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.


Frequently Asked Questions

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 2nd and 10th of every month.

Changing of EMI date will attract rescheduling charges and PDC Swap charges* per instance plus applicable GST. You would need to provide a 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 GST.

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What do I need to do, in case I want to opt for an ECS mode for making my Installment payments instead of PDC?

You need to do the followings:

  • You would need to sign an ECS Mandate form.
  • One security cheque to be drawn in favor of 'Kotak Mahindra Bank'. This cheque needs to be undated and blank, and at the bottom, it needs to mention 'Not more than the loan amount'.
  • Three security cheques to be drawn in favor of 'Kotak Mahindra Bank '.This cheque needs to be undated and blank, and at the bottom, it needs to mention 'Not more than the EMI amount'
  • PDC swap charges* will be applicable at Rs. 500/- per instance plus applicable GST.

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How can I get my Statement of Account?

You can download your statement of account for free.

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How can I get my new address updated on my Personal loan?

Please follow the below procedure:


  • You would need to call our 24*7 helpline number 1860 266 2666 (local call rates applicable) or visit the nearest Kotak Mahindra bank branch to inform about the change in correspondence address
  • You would need to carry the photocopy and original document of your new address for verification. Some of the address proofs are electricity bill/passport copy/ration card/aadhaar card/utility bill etc
  • The new address will be updated in the bank’s records within 2 working days post submission of the above mentioned documents.

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