Kotak Mahindra Bank Personal Loan Interest rates in Lucknow

Please Find the Detailed Kotak Mahindra Bank Personal Loan Interest Rates

	Up To 50,000	50,000 Above
Others	24.00%	24.00%
Salaried	10.99%	11.50%
Self Employed Professional	14.50%	14.00%

Features of Kotak Mahindra Bank Personal Loan Lucknow

Type	Features
Processing Fee	2.5%
Pre Closure Charges	Nil
Part Payment Charges	Allowed
Min Tenure	1 Years
Max Tenure	5 Years
Min Age	21 Years
Max Age	58 Years
Min Loan Amount	Rs.50,000/-
Max Loan Amount	Rs.15,00,000/-

Kotak Mahindra Bank Personal Loan Lucknow Charges

Type	Charges
E M I Bounce Charges	Rs. 750/-
Duplicate Statement Charges	Rs. 250/-
Cheque Swapping Charges	Upto Rs. 500
Issue Amortization Schedule Duplicate	Rs. 250/-
Photocopy Documents	Rs. 500/-
Default Interest Rate	3% on Overdue Amount

Documentation For Personal Loan

For Salaried Persons

Filled Application form
Identity Proof (PAN CARD)
Address Proof
Latest 3 months Payslips
Job Continuity Proof
2 Passport Size colour Photographs
Co-Applicant identity proof, Address Proof
Co-Applicant relationship Proof and Photograph
6 months Bank Statements
3 Post Dated Cheques/ECS Mandate
Property Related documents

For Self Employed/Professionals

Filled Application form
Identity Proof
Address Proof
Last 2 years Income Tax Returns
Professional/Self employed existence proof for more than 3 years
2 Passport Size colour Photographs
Co-Applicant identity proof, Address Proof
Co-Applicant relationship Proof and Photograph
6 months Bank Statements
3 Post Dated Cheques/ECS Mandate
Property Related documents

Identity Proof For Personal Loan

Passport
Driving License
PAN card
Photo credit card (with embossed Signature and last two months statement)
Banker's sign verification

Age Proof For Personal Loan

PAN Card
Passport
License
School leaving certificate
Voter card
Birth Certificate
LIC policy (only for age Proof)

Income 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)

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)

Job Continuity Proof For Personal Loan

Form 16
Relieving letter
Appointment Letter (for last two months)
Last 6 months of VAT/Service Tax returns (For Self Employed Applicants)

Banking History For Personal Loan

Bank statements of latest 2 months
3 months bank passbook

Kotak Mahindra Bank Personal Loan FAQ's

When can I foreclose the loan? What is the procedure for full prepayment?

"Kotak Mahindra Bank do not allow prepayments for a period of 12 months from the date of your first EMI. 30 days foreclosure intimation period is mandatory. You need to inform us in writing or via email about your request for full prepayment. Once your intimation period is complete, the foreclosure statement of your loan will be issued to you from our end. You need to submit this full prepayment cheque at our 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. Once your foreclosure cheque is cleared your loan closure will happen in the banks records. Kotak Mahindra Bank will send the No Objection Certificate (NOC) and the balance Post Dated Cheque's (if any) to your correspondence address within 15 working days post termination of your loan account. After 12 months + 1 month intimation period the foreclosure charges applicable would be 5% + service tax on principal outstanding. "

What is the procedure for part prepayment?

Kotak Mahindra Bank do not offer a part prepayment facility on your personal loan account.

Is it possible to change my Installment date? Are there any charges applicable?

"Yes, it is possible to change the Installment date. The dates available are 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 Installment date. Charges* applicable would be Rs.500/- per instance plus applicable service tax.

What do I need to do, incase I want to opt for an ECS mode for making my Installment payments instead of PDC?

"You would need to sign an ECS Mandate form. ECS Form One security cheque 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 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?

You can download your statement of account for free

How can I get my new address updated on my loan?

"You would need to send a written request letter to our customer care department informing the change in correspondence address. You would need to enclose the photocopy proof of your 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 get my Repayment Schedule?

"You can download your Repayment Schedule for Free Click here to view and download. Should you need the bank to send you a copy, you can place a request via phone or an email or letter or walkin to our customer care branches. The Repayment Schedule will be sent to you within two working days at your correspondence address. "

How can I reschedule or postpone my EMI?

Reschedulement or postponement of EMI is not possible on your personal loan account.

When will I receive No Objection Certificate?

