Kotak Bank Personal Loan

For both scheduled and unforeseen expenses, a Kotak Mahindra Bank Personal Loan, also known as a Kotak Digi Loan, can be quickly applied for online. With reasonable interest rates ranging from 10.75% to 19.25% p.a. and a maximum term of up to 5 years, you may apply for an instant personal loan up to Rs 25 lakh. The bank promises that Kotak Mahindra Personal Loan applications will be processed entirely digitally to ensure maximum customer satisfaction.

Feature of Kotak Mahindra Personal Loan 

What should you expect when applying for a Kotak Bank instant loan? Let's go through some of the loan's major features.

100% Digital Loan: Kotak Mahindra Personal Loan applications can be submitted promptly online. It can be completed online and is entirely paperless and contactless. Apply online if you require a Kotak personal loan.

Loan Amount: You are eligible to apply for a Kotak Mahindra personal loan up to Rs 25 lakh, depending on your circumstances. These needs may include—but are not limited to—wedding/celebrations, travel, education, or other unanticipated crises or shortages.

Duration: The Kotak Mahindra Bank Personal Loan is a flexible loan product that caters to the needs of the customer. You may choose the term of up to 5 years depending on your needs and ability to make repayments.

Lock-in Time: For loans with a term of up to 18 months, the lock-in time will be equal to 50% of the total term, and for loans with a term more than 18 months, it will be 12 months.

Interest Rate : The best interest rates in the market are offered by Kotak Mahindra Personal Loans, which range from 10.75% to 19.25% per annum.

Unsecured Loan : Kotak Mahindra Personal Loan is an unsecured loan, which implies that no collateral, guarantor, or loan security is needed.

Paperless Process : A step ahead of the competition, KMB ensures that consumers can apply for loans without having to fill out any paper paperwork. Apply online and provide supporting documentation for quick processing.

Fees for Foreclosure: The fees for foreclosure are 4% of the outstanding principal for the first three years and 2% of the outstanding principal for the remaining two years.

Processing Charge: The processing charge for a personal loan is Rs. 3999 or up to 3% of the loan amount.

Process for applying Kotak Mahindra Personal Loan 

Here is a step-by-step breakdown of the application for a Kotak Mahindra Bank Personal Loan apply for your convenience. It is quick, simple, and dependable.

• • Visit the official website Fincrif.com .

  • Firstly , login with your name and number .

  • Then fulfill your employment type.

  • Verify OTP.

  • Upload all the documents and submit .

  • Last , you will get a call from the Fincrif team and help you to proceed next.

  
  

Frequently Asked Questions ( FAQ ) 

1. What are the limits on my loans?

ANS. Your income and ability to repay the loan would decide your personal loan limit.

2.  Do I need to provide security of any kind?

ANS. Security is unnecessary.

3. If I prepay my Kotak Mahindra Bank personal loan, would there be any fees?

ANS. The Kotak Mahindra Bank personal loan has prepayment penalties. Only after finishing 12 EMIs is it possible to prepay.

Eligibility Criteria of Kotak Mahindra Personal Loan 

It is simple to meet the requirements for a Kotak Mahindra Personal Loan eligibility . Various customer kinds, including salaried, self-employed, and working professionals, may apply. 

• 21 to 60 years of age

• For Kotak employees, the minimum fixed monthly income is Rs. 20,000, while it is Rs. 25,000 for Kotak corporate salary account holders.

• Graduation or an equivalent degree is the prerequisite.

• One year of experience is the bare minimum.

• Minimum 700 on the CIBIL

• Residence: The candidate must have resided continuously for at least a year in one of the following cities: Mumbai, New Delhi, Bangalore, Chennai, Kolkata, Hyderabad, Pune, Ahmedabad, Noida, Gurgaon, Faridabad, Ghaziabad, Jaipur, Chandigarh, and Kochi.