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 Loan Highlights
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 Business Loan Interest Rates
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) |
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Kotak Mahindra Business Loan Fees & Charges
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 |
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 |
Note: Please note that the interest rates, and processing fees are subject to change as per the market risks and the economic conditions. Please visit Kotak Mahindra Bank’s Website for current updates.
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Kotak Mahindra Bank Business Loans Eligibility Criteria
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:
- The applicant must have a minimum of 3 years in business with a turnover of at least Rs. 40 Lakhs.
- The business should have generated profit for at least 1 year.
- The applicant should belong to one of the following categories: Sole Proprietorship, Partnership firm, Private Limited Company, Trust, or LLP, engaged in Manufacturing, Trading, or Services.
- The main applicant should be at least 25 years old and not older than 65 years at the time of loan maturity.
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.
Documents Required for Kotak Mahindra Bank Business Loans
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:
- Identity proof: PAN Card, Driving License, Passport, Voter’s ID, or Aadhaar Card
- Address Proof: Passport, Driving License, Voter’s ID, Aadhaar Card, Utility Bill, Bank Statement, or Bank Account Passbook (Updated and no more than 3 months old)
- Ownership proof: Agreement Copy, Electricity Bill, Maintenance Bill with share certificate, Municipal tax bill, or Share certificate
- Business continuity proof: Shop and Establishment certificate, Tax registrations such as VAT, Service tax, or GST registrations
- Firm Constitution: MOA, Partner Ship Deed, or GST Registration Certificate
Types of Business Loans Offered By Kotak Mahindra Bank
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 |
Features & Benefits of Kotak Mahindra Bank 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:
- Business Loans up to ₹1 Crore: Avail business loans ranging ₹3 lakhs to ₹1 crore for small, medium and large businesses
- Flexible Repayment: Choose your preferred repayment tenure upto 60 months.
- Loan Flexibility: Utilise the loan amount for a variety of business needs
- Quick Approval: Get quick approval within 72 hours on business loans.
- No Collateral: Get unsecured business loan with Kotak Mahindra Bank
- Doorstep Services: Enjoy doorstep services for your business loans with Kotak Mahindra Bank
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Kotak Mahindra Bank Business Loan Vs Other Lenders
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 |
Note: The interest rates mentioned are subject to change. Do visit the official website for updated rates.
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How to Apply for a Kotak Mahindra Bank Business Loan
To apply for a business loan from Kotak Mahindra Bank, you can follow these steps:
- Visit the official website of Kotak Mahindra Bank and navigate to the business loans section.
- Fill out the online application form with the required details such as personal information, business details, loan amount, and purpose.
- Submit the necessary documents, including identity proof, address proof, ownership proof, business continuity proof, and firm constitution.
- Once the application is submitted, a bank representative will get in touch with you to further process the loan application and discuss the next steps.
Steps to Apply for Business Loan on Buddy Loan
Buddy Loan stands as a prominent loan service provider in India, helping you secure personal loan and business loans from verified lenders. Follow the steps below for a hassle-free loan application process:
Step 1: Visit buddyloan.com or Download & install the Buddy Loan app (Android or iOS).
Step 2: Open the business loan application page. Enter your mobile number and OTP.
Step 3: Specify the desired loan amount and email. Next, choose the Business Loan option.
Step 4: Choose if you have a Business Proof (Yes/ No)
- If ‘Yes’ (If you have a business proof), enter your business and personal details. Or
- If ‘No’ (If you do not have a business proof), choose the profession type and enter your personal details.
Step 5: Provide income details and Click the ‘Submit’ button.
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Kotak Mahindra Bank Business Loan Customer Care Number
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
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