Kotak Mahindra Business Loan Interest RatesUpdated on 24 May 2022
Kotak Mahindra Business Loan Details
Interest Rate (Monthly reducing balance)
12.99% to 14.50%
0.99% to 2% of the loan amount
1 year to 5 years
For >15 lacs - Nil post 1 year of the loan if closed with own fund of the customer Else Within 6 Months 6% of Loan Amount post that 5% of Loan Amount
No guarantor required
Overview about Kotak Mahindra Business Loan
The business loans that are offered by Kotak Mahindra Bank are designed in such a way that they suit the needs of most small businesses that are looking for funds to help them operate and grow. To that end the bank offers various facilities that can range from easy repayment options to doorstep service that can help reduce the effort the businessman has to put in to get a loan. The bank also offers loans that can either be small as Rs. 3 lakhs or an amount which is much higher than that, depending on the business’s needs. These loans also try to offer quick approval times and minimum documentation facilities to make them easier to take.
What can this loan amount be used for?
The Kotak Mahindra business loans can be used for a variety of purposes by the company. They can either be used to fund expansion of current operations or to provide resources for new projects that a company may wish to take up.
Who can avail this loan?
Though these loans can be used at the discretion of the company taking the loan, they can only be taken by a particular type of company. Such a company, once which is eligible for this loan, must adhere to the following eligibility criteria:
The company will have to have an annual turnover of Rs. 50 lakhs to Rs. 2 crore depending on the classification of the business.
It will also need to have been in business for at least 3 years.
What is the maximum loan amount that can be availed?
The maximum amount that the bank will offer under this scheme will be a total of Rs. 75 lakhs. However, the amount sanctioned may depend on a variety of factors and will be provided at the discretion of the bank.
What is the interest rate charged by Kotak Mahindra business loans?
The interest rate that the bank charges is based on a Benchmark Prime Lending Rate. The current BPLR being offered by the bank is 18.25% per annum. The actual interest rate offered for the loan may be slightly higher or lower than this BPLR.
What are the terms associated with Kotak Mahindra business loans?
The availability of these loans is dependent on certain terms and conditions. Some of these are:
No company that has not been in operation for at least 3 years will be allowed to apply for these loans.
Even those that apply will have to show cash profits for at least the last 2 years of operations.
The eligibility of a company for such a loan will also depend on their ability to provide certain document like:
Income tax returns for the last two years
Balance sheets and profit and loss account for the last two years
The bank statement of the company for the last 6 months and
Proof of identity and residence of the authorised signatories for the company
The availability of the loan will also depend on the classification of the business, which in turn will be linked to a minimum annual turnover that the company will have to achieve in order to be eligible for this loan.
How can one apply for this loan?
To apply for this loan, applicants have three choices. One choice would be to call the bank’s helpline and ask for a representative of this product. Another choice would be to apply for the loan online and the third choice is to approach the bank’s branch for the Kotak Mahindra business loan.
To understand how this loan works let’s take the example of Mr. Raj. He is a businessman who owns a company that is looking for such a loan. He wishes to borrow a sum of Rs. 60 lakhs however the turnover of his company is only Rs. 70 lakhs per annum. This may disqualify him for the loan since he would be considered a self-employed individual and would thus have to have a turnover of at least Rs. 2 crore to apply for the loan. However, since his business is classified as a service provide, he will actually be able to apply for the loan since a service provider needs only an annual turnover of Rs. 50 lakhs to be eligible.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.
My kotak mahindra personal loan was taken through online.The rate of interest and the processing fee was nominal and this loan was taken for personal use .The complete process of this personal loan was clearly shared by the agent .This loan was sanctioned on time and everything was good to me so far .
It was a great service provided the Kotak Mahindra bank and the executive supported me very well. They have taken a such a long documentation time. For the employee proof, they have asked me a letter from HR hence i have visited their branch to provide the same and his behavior was quite rude. Overall, its a good service.
Based on my credit score, they have contacted me from Kotak Mahindra bank and they have sanctioned the loan to me. My documentation process is okay. Interest rate is on higher side when i check with other banks. People are not providing the part payment and pre-closure facility. Processing fee was nominal. Still the loan is going on with the EMI amount of Rs. 13066 for the loan amount of Rs. 6 lakhs.
