KOTAK MAHINDRA BANK
Personal Loan

Kotak Mahindra Personal Loan Details

Kotak Mahindra Personal Loan, available also as Kotak Digi Loan can be availed swiftly online for planned and unplanned expenses. You can avail of instant personal loans as per the bank’s policy at a competitive interest rate starting from 10.99% p.a. for a maximum tenure of up to 6 years. For maximum customer satisfaction, the bank assures 100% digital processing. 

Highlights of Kotak Mahindra Personal Loan:

Note: Kotak Bank is powered by https://www.kotak.com/ and the information mentioned here is provided by Kotak Mahindra Bank Ltd.

Let’s roll out the top features of Kotak Mahindra Personal Loan and what you should expect when applying for Kotak Mahindra Loan

• 100% Digital Loan: Kotak Mahindra Personal Loan can be instantly applied digitally. It is 100% paperless and contactless loan product that can be processed online. If you need a Kotak personal loan apply online.
• Loan Amount: You can apply for Kotak Mahindra Personal Loan up to Rs. 35 Lakhs for a variety of needs including weddings, celebrations, travel, education or any unprecedented shortfalls or emergencies.
• Tenure: Kotak Mahindra Bank Personal Loan is a customer-friendly and flexible loan offering and you can choose a tenure of up to 5 years (6 years with conditions) according to your requirements and repayment capacity.
• Interest Rate: Kotak Mahindra Personal Loan Interest Rates start from 10.99% p.a. which is the best in the industry.
• Unsecured Loan: The Unsecured Loan means that there is no Loan Security, Guarantor or Collateral requirement for Kotak Mahindra Personal Loan.
• Paperless Process: Taking a step ahead of the competition, KMB ensures paperless loan application for the customers. Apply online and upload documents for swift processing.
• Foreclosure Charges: The foreclosure charges are 4% on outstanding principal for up to 3 years and 2% on outstanding principal after 3 years.
• Processing Fee: The processing fee on Personal Loan is up to 3% of the loan amount plus applicable taxes.
• Multiple Loans: Applicants should not have more than 3 live Personal loans at the time of sanction/ disbursement (including Kotak Mahindra loan).

Multiple Purpose Loan: Kotak Mahindra Personal Loan is available for an array of customer needs. The loan can be applied for wedding, travel, education, home renovation, business, insurance, medical or any other financial needs.

Easy-to-meet Eligibility: Kotak Unsecured Loans are available for Rs. 1 Lakh to Rs. 35 Lakhs. Applicants with a modest monthly salary of Rs. 25,000 for CAT A/ CAT B/ Government (excluding Grade 4) and Rs. 35,000 for CAT C/ CAT D/ BPO industry can apply for a Personal Loan. Some other factors that will lead to loan eligibility include CIBIL Score, Income, Age, Employer’s reputation and Work Experience.

Swift Processing: Kotak Mahindra Personal Loans can be processed within a few minutes of submitting the form. It may take a couple of days for disbursal after the sanction of the loan.

Top Up: You can avail of Top Up Personal Loan on Kotak Mahindra after a certain period (as decided by the bank). The approval for Top Up however would depend on customer risk and the bank’s credit & lending policy.

Part Pre-payment: Kotak Bank allows conditional part prepayment of the loan. For loans disbursed after 1st February 2020, the bank allows part prepayment of up to 20% every year after the lock-in period.

Documentation: Kotak Mahindra Personal Loan can be applied peerlessly by uploading documents online.

The Kotak Mahindra Bank Personal Loan Eligibility Criteria are mentioned below:

• Age: 21 to 60 years
• Occupation: Salaried (Army, Police, Shippy profiles have special treatment)
• Minimum Monthly Income: Rs. 25,000 for CAT A/ B/ Government (excluding Grade 4) and Rs. 35,000 for CAT C/ D/ BPO industry.
• Minimum qualification: Graduation or equivalent.
• Minimum experience: At least 1 year.
• CIBIL score: Above 705 with clean track (-1 allowed with additional Policy norms). Live AL/PL/HL will have better policy norms.
• App score: Green and yellow only.
• Bouncing: There should be no bounce in banking for last 3 months due to insufficient funds.
• Residence: The applicant should be an active resident for at least 1 year in any of the cities:  Mumbai, New Delhi, Bangalore, Chennai, Kolkata, Hyderabad, Pune, Ahmedabad, Noida, Gurgaon, Faridabad, Ghaziabad, Jaipur, Chandigarh and Kochi.

Besides interest rates, you should also enquire about associated Personal Loan charges and fees.

Additional Info: Check Kotak Overdraft loan facility.

• 2-3 passport size photos
• Identity Proof (any one): Aadhar Card/ PAN/ Voter’s ID/ Passport/ Driving License
• Address Proof (any one): Passport/ Driving License/ Aadhar Card
• Income proof: Last 3 months' bank statement reflecting your income details and salary slip for the last 3 months

For your convenience, let’s break out step-by-step process to apply for Kotak Mahindra Personal Loan on MyMoneyMantra Platform. It is fast, easy and reliable.

• Click on Personal Loan on the Home Page of Website.
• Fill the Personal Loan form. Share loan details such as loan amount & tenure, and personal details such as name, city of your residence, employment type, income, & contact information.
• An OTP (one time password) will be sent to your mobile number.
• Use OTP to login to the website and access the list of most suitable Personal Loan products for your profile & requirement.
• Compare available deals or directly apply for Kotak Mahindra Personal Loan. Click on eConnect with Bank button.
• Your query will be instantly shared with the bank.
• A loan representative will call you to follow up on this request.
• She will guide you for next steps, documentation and loan processing.
• MMM Loan assistance is absolutely free of cost and there is no charge to apply for any loan from this website.

After you fill the Personal Loan Application on MyMoneyMantra, your request is immediately shared with the banking partner. Know the Personal Loan Verification Process steps below:

• As you click on apply button, your loan request is automatically sent to the lender digitally.
• A loan representative from Kotak Mahindra will call you and verify the shared details on the form.
• You are required to share your consent for Personal Loan application and verify the details.
• After this, if required, some documents will be picked from your location.
• After the process of document verification is completed, the loan will be sanctioned.
• The bank will yet again contact you and take a final consent and present loan agreement detailing loan amount, Personal Loan Interest Rate, and Repayment Tenure. After you acknowledge consent for everything listed above with your signature, the loan amount will be disbursed into your bank account.

To talk to Kotak Mahindra Personal Loan Customer Care team, call on their customer care number 1860 266 2666, between 9.00am to 6.00pm from Monday to Saturday, excluding holidays.