How a Kotak Mahindra Bank Personal Loan Used for Financial Debts?

You can borrow a suitable loan amount from Kotak Mahindra Bank to get rid of the debts. And, as such loan is a personal loan using which, you can borrow the desired loan amount. The interest rate charged to your borrowed amount is quite compatible concerning your monthly income. For the Kotak Mahindra bank personal loan, you are needed to have a monthly income of INR 20,000. Read the given article to know more about the personal loan features. 

How can I get a personal loan from Kotak Mahindra Bank?

To borrow a loan from the bank without giving any type of asset you are required to meet its loan criteria. First, your age should be 21 years during the loan application and up to 58 years at the tenure maturity. Kotak Mahindra Bank provides a payment duration of 5 years to the customers along with the applicable rate of interest on the loan amount. 

The personal loan interest rate starts from 10.99% per annum at a fixed rate for the loan tenure. And repayment of the loan can be done in equated monthly installment (EMI). For customers easy payment, the bank provides an EMI calculator tool with the help of which they can manage their Kotak Mahindra bank personal loan.

For which purpose should I use my personal loan!

Kotak Mahindra Bank personal loan can be used for any type of financial needs, no matter for which purpose you required the money. Whether you lack funds for wedding expenses or there is an uncertain medical emergency. In those types of situations, it is hard to find the right source of money. So, you can apply for a personal loan from the Kotak Mahindra Bank in India to tackle the financial debt.

The user can borrow from INR 50,000 to 15 lakh from the bank and meet his financial needs. A Kotak customer does not have to worry about a personal loan and can check the pre-approved offer anytime. And like any other customer, they also need to pay the processing fee for the loan which is up to 2.50% of the loan amount. The processing charge could range from INR 1,250 to 15,000 depending on your loan amount and GST. You can use the loan amount easily, as it is disbursed to the account in 3 seconds of the approval.  

Before concluding look at the some of the important points

The bank provides a personal loan for your financial support and you can foreclose the loan after 12months of regular EMI payment. And the payment can be done via post-dated cheque or electronic clearing service. You can change the date of the EMI payment in 7 working days before the 5th-10th of every month. If the loan EMI payment is due for a month then you are needed to pay a penalty fee of 3% of the compounded EMI. You can download the EMI schedule of your personal loan by writing an email from the registered email address to the bank.

So, if you have met with a good financial year during the loan payment duration, you can close your Kotak Mahindra Bank personal loan by paying 5% of the outstanding principal loan amount. Now, you can face any kind of financial debt without any worry using Kotak personal loans in India.