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Kotak Mahindra Bank offers personal loans to salaried individuals who earn a net monthly salary of Rs.20,000. Applicants should be between the ages of 21 years and 58 years and should have resided in the same city for at least 1 year. They should also have completed their graduation and should have a work experience of at least 1 year.
Kotak Mahindra Bank allows applicants to borrow between Rs.50,000 and Rs.15,00,000. The lender charges a competitive rate of interest and offers a hassle-free application process. The eligibility criteria that borrowers will need to meet to avail a personal loan from the lender are as follows:
|Age||21 years to 58 years|
|Minimum Monthly Income||Rs.20,000 per month|
|Work Experience||1 year|
|Employment Type||Employees of MNC, public limited companies, and private firms|
|Minimum Educational Qualification||Graduation|
|Residential Status||Must have resided in the same city for at least 1 year|
|Interest Rate||10.50% p.a. to 16.99% p.a.|
|Loan Amount||Rs.50,000 to Rs.50 lakh|
|Loan Tenure||Up to 60 months|
|Processing Fees||Up to 2.5% of the loan amount plus GST|
The documents that you will need to submit along with your personal loan application form are as follows:
No, Kotak Mahindra Bank only offers personal loans to salaried employees.
Pre-payments towards your Kotak Personal Loan can be made after at least 12 EMIs have been paid.
The lender will levy a penalty of 3% per month, which is compounded monthly on the sum that is due but unpaid. Also, if you default on EMI payments, your credit score may be adversely affected, making your chances of being approved for loans in the future quite difficult.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
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