Kotak personal loan is instrumental financial assistance for a large number of Indians. It’s essential to arrange additional cash if there is an emergency need and you don’t have funds at all. Have you faced rejections in the past from your close relatives when you asked for financial assistance from them?
Kotak Mahindra personal loan enables you to borrow funds starting from Rs 50,000 to Rs 25 lakhs. You can get this loan for a maximum of 5 years and comfortably meet all expenses you can’t avoid. The bank will ask for the processing fee of the loan, which often goes up to 2.5 % of the entire approved amount plus GST. Kotak Mahindra bank personal loan interest rate may range between 11% to 24%.
A large number of Indians have benefited from this loan. So don’t lose your cool in case of a sudden financial emergency. Apply for a Kotak Mahindra loan as soon as possible. You can get the required cash immediately after completing your application and approval from the lender. Let’s have a look at some reasons why a large number of Indians apply for a Kotak Mahindra Bank personal loan.
Simple Eligibility Criteria
Loan eligibility criteria are a significant factor determining how many borrowers will apply for the loan and how many of them will be able to get the required money. It is because Kotak Mahindra Bank aims to offer a helping hand to many needy Indians. That is why it has kept the loan eligibility criteria very simple.
Also Read More: A Detailed Guide on Pre-Approved Personal Loans
Kotak Mahindra Bank Personal Loan Eligibility Criteria:
- Indian citizenship,
- Age- 21-58 years,
- Salary- Rs. 20000 rupees per month for Kotak employees and Rs. 25,000 per month for ordinary individuals,
- An active bank account,
- Three latest passport size images.
- Applicants must have completed their graduation,
- Applicants need to live at their current address for at least one year.
The Applicant Must be living in these cities to apply for Kotak bank personal loan:
New Delhi, Mumbai, Kolkata, Chennai, Bangalore, Kochi, Chandigarh, Jaipur, Ghaziabad, Faridabad, Gurgaon, Noida, Ahmedabad, Pune, and Hyderabad.
Minimal Documentation
Kotak Mahindra Bank demands only a few documents to process your application for the loan. you need to arrange the following documents for the loan application:
- Identity proof,
- Address proof,
- Residence proof,
- Employment contract paper,
- Last three month’s bank account statements,
- The previous three month’s salary slips.
The bank officers may demand additional documents during background checks and verification processes. Therefore, it’s better to consult with the banker in advance and arrange all documents. In addition, make sure that you are using documents issued by relevant authorities.
Personalized Loan Products
Kotak Mahindra bank offers personalized personal loan online products to all borrowers after listening to their requirements. People need additional funds for multiple unavoidable financial obligations. Right from the first interaction with the bank manager, state your requirement for money clearly. You can take Kotak personal loans for marriage ceremonies, medical expenses, home renovation, foreign tours, buying valuable gadgets, and meeting other critical financial needs.
Fixed Interest Fees
Before taking a new loan, borrowers look at the interest fees and terms and conditions surrounding it. It is because interest fees determine their decisions. Kotak Mahindra loans have fixed interest rates throughout the repayment tenure. Bank executives will give detailed information about the interest charges applied on borrowed money. It allows you to know the actual loan amount and interest fees quickly.
You can easily calculate the debt burden on your monthly budget and choose a loan package accordingly. There are certain undeniable benefits of fixed interest fees. Borrowers already know the loan repayment amount and can manage their budget and expenses accordingly. If you don’t repay the loan at the right time or skip any EMI, the bank reserves the right to ask for additional interest fees as a penalty.
Excellent Customer Service
Kotak Mahindra Bank is famous for its excellent customer service among a large number of loan borrowers. However, issues are likely to pop up when you submit a loan application, perform documentation, and cooperate with the banker in background checks and interviews. In such situations, contact the customer care service of Kotak Mahindra Bank. Share your issues with them in detail, and they will offer you the best possible solutions as soon as possible.
Hassle-Free Application Process
It’s always easier to apply for a Kotak Mahindra loan. Despite the growing Internet use in India, most borrowers love to submit their application for a loan by visiting the bank. Nothing is wrong with this mode of application. You have a chance to hold a face-to-face conversation with the banker and get detailed information about the loan. You should fill out the application form with accurate and verifiable data.
Before submitting your application to the bank, look at the details mentioned in the application form. It helps eliminate all possible mistakes and reduces the chances of the rejection of the application. Many Internet-savvy people in India visit Kotak Mahindra Bank’s website and submit their applications online. You cannot deny the growing popularity of online application methods. It ensures your privacy and the protection of sensitive details. Mention the correct data in the application form and follow the due process of the loan application to get a quick response from the banker.
Also Read : How to Get a Personal Loan: A Complete Guide on Eligibility and Documents
Quick Release of The Loan Amount
Kotak Mahindra Bank understands people’s requirements for emergency funds when there is a significant financial obligation. Therefore it doesn’t make necessary delays once you complete all formalities and your application is approved. You will get the approved loan amount in your bank account via online transfer. In some cases, you get funds late because of holidays or technical issues with the online transfer of money.
