Kotak Mahindra Bank Business Loan Interest rates in Bhavnagar
| Up To 10,00,000 | 10,00,000 Above | |
|---|---|---|
| Manufacturer | 17.50% | 17.00% |
| Service Provider | 18.00% | 17.50% |
| Trader | 18.00% | 17.50% |
Features of Kotak Mahindra Bank Business Loan Bhavnagar
| Type | Features |
|---|---|
| Processing Fee | 3.0% |
| Pre Closure Charges | 5.0% |
| Part Payment Charges | Nil |
| Min Tenure | 1 Years |
| Max Tenure | 4 Years |
| Min Age | 24 Years |
| Max Age | 60 Years |
| Min Loan Amount | Rs.5,00,000/- |
| Max Loan Amount | Rs.30,00,000/- |
Kotak Mahindra Bank Business Loan Bhavnagar Charges
| Type | Charges |
|---|---|
| E M I Bounce Charges | Rs. 750.00/- |
| Part Pre Payment Charges | allowed |
| Penal Interest | 3% p.m. on overdue amount |
| Duplicate Statement Charges | Rs. 500/- |
| Insurance Cover | Upto Loan Amount |
| Cheque Swapping Charges | Upto Rs. 500/- |
| Issue Amortization Schedule Duplicate | Rs. 250 /- |
| C I B I L Report Issuance Charges | Rs. 50/- |
| N O C Issuance Charges | Free |
| Duplicate N O C Issuance Charges | Rs. 500/- |
Documentation For Business Loan
For Proprietorship Firm
- Filled Application form
- Identity Proof (PAN CARD)
- Address Proof
- Last 2 years of Income Tax Documents
- VAT/CST/ST Registration copies (if any)
- 1 Passport Size colour Photographs
- 6 months Bank Statements
- Latest year business performance related documents.
- Other loansanction letters and their Track (If existed)
For Partnership Firm
- Filled Application Form
- Partnership deed
- Firm PAN Card & Address Proof
- All Partners Identity Proof
- All Partners Address Proof
- Last 2 years of Income Tax Documents
- Last 6 months of Bank Statements
- VAT/CST/ST Registration copies (if any)
- 1 Passport Size colour Photograph for applicant
- 6 months Bank Statements
- Latest year business performance related documents
Private Limited And Limited Companies
- Filled Application Form
- MOA/AOA and Incorporation certificate
- Commencement of operation (if it is a Public Ltd Company)
- Company PAN Card & Address Proof
- All Directors Identity Proof
- Last 2 years of Income Tax Documents
- Last 6 months of Bank Statements
- VAT/CST/ST Registration copies (if any)
- 1 Passport Size colour Photograph for applicant
- 6 months Bank Statements
- Latest year business performance related documents
- Other loansanction letters and their Track (If existed)
Identity Proof Of Partners/Directors
- Passport
- Driving License
- PAN card
- Photo credit card (with embossed Signature and last two months statement)
- Banker's sign verification
Age Proof Of Partners/Directors
- PAN Card
- Passport
- License
- School leaving certificate
- Voter card
- Birth Certificate
- LIC policy (only for age Proof)
Address Proof For Personal Loan
- Latest salary slip
- Current dated salary Certificate with latest form 16.
- Latest year IT Returns with Tax Audit reports(For Self Employed applicants)
Income Proof Of Partners/Directors
- Latest year IT Returns with Tax Audit reports(For Self Employed applicants)
Banking History For Business Loan
- Bank statements of latest 2 months
- 3 months bank passbook
Kotak Mahindra Bank Business Loan FAQ's
What are Magma SME Loans all about?
"At Kotak Mahindra Bank., we understand the unique needs of small and medium enterprises (SMEs) and are keen to support them in their growth. We fund short-term loans up to Rs. 2 crores without any primary or collateral security for business needs, and with payment options for 12 to 48 easy installments. We also offer options of advance installments and structured repayment schedules to match your credit cycle requirements. Kotak Mahindra Bank provide loan without adequate lead-time within seven working days to facilitate seamless forward movement for your company. With competitive SME loan interest rates, flexible repayment options and a team of dedicated professionals bringing our services to your doorstep, any dream is possible. "
What are the different types of SME loans we provide?
"Working capital: To bridge the working capital gap and foster growth of businesses. Business Expansion: For expansion of manufacturing facilities, increasing product lines, geographical expansion, technology upgrades, forward/backward integration, augmentation of project loan etc. Margin Money Funding: Margin money required for machinery purchase/LC/BG, purchase of business premises, etc. "
What is the loan process?
