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How to get a Rs 10 lakh personal loan online?
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Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. 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 the Bank. The Bank, 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. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.
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If you are looking for a significant amount of money such as Rs 10 lakh, a personal loan is a great choice. The primary reason is that you can use the proceeds of a personal loan for any purpose you require and there are no restrictions. So, whether you need that Rs 10 lakh for medical bills, renovating your home, going on a vacation, funding your higher education, or buying a car, a personal loan can be your go-to option.
The second reason why a personal loan makes for a great financing option is the fact that its application and approval process is completely online and quick. If you meet the eligibility criteria, you can get an instant personal loan sanctioned within minutes. And with Kotak, you can get in-principal approval and sanction within just three seconds! Wondering how to apply for such an instant personal loan? Let’s take a look.
How to apply for a personal loan online?
You can apply for an instant personal loan with Kotak online through any of your smart devices. The process is simple and quick and here’s what you need to do:
1. Go on to Kotak’s official website and click on personal loan under the loans option.
2. You will be directed to the personal loan home page where you can find the online application form.
3. Before you can apply for an instant personal loan, you will have to check your personal loan eligibility criteria. For this, you will need to enter your details such as full name, date of birth, income, place of residence, etc. These details are crucial for determining your loan eligibility. For instance, your income helps assess your repayment capacity and is one of the primary factors that determine the amount of loan you will be eligible for.
4. Once you provide some additional information such as your phone number, you will receive an in-principal loan approval. This essentially means that based on the information you entered and subject to its verification, you are approved for an instant personal loan.
5. Finally, you will be shown the personal loan interest rate you’re eligible for based on your financial profile and the loan amount and tenure you want. While you may want to apply for Rs 10 lakh, based on your eligibility, your personal loan limit could be lower or higher. Even if it is higher, it is advisable to only apply for the amount you require so that your interest burden is not increased.
6. You can review all details, confirm, and then submit the application.
When you apply for a personal loan online with Kotak, your loan can be approved in a few minutes with in-principal approval in as little as three seconds. You can also easily track the status of your personal loan application on the Kotak website.
Personal loan frequently asked questions
Yes, online personal loans with Kotak work. An online instant personal loan is just one of the ways of applying for the same personal loan. Whether you apply online or offline, your eligibility criteria and the terms of the loan such as the interest rate, etc., don’t change. The only difference is that online personal loan applications are processed quicker, and you may find the process of applying online more convenient.
When you apply online for a personal loan with Kotak, you can get a online personal loan between the range of Rs 50,000 to Rs 25 lakh. The exact amount depends on your personal loan eligibility as well as your loan requirement.
For an online personal loan, the documentation required is minimal. Primarily, you need to provide documents for address proof, identity proof, and income proof. Hence, the most commonly accepted documents are Aadhaar, PAN, and bank statements of previous three months.
No, you don’t need collateral or security when you apply for an online personal loan. The loan is disbursed to you based on your repayment capacity and credit behaviour. This is why your income and credit score are important for determining your personal loan eligibility.
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