Kotak Mahindra Bank Personal Loan Interest Rate 2020

1. KOTAK MAHINDRA BANK PERSONAL LOAN INTEREST RATE 2020 www.afinoz.com

2. 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. www.afinoz.com

3. B A NK I NG R EL ATI O NSH I P W I TH KO TA K - IF T H E A P P LICA N T IS A N E X IS T IN G CU S T O ME R O F KO TA K MA H IN D RA BA N K, H E WO U LD H AV E BE T T E R CH A N CE S O F AVA ILIN G A LOWE R RAT E O F IN T E RE S T. T H E A P P ROVA L A N D D IS BU RS A L P RO CE S S MAY A LS O BE FA S T E R. T O GE T S U CH BE N E F IT S , T H E CU S T O ME R MU S T H AV E MA IN TA IN E D A H E A LT H Y RE LAT IO N S H IP WIT H T H E BA N K A N D N O T D E FAU LT E D O N A N Y LOA N O R CRE D IT CA RD S IN T H E PA S T. • 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. 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. www.afinoz.com

4. KOTAK MAHINDRA BANK PERSONAL LOAN ELIGIBILITY Minimum Age 21 years Maximum Age 58 years Minimum Salary Rs. 20,000 per month Minimum Educational Qualification Graduate Residential Status Indian Resident Employee of MNC, Public Limited Company or Private Limited Company Employment Status Minimum Work Experience 1 Year www.afinoz.com

5. Along with a duly filled application form, the applicants need to provide a set of documents as valid proof of the information furnished in the form. These include: DOCUMENTS REQUIRED FOR KOTAK MAHINDRA BANK PERSONAL LOAN • Proof of Identity, which may include PAN, Aadhaar, Voter’s ID, Driving License, Passport, etc. • Proof of Address which includes Passport, Driving License, Voter’s ID, etc. • Proof of Income which may include a bank statement or salary slip for the last three months • 2-3 Passport-sized photographs The bank may ask for more documents as they deem fit to verify an applicant’s, if the above documents do not suffice www.afinoz.com

6. KOTAK MAHINDRA BANK PERSONAL LOAN FEES AND CHARGES Type of Fee/Charge Amount/Rate Processing Fee 2.5% of the loan amount + taxes Credit Appraisal Charges Up to 5% of the loan amount subject to a maximum of Rs. 7,500 3% per month starting after the date of unpaid amount falling due till it is cleared Interest on Overdue EMI Lock-in Period 12 months Prepayment/Foreclosure Charges 5% of the outstanding principal amount Stamping Charges As per the Stamp Act applicable in the state 30% of the cheque/instrument dishonor charges + overdue interest (if any) Collection Charges www.afinoz.com

7. THANK YOU www.afinoz.com