In India, the overall income of many individuals has reduced up to a great extent in the last two and half years. A slowdown in the world economy, coronavirus epidemic, skyrocketing inflation, and other incidents have affected the income of the overwhelming majority of ordinary Indians. Sometimes, their monthly salary becomes insufficient in the wake of financial emergencies. As a result, they desperately search for all possible sources that promise the availability of required cash. Kotak loans are one such option. It is famous for its straightforward formality, quick release of money, extended repayment tenure, and other benefits. You can take Kotak Bank loans to meet almost all emergencies and certain financial obligations. Let’s know more about it and consider whether it is beneficial for needy individuals.
A Brief Introduction To Kotak Bank Loan
Kotak Mahindra personal loan is a perfect financial scheme for a large number of Indians. People who need additional funds can apply for this loan and get the required money quickly. Generating a request for the loan allows you to borrow an amount in the range of Rs 50000 to Rs 15 lakh for five years. This financial scheme is ideal for meeting emergency expenses that demand a quick arrangement of additional funds. The interest fees of the loan are from 11.5% up to 24%.
Furthermore, the processing fee of the loan is 2.5% of the approved amount. Careful use of the borrowed money can help people move out of financial problems quickly. You must conduct research and analysis before applying for this loan.
Mahindra Personal Loan: Important Characteristics At A Glance
Any loan product which meets the expectations of a large number of borrowers quickly becomes popular. The same thing is happening with Kotak Mahindra’s personal loan. The bank has designed this financial assistance keeping different things in mind. Here are some characteristics of Kotak instant loans.
Mahindra Personal Loan Promises A Good Sum As A Loan.
Expenses like home renovation, prolonged medical treatment, kids’ education in foreign countries, marriage, and other social ceremonies demand quick arrangement of lots of funds. Even if you seek financial assistance from your relatives and friends following sudden emergencies, they may not be able to offer you a hefty sum. That is why Mahindra personal loans are always beneficial. The bank promises to offer RS 50,000 to Rs 1500000 for multiple expenses and financial commitments, which you can’t postpone. The quick availability of required money facilitates peace of mind.
In simple words, personalization of the loan is an activity in which a bank offers you unique loan products keeping your needs in mind. In recent years, the demand for personal loans has continued to accelerate at a breakneck speed. For example, suppose your relative is admitted to the hospital, and you need additional funds for his treatment. In that case, there seems to be no other better option than Kotak Mahindra’s personal loan for medical treatment. This loan is specially designed to help you cover urgent medical expenses. Therefore, you can take it during medical emergencies and save precious lives. Have a dialogue with the bank and share your requirements with their executives. Then, they will choose the perfect loan product for you.
Kotak Personal Loan Eligibility
You need to fulfill the eligibility criteria before applying for Kotak personal loan. Check the loan’s eligibility parameters detailed below:
- Indian citizenship,
- Age- 21-58 years,
- A job with central or state government, good companies, firms, organizations,
- Monthly salary- Rs 25000,
- An active bank account with Kotak Mahindra bank or any other Indian Bank,
- The latest three months salary slips and
- Latest three month’s bank statements
No Lengthy Documentation
When you apply for a new loan product, the bank instructs you to submit multiple documents. Bank executives need several documents to confirm your details about employment, salary credits, monthly expenses, credit scores, etc. The whole process of documentation is quite lengthy and time-consuming.
If any document is missing, the bank will not process your application for the loan. But Kotak Mahindra Bank has kept the documentation requirement very simple. You can attach the required documents while applying for the loan and save your precious time. Bank executives will ask you to demonstrate the original copies of your papers during the verification process. This process is essential to verify your profile as a genuine borrower.
Smooth Application Procedure
The current government of India is advocating for increased use of the Internet in day-to-day affairs with the digital India slogan. & multiple initiatives. The easy availability of cheap internet data and mobile handsets has accelerated the process of digital India. You can apply for Kotak Mahindra Bank personal loan online at any time.
