Before Applying for Kotak Personal Loan Know These Insights

Are you someone who is willing to apply for a personal loan but don’t know which lender offers the best deal? Well, if you are in a state of dilemma, all you need to know about Kotak personal loan. Being a leading name in the industry, it would not be wrong to say that this lender with its best of products and services meets the varied needs of one and all. This is the reason why majority of people want to apply for personal loan being offered by this lender so as to get plenty of other benefits.

Before you make up your mind to go for this credit facility, it is important that you should be aware of some hidden factors below. So, let’s not waste any time further and come to the point straight by letting you know about the hidden features below:

Why Interest Rates are Important?

Before starting any loan journey, the first and foremost thing that borrowers do is to check the rates. Yes, knowing about personal loan interest rates is one of the best things that will help you get the calculative deal easily. Currently, this lender is offering the loan to the applicants at a rate that ranges between 10.99%-20.99% per annum. With this range, it is easy for the borrowers to enjoy the affordable EMIs along with the Interest Outgo. Talking more about the same, the lower rates you have, the better it is for you in the long run as it reduces your overall loan burden.

Don’t Forget to Checkout the Offered Loan Amount

If you want to apply for an online personal loan, one of the most important things that you need to know is actually the loan amount being offered by a lender. Yes, just for your knowledge, at present, the lender is offering the loan to the applicants for a starting  loan amount of Rs.50,000, which actually goes upto Rs.20 Lakh. So, if you want a loan that ranges between the same amount, it would be easy for you to get it without any hassle.

Repayment

You would be glad go know that this personal loan online can easily be yours, if you repay the same within 5 years. Yes, the lender allows you to repay the loan within 5 years, which means you have enough years to repay your loan. With longer tenure, you can expect your monthly installments to be pocket-friendly so that it won’t make a burden on your pocket. With longer tenure, you can expect to have less amount for your monthly installment and vice-versa, hence less pressure on your shoulder as far as loan repayment is concerned.

Processing Fee

At present, this lender is offering the Kotak personal loan to the applicants by charging a processing fee that goes up to 2.50% of the loan amount. If we talk about this fee, it would not be wrong to say that it is a one-time, non-refundable fee that an applicant needs to give away to the lender at the time of availing the loan.