If you are earning a monthly salary of Rs.60,000 and looking for a Personal Loan, Kotak811 covers you. We know everyone has different needs and dreams. That is why we offer Personal Loans just right for you, ensuring that you get the financial support you need without any hassle. Whether you are planning a big wedding, dreaming of a grand vacation, or need to handle unexpected bills, we are here to help.
At Kotak811, getting a Personal Loan is straightforward, with fair interest rates and flexible payment options tailored for those earning Rs.60,000 a month. Let's make your dreams a reality together.
Who can apply for a Kotak811 Personal Loan?
Anyone who meets the following criteria can apply for Personal Loan.
- Work experience: You will need at least a year of experience.
- Education: Your minimum qualification needs to be graduation.
- Employment: Salaried employees that work in public limited, private limited, or MNCs.
- Minimum monthly income:
- If you are a Kotak811 employee, then you should have a minimum salary of Rs.20,000
- If you are a Kotak salary account holder, then you need a salary of Rs.25,000
- On the other hand, if you are a non-Kotak811 salary account holder, then you need a minimum salary of Rs.30,000.
- Age: You also need to be between 21 to 60 years of age.
Personal Loan interest rates and tenure
Interest rates play a crucial role in how affordable your loan is, and Kotak811 gets this right with its approach to Personal Loan interest rates. We offer a starting rate of 10.99% per annum, but we also have competitive rates that will meet different financial needs.
At Kotak811, we offer a repayment tenure of up to 6 years. This gives you the convenience and time needed to manage your finances comfortably.
Must Read: What Is Personal Loan & How It Works?
Streamlining your loan planning with a Personal Loan EMI calculator
Kotak811 Personal Loan EMI Calculator is more than just a tool; it's your financial planning friend, especially when you are about to take a step as major as applying for a Personal Loan. With this handy calculator, you are not left guessing how much you will need to pay monthly.
Instead, you can enter the amount you wish to borrow, the time you need to pay back, and the interest rate Kotak811 offers. You will see the EMI you are expected to pay in seconds.
Navigating Personal Loan fees and charges
Beyond the interest rate, understanding the associated fees is crucial. This includes:
- Processing fee: We charge a processing fee of up to 5% of the loan amount, along with the applicable taxes.
- Prepayment charges: The prepayment charge is 2% of the outstanding principal loan amount, along with GST.
- Repayment mode swap charges: This amounts to Rs.500 plus taxes per instance.
Apply for the Kotak811 Personal Loan easily
You can apply for a Personal Loan in different ways depending on whether you have a pre-approved offer or not. If you have a pre-approved offer, then you can follow the below points.
- Download the Kotak811 App: Start by downloading the app on the Play Store or App Store.
- Access the “Loans” section: Reach the “Loans” section within the app after its installation.
- Initiate the application process: Begin filling out the application by selecting the desired loan amount and EMI tenure.
- Review and confirm: Approve the loan agreements towards the end of the process and click on “Confirm.”
- Loan disbursal: Once your application is approved, the loan amount will be credited directly to your account.
If you do not have a pre-approved loan, then you can get in touch with our customer care representative or reach out to your nearest Kotak Bank branch with the following documents:
- Residence proof: Carry your Aadhaar Card, Driving License, or Passport.
- Income proof: Get three months of bank statements and salary slips as well if you are a salaried person.
- Identity proof: You will need an Aadhaar Card, Passport, PAN Card, Voter’s ID Card, or Driving License.
- Photographs: Also include 2-3 recent passport-sized photos.
Conclusion
The Kotak811 Personal Loan is one-of-a-kind, and it comes with many benefits. First of all, it does not need any collateral to deliver the financial assistance you need. It also has a minimal documentation requirement along with full transparency, which makes it an incredibly trustworthy source.
You can get your loan whether you have a pre-approved offer or not, and once you apply for it, you will get the amount directly into your account within a short period.
FAQs
1. What loan amount can I expect?
The loan amount that you can get depends on your income and existing financial obligations. But we provide a maximum of Rs.35 lakhs as financial assistance.
2. How does the application process work?
Kotak811 simplifies the application process by providing pre-approved offers. If you have one, then you can download the Kotak811 App and make the application online. But if you do not have such an offer, then you can get in touch with our customer care or get to the nearest Kotak Bank branch with your documents.
3. Can I prepay my Personal Loan, and are there any charges?
Yes, you can prepay your Personal Loan with Kotak811. We charge 2% of the outstanding principal loan amount along with GST.
4. What happens if I miss a loan EMI payment?
Missing an EMI payment can affect your CIBIL score and may incur late payment fees. However, Kotak811 understands that unforeseen circumstances can arise, and we recommend contacting us immediately to discuss potential solutions or payment arrangements.
5. Can I apply for a loan with a co-applicant?
Yes, applying with a co-applicant is possible and can even improve your loan eligibility, especially if the co-applicant has a strong financial background and credit score. This is a smart way to increase the loan amount you're eligible for or secure better interest rates.
Popular Searches on Kotak811
Zero Balance Current Account Opening Online | Zero Balance Current Account Fees & Charges | 811 Mobile Banking App | Kotak 811 | 811 Super Account | Super Savings Account Fees And Charges | Best Zero Balance Account Opening Online | Best Credit Card for Online Shopping In India | Lifetime Free Credit Card | Apply for Image Debit Card | ActivMoney Savings Account | Open Savings Account Online | Savings Account Fees and Charges | Check Your CIBIL Score | Reactivate Dormant Account Online | Digital Savings Account | Apply for Personal Loan Online | Personal Loan for Education | Personal Loan For Marriage | Personal Loan For Medical Emergency | Personal Loan For Travel | Unsecured Personal Loans | Complete Guide on Fixed Deposit (FD) | Visa Debit Card | How To Unfreeze Frozen Bank Account | How To Reactivate An Inactive Or Dormant Savings Account?
*Terms & Conditions apply.
Credit at the sole discretion of Kotak Mahindra Bank Ltd. and subject to guidelines issued by RBI from time to time. Bank may engage the services of marketing agents for the purpose of sourcing loan assets. Personal Loan will not be disbursed if the Savings Account is in dormant or freeze state.
Share
