Among the various kinds of loans offered by KMBL, Kotak Mahindra Bank Personal Loan will be taken up in this Kotak Mahindra Bank Personal Loan review on money super bazaar. You can get here detailed information about Kotak Mahindra Bank Personal Loan interest rate and other Kotak Mahindra Bank Personal Loan eligibility norms.

Kotak Mahindra Bank Personal Loan Interest Rate:

Based on Kotak Mahindra Bank Personal Loan rate, loan is offered to loan-seekers, who fulfill the Kotak Mahindra Bank Personal Loan eligibility norms, calculated on their base rate that stands at 8.25%

Kotak Mahindra Bank Personal Loan Eligibility:

Kotak Mahindra Bank Personal Loan is available to individuals, who are residents of India, whether self-employed or salaried.

Quantum Of Kotak Mahindra Bank Personal Loan:

Minimum amount of loan that can be sanctioned, based on Kotak Mahindra Bank Personal Loan rate, is Rs.50,000 and maximum Rs.50 lacs, based on the repayment capacity of the loan-seeker. However, Kotak Mahindra Bank Personal Loan interest rate is independent of quantum of loan mentioned in this Kotak Mahindra Bank Personal Loan review.

Procedure To Be Followed While Applying For Kotak Mahindra Bank Personal Loan:

Applying for Kotak Mahindra Bank Personal Loan is very easy and user-friendly, that involves:

• Quick approval
•  Fuss-free loan processing.
•  Minimal paper-work
• Loan-related service available at your doorstep.
• Less than 72 hours taken to get your loan processed
• NO collateral / security is asked for.

Offline: Interested loan-seeker can call personal relationship managers at KMBL to know more, who would then guide them about procedure.

Online: They can also apply online.

Loan processing charges stand at 3% of loan amount.

Documentation charges : Rs.5000

Tenure Of Kotak Mahindra Bank Personal Loan:

In this Kotak Mahindra Bank Personal Loan review, as we mentioned to you the easy rates are meant not to burden the loan-seeker. Loan tenure spans a period of 1-5 years for salaried seekers, and 1-3 years for self-employed. This would include payment of equated monthly installments, based on Kotak Mahindra Bank Personal Loan rate, with down-payment cheque including one monthly installment, and a one-time service charge.

Repayment Of Kotak Mahindra Bank Personal Loan:

Flexible loan payment is ensured by varied repayment options:

• 12-60 months for salaried customers.
• 12-36 months for businessmen / professionals

The eased out repayment options ensure that loan-seeker does not feel burdened by large-amounted EMIs

Repayment of loan amount can be done through PDC or ECS, of amount calculated on the basis of Kotak Mahindra Bank Personal Loan rate.

Pre-Closure Of Kotak Mahindra Bank Personal Loan:

Bank also provides pre-payment facility, through which seekers can repay loan before end of tenure, anytime after 6 months of availing loan.

This would attract a penalty if merely 4% on principal outstanding of loan. This does not bear any relation with Kotak Mahindra Bank Personal Loan interest rate or Kotak Mahindra Bank Personal Loan eligibility norms, as already talked about in this Kotak Mahindra Bank Personal Loan review.

Default/Delay In Payment:

Overdue interest is charged at 3% of amount overdue, which is compounded monthly.

Product Page Url:

http://www.kotak.com/bank/personal-banking/loans/personal-loans.html

Online Application Can Be Done At:    https://www.kotak.com/contactus/contactus.php

Branch Office Address (In Table)