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.
Contents
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.
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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.
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