Stumped on how you can get out of your existing loan? Whether you’re wanting to obtain a lower interest rate or aiming to shorten the term of your debt, refinancing with a better loan is the safest and quickest option for you. If you’re currently looking for a good personal loan that will help you refinance your debt, checking out Kotak Mahindra Bank Personal Loan might lead you straight to what you’re looking for.
Whether you’re dealing with a home loan, auto loan, or other types of debt, refinancing your existing loan for another can grant you tons of advantages. These benefits include having lower monthly payments, shorter loan terms, and lower interest rates.
Since you can opt to consolidate everything into a single payment, refinancing your loan won’t just help you a lower interest rate but it will improve your overall finances as well. Here’s why you should consider applying for Kotak Mahindra Bank’s Personal Loan.
Kotak Mahindra Bank Personal Loan: Features And Benefits
Designed to be used for numerous purposes, including weddings, home renovations, travels, or unplanned financial needs, the Kotak Mahindra Bank Personal Loan takes pride in its favorable interest rates and several other product features.
Specifically, the bank provides loan amounts ranging from Rs. 50,000 to Rs. 15,00,00 with 1 to 5 years in loan tenure. Offering a fixed initial interest rate of 10.5% to 28%, as well as flexible repayment options, the Kotak Mahindra Bank Personal Loan serves as one of the best loan options anyone could bet on for a quick and easy refinancing process.
To make the loan experience even more rewarding, the bank promises efficient customer service and simplified documentation, giving customers optimal convenience and assistance.
Kotak Mahindra Bank Personal Loan Disadvantages
While the Kotak Mahindra Bank Personal Loan offers tons of perks and privileges, it’s not a good bet if you’re looking for a no-fee loan offer. In fact, under its terms and agreements, customers are required to pay for overdue interest, collection charges, and credit appraisal charges.
How To Apply For This Loan
If you’re serious about wanting to give this loan offer a try, you can start your application by visiting the bank’s official site. Once on the homepage, click on the ‘Loans’ option and select ‘Personal Loans.’ Once you’re there, hit the ‘Apply Now’ button written within an orange box. You will then be redirected into the bank’s loan eligibility tool where you’ll be asked to provide your personal details.
Once you’re done, click ‘Proceed’ to get a quote. If the results seem acceptable to you, you can proceed by confirming your application.
The fees and charges that come with the loan include the following.
- Fixed Interest Rate: 10.5% to 28%
- Loan Processing Charges: Up to 2.5% of the loan amount + GST and other applicable statutory levies
- Overdue Interest: 3% per month
- Collection Charges: 30% of cheque
- Credit Administration Charges: Up to 5% of the loan amount
- Credit Appraisal Charges: Up to 5% of the loan amount
As required by the bank, interested applicants must meet the following requirements to receive their desired personal loan offer.
- An Indian resident who is an active employee of an MNC, Public or Private limited company
- Aged between 21 – 58 years old
- A net salary of Rs.20,000/per month
- Has a minimum educational qualification of being a graduate
- An active resident of a city for at least 1 year
- A minimum work experience of at least 1 year
To apply, Kotak Mahindra Bank also requires applicants to submit the following documents.
- Proof of Identity (Passport/ PAN Card, Aadhar Card, Voter’s ID, Driving License)
- Proof of Residence (Utility Bill, Passport or Leave and License Agreement)
- Bank Statement for the last 3 months with income details
- Salary slip for the last 3 months
- Three Passport-size photographs
Don’t hesitate to contact the bank at 1860-266-2666 or 1860-266-0811 to know more about their loan offerings. You can also visit them at their registered office at 27 BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E), Mumbai – 400051.
The Bottom Line
Want to ditch your current loan that is too risky to live with? From better interest rates to lower monthly payments, switching to Kotak Mahindra Bank Personal Loan might be your path towards improved finances.
Note: There are risks involved when applying for loans. Consult the bank’s terms and conditions page for more information.