Kotak Mahindra Bank Personal Loan Current Interest Rate @10.50%

1. Kotak Mahindra Bank Personal Loan Interest Rate 2021

2. Description Kotak Mahindra Bank offers personal loan to meet any urgent personal requirement of fund. This may include marriage expenses, medical emergency, vacation expenses, big-ticket purchases, and more. The main reason why Kotak Mahindra personal loan is so popular in the market is the attractive interest rates that the bank offers.

3. Factors Affecting Kotak Mahindra Bank Personal Loan Interest Rate The rate of interest offered on a personal loan differs from one applicant to another. The bank judges all applicants on certain parameters to assess their repayment capacity and accordingly charges the interest. If the bank considers the borrower to be a higher risk, it is likely to charge a higher rate of interest and vice versa. Several other factors also come into play. So, let us talk about a few factors that impact personal loan interest rates. • Credit Score- This is probably the first thing that the bank would check. People with a higher credit score are more likely to get a lower rate of interest on Kotak Mahindra personal loan as the bank finds them to be more responsible with their credit. • Income of the Borrower- Income plays the most crucial role in determining one’s repayment capacity and his eligibility for the loan. People with higher income are less likely to default on the loan and pose a low risk for the bank, and hence they may be offered a lower rate of interest.

4. Factors Affecting Kotak Mahindra Bank Personal Loan Interest Rate • Employment Status- If a salaried applicant is employed with a reputed organization for quite a few years, there are chances of him getting a personal loan at a low-interest rate. On the other hand, if the applicant has switched jobs too often or works with a start-up, the bank may offer him a higher rate because of the greater risk involved. • Loan Amount- The loan amount also plays a vital role in deciding the personal loan interest rate in Kotak Mahindra Bank. However, there is no set rule as to how it would affect the rate. • Banking Relationship with Kotak- If the applicant is an existing customer of Kotak Mahindra Bank, he would have better chances of availing a lower rate of interest. The approval and disbursal process may also be faster. To get such benefits, the customer must have maintained a healthy relationship with the bank and not defaulted on any loan or credit cards in the past. All of these parameters are paid attention to when offering personal loan to someone. The final rate, however, is at the bank’s sole discretion.

5. Kotak Mahindra Bank Personal Loan Fees and Charges

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