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Pro Tips on Improving Your Chances of Getting a Personal Loan
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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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People require money for various reasons. They approach a financial corporation to borrow for their personal expenses when they fall short of a particular amount or when they need an amount for a specific purpose.
This is what a personal loan is. People use personal loans to cover various expenses such as paying off debt, covering unplanned emergency expenses, making a huge purchase, and much more.
Personal Loan
A personal loan can be taken from Kotak Mahindra Bank (KMB) to meet personal expenses. It is unsecured since no collateral is required, and therefore, has a higher rate of interest than home loans and car loans.
How to Increase Chances of Getting a Personal Loan Sanctioned?
KMB has simple terms to approve a personal loan. The disbursal time of the personal loan is shorter, and the amount gets credited into the borrower's account on the same day.
A personal loan is sanctioned based on the following factors:
Tips to increase the chances of the loan getting sanctioned:
For a person to get a personal loan, they need to have a score above 750 to get the loan sanctioned.
The score can be increased by:
Identity proofs and important documents of the borrower such as:
- PAN
- Passport
- Aadhar
- Voter ID
- Latest bank statements
- Salary slips
- Employee ID card
- IT returns
- Proof of Business
These are essential and have to be submitted to KMB for the loan to get sanctioned.The personal loan eligibility criteria for the loan to get sanctioned include:
If the borrower's debts exceed more than 50% of their income, then the chances of getting a personal loan are significantly less.
The borrowers need to clear their debts before applying for a personal loan with KMB.
A borrower must apply for the right amount to get approved. KMB’s proprietary loan eligibility calculator uses income, existing debts, and other factors to assist the borrowers in figuring out the right amount.
Actual personal loan interest rates will vary depending on the borrower's creditworthiness, the loan period, the loan amount, and the lender.
Customers can get personal loans from Kotak Mahindra Bank for as low as 10.50% p.a.
The technological revolution and net banking have made it easy for consumers to apply for a personal loan online.
Kotak Mahindra Bank has made it simple to apply for a personal loan. The individual can visit their website, apply and check the availability. If all of the factors required by the bank are satisfied, then the loan gets sanctioned.
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