Personal Loan Docs FAQs - Know Answers To All The Personal Loan FAQs at Kotak Bank
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Frequently Asked Questions

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What are the key documents required for Kotak Bank's Personal Loan?

The key documents required for availing a personal loan from Kotak Mahindra Bank are as follows -

  • Identity proof like PAN Card, voter’s ID card, passport, Aadhaar card, etc.
  • Age proof like voter’s ID card, passport, Aadhaar card, birth certificate, etc.
  • Address proof like utility bills, rent agreement, passport, etc.
  • Bank statement and salary slips of the last 3 months
  • 2-3 Passport size photographs

What are the personal loan documents required for salaried applicants?

Personal loan documents for salaried person includes the last 3 months’ salary slips along with KYC documents and bank statements. 

What is the documentation process for a pre-approved Personal Loan?

A pre-approved Personal Loan is an Instant Loan facility offered to select customers of Kotak Bank. This does not require any collateral/ documents.

 If a customer has a good credit history, he/she becomes eligible for pre-approved personal loan. This has a quick processing time and loan gets disbursed instantly in customer bank account.

Are there any documents that I should submit post-sanction or pre-disbursement of my personal loan?

No, the documents are required when applying for the loan. No post-sanction or pre-disbursement documentation is needed before availing the loan. 

Is it necessary to submit original KYC documents while availing personal loan?

You would have to submit self-attested copies of all the KYC documents when availing of a personal loan along with the personal loan processing fees. The original documents might be required by the bank to verify the copies that you have submitted.

What documents do I need for a Personal Loan?

To apply for a Personal Loan, you'll need a valid identity proof (PAN Card, passport, Aadhaar card, Voter’s ID Card, or driving licence), residence proof (passport, Aadhaar card, or Driving licence), last three months' bank statement, salary slip for the last three months (for salaried employees), and 2-3 passport-sized photographs.

Who is eligible for a Personal Loan?

A: Eligibility criteria include being between 21 and 60 years, having a minimum monthly income of Rs 25,000 (Delhi and Mumbai) or Rs 20,000 (other parts of the country), and a CIBIL score of 750 or above.

Can a person with a Rs 15,000 salary get a loan?

Yes, individuals with a Rs 15,000 salary can easily avail of small cash loans ranging from Rs 50,000 to Rs 5,00,000. The actual loan amount will depend on the lender.

What documents are required for a Rs 2 Lakh loan?

For a Rs 2 Lakh loan, you will typically need documents like valid identity proof, residence proof, last three months' bank statement, salary slip (for salaried employees), and passport-sized photographs.

How to get a Rs 3 Lakh loan without a salary slip?

If you lack income proof, lenders may accept alternative documents like ITRs, bank statements, or Form 16 to assess your financial condition and repayment capacity.

Can I have 2 bank loans?

You can take multiple bank loans, including Personal Loans. However, it's crucial to consider your financial situation and goals when applying for additional debt.

Can I increase my loan amount?

While you can't increase your existing loan amount, you may apply for a second loan. There's no strict limit on the number of Personal Loans you can have, and lenders may approve additional loans based on your eligibility and creditworthiness.