Home | Bank | Kotak Mahindra Bank

Kotak Mahindra Bank

Kotak Mahindra Bank, the fourth largest bank in India was incorporated in the year 1985 by Mr. Uday Kotak to offer infinite solutions and possibilities for financial needs of Indian lives. Kotak Mahindra Finance Limited (KMFL) the flagship organization for Kotak group received its banking license from the Reserve Bank of India (RBI) in February, 2003. With the license obtained by KMFL, KMFL merged as the first non-banking organization to be transformed into a bank now known as Kotak Mahindra Bank Limited (KMBL).

As per the study of Brand Finance Banking 500, that was published in February 2014 by Banker Magazine, KMBL ranks 245 among leading 500 banks in the world with its brand evaluation of around half a billion dollars ($481) and brand rating of AA+. Kotak Mahindra Bank Limited also ranked as one of the top 5 best organizations for Corporate Governance in IR Global ranking.

Kotak acquired ING Vysya Bank dated 1 April 2015. The merger led to a win-win situation for both Kotak as well as ING Vyasa Bank with ING Group holding a 7% share in Kotak Mahindra Bank and simultaneous increase in the human resource count. Now the banks together under one brand name “Kotak” can cater for the needs of over 230 million Indians. People may also get benefited from offers such as 6% rate of interest per annum on savings accounts with over rupees one lac in their account and easy access through its over 1200 branches and 1900 ATM's at 643 locations across the country.

Various types of loans that Kotak offers everyone are

Home Loans - Home Loan Balance Transfer - Home Improvement Loans

• If you were looking for a Home loan now you can avail it with the bank’s service at your door step.

• You can avail 90% of your home cost with the banks home loan schemes.

• Repayment is made easy through low EMI's and attractive rate of interests.

• You can revisit your existing home loan charges with Kotak.

• You can as well avail a home improvement loan for a purpose of renovation of any kind to give your home a new look.

• The documentation for availing the loan is hassle-free and simple process along with a quick disbursement process.

Personal Loans

• Personal loans are available starting from Rs. 50,000/- to Rs. 15 Lac for your personal needs such as weddings, vacations, decorating your home and so on

• The payment can be made in a flexible manner with a long repayment period of 12 to 60 months for salaried customers along with low EMI and attractive rate of interest.

• The bank provides a doorstep service for the ease of its customers. The banks customer care executives are just a call away.

• The loan approvals and documentation processes are quick and hassle free.

Education Loan

• Education loans up to Rs. 10 Lac for your education in India and Rs. 20 Lac for your education abroad are available depending on your requirements and eligibility along with hassle-free documentation.

Tractor Loan, Rural Auto and Farm Equipment Loan

• At Kotak, loans are available for the purchase of old as well as new tractors, auto mobiles and farm equipment's.

• You can revisit your loan costs by considering a balance transfer or to avail a top up over an existing loan.

• You can also apply for a loan sitting at home by availing bank’s service at your doorstep.

• Availing a loan with Kotak is easy and fast process with an advantage of minimum documentation.

• The loans are available with pocket friendly EMI's, rate of interests and after sale service.

Loan against Property

• Loan against property can be availed for expansion of existing business, emergencies, etc.

• Kotak provides flexible loan eligibility for business man

• The loans are available ranging between Rs. 10 Lac to 3 crores.

• Loan against property are available against residential as well as commercial property.

• Loans are flexible such as loans based on EMI or overdraft facility with easy repayment through flexible loan tenures.

Gold Loan

• Gold loans at Kotak can be availed against gold or gold ornaments.

• The repayment of loans can be made through various options such as

» By paying monthly interest every month and paying the principal amount at the end of the tenure.
Term.

» By paying an EMI every month.

Commercial Vehicle Finance

• Commercial equipment loan can be availed through 900 locations spread across India that served through the direct sales force.

• The commercial equipment's include commercial vehicles such as trucks, buses, tippers, light commercial vehicles, and small commercial vehicles.

• The documentation for availing these loans is not complicated, feasible and flexible with loan tenure for a period of 12 to 60 months without any hidden cost incurred by the bank.