"Step 1: Submit loan application with required documents. Step 2: Personal visit from credit manager. Step 3: After clearance of queries, if any, decision is made Step 4: Disbursement after submission of agreement and PDCs All key internal processes are handled by a dedicated and knowledgeable in-house team to ensure your application is given due attention and to maintain the highest level of confidentiality. "
How do i apply?
"• Leave your contact details • Write to us • Visit any of our branches. "
What documentation is required for an sme loan?
"• Financial statements from the last three years. • Bank statements for the past 6 months. • Incorporation documents. • Proof of address for factory and/or office. • Proofs of age, address and signature for all parties involved in the agreement. • Validation proof and tax receipts for the current year’s turnover. "
Is there a pre-payment option for your product?
Yes. You can prepay the loan any time after 6 months with a pre payment fee as per loan agreement.
What is the maximum loan I can borrow?
Kotak Mahindra Bank maximum Loan of upto Rs 2 Crore without collaterals.
What are my tenure options?
Yes. You can choose tenure options between 12 months to 48 months. Self employed Doctors can get loans upto 60 months.
Can I get an SME Loan without a bank account?
You would need to show a bank statement for the past 6 months.
I stay 75 km from your nearest branch office. Can I still get the SME Loan?
Yes. You can take SME loan upto 125 kms from the nearest branch.
About Kotak Mahindra Bank
Kotak Mahindra Bank Highlights
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Why Business Loans?
Owning a business is an exciting journey. When starting off there are many odds and ends to be met, once the business is set things will begin to takeoff. However nothing is possible in the business world without the right financing. Many business owners will review the financing options available to them, Business Loans are the best suitable for kind of your requirements.
As a business owner, your most difficult task is finding the money to operate your business. Taking the necessary steps to prepare for a small business loan can minimize the difficulty.
Learn what you need to know to clinch the loan deal.
You can get a loan for your business by proper preparation. The main requirements of attaining a business loan are your credit history, business plan, experience, education, and feasibility of the business you are expanding.
The most important task to obtain a business loan is to improve the business. Your business plan must answer the questions, a lending institution would ask for following.
The factors which will affect your business loan eligibility and rate of interest:
Interest rates
Rate of Interest will be based on bank/financial Institutions internal policies and terms. Generally Bank account conduct, reputation of the entity, repayment capability, credit history, Promoters Back ground and other credit related factors which can be evolve for Business Loans.
Tenor: from min of 12 months to Max of 48 months.
Interest Rate: from min 16(percent) to 22 (percent) .
Age: Min of 24 years to max of 55 years.
Repayment: Monthly EMI to be paid till the loan closure.
Repayment mode: By way of PDC, ECS or Standing Instructions.
Pre-Closure Charges: Will be applicable as per bank norms.
Expert Advice
Best Practices for Business Loan
Things not to do for Business Loan
Important points to be remember for Business Loans
Business Loans Vs Working Capital Facilities
| Business Loans | Working Capital Facilities |
|---|---|
| Generally Business Loan are small tenor unsecured loans offered by the bank based on the requirement, conduct and credit history of the entity. | Working Capital loans are related to business day to day operations, there is no limitation for the working capital facilities as per the entities financial performance and collateral capacity. |
| Business Loans are by nature it is a loan and need to repay the regular instalment till the loan will be cleared. | Working capital Facility is a facility you can avail the regular day to day transactions for your business purpose, generally WCF will be sanctioned for 12 months tenor. |
| Business Loans can be used for any related works, and there is no restriction for usage of funds. | WCF will be used only for business and business related purpose, there is a restriction on usage for facilities. |
| Business Loans will be only provide the fund based limits. | Working capital facilities can be sanctioned for fund based or non fund based requirement. |
| Only one type of facility can be availed from the Business Loans from the bank | Various types of facilities can be offered by the bank under WCF facilities. |
| Business Loans can be availed by small business owners. | WCF facilities can be availed by small business owner to big corporate. |
| Maximum tenor of loan is 48 months offered by the banks. | Maximum tenor will be 12 months based on the facility requirement. |
| Business Loans are costly than the WCF loans. Generally interest rates will be very from 18% to 21%. | WCF are relatively cheaper than the Business Loans. Generally interest rates will be vary 13% to 15% as per bank internal policy. |
| Minimum of 3 years vintage will be required for the business loans. | Min of 1 year vintage for calculation of eligibility will require for WCF. |
| Generally Business Loans will be used for unexpected requirement in business.. | WCF will be used for regular activities of business. |
| Loan disbursement will be max 7-15 days from the date of application. | Min of 15 days to max of 90 days will require for process the WCF request from the date of application. |
| Banks/Financial Institutions will prefer to provide the business loans to WCF customers. | Banks will prefer to take more collateral to fund the WCF. |
| Interest will be on total loan outstanding and will be calculated on monthly basis. | Interest will be calculated on daily basis outstanding and will be debited in account on monthly basis. |
About Bhavnagar
Bhavnagar, in the Indian state of Gujarat, is a port city on the coastal region of the Saurashtra peninsula abutting the picturesque Gulf of Cambay. It is fifth largest city of Gujarat is situated in the eastern coast of Saurashtra, also called Kathiawar and to the west of the Gulf of Khambat. It is the second largest city of Saurashtra.
