Kotak mahindra bank personal loan interest rate 2020

Kotak Mahindra Bank is among the most popular bank for a personal loan in India. Kotak Mahindra Bank has competitive rates of interest, flexible repayment options, and quick disbursal are the main benefits of this loan. Kotak Mahindra Bank Personal Loan Interest Rate starts from 10.50% to 16.99% per annum.

1. Kotak Mahindra Bank Personal Loan Interest Rate 2020 www.afinoz.com ​

2. Factors Affecting Kotak Mahindra Bank Personal Loan Interest Rate The rate of interest offered on a personal loan differs from one applicant to another. The bank judges all applicants on certain parameters to assess their repayment capacity and accordingly charges the interest. If the bank considers the borrower to be a higher risk, it is likely to charge a higher rate of interest and vice versa. Several other factors also come into play. So, let us talk about a few factors that impact  personal loan interest rates . www.afinoz.com ​

3. Banking Relationship with Kotak - If the applicant is an existing customer of Kotak Mahindra Bank, he would have better chances of availing a lower rate of interest. The approval and disbursal process may also be faster. To get such benefits, the customer must have maintained a healthy relationship with the bank and not defaulted on any loan or credit cards in the past. Employment Status - If a salaried applicant is employed with a reputed organization for quite a few years, there are chances of him getting a personal loan at a low-interest rate. On the other hand, if the applicant has switched jobs too often or works with a start-up, the bank may offer him a higher rate because of the greater risk involved. Loan Amount - The loan amount also plays a vital role in deciding the personal loan interest rate in Kotak Mahindra Bank. However, there is no set rule as to how it would affect the rate. www.afinoz.com ​

4. Kotak Mahindra Bank Personal Loan Eligibility Minimum Age 21 years Maximum Age 58 years Minimum Salary Rs. 20,000 per month Minimum Educational Qualification Graduate Residential Status Indian Resident Employment Status Employee of MNC, Public Limited Company or Private Limited Company Minimum Work Experience 1 Year www.afinoz.com ​

5. Documents Required for Kotak Mahindra Bank Personal Loan Along with a duly filled application form, the applicants need to provide a set of documents as valid proof of the information furnished in the form. These include: Proof of Identity, which may include PAN, Aadhaar, Voter’s ID, Driving License, Passport, etc. Proof of Address which includes Passport, Driving License, Voter’s ID, etc. Proof of Income which may include a bank statement or salary slip for the last three months 2-3 Passport-sized photographs The bank may ask for more documents as they deem fit to verify an applicant’s, if the above documents do not suffice www.afinoz.com ​

6. Kotak Mahindra Bank Personal Loan Fees and Charges Type of Fee/Charge Amount/Rate Processing Fee 2.5% of the loan amount + taxes Credit Appraisal Charges Up to 5% of the loan amount subject to a maximum of Rs. 7,500 Interest on Overdue EMI 3% per month starting after the date of unpaid amount falling due till it is cleared Lock-in Period 12 months Prepayment/Foreclosure Charges 5% of the outstanding principal amount Stamping Charges As per the Stamp Act applicable in the state Collection Charges 30% of the cheque/instrument dishonor charges + overdue interest (if any) www.afinoz.com ​

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