Loan against Securities

• The bank offers very competitive rate of interest for Stock Ace Accounts.

• You can as well avail instant liquidity though an overdraft facility against investments in equity shares, mutual funds, and other investments. The interest is charged only on the funds utilized.

• The loan tenure may vary from 1 to 36 months which can be renewed yearly.

Construction Equipment/ Infrastructure Finance

• Kotak provides loans for purchase of new as well as used construction equipment or vehicle.

• Apart from the hassle free process the facilities like balance transfer and top up is also available.

Unnati Auto Finance

• Unnati Auto finance scheme is specialized scheme for financing used as well as new commercial vehicles, construction equipment, SUV, MUV as well as taxis.

• The financing is flexible, hassle free, and quick.

Eligible Profiles & Products

Eligible Profile Products
Salaried Personal Loan

Eligibility and Documents for Salaried

Products Documents list Eligibility criteria and locations
Personal Loan
  1. Income proof- Last 3 months pay in slips and Form 16 along with Bank account statement for last 6 months.
  2. Age Proof-Pan Card/Passport
  3. Address Proof-Residence: 1.Passport 2.Voter Id/Ration card/Lease Deed/Rent Agreement copy/Bank statement Printed on Letter head duly signed and stamped and not more than 3 months old 3. Latest IT Returns 4. Original letter from Company 5. Electricity Bill
  4. Identify proof 1. Passport 2. Voter ID 3. Driving Licence 4. PAN Card 5. Adhar Card
  5. Application form with one Photograph.

• Should be between the Age of 21 years - 58 years
• Should be Resident Individual employed at a MNC/Public/ large Pvt Ltd company.
• Income with a Net Monthly salary of Rs. 25000/-
• Education- Graduate
• Residence Telephone
• Residing Minimum 1 year in city
• Have total work experience of atleast 2 years
• Applicant must be a resident of the below cities

Mumbai, Delhi, Bangalore, Hyderabad, Chennai, Ahmedabad, Chandigarh, Jaipur, Kolkata, Pune.

Home Loan
  1. Proof of Identity
  2. Address Proof
  3. Income Proof
  4. Latest Bank Statement
The Financial Eligibility depends on the following factors
1. Monthly or annual income
2. Source of income
3. Savings and credit history
4. Work experience
5. Age
6. Qualifications
7. Number of dependants
8. Probability of the individual continuing in the same occupation
Loan Against Property
  1. Pan Card
  2. Application Form with photographs
  3. Proof of Identity
  4. Address Proof
• Minimum 21 years of age. • Maximum 65 years of age at the time of loan maturity.
Education Loan
  1. Proof of Fees structure
  2. Admission Latter
  3. Basic Qualification & mark-list
  4. Pan Card
  5. Proof of Identity
  6. Address Proof
  7. Income Proof
  8. Latest Bank Statement
• The student should be an Indian National • The student shall have secured the admission in India or abroad through
an entrance test or through merit based selection process • Age of joint applicant / co-borrower / guarantor should be minimum 21
years at the time of loan origination and maximum age at the time of loan maturity can be 70 years.
  1. Proof of Identity
  2. Address Proof
1. You should be 25 years of age minimum. Age: Minimum 18 years 2. Constitution: Resident Individual / Proprietor 3. Security: Gold ornaments / articles above 18 carat

Fees and Charges for Salaried

Products Fees and Charges
Personal Loan Cheque Dishonour charges - Rs. 750 per instance
Collection Charges - 30% of cheque bouncing and penal charges
Commitment Charges - 2% of the loan sanctioned less amount disbursed if any.
Credit Appraisal Charges - Upto 5% of the Loan Amount, not exceeding Rs, 7,500/-
Duplicate NOC - Rs. 500
Loan Processing Charges - Upto 2% of the Loan Amount.
Overdue Interest - 3% of Overdue amount Compounded monthly.
PDC replacement Charges - Rs. 500 per instance
Rate of Interest - From 13% Onwards
Stamping Charges - As per the respective state’s Stamp Act
Transaction Record copies SOA/Amortization schedule - Once yearly without any charge. After that Rs. 250 per request.

