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. Let’s check out the different aspects of the Kotak Mahindra Bank personal loan.
Some of the key features of Kotak Mahindra personal loan are given below:
|Interest rate||Loan amount||Benefits|
|Ranges from 10.99% to 24%||Minimum: Rs.50,000 Maximum: Rs.15 lakh||
The reasons for choosing Kotak Mahindra Bank personal loan are listed as follows:
The fees and charges associated with Kotak Mahindra Bank personal loan are given as follows:
|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||Rs.500 + GST|
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:
EMI calculation is a straightforward task with BankBazaars dedicated Personal Loan EMI Calculator financial tool. By making a few selections, customers can check the EMI amounts for various tenures and loan amounts, and decide on the best plan for them. Visitors can access the EMI calculator by following the steps detailed below:
The information detailed here will be very helpful when planning loan repayments as they are based on concrete data.
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.
No. Kotak Mahindra Bank does not allow part prepayment on personal loans at present.
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.
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