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Why To Borrow Kotak Personal Loan?

Kotak Mahindra Bank is the top private sector bank in India. And to help its customers during a financial crisis, the bank offers you a Kotak Personal Loan. It is an unsecured loan where you can borrow a lump sum of fund without pledging any kind of security. You can borrow money from Kotak Mahindra Bank from INR 50,000 to INR 20 lakh. Read the article to know details of the Kotak Personal Loan.

Kotak Personal Loan is a Multipurpose Loan for Your Needs!

You can apply for Kotak Personal Loan for any financial emergencies such as for:-

  1. Medical Emergency

  2. Foreign Education

  3. Marriage

  4. Travel

  5. Home Renovation

The bank doesn’t want to know the purpose of your Kotak Personal Loan, they just sanction you the loan based on your income and credit history.

What is the Eligibility for Kotak Personal Loan?

To apply for the Kotak Personal Loan, you need to meet the following criteria:-

  1. Age 21-58 years

  2. Minimum income INR 20,000 per month

  3. Minimum educational qualification of a graduate 

  4. Employee of an MNC, Public, or Private limited company in India

  5. Indian resident with an active resident of a city for at least 1 year

  6. Minimum work experience of 1 year

List of Documents Required for Kotak Personal Loan!

If you meet the requirements of Kotak Mahindra Bank for the personal loan, you need to submit the following documents along with the duly filled application form.

Identity Proof

  • Passport

  • PAN Card

  • Aadhar card

  • Voter's ID

  • Driving License

Residence Proof

  • Utility Bill

  • Passport copy

  • Leave and License Agreement

Income Proof

  • Bank Statement for last 3 months

  • Salary slip for the last 3 months

And 2-3 Passport Size photographs of the applicant and co-applicant if any.

Kotak Personal Loan Interest Rate

Kotak Mahindra Bank provides you a personal loan at an affordable rate of interest ranging from 10.75-24.00% per annum. And the Kotak Personal Loan interest rate will depend on the following factors:-

  • Income: You can borrow the Kotak Personal Loan at an attractive rate of interest if your income is above the minimum bank requirement. The bank will consider your profile creditworthy and sanction your loan at a lower interest rate compared to others who have a minimum income of INR 20,000.

  • Liabilities: The credit card payments, current loan EMIs, rent, etc. are also taken into account by Kotak Mahindra Bank while estimating your loan interest rate. Because if you have less liabilities there are more chances that you will pay the EMI on time. 

  • Credit Score: Your credit score also matters while deciding your Kotak Personal Loan interest rate. As if you have a credit score of 750 or above you have better chances to negotiate with Kotak Mahindra Bank to reduce the interest rate. 

  • Co-applicant Creditworthiness: If you are borrowing the Kotak Personal Loan jointly, it is necessary to choose the co-applicant carefully. Because if the co-applicant credit score and income isn’t satisfying to Kotak Mahindra Bank it can affect your personal loan interest rate.

Pay Your Kotak Personal Loan Without Delay!

You can pay the Kotak Personal Loan without any hassle as the bank provides you a tenure of 12 to 60 months which the borrower can choose as per their repayment capacity.
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