I am not happy about the personal loan service provided by Kotak Mahindra bank hence am planning to close this loan after the completion of locking period. I have applied the loan through mobile app and net banking. They have not properly communicated the interest rate to me. Compared to others, rate of interest is very high and the processing fee also not acceptable.
From Kotak Bank, i have taken a personal loan and the amount was Rs. 2L. Nominal interest rate they given, for the tenure period of 3 years. EMI i am paying Rs. 20k, loan process was easy i received with in 1 week . Pre closure charges is there and they giving a good service.
I got an offer for personal loan directly from KOTAK Bank and the loan amount was Rs. 45,000. They blocked my card and they given this loan with the rate of interest was average. I am not sure with EMI and still the loan is active so based on my card they offered and I received this loan within 3 days.
Kotak Bank offered a personal loan and the loan amount was Rs. 2.10L. Rate of interest was very high 16.49% need to decrease the interest rate, emi i am paying Rs. 7500. Recently i have taken this loan and i am having credit card based on that i got this loan offer.
KOTAK bank is very genuine and on time the amount was sanctioned within 10-15 days. The personal loan taken on 2 months back, the amount was not enough on that time since for an emergency need taken this loan. Need to close the loan by 2 years. The rate of interest is high. Pre closure is applicable after one year with some charge.
I have taken personal loan from KOTAK bank through online .There was no difficulties faced until this loan was sanctioned .There was proper callback and follow up from bank end.This loan was availed only for my personal use . This loan was sanctioned on time. I use to pay the premium amount without any delay.
There are some issue with the Kotak Mahindra bank because i cannot pre-close the loan within 1 year. Their interest rates are quite high. I had a requirement of money 1 year before since there was a marriage. My salary account is in kotak Mahindra bank and they have provided instant loan option hence my loan got transferred within half an hour.
On March 2019 I have taken a personal loan from KOTAK Bank. Applied via net banking so the process was done on easy by 2 days an expected amount was received, the tenure period of 2 years. The rate of interest is nominal. Once I have faced late payment charges are applicable of 700 rupees. EMI need to pay of Rs. 3,842. Pre closure is avail after 6 months with some charges.
I have taken a personal loan from KOTAK MAHINDRA Bank directly. The loan amount was Rs. 2L and the rate of interest was high EMI 6200, pre closure charges are there after 1 year. Documentation was done within 2-3 minutes, customer service was good.
Kotak Mahindra bank has given me a better interest rate with the shortest time so that I opted the personal loan from this bank. They offered me a interest rate of 11%. I got the loan amount of Rs. 9L and they have provided the loan on time. I can do the pre- closure after 1 year with a huge amount of additional charges.
I use to maintain good credit score, so KOTAK has offered a personal loan on 7 months back. The loan was pre approved hence they have sanctioned the loan within 2-3 days. The amount was sufficient with tenure period of 5 years. There is an option of pre closure for this loan. The rate of interest is nominal.
I have taken personal loan directly through Kotak Mahindra Bank.The rate of interest and the processing fee was nominal .without any delay got this loan and this was a pre approval loan .I have submitted thedocuments on time and this loan is still active on my account .
I have applied a personal loan from Kotak Bank through online. The rate of interest was too high, at that time i need money so i accepted. The loan amount was Rs. 2L with the tenure of 3 years and i am paying EMI 5400. Based on my credit card they given a loan without blocking the card, customer service was very good. Within a minute i got this loan and its pre approved.
I have applied a personal loan directly from KOTAK bank. Based on my credit card i got this loan offer and it was pre approval loan. The loan amount was Rs. 60k the rate of interest was nominal and i opted tenure for 6 months. I am paying EMI 11K something, now i completed this loan. Actually the process was very nice and comfortable, so within 5 working days i received the amount. The customer service was good.
I have no specific reason for choosing the personal loan from Kotak Mahindra bank. I have got the loan in 15 days. I have applied this loan mainly for medical expenses. The documentation and verification process are smooth. I have selected the duration of 5 years to close this loan. I can pre-close my loan any time without any locking period.
I have applied KOTAK bank personal loan through online but it took long time to process the application more than 3 weeks. The bank executive should have a follow up on the application and need to reduce the processing time. I have opted for loan amount 2L with the rate of interest 10.75% and tenure of 4 years.
I applied for Kotak Mahindra Bank personal loan through online.The process was fast and received the loan on time. I opted for the loan amount 5 Lahks and the interest rate was normal. Pre closure and part payment can be done only after 1 year.