Kotak Mahindra Personal loan Eligibility Calculator
Kotak Mahindra Bank invites you to turn your dreams into reality with their unique hassle-free personal loans. Know the eligibility of personal loan
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Eligibility Criteria for Kotak Mahindra Personal Loans in 2024
| Eligibility Criteria | Details/Requirements |
| Age | Minimum age: 21 years, Maximum age: 60 years |
| Employment Type | Salaried individuals |
| Minimum Income | Salaried: Monthly income of at least Rs. 25,000 for Kotak Bank Salary Account holder; Monthly income of at least Rs. 30,000 for Non Kotak Bank Salary Account holder; |
| Employment Stability | Salaried: Minimum 1 year of continuous employment with the current employer |
| Credit Score | A good credit score, typically above 750 |
| Loan Amount | Up to Rs. 40 Lakhs |
| Interest rates | From 10.99% |
| Loan Tenure | Minimum tenure: 12 months; Maximum tenure: 72 months |
| Existing Relationship | Existing Kotak Mahindra customers may receive preferential terms |
| Documents Required | ID proof, address proof, income proof, bank statements, and passport-size photographs |
| Processing Fee | Up to 3% of the final loan amount plus applicable taxes |
| Guarantor/Co-applicant | Co-applicant may be required in some cases |
Factors affecting Personal Loan eligibility at Kotak Mahindra Bank
Several factors influence Kotak Mahindra Bank personal loan eligibility. Understanding these factors can help individuals assess their qualification and take steps to improve their eligibility. Here are key factors that affect Kotak Mahindra Bank personal loan eligibility:
Credit Score
Kotak Mahindra Bank considers the credit score of an individual as a significant factor. A higher credit score, typically above 750, enhances the chances of loan approval.
Age of the Applicant
The minimum and maximum age criteria set by the bank play a crucial role. Usually, applicants should be at least 21 years old and not exceed 60 years, depending on the bank’s policy.
Employment Type and Stability
The stability of employment is vital. Salaried individuals are typically required to have minimum employment tenure of 1 year in the current company in order to be considered eligible
Monthly Income
Kotak Mahindra Bank sets a minimum monthly income requirement for both salaried and self-employed applicants. A higher income increases the eligibility for a larger loan amount.
Existing Relationship with Kotak Mahindra Bank
Having an existing relationship, such as holding a savings account or fixed deposit, may positively influence loan eligibility. The bank may offer preferential terms to existing customers.
Loan Amount and Tenure
The desired loan amount and tenure influence eligibility. The bank assesses whether the applicant’s income is sufficient to repay the proposed EMI for the entirety of the tenure
Personal Loan Overdraft Facility at Kotak Mahindra Bank
Personal Loan overdraft facility is offered to Kotak Mahindra Customers which allows you to overdraw your account balance to meet your urgent financial needs. The loan is allowed up to a specific limit
| Charges specific to Overdraft Facility | |
| Interest rate | From 13.5% onwards |
| PF | Upto 3% |
| Overdue interest | 3% p.m. compounded annually |
| Overline Interest | 18% PA compounded annually |
| Lockin Period | 12 Months |
| Foreclosure Charges | Nil (After lockin period) |
| Foreclosure charges (Prior to lockin period) | 4.5% + GST |