Kotak Bank Personal Loan
Kotak Bank Personal Loan
Kotak Mahindra is the private sector bank of India, having its headquarters in Mumbai. Earlier, Kotak played the role of an NBFC known as Kotak Mahindra Financial Limited. Kotak Mahindra is the first NBFC of India to get a licence of bank from RBI in Feb 2003. The bank offers financial services to corporate and retail customers. Kotak Mahindra bank extends its service in the areas of:
Investment banking and
Kotak Mahindra Personal Loan
Kotak Mahindra Bank helps you manage quick cash for your instant financial needs. Is it a dream home you want to renovate? Or a holiday you want to spend with your family? Kotak personal loan makes sure you accomplish these on time. The bank offers a loan amount of up to Rs. 15 lakhs with best in market interest rates. It has minimal documentation and flexible repayment options. You can avail a Kotak personal loan in following cities:
Eligibility Criteria for Kotak Bank Personal Loan
You are eligible for a Kotak personal loan if you:
Are an employee of an MNC or Public/Private Limited Company.
Are at least 21 years old and not more than 58 years.
Have a net monthly salary of Rs. 20,000.
Have graduation is your minimum qualification.
Are residing in the same city since last 1 year.
Have work experience of at least 1 year in your current organisation.
Documents Required for Personal Loan with Kotak Mahindra
Application form signed and with photograph attached.
ID proof - copy of passport/PAN card/voter ID/driving license.
Address proof - copy of passport/telephone bill/electricity bill/rental agreement/driving license/voter ID.
For salaried applicants: Income proof - latest salary slip/current dated salary slip along with latest Form 16.
For self-employed applicants: Income proof – latest bank statement and latest ITR or Form 16.
Kotak Personal Loan Interest Rates & Other Charges
10.99% - 17.99%
₹25,000 – Rs. 15 lacs
Up to 2.5% of loan amount + service tax/GST
Applicable post 12 months. After that 5% + GST/service tax
Why choose Qbera for Kotak Personal Loan Application?
Hassle Free process
Qbera provides quick and easy loan application online. Fill-up the application form and get a quote within 4 hours.
Determines your eligibility online
Qbera will help you determine your eligibility for a personal loan in less than a minute.
Flexible loan tenure
Choose from a period of 12 to 60 months to pay back the loan amount.
Attractive Interest Rates
Qbera offers the best in market interest rates ranging from 11.5% to 24% p.a.
Qbera doesn’t ask for any legal properties to avail a personal loan to you.
Easy EMI Calculator
The user-friendly EMI calculator at Qbera.com helps you determine your EMI within seconds. The result obtained will be faster and accurate.
All about Kotak
Qbera provides all the necessary information to apply for a personal loan with Kotak Mahindra Bank.
1. What is the tenure of a personal loan from Qbera?
The loan tenure at Qbera is a flexible one and it ranges from 1 to 5 years (12 to 60 months).
2. What is an EMI?
It is the fixed amount that a borrower pays to the lender on a particular date every month. An EMI includes the principal and interest charged on a loan.
3. What is the minimum and maximum loan amount that I can get from Qbera?
The loan amount ranges between Rs. 25,000 to Rs. 10 Lacs.
4. What is unique about Qbera?
Our technology and lending partnership allow us to offer a world-class experience to our borrowers:
- Paperless application
- Instant lending decision
- Digital verification of income, employment and residence
- Disbursement of loan within 24-48 hours
Our CIBIL score cut-off is 625 and we can give loans to employees of more than 9 lac companies in India. Now you don’t have to get rejected by banks just because they have not analyzed and categorized your employer.
5. What should be my age to apply for a loan with Qbera?
You must be at least 23 years old to apply for a loan.
6. What should be my minimum salary to get a loan?
Your net monthly income must be Rs. 20,000 or more.
7. What should be my CIBIL score cut-off for a personal loan?
Our CIBIL score cut-off is 625 (V2 score).
