Founded in 2003, and headquartered in Mumbai, Kotak Mahindra Bank is one of the fastest growing and most preferred financial institutions in India. The Bank Offers widest range of financial products for infinite needs of all individual and non-individual customers depending on the applicant needs. Getting a personal loan today has become an extremely easy task, especially with the digitization and the maximum part of this ease can be attributed to the bank. The Bank offers easy and automated process of uploading the documents online for personal loans thereby eliminating the paper work. Through technological prowess, the Kotak Mahindra Bank has greatly simplified the personal loan process, and continues making it more seamless and convenient for its customers.
Table of Contents
Kotak Mahindra Personal Loan Rates
Although there are many types of interest rates in the market of loans, the major thing for an applicant is to check whether the rate of interest is fixed or variable. The Kotak Mahindra Personal Loan Rates varies in between 10.99% to 24% depending on the loan amount and tenure, etc. Well, a fixed interest rate remains constant throughout the loan tenure, and a variable rate fluctuates according to the market index value. Personal loan from Kotak Mahindra gives you a seamless experience, as the bank offers an appealing interest rate to its customers with an easy repayment options. Well, in addition to this, there are some parameters which decide Kotak Mahindra Personal Loan Rates such as loan amount, your current salary, etc. With quick, minimal paperwork, fast and speedy disbursal of loan amount to your account is some of the good reasons to opt for a personal loan from Kotak Mahindra.
Kotak Mahindra Personal Loan Eligibility
Kotak Mahindra is a customer-oriented bank, and in order to avail personal loan, there is some eligibility criteria that you need to fit in. And, if your profile matches with the bank criteria, there is no one stopping you from availing the loan. Usually, the bank considers your age, monthly income, your overall work experience, and so on. So, here we are listing out the Kotak Mahindra Personal Loan Eligibility criteria:
- An applicant must have attained the minimum age of 21 years and the maximum age is 58 years
- The applicant must be an Indian Citizen, who is an active employee of an MNC, public or any private sector company for at least one year
- To avail a personal loan, the applicant must earn at least INR 20,000 per month and he or she must be a graduate.
- An applicant must be an active resident of a city and minimum work experience of at least one year.
- An applicant must have a good Credit Score.
Kotak Mahindra Personal Loan Documents
A personal loan application procedure would be incomplete if the document verification process is not done. An applicant has to provide all the relevant documents as per the requirement of Kotak Mahindra Bank. The importance of documents usually varies depending on the type of loan amount. Below is the list of Kotak Mahindra Personal Loan Documents Checklist that an applicant has to submit for quick loan approval.
Personal Loan Documents Required For Salaried
- An application form duly filled and signed with recent passport size color photographs
- Proof of age – An applicant needs to submit any one of the copy of PAN Card, Voter ID, or Photo Driving License.
- Residential Proof: Any one of the Ration Card, Utilities Bill such as telephone bill, electricity bill, voter’s card.
- Bank statement for the past 6 months or a copy of passbook which reflects your salary credited.
- Salary Slip of last 6 months with all the deductions and last 2 years of Form 16
Kotak Mahindra Personal Loan Documents Required For Self Employed
- Along with your online application form, the following documents are required to submit:
- A certified financial statement for the last two years
- Applicant’s residential proof: any one of ration card, telephone or electricity bills etc.
- Bank Statement for the last 3 months that reflects your monthly income
- Recent passport size color photograph and a salary slip for the last 3 months.
- Identity Proof: Aadhaar Card, PAN Card, driving license, voter’s ID etc.
The documents mentioned above are a general set of documents asked by the bank, and the list of documents might vary depending on the profession. An applicant must note that a personal loan is approved only when the documentation process is successful. So, in order to get Kotak Mahindra personal Loan, a borrower must have all the documents.