Kotak Mahindra Bank Personal Loan

Kotak Mahindra Bank Personal Loan

It is a private sector bank whose headquarters is in Mumbai. RBI issued the license in 2003 February. It has a wide range of products and financial services for retail & corporate customers through different delivery channels. It also has subsidiaries in the area of investment banking, personal finance, wealth management, and life insurance.

Kotak Mahindra Personal Loan is here to help you out with your financial dilemmas with best offers and low interest rates. It is a unsecured loan where a person do not need any cosigner or a guarantor to avail it. For further details you can fill the form at our site and our relationship manager will guide you with further details..

Kotak Mahindra Bank Personal Loan Eligibility Criteria

It depends upon several measures such as payback capabilities, Credit Score, pay slip, etc. There are two categories:-

Salaried Applicant

  1. Firstly, the minimum age to apply for Development Credit Bank Personal Loan should be 21 years and maximum of up to 60 years.
  2. Secondly, an individual from the metropolitan city should possess a minimum income of Rs 18,000, and for an individual who is living in non-metropolitan city, the minimum salary should be Rs 12,000.
  3. Moreover, an individual must have three years of work experience, and the salary should be received in their account only.
  4. Besides this, an individual applying for the Personal Loan must have a good credit history.
  5. Lastly, a person has to submit his bank statement for the last three months and salary slip of the previous six months.

    Self Employed Applicant

    1. Firstly, the age of an individual must be 25 years.
    2. Secondly, an individual applying for a Personal Loan should file Income Tax Return for the last three years.
    3. Besides this, a credit score of an individual should be up to the mark that is 650 and above.
    4. Moreover, the minimum amount should be of Rs 2.5 lakhs per annum at least.
    5. In addition to this, if a person is a businessman than his business should be running from last three years.
    6. Lastly, an individual has to submit his financials and his bank statement for the previous three months.

Advantages of Kotak Mahindra Bank Personal Loan

  1.  Minimal Documentation is needed to avail Personal Loan.
  2. Transfer of existing loan is possible.
  3. Flexible repayment options are available for the applicant.
  4.  Hassle-Free process with nominal Interest Rate.
  5.  Fast Approval for the loan is given when an applicant match the certain criteria.
  6. Disbursal of Loan is available within 72 hours after the submission.
  7. Part prepayment facility is available after a certain period of time.
  8. Lucrative interest rate for the applicants who want to avail Personal Loan.
  9. No cosigner is needed for the approval of the loan.
  10. Multipurpose loan an applicant can use it according to his requirement.

Kotak Mahindra Bank Personal Loan Interest Rate

      For Self Employed:

  1. An individual business must be in existence for a minimum period of 3 years.
  2. The company’s Profit After Tax for the last two years should be positive.
  3. Minimum Age of an individual should be 28 years, and the maximum Age should be 68 years, at the time of loan maturity.

       For Salaried Individuals:

  1. The minimum age of an individual who apply for Development Credit Bank Personal Loan must be 23 years, and the maximum Age should be 58 years, at the time of loan maturity.

Kotak Mahindra Bank Personal Loan Documents

Photo identity proof includes any of these (Pan Card / Passport/ Aadhaar Card / Voter Identity Card / Driving License.

Address Proof includes any one of these (Passport / Ration Card / Driving License/ Bank Account Statement / Aadhaar Card / Telephone Bill Sale Deed/ Electricity Bill / Property purchase agreement (for owned properties).

Income Proof includes:-

For Salaried Individuals: Last three months/Six months’ bank statement (dependent on the scheme) Showing Salary Credits /Latest Salary Slip.

For Self-Employed Individuals: Two years of Income Tax Return/P&L / and Balance Sheet for the last two years/Last Six Months’ Bank Statement.

Business Proof includes:-For Self Employed Individuals: Qualification Certificate/ Certificate of Practice, Shop Act License/ Memorandum Of Association & Article Of Association/ Sales Tax/ VAT Registration/ Partnership Deed.

Kotak Mahindra Bank EMI Calculator

Equated Monthly Instalments, is the amount that a loan borrower has to pay throughout the loan tenure to repay the Personal Loan amount. Each EMI repays a part of the due amount, i.e., the principal and the interest due on the loan amount. Personal Loan EMI is the monthly repayment that borrower needs to make to repay the loan according to the Personal Loan amortisation schedule. The tool that you can use to determine your EMI payout is the Kotak Mahindra Personal Loan EMI Calculator.

You can calculate EMI on your own by the formula mentioned below:-
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

Kotak Mahindra Bank Personal Loan Tenure

The tenure of the Personal Loan is 1 to 5 years.

Why your decision of choosing Bestloandeal is the right decision?

  1.  Firstly, our assistance is free of cost.
  2.  Secondly, the approval process is time-saving if you apply through Bestloandeal.
  3. Furthermore, you can avail our services 24/7.
  4.  Moreover, the Loan gets disbursed within 24 hours.
  5. Our relationship manager will assist you and will help you to avail the right offer.

How to apply for Kotak Mahindra Bank Personal Loan?

  1. Visit www.bestloandeal.in
  2. After that, you have to fill the personal loan form, and our expert relationship managers will contact you.
  3. Furthermore, we will tell you regarding details of the Personal Loan, where you can choose your preferred city.
  4. Lastly, we will provide you our assistance until the end of the process, until you are not satisfied.