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    ING Vysya Personal Loan Reviews

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    Kotak Mahindra Bank has acquired ING Vysya to emerge as the 4th largest private sector bank in India. Henceforth, all the banking facilities owned by the erstwhile ING Vysya Bank will be an integral part of Kotak Mahindra, and the new combined entity will be known as the Kotak Mahindra Bank.


    ING Vysya Bank is a privately owned Indian multinational bank based in Bangalore, with retail, wholesale, and private banking platforms formed from the 2002 purchase of an equity stake in Vysya Bank by the Dutch ING Group. As of March 2013, ING Vysya is the 17th largest private sector bank in India with assets total Rs. 54836 crore and operating a pan-India network of over 1,000 outlets, including 527 branches, which service over two million customers. ING Group, the highest-ranking institutional shareholder, currently holds a 44% equity stake in ING Vysya Bank. INY Vysya Bank offer loan like Home Loan, Personal Loan, Gold Loan, Loan against Property, Loan against Security. Personal Loan in INY Vysya Bank has key benefits like easy documentation, Speedy loan processing, No security.


    You’re probably eligible for an ING Vysya Bank Personal Loan if you are

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    ING Vysya Bank Personal Loan Minimum Age

    At least 25 years old

    ING Vysya Bank Personal Loan Maximum Age

    Less than 60 years old

    ING Vysya Bank Personal Loan Eligible Employment Type

    Salaried / Self – Employed
    with regular income

    ING Vysya Bank Personal Loan Minimum Income

    Earn more than the minimum
    income required


    Your ING Vysya Bank Personal Loan amount eligibility is based on these factors

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    ING Vysya Bank Personal Loan Minimum Salary

    Minimum income required
    Rs. 30,000 per month

    ING Vysya Bank Personal Loan Maximum Loan Funded

    Maximum allowed personal loan is Rs. 15 lakhs

    ING Vysya Bank Personal Loan EMI

    EMIs of other loans lower
    your eligibility


    Increase your eligible ING Vysya Bank Personal Loan amount by these steps

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    02
    ING Vysya Bank Personal Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    “ING

    Choose longer tenure loan up to 60 months


    Documentation needed to apply for an ING Vysya Bank Personal Loan

    • 1. Signed application form with photograph
    • 2.Copy of passport/voter ID card/driving license
    • 3. Processing fee cheque
    • 4. Last 3 months bank statement/6 months bank passbook
    • 5. Documentation for salaried applicants:
      • Latest salary slip
      • Current dated salary certificate with the latest Form 16
    • 6. Documentation for self-employed applicants:

      • Latest Bank statement
      • Latest ITR or Form 16

    ING Vysya Bank Personal Loan Interest RatesUpdated on 08 Dec 2016

    ING Vysya Bank Personal Loan Details
    Interest Rate (Monthly reducing balance) Interest for the month = Loan Outstanding*ROI%*(Number of days in a month/360)
    Processing Fees Rs. 1,000
    Loan Tenure 60 months
    Pre-closure Charges -
    Guarantor Requirement No guarantor required

    About ING Vysya (Kotak Mahindra) Bank Personal Loan

    In April 2015, ING Vysya merged into Kotak Mahindra after which the bank is known by the name of Kotak. All bank papers, cheque books, passbooks etc. are also now in the name of Kotak Mahindra. The combined entity has now come into existence while the complete merger of operations and integration of staff will happen over the next few months.

    ING Vysya was a private sector bank that was founded in the year 2002 as a merger between the ING group of Denmark and the local Vysya Bank from India. The bank has a huge customer base of over 2 million. ING Vysya bank got listed at the National Stock Exchange as well as the Bombay Stock Exchange. The bank ranked among the top 5 private banks of India in terms of the most trusted entity to bank with.

    ING on the other hand, is a Dutch banking institution which has global financial expertise in the products and services that it offers. ING Vysya, now Kotak Mahindra, offers financial capabilities in the domain of private banking, corporate banking and wholesale banking.

    Why choose Kotak Mahindra Personal Loan?

    Personal loans from Kotak Mahindra are one of the easiest to avail and flexible monetary options for urgent financial needs. These financial requirements can be of any nature, be it a wedding in the family. An urgent medical expense or children’s education. Kotak Mahindra offers personal finance for a host of personal needs. Here are some of the most prominent reasons why Kotak Mahindra personal loans are highly popular among customers.

    Flexible and high personal loan amount: Customers can avail loan amounts from a mere Rs.50,000 to Rs.15,00,000 through Kotak Mahindra personal loans. These are on-demand loans and furnish loan amounts as per customers’ personal loan requests.

    Attractive Rate of Interest: Interest rates charged on Kotak Mahindra personal loans are quite attractive as well as competitive. These rates are dependent upon a variety of variables like the type of collateral provided to bank, track record of the personal loan applicant, and amount of finance required and the annual income of the applicant.

    Easy Repayments: Various modes of repayment can be availed for paying off the Kotak Mahindra personal loan. This can be done via online banking or by visiting any of the bank branches. Also, standing instructions can be set which allows bank to auto-debit the installment amount each month from your account.

