Personal Loan is now very much demanded by the customers. This is popular as the customer do not need to keep any of his assets as a mortgage with the banks. This can use used by the customer to claim the amount according to their needs. It is a type of unsecured Loan which is given by the banks to their customers. This type of Loan is used by the customers to meet their personal needs. Here is Kotak Personal Loan to fulfill all your needs by providing you loans on easy terms and conditions.
Documents required for Kotak Personal Loan
Identity Proof: For this, you need an Aadhar card/ Voter Id Card/ Passport /Driving License
Residence Proof: Ration Card/ Passport/ Rental agreement/ Electricity Bill.
Bank Statement: Bank passbook of the last six months or last three months bank statement.
Salary Slip: Salary Slip for the last three months.
Photographs: 2-3 colored passport size photographs.
Interest Rate and Tenure.
Kotak Personal Loan provides different Rate of Interest on the different amount of Loans. This rate range from 10.99 % to 24% p.a. The rate of interest depends upon the amount of Loan availed by the customer, his previous credit history, and the tenure of the Personal Loan.
The Time Period for which the Loan is given varies from 1 year to 5 years. The maximum time period can be five years only.
For processing the Loan, charges are up to 2.5% of the loan amount plus GST and other applicable statutory levies.
There are no documentation charges.
The Foreclosure charges are also applied by the bank, which is applicable after 12 months, 5% foreclosure charge plus GST on principal outstanding.
Eligibility Criteria for Personal Loan
Any Person can avail the Kotak Personal Loan if he fulfills the following criteria:
First of all, he needs to be a citizen of India.
He must be working in an MNC, public, or a private company.
Likewise, his age should be between 21-58 years.
In addition, the salary of the person should be at least Rs. 20,000 per month.
Another point is that the person should be a graduate.
Further, he should be an active resident of a city for more than one year.
Work experience of at least 1 year is needed.
Benefits of Kotak Personal Loan:
Here are the benefits which are provided by Kotak Personal Loans:
It is effortless for the customer to provide the required Personal Loan Documents.
The Rate of Interest is desirable.
The repayment options are also very flexible.
The process of application of Personal Loan Online is straightforward.
There is an ease of availing loans instantly in top commercial cities of Indi.
Loan of up to Rs, 15 lakhs can be availed easily without any collateral.
The paperwork is also very less, and the service is also speedy.
The customer service is also excellent.
The Personal Loan is available from Rs. Fifty thousand to Rs. 20 lakhs.
About Kotak Personal loan
Kotak Mahindra Bank offers personal Finance – it is the single expert source for all your financial needs. Unexpected expenses, education, wedding in the family, home improvement, or that long-awaited vacation. Kotak Mahindra provides a range of Personal Loan that can help you.
If you still have any query, then our customer executive is always happy to help you.