Kotak Mahindra Bank offers business loans to help entrepreneurs and businesses meet their financial requirements. These loans can be used for various purposes such as working capital, expansion, purchasing equipment, or any other business-related needs.
Kotak Business Loans ranging from Rs.3 Lakhs – Rs.1 Crore with flexible repayment methods, making it a suitable option for established business professionals or budding entrepreneurs in need of additional capital.
Kotak Mahindra Bank business loans provide financial support for businesses with flexible repayment options, making them suitable for various business needs. Here are the highlights of Kotak Mahindra Bank Business Loan:
Loan Feature | Details |
---|---|
Loan Amount | Unsecured Business Loan: Rs. 3 lakhs to Rs. 75 lakhs Secured Business Loan: Up to Rs. 1 crore Other Business Loan: Varies based on purpose and needs |
Tenure | Up to 60 months |
Purpose | Working capital, expansion, or equipment purchase, Larger needs, expansion, or debt consolidation, Commercial or residential property leverage. |
Kotak Mahindra Bank offers competitive interest rates on its business loans, providing attractive borrowing options for businesses. The bank's business loan interest rates are designed to cater to the diverse financial needs of both established businesses and budding entrepreneurs.
Here is the overview of interest rates and charges for Kotak Business Loans:
Interest Rate | Starting from 17% p.a. And varies based on business needs |
Processing fees | Maximum 2% of the loan/facility amount (Plus GST) |
Documentation Charges (For loan amount less than ₹10 lakhs) | ₹3,500 (Plus GST) |
Documentation Charges (For loan amount greater than ₹10 lakhs) | ₹6,000 (Plus GST) |
Looking for a business loan?
Kotak Mahindra Bank imposes various fees and charges in addition to the interest rates for its business loans. Understanding these additional costs is essential for businesses seeking financial assistance, as they can significantly impact the overall cost of borrowing. Here is a detailed breakdown of the fees and charges applicable for Kotak Business Loans:
Kotak Business Loan Common Fees
Fee | Amount |
---|---|
Processing Fee (Non-refundable) | Maximum 2% of the loan/facility amount (Plus Taxes as applicable) |
NIL Processing Fees (For micro & small enterprises for total loan up to ₹5 lakhs) | NIL (Subject to URC submission prior to disbursal) |
Cheque Dishonour Charges | ₹750 (Plus Taxes as applicable) per instance |
Charges for Copy of any Document | ₹500 (Plus Taxes as applicable) per instance |
Repayment Mode/Account swap charges | ₹500 (Plus Taxes as applicable) per instance |
Charges for Duplicate NOC/No Dues Certificate | ₹500 (Plus Taxes as applicable) per instance |
Charges for Credit Bureau Report (Individuals) | ₹100 (Plus taxes as applicable) per instance |
Charges for Credit Bureau Report (Non-individuals) | ₹500 (Plus taxes as applicable) per instance |
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Kotak Business Loan Prepayment/ Foreclosure Charges
Fee | Amount |
---|---|
Prepayment/Foreclosure Charges | Up to 4% of outstanding (Plus taxes as applicable) |
Prepayment/Foreclosure Charges (For micro & small enterprises) | NIL (Subject to closure through own source of funds) |
Term Loan Specific Charges
Fee | Amount |
---|---|
Substitute/Penal Interest | Up to 3% per month (Plus taxes as applicable) on Amount Due but unpaid |
Collection Charges (In case of Default) | Up to 3% (Plus taxes as applicable) of Cheque/Instrument Dishonour Charges plus Substitute Interest |
Charges for Amortisation Schedule/Account Statement | Free once per financial year; ₹500 (Plus taxes as applicable) per instance thereafter |
Overdraft Facility Specific Charges
Fee | Amount |
---|---|
Annual Review/Renewal Charges | Up to 2% of renewal limit (Plus Taxes as applicable) |
Over-line/Penal Interest (In case of over-line accounts) | Up to 3% per month (Plus taxes as applicable) on amount over sanctioned limit |
Non-Utilization Charges (If utilization < 60% for the quarter) | Up to 2% of sanctioned limit |
Charges for Interest Certificate | Free once per financial year; ₹250 (Plus Taxes as applicable) per instance thereafter |
Kotak Mahindra Bank's business loan eligibility criteria outline the requirements for potential borrowers, ensuring that businesses meet specific qualifications for loan approval. Here are the business loan eligibility criteria provided by Kotak Mahindra Bank:
What is the minimum CIBIL score for business loan?
The minimum CIBIL score required for a business loan from Kotak Mahindra Bank is typically 700 or higher.
Not sure of your credit score? Check now for free!
The mandatory documents outlined by Kotak Mahindra Bank are essential for businesses seeking a loan, as they serve as verification of identity, address, ownership, business continuity, and firm constitution. Here are the list of documents required for Kotak business loan:
Kotak Mahindra Bank offers a variety of business loans to cater to the diverse financial needs of different businesses. These loans are designed to provide support for working capital, expansion, equipment purchase, and other business-related requirements, making them suitable for a wide range of enterprises.
