 15 lakhs1
  2. Flexible repayment options - Loan tenors range from 12-60 months for salaried individuals
  3. Bank Doorstep Service - Fix an appointment with any of our representatives on phone and get assistance in completing loan related formalities
  4. Gain quick approval on loans
  5. Minimal paperwork and hassle free processing - No security or collateral required
  6. Attractive interest rates

Disclaimers:

1Conditions apply: Credit at the sole discretion of the Bank and subject to guidelines issued by RBI from time to time. Bank may engage the services of marketing agents for the purpose of sourcing loan assets.


 
Criteria Salaried individuals
ProfileResident Indian employed at a Public Ltd co./ MNC/ large Pvt. Ltd co.
Age21-58 years
IncomeNet monthly salary of Rs. 25,000/-
Minimum educational qualificationGraduate
Residence telephoneRequired
Years in cityMinimum 1 year
Total work experienceMinimum 2 years

DocumentSalaried individuals
Application formRequired
1 photographRequired
Identity proofPassport Copy/ Voters ID card/ Driving License
PAN card
Aadhar Card
Overseas Citizen of India card
Person of Indian Origin card
Address (Residence) ProofValid Passport
Voter's ID card
Food Card (Ration Card)
Lease Deed/ Rent agreement Copy/ Property Registration Document in the name of the Customer
Bank account statement printed on bank's letterhead, not more than 3 months old, signed and stamped by existing banker
Overseas Citizen of India Card
Person of Indian Origin Card
Latest IT Return
Original Letter from Company
Telephone/Electricity Bill
Age ProofPAN Card, Passport copy
Signature ProofPAN Card, Driver’s Licence, Passport copy, Banker’s attestation of Bank Account Statement
Ownership ProofElectricity Bill, Water Bill, Sales Deed, Receipt of Tax paid
Income detailsLast 3 months’ payslips and Form 16 
Bank account statementsFor the last 6 months

 

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When can I foreclose the loan? What is the procedure for full prepayment?

We do not allow full prepayments for a period of 6 months from the date of your first EMI. 30 days foreclosure intimation period is mandatory.

You need to inform us in writing or via email about your request for full prepayment.

Once your intimation period is complete, the foreclosure statement of your loan will be issued to you from our end.

You need to submit this full prepayment cheque at our branch at least 7 working days before your next EMI date.

You can make the foreclosure payment either via DD/cheque/cash, cheque or DD in favor of "Kotak Mahindra Bank " after the intimation period is over.

Once your foreclosure cheque is cleared your loan closure will happen in the banks records.

We will send the No Objection Certificate (NOC) and the balance Post Dated Cheque's (if any) to your correspondence address within 15 working days post termination of your loan account.

After 6 months + 1 month intimation period the foreclosure charges applicable would be 5% + service tax on principal outstanding.

What is the procedure for part prepayment?

We do not offer a part prepayment facility on your personal loan account.

Is it possible to change my Installment date? Are there any charges applicable?

Yes, it is possible to change the Installment date.

The dates available are 1st, 5th and 10th .Changing of EMI date will attract rescheduling charges and PDC Swap charges* per instance plus applicable service tax.

You would need to provide a written request mentioning the reason for the EMI date change and send the rescheduling charges to us 7 working days pre / 7 working days post the EMI date.

When can I swap my PDC's and what are the charges?

PDC's need to be swapped at least 7 working days pre / 7 working days post the Installment date. Charges* applicable would be Rs. 500/- per instance plus applicable service tax.

What do I need to do, incase I want to opt for an ECS mode for making my Installment payments instead of PDC?

You would need to sign an ECS Mandate form. ECS Form

One security cheque to be drawn in favor of 'Kotak Mahindra Bank '.This cheque needs to be undated and blank, at the bottom it needs to mention 'Not more than the loan amount'

Six security cheques to be drawn in favor of 'Kotak Mahindra Bank '.This cheque needs to be undated and blank at the bottom, it needs to mention 'Not more than three times the EMI amount'

PDC swap charges* will be applicable Rs. 500/- per instance plus applicable service tax.

How can I get my Statement of Account?

You can download your statement of account for free. Click here

How can I get my new address updated on my loan?

You would need to send a written request letter to our customer care department informing the change in correspondence address.

You would need to enclose the photocopy proof of your new address. For example: An electricity bill/passport copy/ration card etc.

The new address will be updated in the bank's records within 2 working days, post submission of the above mentioned documents

How can I get my Repayment Schedule?

You can download your Repayment Schedule for Free Click here to view and download.

Should you need the bank to send you a copy, you can place a request via phone or an email or letter or walkin to our customer care branches.

The Repayment Schedule will be sent to you within two working days at your correspondence address.

How can I reschedule or postpone my EMI?

Reschedulement or postponement of EMI is not possible on your personal loan account.

When will I receive No Objection Certificate?

In case if your Loan is matured, you need to send us a request for NOC via letter / email. NOC will be issued to you 15 working days post termination of the loan in our system (provided there is no penal outstanding).

In case if your loan is foreclosed, NOC will be issued to you 15 working days post termination of the loan in our system (provided there is no penal outstanding).

In case you have availed Top up loan, NOC on the old loan which is being foreclosed will be issued to you 15 working days post termination of the loan in our system (provided there is no penal outstanding).

I want to know the break up and calculation of the loan amount cheque given to me.

You can place a request via phone, email, letter or walk-in at any of our branches.

The loan interpretation will be couriered to you at your correspondence address within 4 working days.


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