It protects your privacy and helps save valuable resources, which are spent paying multiple visits to the bank’s nearest branch (for loan applications). The online application method is quite convenient and super fast. Visit the website of Kotak Mahindra Bank, go to the application section, and open a digital application form. Submit the required details with ultimate care and ensure there is no incorrect information in the application form. Preview all the details carefully and make necessary corrections if there is any mistake. After checking all points in the application form, click the submit button. The banker will receive your application and get in touch with you in a few days.
Precautions While Applying For Kotak Mahindra Bank Personal Loan Online
With the growing Internet use in India, cyber crimes and financial frauds have increased a lot. So it would help if you were careful while applying for the loan online. Gather more information about the loan product and consult with experts to understand its pros and cons very well. Make sure that you have landed on the original website of Kotak Mahindra Bank. Remember that the submission of sensitive details on fake websites can lead to identity theft and financial losses.
Unsecured loans are those which don’t have collateral backing. Kotak Mahindra personal loans are unsecured finances as borrowers don’t have to place their assets as collateral against the borrowed money. So taking such a loan is relatively easy compared to traditional loans available in India. However, we cannot ignore the fact that many Indians belong to the middle class. They are heavily dependent on monthly salaries for meeting multiple needs. Usually, search people don’t have extensive properties to get collateral-backed loans. That is why Kotak instant loans are just like a boon for them. They must fulfill the eligibility criteria of the loan without failing to get the desired loan amount.
Personal Loan Balance Transfer Service
Are you fed up with an expensive personal loan? Do you want to wrap the loan up as soon as possible with minimal interest charges? If yes, share your requirement with Kotak Mahindra Bank. The good thing is that you can transfer the remaining balance of your existing personal loan into Kotak Mahindra Bank in simple steps. First, negotiate with the banker and follow the instructions. You can also get top-up loans to meet an additional requirement for funds.
Personal Loans With Attractive Interest Fees
Interest rates applied on the loan affect the borrower’s decision to take a new loan. Kotak Mahindra personal loans attract people’s attention because they have a fixed interest rate that starts from 10.25% p.a and can increase up to 24% p.a. If you happen to be an employee of Kotak Mahindra Bank or hold an active bank account, this bank, you may get funds with a lower interest rate. However, your income, expenses, credit score, and other factors play a decisive role when the bank decides on interest fees. Therefore, you must look for all possible steps that help you get a personal loan with the lowest possible interest fees.
The Basics of Getting Approved For Kotak Bank Loans: Plan of Action You Must Follow
When there is a cash emergency, most people want to get a loan sooner than later. So, they ignore the preliminary homework and apply for the loan without planning. So their applications often carry mistakes and misleading details. Many times, people don’t follow the established protocol of loan application. All these activities can lead to the rejection of your application. It may cause disappointment if you are in urgent need of cash. With some careful steps, you can impress the banker and get the desired loan amount. Here are a few recommendations you must follow while applying for the loan-
Determine An Optimal Loan Amount
The requirement for cash depends upon person to person. For example- if your relative needs to be admitted to hospitals for better medical treatment and rehabilitation, you may need a significant loan amount. Nevertheless, the bank will evaluate your demand with great attention. In any situation, the bank will never give you a loan amount that is beyond your limitation. Therefore, you must calculate the actual need for additional money before contacting the banker. A self-assessment will help you know how much money you need.
Maintain A Healthy Balance of Income And Expenses
Maintaining a healthy balance of income and expenses is extremely necessary for all those individuals who need to take loans from time to time. If your costs are higher than the income, you may be called a financially irresponsible person. Such an individual often lands in endless debt because of uncontrolled expenses and the gap between the demand and supply of the money. You must keep your costs within the salary limit and pay all bills at the right time. Its effect reflects in your credit score. Bank will pay attention to this aspect before approving your application. Make sure that there are not too many pending bills before you apply for a new loan. Sustainable employment with a recognized company and regular salary credits makes you a reliable borrower. People who frequently change their jobs face tough questions from the bank.
