Multiple banks. Different interest rates. Call it a "conflict of interest".
Kotak Mahindra Bank allows you to transfer your outstanding personal loan account balance from your current bank to Kotak. Transferring your loan balance will help you benefit from a low interest rate ranging from 11.5% to 24% p.a., low EMIs, and flexible tenures. You can also get additional benefits offered by the bank.
To transfer your current personal loan balance to Kotak, you will simply have to SMS “PLBT” to 5676788. A representative from the bank will call you and initiate the balance transfer process. Before the balance is transferred, the bank will check if you are eligible for the service and approve your request.
The main idea behind transferring the balance from your current personal loan account to Kotak’s account is so that you can repay your loan conveniently. Here’s how you will benefit from making the balance transfer:
You can apply for a personal loan with Kotak bank with hassle-free documentation at interest rates as low as 11.50%. You can get a loan to fund your wedding, manage medical expenses, renovate your home, or finance your dream vacation. You can opt for a loan as low as Rs.50,000 up to a maximum of Rs.15 lakh. The processing fee charged is a maximum of 2.5% of the loan amount plus applicable GST.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
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