K F TAHAIYA IRAM
Reviewed on 06/02/2022
With Kotak's digital Personal Loans, step into a world where your aspirations know no bounds. Is the latest gadget still lying in your cart? Wondering how long will it take before your #DreamVacation becomes a reality? Or are advanced courses for upskilling the way ahead? Or is a filmy-style glam wedding on your mind? Whatever be your needs, a Kotak Personal Loan could be your solution to get access to quick funds.
Flexibility and convenience go hand-in-hand with Kotak Personal Loans. Take it easy with repayment tenure of up to 6 years without the hassle of heavy documentation or collateral. Just breeze through an easy application process, and you're all set. Want more reasons to go with Kotak for personal finance? Read on.
● Get loan amounts of up to ₹ 40 lakh
● Pre-approved loans for existing Kotak customers disbursed within a minute
● Zero collateral requirements
● Get flexible repayment options from 1 to 6 years
● Enjoy attractive interest rates starting from just 10.99%* p.a.
● Approval for loans up to ₹ 5 lakh within 30 minutes
● Experience the ease of digital KYC and video verification
● Have the freedom to use your loan for absolutely anything
While money can't buy happiness, it can surely take you a few steps closer! At Kotak, we understand this. Be it an instant loan or something more substantial, we have a key for every lock!
Our collateral-free Personal Loan up to ₹ 40 lakh is the answer you may have been waiting for. Why dip into savings or break big investments when you can plan smartly with us? All you have to do is meet basic eligibility criteria and have a good credit score, and you will be well on your way to financial independence. And so much closer to turning your dream into a reality.
The best part? Use your loan for anything – home improvements, debt consolidation, medical needs, kick-starting a business, or even splurging on a super luxe item.
● A valid identity proof like your PAN Card, Passport, Aadhaar Card, Voter's ID Card or Driving License
● A valid residence proof like your Passport, Aadhaar Card, Driving License
● Three months' bank statements with your income details
● For salaried individuals, 3 months salary slips
● 2-3 recent passport-sized photographs
* Indicative documents. This may vary depending on individual applications
If you’re eligible, the funds are as good as yours: just click below to know.
We get it – life can and does throw many curveballs. For those urgent financial needs that leave you with little prep time, Kotak offers Instant Personal Loans up to ₹ 5 lakh with repayment tenures of up to 4 years. Be it a small investment opportunity, educational expenses, urgent repairs, a quick getaway, a new bike or scooter, we're here for you. Quick, easy, and hassle-free – Get your instant loan disbursed within 30 minutes after completing just three easy steps online.
● PAN Card
● Aadhaar Card*
● Three months' bank statements or salary slips
With these easy steps and minimal documentation, get ready to welcome the financial support you need without hassle.
* Providing Aadhaar is voluntary
As breezy as 1-2-3: Your quick personal loan guide
This initial step is about assessing your loan eligibility. It's quick, easy, and the first step towards getting your funds
This part of the process ensures what you get aligns perfectly with your financial situation and requirements.
The last step is all about making it official. e-Sign your loan agreement to confirm your acceptance. To add to your ease, we also set up an auto-repayment so you never miss a date.
Loans are a responsibility – we get that, and so do you. Use Kotak's Personal Loan EMI Calculator to plan your finances smartly. Your EMI amount is calculated based on your loan amount, the repayment tenure you choose, and the interest rate. Just a few details, and you'll know exactly what you're signing up for. Take the guesswork out of your financial planning. Calculate your Personal Loan EMI
Here’s the rundown on interest rates and charges.
Features | Rate/Charge |
---|---|
Interest Rate for Personal Loan |
Starting from 10.99% p.a. |
Loan Processing Charges | Up to 3% of loan amount + Applicable Taxes |
Prepayment Charges | Varies based on loan disbursement date, with a maximum of 20% of Principal loan outstanding. ₹ 500 + taxes for each prepayment. |
Repayment Mode Swap Charges | ₹ 500 + Taxes per instance |
EMI Bounce Charges | ₹ 500 + Taxes per instance |
Foreclosure Charge | - Up to 3 years: 4% + GST on outstanding principal - After 3 years: 2% + GST on outstanding principal |
Our eligibility criteria are straightforward and ensure you have the most hassle-free loan processing.
