At Kotak Bank, we understand the diverse financial needs you might face - starting from renovating your home, planning a dream wedding, to managing unexpected medical expenses. That's why we're here to offer you Rs. 6 lakh Personal Loan. This financial solution is designed to be quick, hassle-free, and tailored to meet your personal needs, ensuring you can focus on what matters the most without worrying about financial constraints.
Why Should You Choose Rs. 6 Lakh Personal Loan?
Opting for a Rs 6 lacs PL can be a smart decision for several reasons. Firstly, it provides you with the flexibility to use the funds for various personal needs. Whether it's covering wedding expenses, home renovation costs, or consolidating debt, this loan can be your go-to financial help. Additionally, with competitive Personal Loan interest rates, you can ensure that repaying the loan won't adversely. Affect will definitely happen your finances.
Key Features and Benefits of Rs. 6 Lakh Personal Loan
When you choose a Rs. 6 lakh Personal Loan from Kotak Bank, you're not just getting financial support; you're getting yourself of a wide range of benefits which includes, but is not limited to:
- No Collateral: You don't need to secure your loan against any asset.
- Competitive Interest Rates: Our interest rates are designed to suit your financial situation.
- Flexible Repayment Tenure: Choose a repayment period that works best for you, from 1 to 6 years.
- Minimal Documentation: We've simplified the application process with minimal paperwork.
- Quick Disbursal: Once approved, the loan amount is quickly disbursed to your account.
Documents Required
Document Type
|
Examples
|
|---|
Identity Proof
|
Aadhaar Card, PAN Card
|
Address Proof
|
Utility Bills, Passport
|
Income Proof
|
Salary Slips, Bank Statements
|
Interest Rates & Charges
Charge Type
|
Details
|
|---|
Interest Rate
|
Starting from 10.99% per annum
|
Processing Fee
|
Up to 3% of the loan amount + taxes
|
Eligibility Criteria
To apply for a Rs. 6 lakh Personal Loan, you need to meet the following criteria:
- Age: You need to be between 21 and 60 years old. This range helps us ensure that you're in a stable phase of your employment life, which is important for loan repayment.
- Employment: You should be employed with either a multinational company (MNC), a public sector unit, or a reputable private limited company.
- CIBIL Score: You should have a minimum CIBIL score of 750 and higher.
- Income: The minimum net monthly income required to get a loan is Rs. 25,000 for Kotak Bank account holders and 30,000 for other Bank account holders.
Rs. 6 Lakhs Personal Loan EMI for Different Tenures
Take a look at the approximate EMI figures for different tenures below:
Loan Amount
|
Interest Rate (p.a.)
|
Tenure (Years)
|
EMI
|
|---|
₹6,00,000
|
10.99%
|
1
|
₹53,026
|
₹6,00,000
|
10.99%
|
2
|
₹27,961
|
₹6,00,000
|
10.99%
|
3
|
₹19,640
|
₹6,00,000
|
10.99%
|
4
|
₹15,504
|
₹6,00,000
|
10.99%
|
5
|
₹13,042
|
₹6,00,000
|
10.99%
|
6
|
₹11,417
|
How to Use a EMI Calculator for a Rs. 6 lakh Personal Loan
Figuring out your monthly payment for a Rs. 6 lakh Personal Loan couldn't be simpler with our user-friendly EMI calculator. Here's how you can do it in a snap:
- Start with the Loan Amount: First off, enter Rs. 6 lakhs as the loan amount. This is the total cash you're looking to borrow from us.
- Pick Your Interest Rate and Time: Next, you'll need to select how much interest you'll be paying and for how long. Don’t worry, we show you the rates right there, so you can choose what works best for you. And for the time part - that’s how many years you want to take to pay us back.
- See Your Monthly EMI: Hit the calculate button, and you'll see exactly what you'll need to pay us each month. This number is your EMI, which stands for Equated Monthly Instalment. It's the amount that shows how much you need to budget for this loan every month.
How to Apply for Rs. 6 lakh Personal Loan
Securing Rs. 6 lakh Personal Loan from Kotak Bank is very easy, ensuring you get the financial support you need without unnecessary issues. Here's a detailed step-by-step guide to go through our simple application process:
- Visit Kotak Website: Start by visiting our website. Look for the 'Loans' section, and under 'Personal Loans', you'll find the ‘Apply Now’ button. This is your path to a quick and hassle-free loan application process.
- Check Your Eligibility: Upon clicking ‘Apply Now’, you'll be prompted to enter some basic information about yourself. This includes your name, income details, and the purpose of the loan, among other things. These details help us in checking your Personal Loan eligibility quickly.
- Complete the Application Form: After your eligibility check, you'll be directed to the application form. Here, you'll need to fill in detailed personal, professional, and financial information. Ensuring the accuracy of these details is important as they play a key role in the loan approval process.
- Upload Documents: The next step involves uploading the documents required for Personal Loan approval. Kotak Bank has streamlined this process to make it as easy as possible. You'll need your identity proof, address proof, and income proof at this stage. Our system supports uploads in multiple formats, making it convenient for you to provide the necessary documentation directly from your device.
- Await Instant Approval: Once your application is complete and your documents are uploaded, our system will process your information. Thanks to our efficient verification process, you'll receive an approval decision quickly. We pride ourselves on our instant approval mechanism, which ensures that you're not left waiting.
- Enjoy Quick Disbursal: Upon approval, the 6 lakh Personal Loan amount will be disbursed directly into your bank account. Kotak Bank ensures that this process is as fast as possible, enabling you to access your loan amount promptly and meet your financial needs without delay.
Also read: Ways to fund your dream holiday
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