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.
At least 25 years old
Less than 60 years old
Salaried / Self – Employed
with regular income
Earn more than the minimum
Minimum income required
Rs. 30,000 per month
Maximum allowed personal loan is Rs. 15 lakhs
EMIs of other loans lower
Pay off your credit card bills
Choose longer tenure loan up to 60 months
|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|
|Guarantor Requirement||No guarantor required|
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.
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.
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 –
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 Parameter||Value of Parameter|
|Interest rate||Anywhere between 21% - 24% depending upon loan amount|
|Loan processing charges||2% of the disbursed loan amount + service tax|
|Pre-payment charges||5% + service tax on the outstanding principal amount, can be availed only after 12 months of personal loan disbursal|
|Late Payment Fee||3% of the overdue amount|
Following is the eligibility criteria that needs to be met by customers to avail Kotak Mahindra personal loan.
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.
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.
No. Bankbazaar.com does not charge a fee for using the online eligibility calculator.
The application form can be availed by visiting any of the Kotak Mahindra branch or by visiting the bank’s website.
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.
Pre-closure charges are 5% of the outstanding loan amount.
A processing fee equal to 2% of the disbursed loan amount is applicable. In addition to this a service tax too is levied.
Yes. BankBazaar provides real-time tracking facility of loan applications, through SMS as well as e-mails.
Yes. A late payment fee of 3% of the delayed payment is charged in case your EMI is delayed.
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.
There are a lot of reasons that make BankBazaar.com your trusted banking partner.
No. BankBazaar.com does not charge you any fee for using the website’s interface to apply for Kotak Mahindra Personal Loan.