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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.
Need a personal loan to meet your immediate financial requirements? Make sure you run through the basic personal loan eligibility criteria listed below to avail a personal loan as fast as possible, only from Kotak Mahindra Bank. Also, remember to put in place all the necessary documents well ahead in time, for faster processing of your personal loan.
Personal Loan Eligibility Criteria
Any Indian resident who is an active employee of an MNC, Public or Private limited company and is between 21- 58 years of age is eligible for availing a personal loan at Kotak Mahindra.
The following are some of the other criteria for availing a Personal loan.
A net salary of Rs.20,000/- per month
A person who has a minimum educational qualification of being a graduate.
An active resident of a city for at least 1 year
A minimum work experience of at least 1 year
Documents Required For Personal Loan
Meeting the basic documentation requirement is a must for applying for any kind of loan. If you intend to apply for a personal loan at Kotak Mahindra Bank, you must provide self-attested copies of all the required documents, depending upon a number of factors such as your service/profession, income and loan requirement. At the same time, carry the original copies for the purpose of verification.
Find out the detailed list of personal loan documents that are required to avail personal loan.
What are the Interest Rates and the Tenure?
You can avail an attractive rate of interest on a personal loan, only after you have fulfilled the personal loan eligibility criteria. However, the rate of interest to be levied on your personal loan is solely at the bank’s discretion. Currently, the rate of interest applied on Kotak Mahindra Bank personal loan varies from 10.99%-24% p.a. The tenure of a personal loan may range up to maximum 60 months.
If you take a personal loan from Kotak Mahindra, you shall be offered with a convenient option of repaying your amount of loan over a period of fixed term. You can repay the borrowed sum through feasible EMIs which can be calculated accurately with the help of our Personal Loan EMI Calculator. The duration of the tenure and the monthly instalment of EMI are closely related to each other. The shorter the duration of the tenure higher will be the amount that you need to pay towards the repayment of the loan each month.
Make sure you check the personal loan eligibility criteria before applying for a personal loan.
Know more details about availing a personal loan from Kotak Bank.
Frequently Asked Questions
How can I get a Personal loan in 3 seconds?
All you need to do is check your eligibility for a preapproved loan by clicking here,
select the loan amount, tenure and accept the terms and conditions of the loan and the loan amount will be credited in your Kotak Bank account in 3 seconds. This offer is for preselected Kotak Bank customers and is a limited period offer.
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.
What do I need to do, in case I want to opt for an ECS mode for making my Installment payments instead of PDC?
You need to do the followings:
You would need to sign an ECS Mandate form.
One security cheque to be drawn in favor of 'Kotak Mahindra Bank'. This cheque needs to be undated and blank, and 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, and at the bottom, it needs to mention 'Not more than three times the EMI amount'
PDC swap charges* will be applicable at Rs. 500/- per instance plus applicable service tax.
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