Kotak Mahindra Bank personal loan can be used for any purpose like for home renovation, a grand wedding, exotic destination vacation, buying a new home, to pay off the education or medical expenses, etc. The personal loan processing of Kotak Mahindra Bank personal loan is simpler and quicker as compared to other lenders. A personal loan from Kotak Mahindra can be acquired without any collateral or security and this can be considered as one of the major reasons for the preferability of Kotak Mahindra by the people. In the processing of Kotak Mahindra Bank personal loan, a smaller number of steps are included. Flexible loan repayment on a personal loan is offered. So, if you are looking for a personal loan a prepayment or part payment while applying for a Kotak Mahindra Bank personal loan. A personal loan processing of Kotak Mahindra is quick and gets fast loan approval within a few minutes.
Features of Kotak Mahindra Personal Loan
Competitive Interest Rate: Kotak Mahindra Bank personal loan comes to the borrowers at a pocket-friendly rate of interest. As every borrower can acquire for a personal loan from the Kotak Mahindra Bank regardless of its occupation type and income source.
Quick Documentation: Kotak Mahindra's loan processing is famous for its fast and minimum documents are required. Kotak Mahindra Bank personal loan team is so perfect and efficient that it involves a short time in the loan sanctioning process.
Flexible Repayment Tenure: You can enjoy the loan repayment flexibility as Kotak Mahindra Bank offers the chance to the borrower to choose the repayment tenure as per the convenience.
Quick Approval: Fast loan approval is among the important features of Kotak Mahindra loan processing. The quick loan approval and disbursal of the amount have made the Kotak Mahindra Bank personal loan one among the preferred choices of the borrowers.
Benefits of applying for a Kotak Mahindra Personal Loan
Personal loan lenders offer easy and fast loan application process. And Kotak Mahindra is among the prominent and preferred personal loan lenders especially in the subject to the online application. Here are some benefits of Kotak Mahindra personal loan:
Perfect for Financial Emergencies: Kotak Mahindra also offers an online loan application that makes it's perfect for financial support. Another best part of applying for Kotak Mahindra Bank personal loan is that there is no need to explain it to anybody about why you are availing a personal loan.
Easy to Access: Kotak Mahindra Bank personal loan is now can be availed easily by sitting at your home with the online loan processing.
Greater Convenience: Kotak Mahindra Bank's loan online services have made it possible; offering this great convenience of approving and availing the loan without personally visiting the bank branch. All are required to fill out the online loan application form, attach all the required documents, ensuring that you fit in banks' credit score eligibility criteria and its done.
Factors affecting the Kotak Mahindra Personal Loan Interest Rate
Depending upon the following factors two people may get a different rate of interest on a personal loan from the lender:
Income: As personal loans are unsecured loans and do not involve any security against them and a high monthly income works as an assurance to the lenders. Almost every lender considers that high-income individuals will be able to repay the loan on time, hence offer a lower interest rate to them.
Relationship with the Lender: If an applicant has an existing relationship with the bank and share a good credit repayment history, the bank is most likely to offer him/her a personal loan with a low rate of interest or processing fee.
Employer Details: Loan providers believe that such borrowers have a stable job and constant income and hence would be able to repay the EMIs on time.
Credit Score: Every time he/she repay the EMI on time, points are added to the credit score and defaults or late EMI payments narrow down the credit score by a few points.
Before applying for Kotak Mahindra Bank personal loan, it is important to check the EMI calculator for the EMI payment. Kotak Mahindra Bank's personal loan EMI calculator is available for all and you can choose to use them to plan the loan outgo and monthly budget. EMI is an abbreviation for the amount to be paid every month for an allocated time and it is also referred to as Equated Monthly Instalment.
To calculate the EMI on Kotak Mahindra’s loan, you can simply visit the official website of the bank. There you will find the option for ‘Personal Loan EMI Calculator’. It will require few basic details like loan amount, rate of interest and repayment tenure. After providing the necessary details like the loan amount, rate of interest and the repayment tenure the EMI calculator automatically calculates the amount to be paid and delivers the result on the same page within a few minutes.
Advantages of using a Personal Loan EMI Calculator
Manual calculation of EMI on a personal loan is a time-consuming process. But if one uses an EMI calculator to get the results then it will take less than a minute. The result is based on the provided loan amount, repayment tenure, and the interest rate. It also carries less risk of mistakes that can be occurred in higher probability if one goes for a manual EMI calculation.
Tips to manage the Personal Loan EMI
At times, it gets difficult for a borrower to manage the Kotak Mahindra Bank personal loan EMI as one miss payment of EMI adversely affects the credit score. Here are few ways of managing Kotak Mahindra personal loan EMI:
Know your capability: You should always apply only for that much loan amount as much you can afford to pay off an EMI every month. Kotak Mahindra Bank personal loan EMI calculator facilitates the calculation of the personal loan EMIs better. By doing this you would have an idea of the EMI and you can make a better and informed decision.
Manage personal expenses: Before applying for a personal loan always try to ensure that there is no existing loan, and you should first check the amount you will be required to pay after availing a personal loan. There is a thing that plays a major role and the debt-to-income ratio. It is the sum of the total requires an amount that should not be more than 50 % of your monthly income. And always look for another source of income. As in this way you will be more able to manage your expenses for daily necessities and other personal expenses smoothly.
Never miss on an EMI: The timely EMI payments can help you to a great extend in having a good credit score. This will lead to getting a personal loan at a low rate of interest which will ultimately reduce the personal loan EMI.
Go for a longer repayment tenure: The loan repayment tenure has a greater and direct impact on the personal loan EMI amount.
Kotak Mahindra Bank Personal Loan Eligibility Criteria
Looking for a personal loan to meet your immediate financial requirements? Make sure that you run through the common eligibility criteria listed below to avail a personal loan as fast as possible, only from Kotak Mahindra Bank.
An applicant should be an Indian citizen.
A net monthly salary should not be less than Rs.20,000.
Applicant age should be between 21 years to 58 years.
An applicant should be a graduate.
You should be living in a current city for at least 1 year.
An applicant should have a minimum working experience of at least 1 year.
Documents Required for Kotak Mahindra Bank Personal Loan
Duly filled loan application formÂ
Recent passport-sized photograph.
Identity proof (any of the following)
PAN Card
Aadhaar Card
Passport Copy
Driving License
Voter ID Card
Address Proof (any of the following)
Passport Copy
Rental Agreement
Driving License
Bank Statement or Passbook
Electricity Bill
Ration Card
Telephone Bill
Age Proof (any of the following)
Passport Copy
PAN Card
Latest Salary Slips or Bank Statements/ Passbook
Form 16
Last 3 years IT ReturnsÂ