Personal Loan Eligibility
There are specific factors that determine whether one is eligible to apply for a personal loan. Go through our eligibility criteria to experience a hassle free, satisfactory process while availing a personal loan.
Personal loan eligibility means the criteria that you are required to fulfill to get your loan sanctioned successfully. Lenders list down the personal loan eligibility criteria, and borrowers who meet them can avail a personal loan.
You can use Kotak Mahindra Bank’s personal loan eligibility calculator, an online tool, to instantly check your personal loan eligibility.
There are many ways to improve your personal loan eligibility. They are:
Click here to know more about different types of personal loan
The personal loan eligibility calculator is an online tool that helps you estimate the maximum loan amount you can receive based on your eligibility parameters.
You can visit Kotak Mahindra Bank’s website and use the personal loan eligibility calculator.
Using the personal loan eligibility calculator, you can check the maximum loan amount you can avail.
These factors affect your personal loan eligibility:
If you have existing debts, a part of your income goes towards their repayment.
You can qualify for a personal loan if you are aged 21 to 58 years and employed.
Kotak Mahindra Bank provides eligible borrowers with instant personal loans starting from Rs. 50,000. You can avail up to Rs. 40 lakhs as personal loan. The eligibility criteria is quite simple.
Checking your personal loan eligibility for 10 lakhs loan amount is easy. You can check it yourself with the help of the personal loan eligibility calculator. Whether or not you qualify for your required loan amount depends on your monthly income and existing debts, if any.
To check your eligibility, go to the personal loan eligibility calculator on Kotak Mahindra Bank’s website and feed your monthly income and existing debts. Once you do that, the loan amount you are eligible for will get reflected. Example, if your monthly income is Rs. 56,000 and you have no other ongoing debts, you can avail of a personal loan of Rs. 1,000,000.
Other factors that impact your personal loan eligibility are credit score, occupation type, employer’s history to name a few. You can also check the full list of eligibility requirements before applying for a personal loan from Kotak Bank.
At Kotak Mahindra Bank we ask the borrowers to provide minimal documentation such as income proof, id proof, address proof and so on.
Usually salary slips are required in case of salaried employees as proof of income. But if you are a non-salaried employee or self-employed, then you may not have salary slips to prove your earnings. In the absence of salary slips, you can provide other proof of income such as bank statements. Even taxation details can be provided as your income proof.
Getting a personal loan from Kotak Mahindra Bank is an easy and quick process. You can apply online through the website. Then submit all the required documents. Upon loan approval, the loan amount will be transferred to your bank account. Before applying you can check your personal loan eligibility.