FAQs for Salaried

When can I get my Repayment Schedule?
The Repayment Schedule will be sent to you within two working days at the correspondence address. You can also place a request over phone, email or letter or waling to nearest customer care branches.
When can I foreclose the loan? What is the procedure for full prepayment?
Bank does not allow prepayments for the first 12 months.. For foreclosures a 30 days prior intimation period is necessary. Intimation is to be given in writing or email with a request for full prepayment. Once your intimation period is complete, the foreclosure statement of your loan will be issued to you from Banks end.You need to submit this full prepayment cheque at branch at least 7 working days before your next EMI date. You can make the foreclosure payment either via DD/cheque/cash, cheque or DD in favor of "Kotak Mahindra Bank” after the intimation period is over post clearance of the cheque loan closure will happen in the banks records. No Objection Certificate (NOC) and the balance Post Dated Cheque's (if any) will be sent to correspondence address within 15 working days post closure of loan account.
What is the procedure for part prepayment?
Bank does not allow a part prepayment on personal loan account.
How can I change my Instalment date? Are there any charges applicable?
Yes. The dates available are 1st, 5th and 10th .Changing of EMI date will attract rescheduling charges and PDC Swap charges* per instance plus applicable service tax. You would need to provide a written request mentioning the reason for the EMI date change and send the rescheduling charges to us 7 working days pre / 7 working days post the EMI date.
When can I swap my PDC's and what are the charges?
PDC's need to be swapped at least 7 working days pre / 7 working days post the Instalment date. Charges* applicable would be Rs. 500/- per instance plus applicable service tax.
What is procedure for change from PDC mode to ECS mode.
You need to sign an ECS Mandate form and submit along with one blank, undated security cheque drawn in favor of 'Kotak Mahindra Bank '. At the bottom to mention 'Not more than the loan amount' Six security cheques to be drawn in favor of 'Kotak Mahindra Bank '.This cheque needs to be undated and blank at the bottom, it needs to mention 'Not more than three times the EMI amount' PDC swap charges* will be applicable Rs. 500/- per instance plus applicable service tax.
How can I get my Statement of Account?
Call, email, or visit the nearest Kotak Mahindra customer care branches.
How can I get my new address updated on my loan?
A written request needs to be sent to customer care department informing the change in correspondence address along with photocopy of the new address. For example: An electricity bill/passport copy/ration card etc. The new address will be updated in the bank's records within 2 working days, post submission of the above mentioned documents
How can I reschedule or postpone my EMI?
Re-schedulement or postponement of EMI is not possible on your personal loan account.
When will I receive No Objection Certificate?
Once your loan is matured, a request for NOC via letter / email needs to be sent. NOC will be issued after 15 working days post termination of the loan and no amounts are outstanding. If loan is foreclosed, NOC will be issued after 15 working days post termination of the loan and no amount is outstanding. If Top up loan has been availed, NOC on the old loan which is being foreclosed will be issued after 15 working days post termination of the loan.
What is the Quantum of Education Finance?
Ans. You can avail a loan of up to Rs. 10 Lacs* for education in India and Rs. 20 Lacs* for education abroad, based on your income and repayment capacity to fulfill all your financial needs
What are the loan tenure options for loan against property?
Ans. You can opt for a loan period of up to 12 years, which can vary depending on the purpose of the loan and your profile
Does the agreement for sale have to be registered for loan against property?
Ans. Yes, very much so. In many states in India, the agreement for sale between the builder / seller and the purchaser is required by law to be registered. You are advised, in your own interest to lodge the agreement for sale at the office of the Sub-registrar appointed by the State Government under the Indian Registration Act, 1908.
What kind of security is required for loan against property?
Ans. In most cases, the property itself, bought or intended to be bought, becomes the security till the entire loan is repaid. In some cases additional security such as life insurance policies or Term Deposit receipts of Kotak Mahindra Bank (if available) can be provided.

