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Facing an unexpected medical emergency or have your eye on a high-ticket purchase? As a valued Kotak Bank customer with a good CIBIL history, you can avail a Pre-Approved Personal Loan, with quick access to funds without the hassle of paperwork.
Getting a Pre-Approved Loan from Kotak Bank is as easy as 1, 2, 3: Check eligibility the offer, Accept the offer, and Receive instant disbursal.
Pre-Approved Personal Loans come with competitive interest rates starting at 10.99% per annum and flexible repayment tenures of up to 4 years.
You can check your offer through Kotak Website, Kotak Net banking, Mobile banking or your nearest bank branch.
To qualify for a Pre-Approved Personal Loan from Kotak Mahindra Bank, you need to meet the following requirements:
| Existing Customer | You should be a customer of Kotak Mahindra Bank. |
|---|---|
| Banking Relationship | Maintain a positive relationship with the bank by regularly using your account. |
| Average Monthly Balance | Ensure you maintain the required minimum monthly balance in your account. |
| Good Credit History | Have a strong credit history with a credit score of 750 or above. |
| Income Stability | Demonstrate a monthly income of at least Rs 25,000 to prove your repayment capability. |
| Repayment Record | Maintain a record of timely payments of credit card bills or existing loans without defaults. |
| No Paperwork Required | Enjoy the convenience of zero paperwork, making the application process quick and hassle-free. |
Follow these simple steps to take a Pre-Approved Personal Loan from Kotak Mahindra Bank:
Use Kotak Net banking or Mobile Banking App, or visit your nearest branch to check your offer. Review loan details, i.e. the amount, interest rates, and tenure, if eligible.
Agree to the terms and conditions provided by the Kotak Bank.
The loan amount will be credited to your Kotak Bank Savings account within a minute.
| Features | Rate/Charge |
|---|---|
| Personal Loan interest rate (Fixed) | Starting from 10.99% p.a. |
| Loan processing fees (Non Refundable) | Up to 3.5% of the final loan amount, plus taxes, will be deducted from the loan amount at the time of disbursal. |
| Penal Charges on Overdue EMI | Amounts standing unpaid on respective due dates shall attract a penal charge at 8% per annum (to be charged for actual no. of days) on overdue amount plus applicable taxes |
| Swap charges, i.e. charges for change in repayment mode, repayment instrument or EMI date | Rs 500/- plus taxes per instance |
| EMI dishonour/Bounce charges | Rs 750/- plus taxes per instance |
| Lock-in period | No lock-in period for Kotak Personal Loans post payment of the first EMI. |
| Foreclosure Charge | Upto 3 years - 4% + taxes on outstanding principal After 3 years - 2% + taxes on outstanding principal |
| Part pre-payment charges | For loans disbursed on or before 1 February 2020, Part prepayment is not allowed. For loans disbursed after 1 February 2020, post-completion of 12 months, Part Prepayment is allowed up to 20% of the Principal loan outstanding. It is allowed once a year. The charge per instance of part payment is INR 500 plus taxes |
| Physical SOA or Amortisation Schedule | Once in a year- No charge. Post that - Rs 200 plus taxes per request |
A Pre-Approved Personal Loan is an offer from a bank or financial institution to existing customers based on their creditworthiness and financial history. It allows quick access to funds without a formal application process.
Pre-Approved Personal Loans by Kotak Mahindra Bank are disbursed within a minute.
If the Personal Loan Pre-Approval offer is valid, the customer can get the loan without verification.
Yes, a pre-approved loan may be rejected if the information provided is incorrect or if you don't meet the final eligibility requirements. Rest assured, Kotak Bank will guide you through every step to help ensure a successful application.
At Kotak Bank, we review your financial history and credit score. If you meet our criteria, we send you a pre-approved loan offer. You can then accept it without paperwork and verification.
Yes, accepting a Pre-Approved Personal Loan offer from Kotak Bank is safe. We ensure transparent terms and conditions. Just review the offer carefully and ensure it meets your needs.
The EMI for a Pre-Approved Personal Loan is calculated based on the loan amount, interest rate, and tenure. Our online EMI calculator can give you an accurate estimate.
You can repay your pre-approved loan through monthly instalments. Kotak Bank allows you to set up standing instructions for automatic deductions from your bank account.
Kotak Bank may charge a nominal processing fee for Pre-Approved Personal Loans. This fee covers the administrative costs associated with processing your loan application.
Your credit score, repayment history, and overall financial profile determine eligibility for a pre-approved loan. Kotak Bank identifies eligible customers and sends them exclusive offers.