"In case if your Loan is matured, you need to send us a request for NOC via letter / email. NOC will be issued to you 15 working days post termination of the loan in our system (provided there is no penal outstanding). In case if your loan is foreclosed, NOC will be issued to you 15 working days post termination of the loan in our system (provided there is no penal outstanding). In case you have availed Top up loan, NOC on the old loan which is being foreclosed will be issued to you 15 working days post termination of the loan in our system (provided there is no penal outstanding). "

I want to know the break up and calculation of the loan amount cheque given to me.

"You can place a request via phone, email, letter or walk-in at any of our branches. The loan interpretation will be couriered to you at your correspondence address within 4 working days. "

About Kotak Mahindra Bank

Kotak Mahindra Bank is the fourth largest Indian private sector bank by market capitalization, headquartered in Mumbai, Maharashtra. Kotak Mahindra group, established in 1985 by Uday Kotak, is one of India’s leading financial services conglomerates. In February 2003, Kotak Mahindra Finance Ltd. (KMFL), the Group’s flagship company, received a banking licence from the Reserve Bank of India (RBI). With this, KMFL became the first non-banking finance company in India to be converted into a bank – Kotak Mahindra Bank Limited (KMBL)

Kotak Mahindra Bank Highlights

Best Bank in 2014 by Business India

Most Imminent Bank 2014 by Outlook Money

Best Prepaid Card Programme' at Financial Inclusion & Payments System (FIPS) 2014 for Kotak Samruddhi

Gold Award for Best App developed - World's first banking application using Twitter

Gold Award for Best Innovation - World's first socially powered bank account

Best Local Cash Management Bank in India (6th year in a row) in the Asiamoney Cash Management Poll 2014

Personal Loan Can Be Used For Many Purposes Like Below

Higher Education

Marriage

Vacations

Festivals

Medical Emergency

Home Renovation

Consumer Goods

School Fees

Why to Avail Personal Loans?

Expert Advice

Best Practices for Personal Loan

Things not to do for Personal Loan

Factors that affect interest rates on Personal Loan

Banks charge a different rate of interest depending on a whole host of factors. The interest rate can broadly vary between 14 - 24%. We take you through three such individual details that can affect the rate of interest charged by the bank.

2) Nature of Employment:-:-
The nature of your job also plays a crucial role in determining the interest rate. Banks have different checks in place if you are a salaried individual vis-à-vis a self employed person. So if you are working with a reputed organization then banks will be able to extend a cheaper rate of interest. But if you are working with an organization that is not very well known then a higher rate will be charged. In case you have your own business then banks will give you a loan even if you are in an advanced age. On the other hand in case you are a salaried employee then a loan will not be extended if you are nearing the age of retirement.

3) Bank-Customer relationship:-:-
If you approach the bank where you already have a bank account and you are a valued customer then banks may give you certain leeway. This mean you can negotiate with the bank for a cheaper interest rate. Most banks agree to give a concession of 0.5-1% on the interest rate. So next time you go around shopping for a personal loan, remember that these three points will affect the amount that the bank sanctions and the interest rate that it is levied. In the next article we will cover more points that affect interest rates on personal loan. So stay tuned!

Personal Loan Advantages and Disadvantages

Personal Loan Advantages:

Personal Loans Disadvantages:

10 Things to Keep in Mind While Taking a Personal Loan

Personal Loans Precautions

1. Clear Identification of purpose and planned Budget:

One should have a clear identification of purpose of availing personal loan. Never opt for a personal loan only just because you can. Going for personal loan is a wise decision only in case of emergency and where the purpose is unavoidable. Apart from the purpose one has to also plan and budget the total requirement well in advance before applying for a personal loan.
Borrowing more than what is required leads to unnecessary debt. In certain instances borrowing far less than required amount may result in not serving the purpose. Therefore one has to make complete budget of the purpose and plan his / her borrowings accordingly. It is always to be noted that money one's spent is lost forever and unnecessary debt can lead to financial stress.

2. Understand the need Vs personal Loan:

Before opting for a personal loan one has make cost – benefit analysis of various kind of other loans which customer can get in the market. In case of emergency and unavoidable situations you can go for personal loan but where the purpose is to improve the life – like buying a fuel efficient car customer has to analyze the cost and benefits involved in the long run. In this scenario it is to be understood that in long run the benefits from purchase of new fuel efficient car should be greater than the interest charges and other costs involved in availing personal loan.