Eligibility and Documents for Self Employed

Products Documents list Eligibility criteria and locations
Home Loan
  1. Pan Card
  2. Application Form with photographs
  3. Proof of Identity
  4. Address Proof
  5. Income Proof
  6. ITR
  7. Latest Bank Statement

The Financial Eligibility depends on the following factors

1. Monthly or annual income

2. Source of income

3. Savings and credit history

4. Work experience

5. Age

6. Qualifications

7. Number of dependants

8. Probability of the individual continuing in the same occupation

Loan Against Property
  1. Pan Card
  2. Application Form with photographs
  3. Proof of Identity
  4. Address Proof
  5. Existing Loan Tracks
• Minimum annual income should be Rs. 1.44 lac as per the P&L. • Minimum 21 years of age. • Maximum 65 years of age at the time of loan maturity. • Firm/company should have been in operation for the last 3 years. • Firm/company should be making cash profits for the last two years.
Education Loan
  1. Proof of Fees structure
  2. Admission Latter
  3. Basic Qualification & mark-list
  4. Pan Card
  5. Proof of Identity
  6. Address Proof
  7. Income Proof
  8. ITR
  9. Latest Bank Statement
  10. Existing Loan Tracks
• The student should be an Indian National • The student shall have secured the admission in India or abroad through an entrance test or through merit based selection process • Age of joint applicant / co-borrower / guarantor should be minimum 21 years at the time of loan origination and maximum age at the time of loan maturity can be 70 years.
  1. Pan Card
  2. Proof of Identity
  3. Address Proof
  4. Income Proof
  5. ITR
  6. Latest Bank Statement
  7. Existing Loan Tracks
• Any individual / partnership firm / company with more than two years of business experience • Existing owner of at least one commercial vehicle • Captive customers, educational institution and transporters • The applicant should be a local resident for at least 2 years in the approved location • Individuals with minimum 12 months experience in the field • First time owners can be funded at the discretion of the Bank • Captive customers, educational institution and transporters
  1. Proof of Identity
  2. Address Proof
1. You should be 25 years of age minimum. Age: Minimum 18 years 2. Constitution: Resident Individual / Proprietor 3. Security: Gold ornaments / articles above 18 carat
  1. Pan Card
  2. Proof of Identity
  3. Address Proof
  4. Income Proof
  5. ITR
  6. Latest Bank Statement
  7. Existing Loan Tracks
• Any individual / partnership firm / company with more than two years of business experience. • Existing owner of at least two commercial vehicles. • Captive customers and transporters.

FAQs for Self Employed

1. What is the maximum amount I can borrow for home?

Ans. You can borrow up to 90% (up to 80% for loans between Rs. 20-75 Lacs, & 75% for Loans above Rs. 75 Lacs) of the cost of the property in case of Home Loans. However in case of Commercial Loans against Property or Loans against an existing property you can borrow up to 60% of the cost of the property.
What is the repayment period?
Up to 20 years depending on the loan amount and profile.

2. Can I get the benefit of reduced interest rates in the intervening period or during the balance tenure of my home loan?

Ans. In Floating rate loans, change in Base rate will have direct impact on the interest rate of Home Loan.

3. What kind of security is required for Home loan?

Ans. In most cases, the property itself, bought or intended to be bought, becomes the security till the entire loan is repaid. In some cases additional security such as life insurance policies or Term Deposit receipts of Kotak Mahindra Bank (if available) can be provided.

4. Does the property have to be insured?

Ans. Your home is your pride and joy. Don't let unplanned events take it away. Property insurance will take care of home in case an unforeseen event strikes. Also, we offer Insurance options to cover your Loan Liability. That way, you will be at peace that you and your loved ones will not lose your home.

5. Does the agreement for sale have to be registered for Home loan?

Ans. Yes, very much so. In many states in India, the agreement for sale between the builder / seller and the purchaser is required by law to be registered. You are advised, in your own interest to lodge the agreement for sale at the office of the Sub-registrar appointed by the State Government under the Indian Registration Act, 1908.