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Want to Apply for Kotak Mahindra Bank Personal Loan? Know the Facts Here

When it comes to availing a personal loan, it would not be wrong to say that it comes handy to meet all your needs in the best way. Yes, right from paying the credit debts, travelling to some beautiful destination to renovating your home and many more, this unsecured credit facility can easily be availed with fewer formalities. This is the reason that why personal loan online is so popular among loan seekers as it not only fulfills multiple personal needs but is easily available at an attractive interest rate, flexible tenure and minimal charges. And, as far as availing this loan from a reputed lender is concerned, there is only one name that sounds reliable, i.e. Kotak Mahindra Bank. And, what if we combine both the terms, it comes out to be Kotak Mahindra Bank Personal Loan, sounds appealing, isn’t it? Well, if it sounds exciting to you, let’s just discuss the key parameters of this product in the article below.

Interest Rate: The interest rate is one such factor that plays a vital role in your overall loan journey. Currently, Kotak Mahindra Bank personal loan interest rates are 10.99%-17.99% per annum. If we talk more about the rates, the lowest personal loan interest rates you have, better it is for you in the future as it reduces your EMI and Interest burden. So, always go for a lender who offers you the loan at an attractive interest rate so that an overall loan burden will be reduced from your shoulders.

Loan Amount: It is important for you to check the loan amount first before you take that final call. Just check, whether your favorite lender offers the required loan amount to meet your needs or not. However, in case of Kotak Mahindra Bank Personal Loan online, the offered loan amount is up to ₹ 15 lakhs. That’s the maximum loan amount you can get from this reputed lender.

Tenure: At the time of availing a loan, it is also crucial that a lender offers you the flexible tenure options, i.e. allowing you to repay the loan in maximum number of EMIs. With the help of the same, you can get more time to repay the loan in smaller monthly installments, thus less burden will be there. Talking about Kotak, currently, the bank allows the customers to repay the loan within 5 years, which is quite a longer tenure to repay the loan.

Processing Fee & Other Charges: Knowing about a processing fee is equally important at the time of apply for personal loan. It is a one-time non-refundable fee, which a loan-seeker has to give away to a lender before applying for a loan. However, apart from this, there are other charges as well such as prepayment, part-payment and so on, which a loan-seeker pays to the lender. If we talk about Kotak, here, the lender charges a processing fee of 0.99% to 2% of the loan amount+ GST along with a prepayment charge of 5% of principal outstanding + GST.

 

EMI: Equated Monthly Installments are also a crucial part of your overall loan journey. ONe should always make sure that his EMIs should be pocket-friendly so that a loan can easily be repaid. And, in order to know the exact calculations of your monthly installments, you can use a personal loan EMI Calculator. That’s Right! One such magical device that allows you to calculate the accurate and precise monthly installments along with Interest. If we talk more about Kotak Mahindra Bank personal loan EMI calculator, this smart device after taking-Loan Amount, Interest Rate and Tenure into the consideration gives you the values in just a few seconds.

 

Credit Score: There is no denying the fact that a credit score can either make or break the situation for you. A good score definitely gives you an edge and helps you in grabbing the lucrative loan/credit card deal. And, you know the best thing is that these days with the presence of many reliable sites, you can check cibil score online for free in just 2 minutes. Sound, great isn’t it? Simply enter your personal details as per PAN and in just a few simple steps it is done.

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