Consolidation Loans from Kotak Mahindra Bank
Different loans for different people
Considered to be the second-largest private bank in India since 2019, Kotak Mahindra Bank offers a range of financial products in different segments such as personal finance, investment banking, life insurance and wealth management to its customer base. The bank offers a range of loans that are specifically suited for its customers’ varied needs.
Kotak Mahindra Bank Consolidation Loans
A Kotak Mahindra Bank consolidation loan helps customers pay off their debts and consolidate them into one loan and repay it easily by choosing favourable terms and conditions. Consolidation loans can be divided into two categories: unsecured loans like personal loans and secured loans like loans against gold, time deposits, property, car or securities. Top-up loans and balance of transfer loans can also be repurposed into a consolidation loan.
These loans help make your life easier since you will only have to think of making one repayment per month instead of worrying about making multiple repayments all through the month towards your different debts. It may also reduce the overall debt burden if you choose them by comparing interest rates and repayment periods.
Please note that Kotak Mahindra Bank does not label a specific loan as a consolidation loan. However, many loan schemes can be used for the purpose of consolidating debts even if they are not directly labelled so. Here are some of the loan schemes offered by Kotak Mahindra Bank that you can avail as a consolidation loan:
- Personal Loan
- Payday Loan
- Gold Loan
- Loan Against Securities
- Loan Against Property
We give you a brief introduction to each of these consolidation loans below. In addition, you have the option to click further and read in detail about each loan (the link takes you to another page on our website). This specific page has been specifically designed so that you can get all the information you need on that loan in an uncluttered and easy-to-read format.
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
Kotak Mahindra Bank PayDay Loan (Short-term Personal Loan)
This loan helps borrowers to get funds to meet their short-term financial needs. Salaried employees of government organisations, public sector units, private sector companies and institutions, etc. can avail this loan to pay for personal needs such asa dream vacation, child’s wedding, medical emergency and debt consolidation.
Features of Kotak Mahindra Bank PayDay Loan
Why this Loan?
- The Kotak Mahindra Bank PayDay 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 short-term needs. It can also be availed to consolidate debt
- This is a single instalment loan
Kotak Mahindra Bank Gold Loan
This scheme helps borrowers access needed funds by pledging their gold jewellery or specially-minted gold coins sold by banks. This loan can be used to meet any personal financial needs as well as to consolidate high-interest debts. The maximum loan amount sanctioned by the bank under this loan scheme is Rs. 50 lakh.
Features of Kotak Mahindra Bank Gold Loan
Why this Loan?
- The Kotak Mahindra Bank Gold Loan is meant for borrowers who want to get funds by pledging gold jewellery and coins to meet their financial needs
- This loan scheme can also be repurposed into a consolidation loan to pay off their high-interest credit card debts and loans
- The loan is granted within 4 hours if the formalities are promptly completed by the borrower
Kotak Mahindra Bank Loan Against Securities
This loan helps borrowers get access to funds by pledging their securities to the bank. This secured loan can be used to meet any financial needs such as a child’s wedding, overseas travel, child’s education, medical emergency as well as to consolidate high-interest debts.
Features of Loan Against Securities from Kotak Mahindra Bank
Why this Loan?
- The Kotak Mahindra Bank Loan Against Securities is an overdraft facility meant for borrowers who want to avail financial assistance by pledging securities such as shares, mutual funds, bonds, life insurance policies, etc. to meet their financial needs. Borrowers can also avail this scheme as a consolidation loan to pay off their debts
- Interest is charged only on the utilised funds
Kotak Mahindra Bank Loan Against Property
This loan helps borrowers get access to funds by mortgaging their residential, commercial or industrial property to meet their urgent financial needs such as wedding expenses, travel expenses, medical exigencies, higher education and so on. This loan can also be repurposed into a consolidation loan to pay off high-interest debts
Features of Kotak Mahindra Bank Mortgage Loan
Why this Loan?
- The Kotak Mahindra Bank Loan Against Property is meant for salaried or self-employed individuals who want to avail financial assistance by mortgaging their property to meet their urgent financial needs other than for capital market, trading or speculative purposes
- This loan can also be availed as a consolidation loan to pay off debts
Important Note: Kotak Mahindra Bank may offer more consolidation loan options that are not yet published on the website. If you prefer we suggest that you get in touch with the nearest branch to check the loan schemes they offer. This will also help you get a custom quote since many loan schemes are need-based and certain charges such as application charges, service charges, strategic premium, etc. may be decided on a case-to-case basis.
Interest Rate for Kotak Mahindra Bank Consolidation Loans
- The applicable interest rate on these loans is defined as the sum of two factors namely, one-year Marginal Cost of Funds based Lending Rate (MCLR) and (Strategic) Spread. As of October 2020, the MCLR of Kotak Mahindra Bank is 7.45%. The Spread factor is decided by the bank based on the loan type, quantum of loan and credit score of the borrower
Documents Needed for Individuals (Salaried and Self-employed)
- 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
- Income/Banking Proof for Self-employed Professionals/Self-employed Non Professionals: Computation of income of last 2 years, Balance Sheet, Profit and Loss Account, Registration Certificate, GST Return, Income Tax Challan/ Form 26AS/TDS Certificate, IT Assessment, etc.
Documents Needed for Proprietorship and Partnership Firms
- Loan Application Form duly filled and signed
- Partnership Deed and Partnership Registration Certificate
- ID Proof of the Firm: Firm PAN Card or PAN Issuing Letter
- Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income Proof: CMA Data and Project Report, Debtors and Creditors Certificate, GST Return, Last 3 years ITR of applicant and co-applicant, Audited or CA Certified Computation of Income/Trading Account/Profit and Loss Account/Balance Sheet, Annual Audit Report and Tax Audit Report if audited, Form 16A if applicable, Net Worth of applicants, co-applicants and guarantors
- Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account
- Kotak Mahindra Bank Website: www.kotak.com
- Headquarters: Mumbai, Maharashtra
- Call Centre Number: 1860 266 2666, 1800 209 0000