How Instant Personal Loan Helps With Urgent Needs | Kotak Mahindra Bank - Personal Loan Stories

09 FEBRUARY, 2022

It is quite possible to face a situation that requires you to make a big expense. It could be anything from renovating your house to taking a spontaneous trip abroad. It could also be something serious like paying for a medical emergency. In such cases, if you are facing a cash crunch and require financial assistance, a personal loan can be a great solution.

But is taking a personal loan helpful? Does it create problems later on during repayment? What benefits do you get by taking this loan? Read on to learn about the answers to all these questions!

  • Get a quick loan disbursal

There could be a situation where you are in need of funds on an urgent basis. Now, it would not make much sense for your loan application to get approved if the disbursal takes a lot of time. This would defeat the purpose of applying for the loan, and this is something that you do not have to worry about while applying for a personal loan with us at Kotak. If there were no complications in the loan application, the funds would be disbursed in no more than 3 seconds!

  • Enjoy simple eligibility terms

Kotak Mahindra Bank has made it simple for borrowers looking for personal loans. To qualify for the personal loan eligibility criteria, borrowers need to be salaried individuals and should be aged between 21-60 years.

  • Upload all your documents online

There is no need to make multiple trips to the bank for a personal loan anymore! You can complete the entire documentation process without stepping out of your house. Documents for proof of residence, identity, income, and other essentials can all be uploaded digitally.

  • Apply for a loan with convenient repayment terms

For a personal loan, borrowers can get up to 5 years as the repayment tenure. You can choose the tenure based on your convenience. You can pay off the personal loan in monthly instalments during that tenure, so the loan repayment would not be a burden. It is advisable to make use of a personal loan EMI calculator to learn about the loan’s monthly instalments beforehand.

  • Receive a personal loan of up to Rs 25 lakh!

Funds required for a trip or buying a smartphone might not amount to much. However, the requirement can be much higher in case of a medical expense or if you are planning a wedding. One of the key advantages of taking a personal loan from Kotak is that you can get up to Rs 25 lakhs based on your eligibility.

  • No need of providing collateral

Since a personal loan is an unsecured loan, there is no need to provide any collateral. Lenders usually do not require any kind of security for a personal loan, which makes the entire process of getting one much easier. The approval and personal loan interest rate would depend on factors such as your credit score, monthly income, and employment stability.

 

With a decent credit score, you can get an attractive personal loan plan from Kotak Mahindra Bank. Simple documentation, quick disbursal, and easy repayment terms – what more can you ask for?

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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.