Loan Type | Purpose | Loan Amount |
---|---|---|
Unsecured Business Loan | Working capital, expansion, or equipment purchase | Rs. 3 lakhs to Rs. 75 lakhs |
Secured Business Loan | Larger needs, expansion, or debt consolidation | Up to Rs. 1 crore (collateral required) |
Loan Against Property (LAP) | Commercial or residential property leverage | Larger loans for expansion or debt consolidation |
Construction Equipment Loan | Finance construction machinery purchase | Varies based on equipment cost |
Commercial Vehicle Loan | Fund acquisition of commercial vehicles | Varies based on vehicle cost |
Digi OD | Overdraft Facility to manage short-term working capital needs and liquidity | Rs.1 Lakh to Rs.15 Lakh |
Healthcare Finance Solutions | Equipment purchase or infrastructure upgrade for healthcare providers | Varies based on needs |
Farm Equipment Loan | Invest in agricultural machinery | Varies based on equipment cost |
Varies based on equipment cost | Finance agricultural projects | Varies based on project scope |
Channel Finance | Support distributors and dealers (inventory purchase) | Varies based on business needs |
Dealer Finance | Enable auto dealerships to stock vehicles and extend credit | Varies based on dealership needs |
Agri SME Business Loans | Working capital support for small and medium agribusinesses | Varies based on business needs |
Infrastructure Finance | Fund infrastructure projects | Varies based on project size |
Loans for Transportation, Logistics, Warehouse | Working capital needs for these sectors | Varies based on business needs |
Loan Against Credit Card Receivables (FCCR) | Generate immediate cash flow | Up to Rs. 3 crore (based on outstanding credit card payments) |
Credit Guarantee Scheme for MFIs (CGSMFI) | Credit guarantee support for microfinance institutions lending to underserved borrowers | Varies based on MFI's loan portfolio and CGSMFI guidelines |
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In need of a business loan!
Kotak Mahindra Bank loan options come with a range of features and benefits designed to meet the diverse financial needs of businesses. Here are the features and benefits of Kotak Mahindra Bank Business Loan:
Avail business loans ranging
₹3 lakhs to ₹1 crore for small,
medium and large businesses
Choose your preferred
repayment tenure upto
60 months.
Utilise the loan amount for
a variety of business needs.
Get quick approval within
72 hours on business loans.
Get unsecured business
loan with Kotak Mahindra
Bank
Enjoy doorstep services
for your business loans with
Kotak Mahindra Bank
Kotak Mahindra Bank business loan offerings stand out compared to those of other lenders due to their competitive interest rates, flexible repayment options, and customised solutions for various business needs. Here is a table showing the comparison of Kotak Mahindra Bank Business Loan with other major lenders:
Top Bank/NBFCs | Business Loan Interest Rates |
---|---|
Kotak Mahindra Bank | 17% p.a. onwards |
HDFC Bank | 10% - 22.50% p.a. |
Axis Bank | 14.95% - 19.20% p.a. |
Bajaj Finserv | 9.75% - 30% p.a. |
Flexiloans | 1% per month onwards |
HDB Financial Services Ltd. | Up to 36% p.a. |
IDFC First Bank | 10.50% p.a. onwards |
Indifi | 1.50% per month onwards |
Lendingkart | 12% - 27% p.a. |
McapitaL | 2% per month onwards |
NeoGrowth Finance | 19% - 24% p.a. |
Tata Capital | 12% p.a. onwards |
UGRO Capital | 9% - 36% p.a. |
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Note: The interest rates mentioned are subject to change. Do visit the official website for updated rates.Get a business loan with ease!
To apply for a business loan from Kotak Mahindra Bank, you can follow these steps:
Buddy Loan stands as a prominent loan service provider in India, helping you secure personal and business loans from RBI-approved lenders. Follow the steps below for a hassle-free loan application process:
Get a business loan now!
There are several ways to reach Kotak Mahindra Bank's Business Loan customer care, depending on your preference:
Toll-free number: 18602662666: This is the main customer care number for business loans, operating from 9:00 AM to 6:00 PM, Monday to Saturday, excluding holidays. Local call rates apply.
Website chat: Kotak's website offers a chat option to connect with a customer care representative. You can find it on the Business Loan page.
SMS: Send "KPRIVY" to 5676788 to request a callback within 30 minutes from a dedicated representative for Privy League customers. This service is available 24/7, but standard SMS charges apply.
International customer care: If you're calling from outside India, use +91 22 6204 2001 (chargeable) or consult the country-specific toll-free numbers listed on Kotak's website: https://www.kotak.com/en/customer-service/contact-us/email-us.html
Yes, Kotak Mahindra Bank offers business loans to eligible applicants.
The minimum income requirements for a business loan may vary, and it's best to check with the bank for specific details.
Yes, Kotak Mahindra Bank may provide business loans of up to Rs. 50 lakhs, subject to eligibility and approval.
The eligibility criteria may include a minimum business vintage, turnover, profitability, and the applicant's age. Specific details can be obtained from the bank.
The interest rates for business loans offered by Kotak Mahindra Bank may vary based on the loan amount, tenure, and other factors. It's advisable to check with the bank for current rates.
Required documents typically include identity proof, address proof, ownership proof, business continuity proof, and firm constitution. Additional documents may also be needed depending on the specific requirements of the bank.
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