Eligibility Criteria | Requirement |
---|---|
Nature of Employment | Salaried - MNC, public limited company, or private limited company |
Age | 21 years to 60 years |
Minimum Monthly Income | - Kotak Bank Salary Account holders: ₹ 25,000 minimum net monthly income - Non-Kotak Bank Salary Account holders: ₹ 30,000 minimum net monthly income - Kotak Bank employees: ₹ 20,000 minimum net monthly income |
Minimum Educational Qualification | Graduation required |
Work Experience | At least one year of work experience is required |
At Kotak, we strive to make convenience a constant in our services. Applying for a Personal Loan is a big step. We get this, and hence, we've compiled a list of do's and don'ts to make this journey hassle-free for you.
Dos
Don'ts
Stay transparent and explore all your options before diving in. Here's to making informed financial decisions!
Quick & Easy In-principle sanction through Chat
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Personal Loan Guide
A personal loan is a multipurpose loan that allows funds for varied financial uses.
Various bank lenders provide you with a different range of personal loan amounts.
At Kotak Mahindra Bank, we provide instant personal loans anywhere from Rs. 50,000 to Rs. 40 lakhs. That too, at attractive interest rates starting from as low as 10.99% per annum. You can also enjoy a flexible tenure from 1 year to 5 years, allowing you to repay the loan comfortably.
Instant personal loans from Kotak Mahindra Bank can fulfill a wide range of your financial needs. We provide our borrowers with marriage loans, travel loans, loans for home renovation and medical loans to attend to emergencies. Upon application, if all your documentation is in place and you also meet the eligibility requirements, your loan can be disbursed in as less as 3 seconds.
You can visit Kotak Mahindra Bank’s website and, under the “Service Request’ tab, you can check the status of your personal loan.
A personal loan is an unsecured loan, so it requires no collateral in exchange.
The lender bank verifies the borrower’s creditworthiness to provide them with such loans. So, if you have a good credit score, then a personal loan can be your friend in need.
You can use a personal loan for a wide range of financial needs. Kotak Mahindra Bank lends personal loans for weddings, home renovations, travel and medical emergencies to name a few.
Kotak Mahindra Bank’s personal loan amounts range from Rs. 50,000 to Rs. 40 lakhs, with a flexible tenure of 1 to 5 years and an attractive interest rate starting from 10.99% per annum. That covers many of your financial needs and even allows you to repay the loan amount comfortably.
Apart from all these, Kotak Mahindra Bank offers efficient customer service, an easy application and document process and a quick loan disbursement.
At Kotak Mahindra Bank we have a fast personal loan application process.
The approval process is also quick. If you meet the eligibility criteria and submit all the required documents, then you can expect the approval on your personal loan application in as less as 48 hours. Our online application process allows quick disbursements, in just 3 seconds. You can even track your application status on the Kotak Bank website.
For quick approvals, make sure you go through the eligibility parameters and documentation list. Kotak Mahindra Bank has a simple eligibility requirement. Individuals in the age group of 21 and 60 years can apply. They must be graduates with at least one-year employment. Kotak Mahindra Bank expects a minimum documentation from the borrowers. You need to submit documents like application form, your photographs, proof of identity and residence, to name a few.
No. You need not provide any security or collateral to apply for a personal loan, because it is an unsecured type of loan.
The lender will determine the borrower’s creditworthiness and then provide them with a personal loan.
You can improve your creditworthiness in various ways if you are planning to apply for a personal loan. Maintaining a good credit score is essential. Your credit history and credit score reflect your repayment ability. If the lender bank is convinced about your capacity to fully repay the loan, then they will lend you the necessary funds.
Kotak Mahindra Bank provides personal loans for various reasons like weddings, travel, renovations and medical emergencies depending on your needs. You can avail of a personal loan from us at attractive interest rates and for flexible tenures. Find out more about borrowing a personal loan from Kotak Mahindra Bank and fulfill all your financial needs.
Personal loan requires no collateral, and that’s why it is an unsecured loan.
Personal Loan interest rate is the amount a lender charges you every month for borrowing money from them.
A personal loan can impact your CIBIL score for personal loan either negatively or positively.
Kotak Mahindra Bank’s personal loan is available within the shortest possible time, and the documentation is minimal and hassle-free.
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