Am I Eligible To Apply For A Kotak Mahindra Bank Personal Loan?
People who need instant cash for their use want to choose the best banks and NBFCs to apply for the loan. As many banks and NBFCs offer personal loans at attractive interest rates and various other charges that users can apply for. Kotak Mahindra is one that offers personal loans to salaried individuals who earn a net monthly salary of Rs. 20,000. Thus, the applicants should be between the age of 21 years and 58 years.
Kotak Mahindra Bank personal loan eligibility criteria
Kotak Mahindra bank allows the borrowers to apply for the loan amount starting from Rs. 50,000 up to Rs. 20 lakhs. Including this, the lender charges competitive interest rates and offers a hassle-free application process. The eligibility criteria that borrowers need to meet to avail of a personal loan from the lender are mentioned as:
Factors affecting Kotak Mahindra Bank personal loan eligibility
- Employment stability: After discussing Kotak Mahindra Bank Personal Loan Eligibility Criteria, individuals who want to apply for a personal loan from Kotak Mahindra Bank are required to have work experience of at least 1 year. Applicants who have a stable work experience are more likely to enjoy high eligibility since it’s a steady income, therefore they can repay their EMIs as per the lender’s schedule.
- Age limit: Lenders are more likely to offer higher loan amounts to the borrowers since they can opt for a longer tenure to repay the loan. The Kotak Mahindra Bank offers personal loans to borrowers between the ages of 21 years up to 58 years to apply for the loan.
- Credit score: Individuals who have a high credit score of more than 700 will be eligible to borrow a high loan amount. This is likely to happen because the credit score serves as an indicator. Thus, the individual with a good credit score will find it relatively easy to apply for the loan.
- Employment type: Kotak Mahindra helps the individuals, who are employed in MNCs, private limited companies, or public companies. An individual must be working for a reputed organization for a particular duration indicates that you earn a steady income, in such a case it increases your repayment capacity will also be less.
- Outstanding type: When individuals apply for a personal loan, the lender also takes its current outstanding liabilities into account. Thus, if you wish to apply for a high loan amount, this is the best way to repay your existing loan amount.
- Residential status: The applicant should be a resident of the same city for at least a year. This is essential because your residential status also indicates your financial stability to the lender.
Kotak Mahindra Bank personal loan details
Documents for Kotak Mahindra personal loan
If you are submitting your application form for Kotak Mahindra Personal Loan, then submit the necessary supporting documents. Basic documents required for borrowing a personal loan are as follows:
- One photograph
- Identity proof
- Residence proof
- Signature proof
- Ownership proof
- Age proof
- Bank statement
- Income details
It helps to meet your responsibilities and aspirations becomes easy with a personal loan from Kotak Mahindra. You may, therefore, borrow a personal loan from Kotak Mahindra Bank.
Why does Kotak Mahindra offer the best personal loan in India?
For a quick personal loan, you need a seamless banking experience. Let us give you some good reasons to opt for a personal loan from Kotak Mahindra Bank:
- Browse and apply for personal loan online
- Check personal loan eligibility online
- Quick and minimal paperwork
- Fast approval and speedy disbursal of loan and the disbursal of loan within 3 seconds
- Attractive interest rate and easy loan repayment options
- Avail a personal loan from Rs. 50,000 up to Rs. 20 lakh
- Able to obtain Kotak personal loan instantly in commercial cities of India.
Conclusion:
The main aim of Kotak Mahindra Bank is to help borrowers manage the cash flows by giving him/her a loan to meet the temporary financial crunch and repay the loan amount in easy monthly installments. Not all lenders charge a hefty interest rate however, many of them also warn borrowers upfront of the costs of repayment and borrowings. Thus, you can apply for a Kotak Mahindra personal loan when all other options have been exhausted. Repeatedly availing of a personal loan from Kotak Mahindra Bank will help you to meet your short-term financial needs.