Kotak Bank Personal Loan Balance Transfer Facility
A large number of Indians want to get rid of expensive personal loans as soon as possible. It is possible if you get started with Kotak Mahindra Bank. Just contact the banker and share your requirements with the executives. If required, you can get a top-up loan from Kotak Mahindra Bank up to 75% of the original personal loan amount.
Unsecured Loan
Collateral doesn’t backup Kotak Mahindra Bank personal loan. So, it is an excellent option for all those borrowers who cannot place collateral against the borrowed money. The presence of collateral is essential for any bank. It is because the non-payment of the loan is like an epidemic in India. People take loans carelessly one after another and default on repayment willingly or unwillingly. If borrowers don’t repay the loan at the right time, the bank can capture the asset. Kotak Mahindra Bank needs applicants with stable employment and regular monthly incomes.
Transparency
Kotak Mahindra Bank is famous for its professionalism, high level of business ethics, friendly attitude towards all customers, and transparency. It doesn’t hide anything when you apply for Kotak Mahindra Bank personal loan. Get more information about the loan product and submit your application to the banker.
They will respond to calls if your profile matches their criteria. Experts recommend borrowers read all terms and conditions of the loan agreement carefully to avoid possible problems later on. Don’t agree to the contract if it doesn’t suit your requirement and budget. The hidden clause in the loan agreement can increase your financial liability and harm your credit record.
Also Read: How Kotak Personal Loan Helps People Deal with Financial Problems
Get Kotak Bank Personal Loan Quickly With These Tips
Determine A Perfect Loan Amount For All Your Needs
Excessive borrowing of loans is not suitable for your financial well-being in the short and long term. The temptation for additional cash is quite understandable. But it doesn’t mean that you should take a considerable sum of money as a loan for any unanticipated expenses. First, analyze whether you can postpone the upcoming financial obligation or not.
If it is not possible to delay the financial commitment, determine how much money would be sufficient. Kotak Mahindra Bank always appreciates people who have a balanced approach to the loan amount. The bank will conduct a background check and have a look at your overall financial condition. Based on the data, they will offer you a loan amount sufficient for your needs.
Correct Submission of Loan Application
Mistakes are pretty possible in loan applications when people try to get loans as soon as possible without paying proper attention to the basics. Applicants need to have at least the basic knowledge of the loan and all terms and conditions associated with each. Correct submission of the loan application is essential for its processing and approval.
If the supplied facts in the application don’t match the actual data, the bank will reject your application accusing you of maneuvering. Therefore, fill the application form with verifiable data and make no mistakes. Correct submission of applications allows the banks to process requests quickly and help more people get the required funds in a short time.
Maintain A Perfect Credit Score
Maintaining a perfect credit score is not a child’s play at all. A single mistake is sufficient to downgrade your overall credit score and make you unfit for different loan products available in India’s financial market. Financial discipline and timely repayment of all pending bills help you keep your credit score at the highest level. To qualify for Kotak Mahindra Bank personal loan, maintain a credit score of 750 or more. If your credit score is not satisfactory, placement of collateral and arrangement of a guarantor might help you.
Conclusion
Don’t wander here and there if you need emergency funds without getting trapped in time-consuming formalities. You can get Rs 50000 to Rs 25 lakhs under the provision of Kotak Bank personal loan. So take a loan amount as per your requirement and finance all emergency needs without any fuss. Kotak Mahindra bank is always ready to help you when there is a financial emergency. Getting a loan becomes more effortless by submitting your application to the banker and completing all formalities rightfully.
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Frequently Asked Questions
Q. Can I Postpone The Loan Repayment To A Particular Month?
A. People may have financial problems that often lead to a shortage of cash. If loan repayment is near and you have no money, contact the banker between the 2nd and 10th of a month. If your reason is convincing, the bank will reschedule the EMI at your convenience. However, many borrowers skip the loan amount without informing Kotak Mahindra Bank. It is not acceptable for the bank. It may impose penalties against you, which makes the loan repayment a costly affair. Don’t do this and inform the banker if you need to postpone the EMI.
Q. What Is The Procedure To Close The Loan Before Its Repayment Period?
A. Just contact Kotak Mahindra bank for pre-closure of the loan. Usually, you can initiate this step one year after taking a personal loan. After that, the bank will demand 3 to 5% foreclosure charges.
Q. Why Is Maintaining A Good Credit Score Necessary For Getting A Kotak Mahindra Bank Personal Loan?
A. Having a good credit score is essential if you want to get approved for any loan product. A good credit score is an indicator of your responsibility as a borrower. If you have paid your previous loans at the right time, it indicates you are financially strong and have enough resources to bear the burden of a new loan. On the other hand, having a lousy credit score means that your financial condition is quite alarming. Likely, you will not repay the newly borrowed loan. That is why Kotak Mahindra bank will reject your application in case you maintain a bad credit score.