8. What is the rate of interest charged on a personal loan?
Rate of interest depends on a borrower’s income, CIBIL score, employer, age etc. Qbera collects information from your application form and various other data sources to create a personalized loan offer for you. Our interest rates start at 11.99%.
9. What is the eligibility criteria to get a loan from Qbera?
To get a loan from Qbera, a borrower should meet the following eligibility criteria:
- Must be a salaried employee.
- Age must be between 23-55 years.
- Net monthly income must be Rs. 20,000 or more.
- No defaults in the last 24 months.
- You must be residing in Delhi/NCR, Bangalore, Pune, Chennai, Mumbai or Hyderabad.
10. How do I apply for a loan online?
To apply for a loan online, click here. For queries, please Whatsapp us on +91 89719 28484.
11. What are the documents required to get a loan from Qbera?
The following documents would be required after your loan is digitally approved:
- Aadhar Card
- PAN Card
- 4 cheques from your salary account
- Current address proof
- Permanent address proof (in case the permanent address is different from the address on Aadhar card)
- Passport size photo
12. What is the processing fee charged on a personal loan by Qbera?
The processing fee ranges between 2% - 4%.
13. How can I repay my loan?
Qbera provides easy repayment of its smart loans through automatic debit of EMIs via NACH mandate.
14. Why was my loan application rejected at Qbera?
Although we have one of the best approval rates in the industry, we may have to reject some applications if they do not meet our basic qualification criteria. You can re-apply after 3 months in case you think that your credit profile has improved.
15. Can I re-apply for a loan?
Qbera requires you to wait for at least 3 months before re-applying for a personal loan.
16. How much time does Qbera take to process a loan application?
It will not take more than 10 minutes to fill up your online application form. Our technology allows us to disburse the approved loan amount within 24-48 hours.
17. Is part/prepayment allowed on my personal loan?
We do not allow part-payments. However, you can prepay your loan after completing 1 year of repayment. (Foreclosure charges: 5% + GST applicable).
18. Do I need to submit any collateral to get a personal loan from Qbera?
All personal loans offered by Qbera are unsecured. Hence, you need not submit any assets or property to secure a loan.
Interest Rate & Other Charges
||11.99% to 35.99%
|| 1% to 5% of total loan amount
||₹1,00,000 to ₹15,00,000
||12 to 60 months
- Processing Fee deduction of ₹5000 (2.5% of 2 Lacs) from loan amount, thus, the amount credited to your account will be ₹1.95 Lacs
- EMI of ₹7091 per month
- Total payable amount in 3 years = 36 times ₹7091 = ₹2,55,276
- Total Interest paid in 3 years = ₹55,276, hence, annual interest paid = ₹18,425 (which translates to an effective flat annual rate of interest of 9.21%)
- Age: 21-57 years old
- Net Monthly Income must be more than Rs. 18,000.
- No defaults in the last 24 months.
Documents Required after Digital Approval
- Aadhaar Card
- PAN Card
- Current Address Proof
"I am really happy that I got a loan from Qbera. My application has been rejected by lenders in the past without giving any explanation for rejection. Qbera approved my loan with minimum documents. Thanks a lot once again."
I did not want to make many enquiries as many requests can lower the CIBIL score. I contacted Qbera on a Monday and by evening itself they had an offer for me. They kept me informed through every step of the process and were also flexible with regards to my commitments. In the end, the loan was disbursed within two days of documents submission. Thank you Qbera for simplifying the process and helping me find a loan. " Show more...
"It was a nice experience with Qbera. I have never seen such an easy process for getting a loan, especially when you need it the most. Thank you Qbera for your support."
"I had a hassle-free experience with Qbera. It was a very easy application procedure and in a short span of 3 days I got my loan credited to my account. Thank you so much for the support Team Qbera"
"It was very easy to get a loan from Qbera. I just applied on their website and got a confirmed offer immediately. The amount was transferred soon after. Will give it 5 out of 5"
"It's good and quick response from the Qbera team to get the loan. They are very good at the communicating the things properly and appropriately"
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