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  • Kotak Mahindra Business Loan

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  • We found 1 Kotak Mahindra Business Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    PA PL OTP
    10.50% - 16.99% Fixed
    Up to 2.50% One time fee
    Rs.50K - Rs.25L
    1 - 5 Years
    100% PAPERLESS APPROVAL
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews

    You’re probably eligible for an Kotak Mahindra Business Loan if you are

    01
    02
    03
    04
    Kotak Mahindra Business Loan Age

    At least 25 years old

    Kotak Mahindra Business Loan

    Less than 65 years old

    Kotak Mahindra Business Loan Eligible Employment Type

    Salaried / Self – Employed
    with regular income

     Kotak Mahindra Business Loan Minimum Income

    Earn more than the minimum
    income required


    Your Kotak Mahindra Business Loan amount eligibility is based on these factors

    01
    02
    03
     Kotak Mahindra Business Loan Minimum Salary

    Minimum income required
    6 Lacs to 8 Lacs

    Kotak Mahindra Business Loan Maximum Loan Funded

    Maximum allowed personal loan is Rs. 45 lakhs

    ICICI Bank Personal Loan EMI

    EMIs of other loans lower
    your eligibility


    Increase your eligible Kotak Mahindra Business Loan amount by these steps

    01
    02
    Kotak Mahindra Business Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    Kotak Mahindra Business Loan Tenure

    Choose longer tenure loan up to 5 years


    Documentation needed to apply for an Kotak Mahindra Business Loan

    • 1. Signed application form with photograph
    • 2. Copy of passport/voter ID card/driving license
    • 3. Processing fee cheque
    • 4. Salaried
      • Latest 3 months Bank Statement (where salary/income is credited)
      Self Employed
      • Latest 6 months Bank statement
    • 5. Documentation for salaried applicants:

      Salary slips for last 3 months

    • 6. Documentation for self-employed applicants:

      Income proof (audited financials for the last two years)


    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%
    Processing Fees 0.99% to 2% of the loan amount
    Loan Tenure 1 year to 5 years
    Pre-closure Charges 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
    Guarantor Requirement No guarantor required
    Apply for Personal Loan

    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.

    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.

        

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    Kotak Mahindra Business Loan Reviews

    • Kotak
      "Satisfactory"
      0.5 4.0/5 "Great!"
      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 .
      Was this review helpful? 15
      , hyderabad
      Reviewed on Mar 13, 2020
    • Kotak
      Kotak
      "Good Loan Service"
      0.5 5.0/5 "Blown Away!"
      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.
      Was this review helpful? 8
      , bangalore
      Reviewed on Mar 12, 2020
    • Kotak
      "Good Loan Service"
      0.5 4.0/5 "Great!"
      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.
      Was this review helpful? 8
      , hyderabad
      Reviewed on Mar 10, 2020
    • Kotak
      "Average Loan Service"
      0.5 3.0/5 "Satisfactory"
      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.
      Was this review helpful? 9
      , chennai
      Reviewed on Mar 10, 2020
    • Kotak
      "Easy loan approval "
      0.5 5.0/5 "Blown Away!"
      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.
      Was this review helpful? 12
      , jaipur
      Reviewed on Mar 01, 2020
    • Kotak
      "Easy loan approval"
      0.5 4.5/5 "Excellent!"
      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.
      Was this review helpful? 11
      , kolkata
      Reviewed on Feb 29, 2020
    • Kotak
      "Good bank "
      0.5 3.0/5 "Satisfactory"
      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.
      Was this review helpful? 7
      , hyderabad
      Reviewed on Feb 28, 2020
    • Kotak
      "Need to decrease interest charge "
      0.5 4.0/5 "Great!"
      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.
      Was this review helpful? 10
      , bangalore
      Reviewed on Feb 26, 2020
    • Kotak
      "Satisfactory"
      0.5 4.0/5 "Great!"
      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.
      Was this review helpful? 8
      , hyderabad
      Reviewed on Feb 25, 2020
    • Kotak
      "Quick processing loan"
      0.5 3.0/5 "Satisfactory"
      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.
      Was this review helpful? 6
      , ghaziabad
      Reviewed on Feb 24, 2020
    • Kotak
      "Good service"
      0.5 4.0/5 "Great!"
      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.
      Was this review helpful? 7
      , bangalore
      Reviewed on Feb 24, 2020
    • Kotak
      "Interest rate was high"
      0.5 5.0/5 "Blown Away!"
      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.
      Was this review helpful? 11
      , bangalore
      Reviewed on Feb 17, 2020
    • Kotak
      "Good Loan provider "
      0.5 4.5/5 "Excellent!"
      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.
      Was this review helpful? 8
      , bangalore
      Reviewed on Feb 14, 2020
    • Kotak
      "Good service"
      0.5 5.0/5 "Blown Away!"
      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.
      Was this review helpful? 8
      , bangalore
      Reviewed on Feb 14, 2020
    • Kotak
      "Good service"
      0.5 4.0/5 "Great!"
      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 .
      Was this review helpful? 8
      , bangalore
      Reviewed on Feb 10, 2020
    • Kotak
      "Need to decrease the rate of interest"
      0.5 5.0/5 "Blown Away!"
      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.
      Was this review helpful? 10
      , vizianagaram
      Reviewed on Feb 04, 2020
    • Kotak
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      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.
      Was this review helpful? 8
      , raipur
      Reviewed on Feb 03, 2020
    • Kotak
      "Best loan offered by Kotak"
      0.5 5.0/5 "Blown Away!"
      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.
      Was this review helpful? 11
      , pune
      Reviewed on Jan 31, 2020
    • Kotak
      "Good service"
      0.5 4.0/5 "Great!"
      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.
      Was this review helpful? 11
      , mumbai
      Reviewed on Jan 31, 2020
    • Kotak
      "Good service"
      0.5 5.0/5 "Blown Away!"
      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.
      Was this review helpful? 13
      , bangalore
      Reviewed on Jan 30, 2020
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