There is no doubt that Kotak Personal Loan is one of the most popular banking products among customers as it helps them fulfill their different monetary needs. One of the best things about a personal loan is customers can get the required loan amount at affordable interest rates. But there is an important thing that customers often tend to forget which is its eligibility criteria. You must be thinking what exactly is this? Well, eligibility criteria is a set of several conditions that any borrower needs to meet. Kotak Personal Loan won’t be given to those customers who don’t fulfill even one condition of the eligibility criteria.
The importance of eligibility criteria becomes so important in case of a personal loan because of its unsecured nature. This statement means that a borrower doesn’t need to pledge any kind of security or collateral against the loan amount. Let’s understand in simple terms. If you were to lend some money to a customer without any security, you surely would want to ensure the eligibility of a personal loan. Similarly, a bank or NBFC also checks the eligibility of a customer before giving the loan amount.
In this article, we will be telling you about the Kotak Personal Loan Eligibility Criteria so that you can understand the important conditions. Keep reading to know more!
What is Kotak Personal Loan Eligibility Criteria?
We are showing some of the most important conditions related to eligibility criteria of Kotak Personal Loan. If you are going to opt for a Kotak Personal Loan, you should check them.
Employment Type and History
Kotak Mahindra Bank ensures that a borrower should be working in a Multinational Company (MNC), Public or Private Limited Company. With this condition, the lender wants to check if an individual has a credit employment type. This eligibility condition also denotes that a self-employed individual cannot opt for a Kotak Personal Loan. Similarly, an individual working in a non-listed company cannot opt for a personal loan from Kotak Mahindra Bank. Along with the employment type, the individual should also have a minimum work experience of minimum 1 year (12 months). It means, if you just joined a company, you cannot opt for a personal loan until you have a work experience of 1 year.
Age of an Individual
Another important factor related to the Kotak Personal Loan Eligibility Criteria is the Age of an individual which should be between 21 to 58 years of age. You should remember that a young individual can get a higher loan amount as compared to a person who is close to his or her retirement age.
Each personal loan lender has a different condition related to Monthly Income. In case of a Kotak Mahindra Personal Loan, this criteria is INR 20,000 per month. It means an individual should be earning at least INR 20,000 per month, if he or she gets a personal loan from Kotak Mahindra. Lenders make an estimate about the repayment capacity of an individual, and monthly income of an individual also affects your loan amount.
There is another factor related to Eligibility Criteria to get a Kotak Personal Loan which is an individual should be an active resident of a city for at least 1 year. Suppose, you have just moved to a new city then you cannot opt for a personal loan from Kotak Mahindra Bank.