Benefits of Kotak Mahindra Bank Personal Loans - Kotak Mahindra Bank Personal Loans

Kotak Mahindra Bank Personal Loans

Kotak Mahindra Bank provides personal loans to its customers for different financial needs at very affordable rates of interest, and a lot of other benefits such as quick documentation process, reasonable repayment options, and instant loan approvals. mymoneykarma gives you all the information you need on Kotak Mahindra Bank personal loans.

Benefits of Kotak Mahindra Bank Personal Loans

Kotak Mahindra Bank personal loans are loaded with customer-centric benefits and features. Here are a few highlights of Kotak Mahindra Bank personal loans.

• Significant loan amounts ranging from a minimum of Rs 50,000 to a maximum of Rs 15 lakhs. The loan amount depends on the applicant's credit score, repayment capability, credit history, and yearly income.
• Long loan tenures ranging from a minimum of 12 months and a maximum period of five years.
• Attractive interest rates ranging between 11% to 24% per annum.
• Loans available for salaried individuals, public and private company employees, and government employees.
• Special offers on the applicant being an existing customer of Kotak Mahindra Bank.
• Various feasible repayment channels such as NEFT, post-dated cheques, and online banking.
• Facility of personal loan transfer from other banks to Kotak Mahindra Bank.
• Simplified loan application and approval process with minimal documentation.
• Dedicated 24/7 customer service desk for query resolution.
  

Types of Kotak Mahindra Bank Personal Loans

Kotak Mahindra Bank offers only one type of personal loan. This loan is suitable for a large pool of customers.
Eligibility Criteria for Kotak Mahindra Bank Personal Loans   

Applicants must meet the following criteria to get a personal loan from Kotak Mahindra Bank.

• Minimum income of Rs 20,000 per month.
• Minimum income of Rs 20,000-25,000 per month in metro cities.
• Sound repayment capability and a good credit score.
• Loans available only to salaried customers.
• An age range of 21-55 years for salaried individuals.
• Minimum work experience of one year
  

Documents Required for Kotak Mahindra Bank Personal Loans

Applicants need to submit the following documents while applying for Kotak Mahindra Bank personal loan.

• A filled loan application form with necessary details such as income, occupational details, and personal information.
• Copies of the applicant's PAN card and Aadhaar card.
• Copies of income proof such as salary slips of the previous three months, bank statements of the last three months, and a copy of Form 16.
• Copies of residence proof such as telephone bills, electricity bills, or rental agreement attested by the applicant.
• Two copies of recent passport sized photographs.

How to Apply for Kotak Mahindra Bank Personal Loans Online

Customers can apply for Kotak Mahindra Bank personal loan by following these steps:

• Go to Kotak Mahindra Bank website.
• Under the Tab indicating loan products, click on ‘personal loans’ and download the loan application form.
• Fill in the details and upload the scanned copies of the required documentation.
• Check on electronic signature box and submit.
  

How to Apply for Kotak Mahindra Bank Personal Loans Offline

Applicants can also directly walk into the personal loan centers of Kotak Mahindra Bank along with the necessary documents. They can fill up the application form at the bank and submit it along with the required documentation. The loan is approved within two working days.