Kotak Mahindra Bank Business Loan Interest rates in Vijayawada
| 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 Vijayawada
| 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 Vijayawada 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 Vijayawada
Vijayawada earlier known as Bezawada, is the third largest city in Andhra Pradesh, India, located on the banks of the Krishna River and bounded by the Indrakiladri Hills on the West and the Budameru River on the North. Vijayawada literally translates to "The Place of Victory". Its prominence as a major trading and business center has earned it the title of, “The Business Capital of Andhra Pradesh”.
Vijayawada history reveals that Bezawada (Vijayawada) was ruled by King Madhava Varma. Chinese Buddhist scholar Xuanzang stayed few years in Bezawada (Vijayawada) in around 640 A.D. to copy and study the Abhidhamma Pitaka, the last of the three pitakas (Pali for baskets) constituting the Pali canon, the scriptures of Theravada Buddhism.
Places To Be Visited In Vijayawada
Kanaka Durga Temple
Kanaka Durga Temple is located on the Indrakiladri hill, on the banks of Krishna River. It is a famous Hindu temple, which is dedicated to Goddess Kanaka Durga. According to the legends, Arjuna obtained the Pasupatha astra at this site and after gaining the astra, he constructed this temple for Goddess Durga.
Mangalagiri
Mangalagiri is one of the eight important Mahakshetrams (sacred places) in India. It is also oldest Vaishnavite Temples in the entire South India, whose presiding deity is Sri Lakshmi Narasimha Swamy. This temple was built by the Zamindar Sri Raja Vasireddy Venkatadri Naidu during the period 1807-1809.
Undavalli Caves
Undavalli caves were carved out of solid sandstone on a hillside in the 4th to 5th centuries and is a paradise for history lovers. There are three layers in the cave. The lower level resembles to the Jain abode with many chambers and Thirthankara Sculptures. The second level has as the statue of reclining God whose identity cannot be found out. However, locale believes the statue is of Lord Vishnu. The caves are made in Gupta style of architecture.
Kondapalli Fort
A fort with roots in parallel histories, this one is said to have been built as a center of recreation, business and trade. The main entrance gate, carved out of a single boulder of granite is called the Dargah Darwaja.
Mogalarajapuram Caves
These are ancient caves, dating back to 5th century and one of the most significant landmarks of the heritage of Vijayawada. Though a lot has been lost to ruins, the caves still hold religious and spiritual value as they house idols of Lord Nataraja and Lord Vinayaka amongst many more, a few cave temples
Prakasam Barrage
Prakasam Barrage is a 1223.5 m long structure across the Krishna River, which connects Krishna and Guntur districts. The construction of the barrage started in 1852 and completed in 1855.