Kotak Mahindra Bank Business Loan

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:

1. The company will have to have an annual turnover of Rs. 50 lakhs to Rs. 2 crore depending on the classification of the business.
2. It will also need to have been in business for at least 3 years.

*Note: Know about Personal Loan and Kotak Mahindra Personal Loan

Documentation Needed to Apply for an Kotak Mahindra Business Loan

• Signed application form with photograph
• Copy of passport/voter ID card/driving license
• Processing fee cheque
• Salaried-Latest 3 months Bank Statement (where salary/income is credited)
• Self Employed-Latest 6 months Bank statement
• Documentation for salaried applicants-Salary slips for last 3 months
• Documentation for self-employed applicants-Income proof (audited financials for the last two years)

Terms Associated with Kotak Mahindra Business Loan

The availability of these loans is dependent on certain terms and conditions. Some of these are:

1. No company that has not been in operation for at least 3 years will be allowed to apply for these loans.
2. Even those that apply will have to show cash profits for at least the last 2 years of operations.
3. The eligibility of a company for such a loan will also depend on their ability to provide certain document like:
   1. Income tax returns for the last two years
   2. Balance sheets and profit and loss account for the last two years
   3. The bank statement of the company for the last 6 months and
   4. Proof of identity and residence of the authorised signatories for the company
4. 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 to Apply for Kotak Bank Business 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.

Example

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.