Kotak Personal Loan Eligibility calculator
Kotak Mahindra Bank provides personal loans to salaried individuals who earn a net monthly salary of Rs.20,000. Applicants should be between the ages of 21 years and 58 years and should have resided in the same city for at least 1 year. They should also have completed their graduation and should have a work experience of at least 1 year.
Kotak Mahindra Bank Personal Loan Eligibility Criteria
Kotak Mahindra Bank allows applicants to borrow between Rs.50,000 and Rs.15,00,000. The lender charges a competitive rate of interest and offers a hassle-free application process. The eligibility criteria that borrowers will need to meet to avail a personal loan from the lender are as follows:
|Age||21 years to 58 years|
|Minimum Monthly Income||Rs.20,000 per month|
|Work Experience||1 year|
|Employment Type||Employees of MNC, public limited companies, and private firms|
|Minimum Educational Qualification||Graduation|
|Residential Status||Must have resided in the same city for at least 1 year|
Factors Affecting Kotak Mahindra Bank Personal Loan Eligibility
Individuals who wish to apply for a personal loan from Kotak Mahindra Bank are supossed to a work experience of at least 1 year. Individuals who have a stable work experience are more likely to enjoy a higher eligibility since it is quite likely that the individual will continue to earn a steady income, thus being able to repay their EMIs as per the lender’s schedule.
Age: Lenders are more likely to offer higher loan amounts to young applicants since they can opt for a longer tenure to repay the loan. In the case of Kotak Mahindra Bank’s personal loan, applicants between the ages of 21 years and 58 years can borrow loans.
Individuals who have a high credit score of over 700 will be eligible to borrow a higher loan amount. This is because your credit score serves as an indicator of your likelihood to repay loan installments/EMIs within specified due dates. Thus, individuals with good credit scores are will find it relatively easy to borrow a higher loan amount.
Those who earn a good monthly income will be approved for a higher loan amount due to their repayment capacity being higher. On the other hand, if you earn a low monthly income, it is likely that you will not be able to borrow much since your repayment capacity will also be less.
Kotak Mahindra Bank only offers loans to individuals who are employed in MNCs, private limited companies, or public companies in the country. Being employed with a reputed organization for a particular duration indicates that you earn a steady income, which increases your repayment capacity and, in turn, your eligibility.
When you apply for a personal loan, the lender also takes your current outstanding liabilities into account. Those who have many liabilities will be approved for a lower loan amount given that their financial liabilities will decrease their repayment capacity. Thus, if you wish to avail a high loan amount, it is best to repay your existing loans.
Kotak Mahindra Bank requires personal loan applicants to have lived in the same city for at least a year. This is because your residential status also indicates your financial stability to the lender. Those who have lived in the same city for a while are likely to be have found employment in that city, thus reducing the chances of them absconding or not repaying EMIs as per the specified schedule.
How to Improve Your Chances of Getting a Kotak Mahindra Bank Personal Loan
Choose a Reasonable Loan Amount:
Ensure that you choose a loan amount after taking your repayment capacity into consideration. Most lenders will reject your application if you opt for a loan amount that is beyond your repayment capacity.
Repay Existing Debts:
To increase your chances of being approved for a high loan amount, you should ensure that you first clear off your existing debts. Applying for a personal loan when you already have multiple liabilities may make the lender reject your loan application since your repayment ability would have reduced.
Maintain a Good Credit Score:
Before applying for a personal loan, it is advisable to check your credit score. If you find that you have a low credit score, you should take the necessary steps to improve it.
Ensure that You Meet the Lender’s Eligibility Criteria:
Lenders usually specify the eligibility criteria that applicants will need to meet to be approved for a personal loan. Ensure that you check these criteria before you apply for the loan.
Kotak Mahindra Bank Personal Loan Details
|Interest Rate||10.50% p.a. to 16.99% p.a.|
|Loan Amount||Rs.50,000 to Rs.50 lakh|
|Loan Tenure||Up to 60 months|
|Processing Fees||Up to 2.5% of the loan amount plus GST|
Kotak Personal Loan Eligibility FAQ:
What are the documents that I will need to submit to avail a personal loan from Kotak Mahindra Bank?
The documents that you will need to submit along with your personal loan application form are as follows:
- Identity proof (passport, PAN card, voter ID, Aadhaar card, or driving licence)
- Address proof (passport, utility bills, leave and license agreement.
- Bank statements for the past 3 months
- Salary slips for the last three years
- 2-3 passport-size photographs
Can self-employed individuals borrow personal loans from Kotak Mahindra Bank?
No, Kotak Mahindra Bank only offers personal loans to salaried employees.
What are a few benefits of taking a personal loan from Kotak Mahindra Bank?
- Avail loans up to Rs.15 lakh
- Minimal paperwork is required to apply for a loan
- Round-the-clock customer service
- Quick disbursal of all personal loans
Can I make pre-payments before the completion of the loan tenure?
Pre-payments towards your Kotak Personal Loan can be made after at least 12 EMIs have been paid.
What will happen if I miss an EMI payment?
The lender will levy a penalty of 3% per month, which is compounded monthly on the sum that is due but unpaid. Also, if you default on EMI payments, your credit score may be adversely affected, making your chances of being approved for loans in the future quite difficult.