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

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Frequently Asked Questions

How can I reschedule or postpone my EMI?

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

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

Following are the procedures:

  • We do not allow prepayments for a period of 12 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 Cheques (if any) to your correspondence address within 15 working days post termination of your loan account.
  • After the 12 + 1 month intimation period, the foreclosure charges applicable would be 5% + service tax on principal outstanding.

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What is the procedure for personal loan part prepayment?

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

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

Yes, it is possible to change the Installment date. The dates are available between 5th and 10th of every month.

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.

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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.

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