03 DECEMBER, 2021

A personal loan is a one-stop solution for all your financial needs. Whether you wish to pay the medical bills, go for an international vacation, plan your dream wedding or want to renovate your house, personal loans can help you meet all of them. However, when you plan to avail a personal loan, you must choose a lender that offers the lowest rates and best features. With Kotak Mahindra Bank, you can take a personal loan at flexible tenures and attractive interest rates. Moreover, the application process is easy and simple.

Planning to avail a personal loan? Here is a step to step guide to apply for a personal loan with us at Kotak.

  • Identify your need

A personal loan has no end-use, and you can use the loan amount for any purpose. However, before you apply, you must identify your need and determine the purpose you intend to use it for. This will help you apply for the right amount of loan. You must avoid taking a loan amount more or less than you need.

  • Check your eligibility

When you apply for a personal loan, the first thing that the lender checks is your personal loan eligibility. If you do not comply with the same, your application can be rejected. It is therefore crucial that you check the personal loan eligibility before applying. Your eligibility helps the lender decide the loan amount and interest rate they can offer you.

  • Know about the loan offered

While you plan to avail the personal loan, understand its various aspects. Ask about the foreclosure charges and processing fee while looking for the best personal loan interest rates.

  • Choose a suitable tenure

You get the option to choose a tenure that is financially comfortable for you. Use it wisely. Keep in mind that Kotak offers a tenure ranging from 1 to 5 years. You must check your affordability with an EMI calculator so that you can repay the monthly amount comfortably. If you opt for a longer tenure, your EMI will decrease, but your interest cost would increase. Similarly, a shorter tenure would help you repay the loan faster but can be detrimental to your budget.

  • Collect the documents

Incomplete or incorrect documents can delay the approval and even lead to rejections. It would be best to check the documents required for a personal loan from the lender’s website and keep them handy when you apply. You’ll require identity proof document, proof of residence, salary slip for last 3 months, 2-3 passport size photographs, bank statement for last 3 months with income details. You must ensure that these documents contain accurate information and are updated copies. Completing the documentation process efficiently will ensure a smooth and hassle-free process.

How to Apply for a Kotak Mahindra Bank Personal Loan?

Once you are sure of the loan amount, eligibility, and documents, you can apply from the website with the following steps:

  • Visit the personal loan page and click on the ‘Apply Now’ tab
  • Fill in your personal and professional details
  • Determine your eligibility
  • Upload the KYC and income documents
  • Click on submit

Make sure to go through this guide thoroughly in order to apply for personal loan systematically and improve your chances of approval. If you have any further doubts, you can talk to our representative.

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Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.