Kotak Mahindra bank offers personal loans to its customers starting from the interest rate of 10.50% p.a.
Note: This part given on the page is only for informational purposes. As of now the bank does not offer any moratorium on its personal loan and the dates of availability as per the RBI guidelines were between 1 June 2020 and 31 August 2020. For any information on moratorium on personal loan, kindly contact the bank.
In accordance with RBI’s COVID-19 regulatory measures, Kotak has announced to defer instalments and EMIs on personal loans outstanding between 1 March 2020 and 31 May 2020. The highlights of the measures undertaken by the bank are as follows:
The fees and charges associated with Kotak Mahindra Bank personal loan are given as follows:
|Schedule of charges||Rates|
|Processing charges||up to 2.5% of the loan amount + GST|
|Stamping charges||as per respective state’s Stamp Act|
|Credit appraisal charges||up to 5% of the loan amount subject to a maximum of Rs.7,500|
|Overdue interest charges||3% per month, compounded monthly|
|Dishonour||Rs.750 per instance|
|Collection charges||30% of dishonour charges + overdue interest|
|CIBIL report charges||Rs.50 + GST|
|No due certificate||NIL|
|Credit administration charges||up to 5% of the loan amount subject to a maximum of Rs.7,500|
|Swap charges||Rs.500 per swap|
|Duplicate issue of NOC||NIL|
|Charges applied in case customer requests for copies of records pertaining to their transactions||No charge if applied once yearly. Post that a fee of Rs.200 + GST will be chargeable|
|Foreclosure Charges||3% - 5%|
|Part pre-payment charges||
The eligibility criteria for Kotak Mahindra Bank personal loan are listed as follows:
The following list of documents must be submitted to get the personal loan offered by Kotak Mahindra Bank:
Let’s consider the example below. You take a personal loan of Rs.1 lakh from the bank. The bank charges an interest rate of 10.75% p.a. for a loan tenure of 1 year. The repayment schedule for this loan is given as follows:
|Year||Principal||Interest||EMI (principal + interest)||Balance|
If you have an existing loan which you wish to repay, you can do it so by transferring it from one bank to another so that you can avail better terms including lower interest rates. This facility also helps in reducing your debt burden.
You can apply for this facility by sending an SMS 'PLBT' to 5676788
|Fees and charges||Kotak Mahindra Bank Personal Loan||HDFC Bank Personal Loan||Citibank Personal Loan||Yes Bank Personal Loan|
|Interest rate||10.50% p.a. onwards||10.75% p.a. onwards||10.99% p.a. onwards||20% p.a. onwards|
|Processing fee||2.5% + GST||2.5% + GST||0.25% to 3.00% + GST||2.5% + GST|
|Foreclosure charges||5% of the outstanding loan amount||2% to 4% of the outstanding loan amount||Up to 4% of the principal outstanding||0% to 4% of the outstanding loan amount|
|Late payment fee||3% of the overdue amount per month||2% of the overdue amount per month||Contact the bank for details||2% of the overdue amount per month|
Personal loans provide quick access to funds during emergency financial needs. The personal loan offered by Kotak Mahindra Bank is intended just for that purpose. If you are having a sudden financial emergency, you may reach out to Kotak Mahindra and apply for a personal loan. The reasonable interest rates and flexible repayment options can help you take care of your emergency financial needs without leaving a big dent in your monthly budget.
The repayment options are quite flexible in Kotak Mahindra Bank. Customers can choose the loan repayment tenure between 1 year and 5 years.
Yes. It is possible to foreclose the personal loan after 12 months of continuous EMI payments. The bank must be given a foreclosure notice at least 30 days before the payment. Kotak Mahindra Bank has foreclosure charges of 5% of the outstanding loan amount + applicable service tax. Once the payment is made, the bank will send the No Objection Certificate and remaining postdated cheques (if any) to you within 15 days.
Personal loan top-up refers to the process by which a customer gets an additional loan over the outstanding loan amount. This is subject to Kotak Mahindra’s lending policy and the customer’s creditworthiness. During this process, the bank will check for any EMI overdue, outstanding loans, bounced cheques, borrower’s job stability, etc., before issuing the top-up loan.
This is a process by which the outstanding loan amount is transferred from one financial institution to another. This is done mainly to take advantage of the lower interest rates offered by another bank. This could help you bring down your overall debt burden.
The installment repayment dates are 5th and 10th of every month. Customers can choose between these two days while signing up for the loan.
Customers can download their repayment schedule from the official website of the bank anytime they want. If you are not able to download, you may visit the nearest branch office and get the repayment schedule by providing your personal loan details.
No. The bank does not allow postponing or rescheduling of EMI payments. If you are not able to make the payment for one month, you must repay the outstanding installment along with the overdue charges and late fees.
No, you will not be required to provide any collateral to avail a personal loan from Kotak Mahindra Bank.
You can track the kotakbank personal loan status on the website of Kotak Bank. To do this, follow the steps given below:
You can contact Kotak Bank personal loan customer care through the following ways:
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