Here are some of the Amazing Benefits of Personal Loan! | Personal Loan Stories - Kotak Mahindra Bank

12 AUGUST, 2021

If a person needs extra income to pay for home upgrades, finance a wedding, or consolidate high-interest debt, then the person can consider a personal loan. An unsecured personal loan, when used correctly, can help to cover a gap in the consumer's budget without putting their home or other assets at risk.

Personal loans are one of the most viable options for borrowers to meet their ever growing personal expenses. A Personal loan is a practical option since the borrower may repay it over time in manageable instalments, and it can be disbursed quickly with little or no paperwork.

Here are some of the astounding benefits of a personal loan:

  1. Short Term Repayment Tenure
    This is one of the critical benefits of a personal loan. A borrower can get the benefit of a tenor that ranges up to 5 years. The borrower also gets to choose the period, depending on their needs.

  2. Financing up to Rs. 20lakhs
    Personal Loans issued by NBFCs and banks can provide the borrower up to 20 lakhs if all of the factors are satisfied and the conditions are met.

  3. Quick Disbursal
    Kotak Mahindra has fast approval and speedy disbursal of personal loans. Disbursal TAT is under 3 seconds. This means that if the borrower meets all the conditions, their funds will be credited into their account within 3 seconds.

  4. No Collateral Required
    Personal loans are unsecured and collateral-free. This implies that there is no need to mortgage an asset to get the loan.

  5. Interest Rates of Personal Loans
    The personal loan interest rates are very flexible according to the credit score of the borrower. Kotak Mahindra Bank offers very good interest rates for personal loans. It has a fixed interest rate starting from just 10.25% p.a.

  6. Simple Eligibility Criteria
    The eligibility for acquiring a loan from Kotak Mahindra Bank is simple and hassle-free. Salaried customers in an age group between 21 -58 and who live in India are eligible for getting a loan.

  7. Documentation
    Kotak Mahindra Bank offers instant personal loans online with 100% digital documentation. To get a personal loan from Kotak Mahindra Bank, the customer needs essential papers, including proof of identity, proof of residence, bank data, and income or business details.

  8. Applying for a personal loan is hassle-free and easy
    Applying for an online personal loan with Kotak Mahindra Bank is easy. A consumer can visit their website and can apply for a loan within three simple steps. The steps include:
    1. About the customer
    2. Checking Eligibility
    3. Applying online

  9. Easy Repayment in Installments (EMI, i.e., equated monthly instalment )
    Borrowers can easily repay the amount in the form of EMIs.
    The consumer can calculate the EMI for every month from the Personal Loan EMI calculator.

 

Conclusion
As mentioned above, taking a personal loan to meet personal expenses is ideal for consumers. The borrower with a good credit score can avail of such benefits offered by Kotak Mahindra Bank. As the process for applying for a personal loan is straightforward, and the documentation is very simple, going for a personal loan is ideal.

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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.