Personal Loan for your Post Marriage finances – Kotak Bank

20 AUGUST, 2019

When it comes to your wedding, there is no compromise on grandiose! But, quite often we end up depleting all our financial resources in the process of planning an extravagant marriage ceremony. In that case, the event might be a great showcase, but sooner or later such extreme financial exhaustion takes a toll on your financial health! To avoid stress on your financial position, you can consider taking a personal loan. A personal loan provides not only funds your marriage but also helps you even out your payback amounts comfortably. Let us talk about the various benefits of taking personal loans after your marriage, and how these contribute to managing your post-marriage finances.

Combining finances

Applying for a personal loan during marriage helps you pay off the loan post marriage. It is common among most married couples to combine their finances to battle day to day expenditure. In this regard, a personal loan taken for a better financial situation after marriage can be paid off by both partners in parts. This ensures that the burden of paying back the loan does not fall on a single person and both people have a say in how the finances should be managed using the loan.

Understanding your partner’s financial habits

Most couples put off discussing finances until after marriage and this can be quite problematic in some cases. However, taking a personal loan after marriage for post-marital expenditure is a good idea. By observing the way in which your partner spreads out the loan amount across expenditures, you can understand how they go about their finances. The loan repayment scheme that they wish to settle for will also give you an insight into how they manage their monthly expenditure. Budgeting around the loan is an important aspect and it is necessary for both partners to be on the same page regarding the same.

Creating a budget that both can live by

Budgeting around your personal loan to save enough from your monthly income and pay the monthly loan installment will enable both of you to fall into a habit. This habit will be useful even after the loan has been paid off. You can then use the money saved from your monthly income to put into savings. This will require you to get all your bills and paperwork together and actually chalk out an expenditure plan that both of you can agree upon.

Decide areas of management

When discussing ways to comfortably pay off the post-marriage personal loan, it is important to allow departments that both of you will individually take care of. This means that if one of you pays for the electricity bill, the other can take care of phone bills. Allotting each of you a sphere that you can manage well will ensure that you are able to make the best out of your monthly income. In this regard, it is also necessary to decide who will take care of the day to day expenditure and who will look after long term investments.
Apply for your personal loan, and bid farewell to all your financial troubles during times of need!

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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.

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Frequently Asked Questions

What can a personal loan be used for?

Personal Loan can help you meet unexpected expenses such as wedding expenditure, school or college fees, dream vacations, home renovation projects or even for the purchase of consumer durables. 

 

Applying for a personal loan is a lot easier, quick, and convenient with Kotak Mahindra Bank.Click https://www.kotak.com/en/personal-banking/loans/personal-loan.html to apply for the same. 

 

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Do I need to provide any security or collateral to obtain a personal loan?

No, you do not have to provide any security or collateral to obtain a personal loan. Personal loan is a type of unsecured loan. This essentially means that it is not backed by the guarantee of collateral. You are not burdened by the need to generate collateral like gold, property or shares, as with other types of loans. As there is no security to assure loan repayment, the bank will focus on the income and financial stability of the applicant. 

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What are the benefits of taking a personal loan with Kotak?

There are several benefits of availing a personal loan from Kotak bank. Some of the most notable benefits include:

  • prepaymentInstant approval – The bank approves the loan at a quick rate and this makes the process much easier to serve different financial purposes.
  • Easy Documentation – It comes with minimal documentation requirements to help you save time and cater to your emergency financial needs without any hassle.
  • Versatile usage – The personal loan can be used to fulfil many purposes. From funding a dream wedding to serving a medical emergency, it can be used to serve different planned and unplanned financial needs.
  • Attractive interest rate – The personal loan is made more convenient with an attractive rate of interest starting at 10.75 p.a.
  • Part Prepayment facility – In case of excess funds/financial liquidity , you can reduce your loan burden with part prepayment

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What is the eligibility criteria to apply for a personal loan?

The eligibility to avail Personal loan is as follows :

  • All Indian residents who are employees of either MNCs, Public and Private limited companies with a minimum age of 21 years and maximum age of 58 years are eligible for a personal loan.
  • Other Personal loan eligibility criteria :
    • Income Net monthly salary of Rs. 20,000/-
    • Minimum educational qualification - Graduate
    • Years in city - Minimum 1 year
    • Total work experience - Minimum 1 years

You can apply for a personal loan by following the below steps:

On Mobile banking

  • Go to Apply Now
  • Personal Loan ( If eligible)

On Net Banking

  • Go to Banking
  • Apply for Preapproved Personal Loan (If eligible)

Or

By simply clicking https://rcasprod.kotak.com/personal-loan?source=website&banner=ProductPageApplyonlineTab

Please Note: The same would be subject to approval. The time frame for the personal loan is 10 working days if approved.

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What is the best way to apply for a personal loan?

You can apply for a personal loan by following the below steps:

 

On Mobile banking

  • Go to Apply Now
  • Personal Loan ( If eligible)

On Net Banking

  • Go to Banking
  • Apply for Preapproved Personal Loan (If eligible)

Or

By simply clicking https://rcasprod.kotak.com/personal-loan?source=website&banner=ProductPageApplyonlineTab.

Please Note: The same would be subject to approval. The time frame for the personal loan is 10 working days if approved.

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