Best Ways to Make Use of Personal Loans – Kotak Bank

20 AUGUST, 2019

None of us can foresee immediate or unplanned expenditures coming our way. So, to avoid being helpless during times of need, Personal loans are a reliable way to meet your urgent financial requirements. Instead of struggling to arrange for adequate finances and borrowing from friends and family you can opt for personal loans! The most favorable thing about personal loans is that there are no restrictions pertaining to the purposes for which you can use the money. This is unlike most other loans that are provided by financial institutions and it enables you to spread out the loan amount across expenditures as you deem fit. Personal loans are unsecured loans, which means you’ll not have to mortgage any of your assets as collateral until you repay the loan.
The various ways in which you can make the best use of a personal loan are,

Finance your wedding

Everyone has a number of dreams surrounding their wedding and it is not always possible to see your vision through by means of your income and savings alone. In such a case, you can consider going for specially curated personal loans. Marriage is one of the most beautiful and memorable events of a person’s life and you would not want to compromise on the venue or other arrangements. You may also find it difficult to cut down your guest list and offend some of your closest acquaintances. Under such circumstances, personal loans can help you fill in the financial gaps and ensure that you have a wedding of your dreams.

Consolidation of debts

In case you already have multiple numbers of debts, a personal loan is the best way to take care of such a situation. Using the loan you can piece together the smaller loans into one big payment on a monthly basis and stay stress free for the rest of the month. This will also make sure that you do not have to pay interest charges to different lending sources which amount to more than your personal loan interest rate when put together. It is also possible for you to receive suggestions from expert financial advisers who will be able to connect you with a suitable loan plan. They will analyze your debts and come up with a plan that has lower interest than all your debt interests combined.

Investing in a startup

This is the age of startups, and in case you are one of those who want to own a small business of your own but have been held back because of capital requirement, this is your chance! It is important that you conduct your research and go for an idea that is aligned with your interests before deciding on availing a personal loan for the same. This will ensure that you are not only able to comfortably pay off the loan but also make a profit while you are at it.

Apply for your personal loan and stay a step ahead of all your urgent financial needs!

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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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