Thinking of a Personal Loan to pay off your debts?
The right loan to pare down your debt
Kotak Mahindra Bank Personal Loan
This loan helps borrowers to get funds to meet their personal financial needs. Salaried employees of government organisations, public sector units, private sector companies and institutions, etc. can avail this loan to pay for a dream vacation, child’s wedding, medical emergency, debt consolidation, etc.
Features of Kotak Mahindra Bank Personal Loan
Why this Loan?
- The Kotak Mahindra Bank Personal Loan is meant for permanent/salaried employees of Public Sector Undertakings, Central Government, State Government units, reputed national and multinational companies who need financial assistance to meet their urgent personal needs. It can also be availed as a consolidation loan to pay off high-interest credit card debts and loans
- The bank also offers a top-up loan on this personal loan if the need arises
- This is a collateral-free loan
Loan Amount
- The maximum loan amount offered under this loan scheme is Rs. 20 lakh
Interest
- As of October 2020, the interest rate applicable to this loan can be 10.75% onwards. For more information, please talk to a bank representative
Repayment
- This loan must be repaid within 5 years
Eligibility
- The age of the borrowers should be between 21 to 58 years to apply for this loan
- Permanent/confirmed employees of Public Sector Undertakings, Central Government, State Government units, reputed national and multinational companies with at least one year of experience are eligible
- The borrower must be earning a minimum net monthly salary of Rs. 20,000 to be eligible for this loan
Security Needed
- This is a collateral-free loan
Processing Charges
- The bank charges up to 2.50% of the loan amount for processing this loan
Documents Needed
- Loan Application Form duly filled and signed by the applicant and co-applicant, if any
- Two Passport Size Photographs of applicant and co-applicant
- Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card / PAN Card Issuing Letter is must
- Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
- Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income/Banking Proof for Salaried Professionals: Last 3 months’ salary slip, Form 16 or income tax returns
Reference Facts
- Kotak Mahindra Bank Website: www.kotak.com
- Headquarters: Mumbai, Maharashtra
- Call Centre Number: 1860 266 2666, 1800 209 0000