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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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With a personal loan, you can solve different financial issues. For instance, you can make payments for your medical exigency, consolidate your debt, meet your travel expenses, fund your child’s wedding or education, and even renovate your home.
The application process with Kotak is easy and quick, especially through the online portal. However, it’s important for you to be well versed with the stepwise approach of availing a personal loan before you hit on the personal loan apply button. From eligibility parameters to the documents required, here’s what you need to know.
Step no. 1 – Determine your requirement
Find out why you require a personal loan and determine the exact loan proceeds that you may need. Sometimes, there may a temptation to avail more funds than you require. You should avoid this because higher loan proceeds mean higher interest outgo.
Step no. 2 – Check your loan eligibility
Once you get to know how much you require, you can check if you are eligible for a personal loan with Kotak. To be eligible for a personal loan, you must be a salaried individual between the age group of 21 and 60 years. The minimum monthly income must be Rs 25,000 in case of Corp salary borrowers and Rs 30,000 for Non-Corp salary applicants. Your minimum educational qualification must be graduation with at least one year of work experience in the existing company.
Step no. 3 – Compute monthly installments
Use an online personal loan EMI calculator to compute your approximate loan repayments for every month. Ensure that your repayments must be as per your repayment capacity and cash inflows. Note that, for calculating your EMI, you must provide 3 details i.e., your offered personal loan interest rate, required loan proceeds, and preferred tenure. You may accordingly make changes to any of the added details to derive the result of your choice. In case you make changes to your offered personal loan interest rate, ensure to negotiate with the lender to get the same rate of your preference.
Step no. 4 – Apply for a personal loan
You can apply for a personal loan with Kotak Mahindra Bank in various ways i.e., through net banking, or the mobile app. In case you want to apply for a personal loan offline, you can do so by visiting your nearest Kotak Mahindra Bank branch.
Additional Read: Top 5 parameters you must meet to avail a personal loan
Step no. 5 – Submit the required documents
Along with your application, you must provide the required documents to process your personal loan. For a personal loan request of up to Rs 5 lakh, you must submit three main documents – Aadhaar, PAN, and past three months' bank statements showing your salary. For a personal loan request of up to Rs 25 lakh, you must provide your valid identity proof, valid residential proof, past three months' bank statements, past three months' salary slip, and two to three passport-sized photos.
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