Apply Kotak Mahindra Bank Personal Loan Online
Explore 2017 Interest rates available for Kotak Bank Personal Loan. Check eligibility criteria, EMI calculator documents required and get instant approval.
Kotak Mahindra Bank Personal Loan
Now you can fulfill your urgent need of money by applying for personal loan from Kotak Mahindra Bank.
Kotak Personal Loan Features
Following are the features of Kotak Mahindra Bank-
- Amount of loan varies from INR 50,000 to INR 15 lakhs
- They have flexible repayment period that ranges from 12 to 60 months.
- There is quick and minimal documentation
Kotak Personal Loan Interest Rates
Below is the detailed information for Kotak Personal Loan Interest Rates -
| Loan | Business Loan | Personal Loan |
|---|---|---|
| Interest Rate | - | 11.5% to 24% |
| Loan Processing Charges | Upto 3% of Loan amount | Upto 2% of the loan amount.Service tax and other applicable statutory levies |
| Documentation Charges | 3% of Overdue Amount, compounded monthly | 3% of Overdue Amount, compounded monthly on the amount due but unpaid from the date of the amount falling due till the date of actual payment |
| Prepayment Interest / Forclosure Charges | Lock in period till payment of first 6(six) monthly installment fully. Post 6 EMIs, 5% of foreclosure Loan Amount (plus Service Tax and other applicable statutory levies) | Lock in period for 12 months. After 12 months, 5% foreclosure charges + service tax on principal outstanding |
Kotak Mahindra Bank Personal Loan Eligibility-
You are eligible for Kotak Mahindra Bank Personal Loan, only if you meet the below mentioned criteria-
- Net monthly salary or income of Rs. 25,000/-
- Minimum Educational Qualification Requires Bachelorâs Degree.
- Total work experience should be minimum 2 years
Kotak Mahindra Bank Personal Loan Documents:
You require submitting following documents while applying for Kotak Mahindra Bank Personal Loan-
- Application Form
- 1 Photograph
- Identity Proof
- Residence Proof
- Age Proof
- Signature Proof
- Ownership Proof
- Income Details
- Bank Account Statements
Kotak Mahindra Bank Personal LoanEMI Calculator
You can know the exact amount that you need to pay every month by using Kotak Mahindra Bank Personal Loan EMI Calculator.
Below is the formula for calculating your EMI-
P*r* (1+r)^n/([(1+r)^n]-1)
- P = principal amount that you want to apply for
- r = rate of interest per month which is calculated as rate of annual income/ (12*100)
- n = tenure of loan in months
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