    Features of Kotak Mahindra Personal Loan

    Be it a long-pending family vacation or an urgent medical expense, Kotak Mahindra personal loans are the best financial instrument to help you sail smoothly through all the financial turbulence that you may face. Here are some of the most prominent features of personal loans by Kotak Mahindra bank.

    Quick Loan Processing: Rapid turn-around time is one of the most striking features of personal loans from Kotak Mahindra. Also, quick loan approval and bank doorstep service to get assistance on all aspects of personal loans is one ideal feature in today’s fast paced world where customers struggle to reach bank during working hours.

    Flexible Tenure: The loan repayment period is flexible and personal loans can be repaid in a maximum of 5 years. The personal loan tenure ranges between 12 months and 60 months. The EMI date is subject to the loan disbursal date of your Kotak Mahindra personal loan.

    Document’s required: Here is a list of documents that you need to be ready with if you are planning to avail a personal loan from Kotak Mahindra –

    • Complete Loan Application form
    • Any Identity proof out of Voter’s Card/ Passport/Aadhar Card/Photo Ration Card or any other ID proof
    • Proof of Residence like Gas bill, Passport etc.
    • Proof of Age - Driving License, Birth Certificate, PAN Card
    • Signature proof, PAN card, driving license, passport
    • Last 3 months salary slips and Form 16
    • Last 6 months bank account statements

    Kotak Mahindra Personal Loan Interest Rates

    Here is a table to depict all the basic charges that are applicable to personal loans, from the time the loan is disbursed to the time it is fully repaid.

    Loan ParameterValue of Parameter
    Interest rateAnywhere between 21% - 24% depending upon loan amount
    Loan processing charges2% of the disbursed loan amount + service tax
    PrepaymentYes
    Pre-payment charges5% + service tax on the outstanding principal amount, can be availed only after 12 months of personal loan disbursal
    Late Payment Fee3% of the overdue amount

    Kotak Mahindra Personal Loan Eligibility

    Following is the eligibility criteria that needs to be met by customers to avail Kotak Mahindra personal loan.

    • Applicant should be a resident of India employed at either a government organization or any other reputed company
    • Net monthly income should be at least Rs.25,000 for applicants
    • Minimum age of applicant needs to be 21 years
    • Maximum age of the applicant needs to be 58
    • Applicant should have spent minimum 1 year in the city of borrowing
    • Minimum educational qualification needed is graduation
    • Total work experience of applicant needs to be at least 2 years

    How to calculate EMI for Kotak Mahindra Bank Personal Loans

    Online personal loan EMI calculators are one of the most popular tools to know your personal loan EMI even before you have actually availed your loan. These online tools take as input your personal loan amount, the applicable interest rate, the corresponding processing fee and the loan tenure and process these inputs to yield the monthly installment schedule that you will be required to stick to in order to repay your personal loan with Kotak Mahindra bank.

    The best thing about these calculators is that they help in financial planning of an individual and also in helping customers decide which bank to choose for availing personal loan. Since, interest rates and processing charges may vary with different banks hence, it becomes easier for people to compare two or more lending entities when the subsequent change reflects in the EMI of different banks.

    Kotak Mahindra Personal Loan FAQs

    1. What is the maximum loan amount for Kotak Mahindra personal loans?

      The maximum amount that can be availed as personal loan by customers is Rs.15 lakhs. The maximum loan amount is however, dependent upon various other factors like annual income, job type and age too.

    2. Does BankBazaar.com charge a fee for using its Eligibility Calculator Tool?

      No. Bankbazaar.com does not charge a fee for using the online eligibility calculator.

    3. How do I get the Kotak Mahindra Personal Loan Application form?

      The application form can be availed by visiting any of the Kotak Mahindra branch or by visiting the bank’s website.

    4. Can I manage my personal loan account online?

      Yes. Kotak Mahindra personal loan account can be handled online. You can also choose to receive your loan statement online on the email id registered with the company.

    5. What are the pre-closure charges for Kotak Mahindra Personal loan?

      Pre-closure charges are 5% of the outstanding loan amount.

    6. Is there a processing fee for getting Kotak Mahindra personal loan sanctioned?

      A processing fee equal to 2% of the disbursed loan amount is applicable. In addition to this a service tax too is levied.

    7. Will I be able to track my online Kotak Mahindra personal loan application through BankBazaar.com?

      Yes. BankBazaar provides real-time tracking facility of loan applications, through SMS as well as e-mails.

    8. Does Kotak Mahindra charge a late payment fee for loan repayments?

      Yes. A late payment fee of 3% of the delayed payment is charged in case your EMI is delayed.

    9. Is my data safe with BankBazaar.com, in case I choose to apply for Kotak Mahindra Personal loan through this website?

      Yes. BankBazaar.com ensures high level of security via data encryption. The website is committed to not sharing your personal information with any third-party agents.

    10. Why should I apply for personal loan through BankBazaar.com?

      There are a lot of reasons that make BankBazaar.com your trusted banking partner.

      • Online eligibility and EMI checks
      • Customized quotes on personal loans
      • Most-competitive interest rates through BankBazaar.com partnership offers
      • Easy loan application process from the comfort of your house
    11. Does BankBazaar.com charge me a fee when I apply for Kotak Mahindra personal loan through their website?

      No. BankBazaar.com does not charge you any fee for using the website’s interface to apply for Kotak Mahindra Personal Loan.

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