The Arrangement of A Co-Borrower
The arrangement of a fellow-borrower becomes necessary if your salary is below Rs—25000 per month. Many times, Kotak Mahindra Bank is not satisfied with the credit profile of individuals. If you fall into this category of borrowers, then a co-borrower’s arrangement will work in your favor. Usually, such a person acts as a guarantor for the primary borrower of the loan. Suppose the primary borrower fails on the loan commitment, the bank contacts the secondary borrower to honor the loan agreement. The arrangement of a co-borrower reduces the risk factor of the loan and ensures the bank about timely repayment of the borrowed money. However, finding a person to act as a secondary borrower is not an easy job at all.
Excellent Credit Score
If you hold a credit score of 750 or more, the bank trusts your ability to pay back the loan at the right time. A good credit score has become an essential requirement for loan applications in India and elsewhere in the world. In today’s world of unstable financial conditions, no Bank wants to issue a loan to high-risk borrowers. Many experts recommend that people not apply for a loan if their credit score doesn’t match the qualifying criteria. It is the wastage of your valuable time and resources and puts additional pressure on Bank executives. They work extremely hard to process the applications of many credit borrowers and choose deserving candidates. It will be pretty helpful if you pay more attention to improving your credit score first.
Frequently Asked Questions
Is The Online Application For Kotak Mahindra Bank Personal Loan Safe For Me?
A lot of people ask these questions because of the rapidly growing cybercrime in India. You need to follow some precautions while applying for the loan online. Make sure that you use a safe and well-maintained Internet-enabled device to access the actual website of Kotak Mahindra Bank. You can also use private mode while applying for the loan. It promises the safe transfer of data on the banker’s website and protection from cybercriminals. You must change your login password regularly and activate 2 step verification with your account. It helps keep your data safe in all circumstances. Never believe emails and messages promising you a significant amount as a loan. Always contact Kotak Mahindra Bank executives to get more information about the loan and take borrowing decisions accordingly.
How Much Money Can I Get Under The Provision Of Kotak Instant Loans?
You can receive any amount from Rs 50,000 to Rs 15 lakhs. Your overall income, credit score, repayment potential, loan burden, and other factors play an essential role in loan approval. Experts recommend people must borrow the required loan amount only for meeting necessary financial commitments.
I Have Submitted My Application For The Loan. But I Did Not Get A Call From Kotak Mahindra Bank Even After Many Days? So what Action Should I Take?
Correct submission of the application is essential to get an immediate response from the banker. Once you have submitted your application successfully, please wait for 8-10 days. If too many people have applied for the loan simultaneously, Bank executives may take extra time reviewing your application. Then, you can call the banker and seek an update about the status of your application.
What Should I Do To Repay The Loan At The Right Time? Would You Please Give Me More Information About The Pre-Closure of The Loan?
You don’t need to visit the nearest branch of Kotak Mahindra Bank to repay the loan amount. After taking your nod, the bank activates automated loan repayment on the specified bank account. It is perhaps the easiest and the most convenient method to return the borrowed money with all applicable charges. The payable amount automatically gets deducted from the borrower’s bank account on the pre-agreed date. There must be a sufficient balance in the bank account that is used for automatic loan repayment. In case there is no ample cash in the bank account, an automatic reimbursement will not happen. The bank will notify you of the same. You shouldn’t ignore calls from Bank executives and make alternative arrangements for loan repayment.
Early settlement of the loan is called preclosure in a general banking turn. So contact the bank to settle the loan before its repayment period. It costs some money, But it makes your credit score stronger.
How Can I Transfer My Personal Loan Balance Into Kotak Mahindra Bank?
You need to contact the banker and share your desires with the Bank executives. They will consult your existing bank to initiate the process of the transfer of personal loan balance to Kotak Bank. You don’t have to worry about anything as it’s an interaction with two banks. Just have a look at the loan contract to protect your interest in the best possible way.
It is safe to say that Mahindra personal loans work wonders for a large number of salaried Indians. They can apply for the loan and raise funds to 15 lakh for five years. Urgent expenses cannot make them unhappy when such a loan is available just a few clicks away. All borrowers need to do the required homework and apply for the loan by following the steps recommended by the banker. Only a few applicants finally succeeded in getting the required amount. So it would help if you were careful while applying for the loan and interacting with the banker. Happy Borrowing!