Kotak Mahindra Bank Personal Loan Eligibility, Features & EMI Calculator

Kotak Mahindra Bank (Kotak) offers specially designed Personal Finance/Loan, which meets all your financial needs. This single expert source fulfils all types of unexpected expenses, money for education, weddings, home renovation/construction or vacation. Are you planning to apply for a personal loan in Kotak? Look at this guide for more details about Kotak Personal Loan. Get Worthy Personal Loan Benefits with Kotak Mahindra Bank.

Kotak Mahindra Bank Personal Loan

KMB Personal Loans – Features & Benefits:

  • Amount of Loan: The bank allows a loan amount of Rs 50,000 to Rs 20 Lakhs. Before sanctioning the amount, the bank checks the applicant’s profile of financial history, credit score, age, place, and repayment capability.
  • Flexible Repayment: Kotak Bank offers its customers to have flexible repayment to EMIs for a period of 12 to 60 months for salaried individuals and 12 to 36 months for businessmen/professionals.
  • Quick Approval Process: Within 72 hours, applicants can turn their dreams into reality with Kotak Personal Loan Facility.
  • Minimal Documentation Process: Kotak bank needs basic documentation in the process of applying for a personal loan. The bank ensures smooth flow, quick, and hassle-free while applying for Personal loan.
  • Low-Interest Rates (ROI): Kotak offers the lowest rate of interest for Personal loan deposits.
  • Easy Balance Transfer: Customers can transfer the balance of your existing personal loan from other banks to Kotak to gain huge benefits with lower interest rates.
  • Convenient Service: Kotak offers hassle-free service at your doorstep with proper guidance and assistance from their executives in processing your loan formalities.

Read More – KMB My Family Savings Account

What are the Documents to be given for Personal Loan?

  • Proof of Identity: Pan Card, Passport, Aadhaar Card, Voter ID, Valid Driving License, banker’s sign verification
  • Address Proof: Passport, Utility Bills(Water/Electricity bill), Rental Agreement/ Telephone bill (BSNL/MTNL)/Election ID card/ Title deed of property
  • Income Proof: Latest 3 months salary slips of your company/Latest salary certificate along with form 16
  • Job Service Proof: Relieving letter/Form 16/company appointment Letter
  • Age Proof: Voter card/Passport/PAN Card/Driving School leaving certificate/ Birth Certificate/LIC policy (only to verify age)
  • Bank Proof: Recent 2/3 months bank statement/passbook with entries of income details
  • Photos: 2 or 3 Passport size photographs

Eligibility Criteria:

  • Age: Applicants should have a minimum of 21 years (listed companies), 24 years (non-listed companies) and maximum age of 58 to 60 years (with retirement proof)
  • Job Service Duration: The applicant should have 2 years & above service record in employment
  • Current Job Experience: Should have minimum work experience of 1 year & above
  • Monthly Salary: Applicant should have Rs. 25,000/- & above (listed companies) and Rs. 40,000/- & above (non-listed companies)
  • Education: Candidates should be a graduate
  • Resident: Applicants should be a resident of a current city for 1 year

Steps to Apply for Kotak Mahindra Bank Personal Loan:

  • Fill all the required details in the form for Personal loan of Kotak bank
  • Enclose all required documents to the bank executive
  • The applicant will get a verification call from the Kotak Bank’s executive
  • After verification, the bank approves and disburses Personal Loan facility to the applicant within 72 hours.