Bhavnagar is primarily a business town, close to Alang which is the biggest ship breaking yard in South Asia. People coming in for business in Alang make Bhavnagar their base as all the offices are situated here, region and is known for its cultural capital.
In 1823, a new capital near Vadva village was established by Maharaja Bhavsinhji Gohil and the place was named Bhavnagar, after his name. The place gained importance owing to its location that facilitated maritime trade. It became the capital of Bhavnagar State. Until Indian Independence in 1947, the Rajput Gohil clan ruled the independent state of Bhanvanagar.In 1948, it was the first Indian princely state to unite with the Indian Union.
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Places To Be Visited In Bhavnagar
Takhteshwar Temple
Takhteshwar Temple is a famous temple situated in the Bhavnagar city in Gujarat. It was constructed in 1893 at the instructions of the then ruler of Bhavnagar, Maharaja Takhatsihnji. It has a magnificent shrine with a three eyed Lord Shiva who is regarded as the powerful and fascinating deity of the Hindu Trinity. The temple is constructed in white marble which showcases a rare architectural beauty. It also offers an aerial view of the city of Bhavnagar and the surrounding regions.
Tadhavaj Hill
On the confluence of the rivers Shatrunai and Talaji on the hill top the town of Talaja is located. Carved out in the hills are Buddhist caves or monasteries which were built thousand of years ago. A pleasant climb up the hill brings one to magnificently built Jain temples. Located 160 ft above sea level, the place is famous for a small cluster of temples and ancient caves, believed to be Buddhist origin, carved into the hills. Talaja Teerth is a center of religious activity.
Sihor
An interesting excursion from the Vijay Vilas Palace is Shihor, with its historic old palace of the Maharaja of Bhavnagar, featuring gardens, wall paintings and woodcarvings. It can also be used as a base to visit Alang Ship Breaking Yard, the Jain temples of Talaja, the historic town of Vabhipur and the Velavadar National Park.
Gandhi Smriti
Gandhi Smriti stands in Bhavnagar city as the vital link of the life of the political leader and the city. The memorial, which houses a hoard of photographs of the Mahatma, stands by the clock tower in Crescent Circle. Gandhi Smriti in Bhavnagar preserves a huge collection of books and other memorabilia used by Mahatma Gandhi. The repository also displays photographs that recreate the various events in the life of this great leader. Artifacts like religious carvings and betal cutters that are cultural representatives of Saurashtra are also found in Gandhi Smriti at Bhavnagar.
Bhavnagar Lock Gate
The Lock Gate of Bhavnagar is situated in a dockyard of the city that was built 100 years ago. It is a very old dry dock of the country, which is still operational. It is at present used for the making of ships. The Lock gates impound the sea-water in order to keep the ships floating in the time of low tides. One can watch the lock gates in action after taking special permission. Among the various places to see in Bhavnagar, the Lock Gate is surely a popular tourist choice.
Gopnath Beach
A beautiful hamlet on the coast of the Gulf of Khambhat and at a distance of 10 Kms from Talaja, the taluka headquarter of Bhavnagar district is Gopnath. Vying for eminence on the tourist circuit with development of a heritage hotel - Gopnath Bungalow, it was a pleasant sea-shore retreat of Gohil rulers of Bhavnagar. The bungalow built in a European colonial style with cottages and mansions surrounding the courtyard faces the sea and offers a beautiful view of the gulf.It attracts marine life and birdwatching enthusiasts to the rocky shores on the coast. It is also renowed for the temple of Gopnath Mahadev, where Narsinh Mehta is believed to have performed penance. The coast in this area is full of tiny islands and offers a picturesque delight to the onlooker.
Nilambag Palace
Nilambag, the royal palace now converted into a heritage hotel reflects the grandeur of the eighteenth century and is set amidst vivid lawns and gardens. The pillared porticos, stepped arches, pleasant center courtyard, turning marble staircase, dining hall furnished with European chandeliers and the historic library takes one back to the era of royalty and splendor.