Kotak Mahindra Personal Loan Balance Transfer

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.

How to apply for Kotak Personal Loan Balance Transfer

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.

Kotak Personal Loan Balance Transfer Benefits

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 avail an interest rate as low as 11.50%.
• If you are an employee of a top company deemed by the bank, you can benefit from an even lower rate of interest plus a low processing fee.
• Flexible loan tenures, up to a maximum of 5 years, will help you gain more time to repay the loan.
• The documentation process is easy.
• There’s no need to provide any collateral or security for the loan.
• You can repay the loan in the form of easy EMIs.
• You can also get a top-up loan in addition to your current loan.

Kotak Personal Loan Balance Transfer Eligibility

• You should be at least a graduate
• You should have a minimum work experience of 1 year
• You should be a resident of the current city for at least 1 year
• Your monthly net salary should be a minimum of Rs.20,000

Documents Required for Kotak Balance Transfer

• Proof of identity – Driving Licence, Passport, PAN, Voter ID, or Aadhaar card
• Proof of residence – Leave and Licence Agreement, any utility bill, or Passport
• Bank statement for the previous 3 months containing income information
• Salary slips for the previous 3 months
• 2-3 passport-sized photographs

About Kotak Bank Personal Loan

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.