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Here are some of the Amazing Benefits of Personal Loan
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Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.
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If a person needs extra income to pay for home upgrades, finance a wedding, or consolidate high-interest debt, then the person can consider a personal loan. An unsecured personal loan, when used correctly, can help to cover a gap in the consumer's budget without putting their home or other assets at risk.
Personal loans are one of the most viable options for borrowers to meet their ever growing personal expenses. A Personal loan is a practical option since the borrower may repay it over time in manageable instalments, and it can be disbursed quickly with little or no paperwork.
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Here are some of the astounding benefits of a personal loan:
This is one of the critical benefits of a personal loan. A borrower can get the benefit of a tenor that ranges up to 5 years. The borrower also gets to choose the period, depending on their needs.
Personal Loans issued by NBFCs and banks can provide the borrower up to 20 lakhs if all of the factors are satisfied and the conditions are met.
Kotak Mahindra has fast approval and speedy disbursal of personal loans. Disbursal TAT is under 3 seconds. This means that if the borrower meets all the conditions, their funds will be credited into their account within 3 seconds.
Personal loans are unsecured and collateral-free. This implies that there is no need to mortgage an asset to get the loan.
The personal loan interest rates are very flexible according to the credit score of the borrower. Kotak Mahindra Bank offers very good interest rates for personal loans. It has a fixed interest rate starting from just 10.25% p.a.
The eligibility for acquiring a loan from Kotak Mahindra Bank is simple and hassle-free. Salaried customers in an age group between 21 -58 and who live in India are eligible for getting a loan.
Kotak Mahindra Bank offers instant personal loans online with 100% digital documentation. To get a personal loan from Kotak Mahindra Bank, the customer needs essential papers, including proof of identity, proof of residence, bank data, and income or business details.
Applying for an online personal loan with Kotak Mahindra Bank is easy. A consumer can visit their website and can apply for a loan within three simple steps. The steps include:
Borrowers can easily repay the amount in the form of EMIs.
The consumer can calculate the EMI for every month from the Personal Loan EMI calculator.
Conclusion
As mentioned above, taking a personal loan to meet personal expenses is ideal for consumers. The borrower with a good credit score can avail of such benefits offered by Kotak Mahindra Bank. As the process for applying for a personal loan is straightforward, and the documentation is very simple, going for a personal loan is ideal.
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