Kotak Personal Loan: Everything You Need To Know About

Whether it is a wedding function in your family or funding your dream vacation or some medical expenses, a personal loan could be the best choice for you. Several lenders such as Banks and Non-banking Financial Companies (NBFCs) provide personal loan to customers so that they can fulfill their various personal needs. Kotak Personal Loan is one such popular choice among customers. Provided by one of the leading private banks of India, Kotak Mahindra Bank, customers can opt for a loan amount at affordable interest rates. Kotak Personal Loan can be your one-stop solution to all your money-related problems. 

Minimal documentation, Quick Disbursal, Online Processing are some of the prominent benefits of the Kotak Personal Loan that customers enjoy. The best part about this personal loan facility is the attractive interest rates because of which the EMI would be pocket-friendly for customers. As you know the personal loan interest rates directly affect your EMI amount. Higher the interest rates, the higher would be the repayment amount. This is why Kotak Personal Loan is one of the popular choices. In this article, we will cover everything about the Kotak Personal Loan such as its benefits, eligibility criteria, required documents, etc. So, keep reading. 

Features of Kotak Personal Loan that you should know

We are showing some of the main features of Kotak Personal Loan below. Have a look. 

  • The first thing that a customer looks for is the Loan Amount. With this facility, you can avail a loan amount as low as INR 50,000 to as high as INR 20 lakh. However, the final loan amount may vary from one individual to another as it depends on several factors.
  • The most important thing while opting for a personal loan is the interest rates as we told you how it affects your EMI amount. Kotak Personal Loan Interest Rates range from 10.99% to 20.99% per annum. Also, it depends on various factors such as Applicant’s age, Gross Monthly Income, Job Type, Employment History, Existing Obligations, and most importantly, Credit Score. 
  • You can choose the repayment tenure according to your convenience from a period of 1 to a maximum of 5 years or 60 months. Choosing a higher period will cost you more interest outgo with lower EMI amount while choosing a shorter tenure will cost your higher EMI amount and lower interest outgo. 
  • The loan can be applied easily via the Online method and if everything goes right, you can get the funds instantly into your account. 
  • To reduce the principal outstanding balance, you can also opt for a Part-prepayment facility at different points in your tenure. 

Kotak Personal Loan Eligibility Criteria

There are a few conditions that an individual has to fulfill if he or she wants to opt for a Kotak Personal Loan. We are showing all of them below. Have a look. 

  • Any individual who is working in an MNC, Public, or Private Company is eligible for a personal loan from Kotak Mahindra Bank. 
  • The applicant’s age must be between 21 to 58 years of age. 
  • The gross monthly income should be a minimum of INR 20,000 or more.
  • The applicant must have been residing in the city for one year. 
  • Above all, the work experience must be a minimum of 1 year to be eligible for this loan facility. 
How to Use Kotak Personal Loan EMI Calculator?

One of the important aspects of the Personal Loan is to have an early estimate of the EMI amount so that you can manage your finances accordingly. For this, you can use the Kotak Personal Loan EMI Calculator. You will need a few basic details such as Required Loan Amount, Rate of Interest, and Tenure. As soon as you feed all these details into the tool, you will get the EMI amount within a second. Apart from this, you will also get Interest Outgo and the total amount payable.