Personal Loan - Know The Documents Required to Avail Personal Loan in Mumbai at Kotak Bank

Features and benefits

Mumbai – the “City Of Dreams” – is not only the capital of Maharashtra but also one of India’s largest and most populous metro cities. It is the entertainment and financial hub of India as many successful business families and Bollywood’s biggest stars reside in the city. Although it is one of the best cities to reside in, the major challenge is finding yourself an affordable home and a satisfying job especially in an expensive city like Mumbai.

To be able to efficiently manage finance is a challenge most of us fail at. It is at times like these when a good financial support can help us take care of the important things that matter in life. A personal loan can help manage expenses associated with home renovation, marriage, family vacation, child's education, purchasing latest electronic gadgets or home appliances, unexpected medical expenses or any other emergencies. The rate of interest is generally calculated based on your income.

Kotak Mahindra Bank offers expert solutions for your financial needs. It offers personal loans with lowest interest rates that can be availed easily. It ensures quick approval of personal loans , requiring minimum documentation and a minimal processing fee. What’s more, you can avail your personal loan sitting at home - a Kotak expert will come to your doorstep explaining the entire procedure, eligibility criteria for the loan and assist you in your loan formalities. As a Kotak bank customer, you can get great benefits, discounts and offers on loans:

Avail loans from Rs. 50,000 upto Rs. 15 lakhs.
Instant determination of Personal Loan eligibility
Attractive interest rates
Flexible repayment options
EMI amount can be checked easily using the Personal Loan calculator
Hassle free documentation process
Special interest rates and lower processing fee for the employees of top companies

Check your eligibility to apply for personal loan in Mumbai.

Don't have an account with Kotak yet? What are you waiting for? Open an account at your nearest Kotak branch and avail unbelievable offers on your personal loans.

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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