3. Check for Better rate:

Before availing a personal loan from any particular Bank/ NBFC customer has to compare interest payable and other charges to know the best annual percentage rates available in the market. Though the customer has a pre approved personal loan at a concessional rate with a particular Bank, he/ she might get the loan at a comparatively still lower rates with others. Therefore it is always better to check with 3-4 Banks before making the mindset to proceed with any one in particular. ApnaLoanBazaar will always provide the industry best rates, which are available in the Indian market. Check for Personal Loan Interest rates with ApnaLoanbazaar

Also the repayment tenure is other point to be noted before taking a loan. Eg: Some Bank's may offer maximum repayment tenor of 36 months whereas some others may offer maximum up to 60 months. Customer has to decide the repayments based on his income in consideration of his / her other obligations.

4. Credit scoring & Eligibility Criteria:

Personal loans best feature is collateral free and quick loan process, Hence Bank/NBFC will carefully analysis of your credit history. Customers with good credit history score will have high bargaining power. Customers with moderate / Low credit history may end up taking loans at higher rate of interest and Banks will have advantage of it. Customers have to ensure that they do not have any overdue while going for a personal loan. It is advisable to clear the credit card outstanding and other loan overdue before going for a personal loan as it improves credit worthiness. It is to be noted that not only income of the customer but Leverage is considered for arriving the limits. Generally Bank/NBFC prefer the credit score is above 730 for funding the personal Loan.

ApnaLoanBazaar will help you to know your CIBIL(Credit) Score: Know your Credit Score here

5. Plan the repayment from the regular:

Customer has to be aware of repayment tenor, monthly repayment date, mode of payment and installment amount. Repayment tenor to be planned based on the income and obligations. Over burden of EMI may result in delay and sometimes even default of the loan amount. Customer shall not forget the repayment date and maintain sufficient balances in the account for meeting the EMIs. Payment of EMIs by way of ECS through account is preferable to avoid unintentional delays. Even online payment from account is a suggestible mode of payment. In case of salaried employees it is better to opt the monthly repayment date to be within first week of the month. In case of entrepreneurs/ Businessmen the EMIs are to be planned from their regular income than depending on some other futuristic/speculative sources.

6. Terms & Conditions:

All the terms and conditions to be read carefully, before sign the loan agreement. Terms in smaller font to be observe carefully. Payment terms to be noted and have to maintain sufficient balance in the account for meeting the EMIs. Check the correctness of the updated personal details. Mobile alerts, Email alerts will remind the due date of payment and confirm the receipt of amount. In his/ her busy schedule customer may forget the due date whereas these alerts will remind them and help in making the payments on time.

Other Important Points to be noted:

About Lucknow

Lucknow is the Second largest and capital city of the Indian state of Uttar Pradesh. A major metropolitan city of India, Lucknow is the administrative headquarters of the eponymous District and Division and the capital of the state of Uttar Pradesh.

The history of Lucknow can be traced back to the ancient times of the Suryavanshi Dynasty. It is said that Lakshmana, who was the brother of Lord Rama, laid the foundation of the ancient city. This was near the Gomti River on an elevated piece of land. It was then called Lakshmanpur. During in 18th Century, the year 1720 when the great Mughal emperors began to appoint Nawabs in order to ensure smooth administration in the province. In the year 1732, Mohammad Amir Saadat Khan was appointed as the viceroyal of Awadh, in which Lucknow was a major province. It was then that the powerful dynasty of the Nawabs, which changed the history of this unknown place. Under the rule of the Nawabs, Lucknow flourished like never before. After 1755, Lucknow grew by leaps and bounds under the rule of the fourth Nawab Asaf-ud-Daula. It was when the British came to India that Lucknow was made into an administrative capital.

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Places To Be Visited In Lucknow

Bara Imambara

The Bara Imambara was built in the year 1784 by the fourth Nawab of Awadh known as Asaf-ud-Daula. It was built as a part of a relief project for a major famine that took place in the year 1784.

British Residency Lucknow

The British Residency of Lucknow is a famous historical landmark of this place. It is now in ruins and has been declared a protected monument by the Archaeological Survey of India.

Chattar Manzil

:One of the imposing structures built by the Nawabs of Lucknow, Chattar Manzil is a very famous tourist attraction of Lucknow. The most unique thing about the Chattar Manzil of Lucknow is the strikingly different architecture.

Hussainabad Imambara

The Hussainabad Imambara is a major tourist attraction of Lucknow. The monument was built by Mohammed Ali Shah in the year 1837. The tombs of Mohammed Ali Shah and his mother are located over here. The walls of the monument are decorated with Arabic verses that have been carved beautifully by efficient craftsmen. The structure has an imposing white colored dome and many pillars or minarets. The interiors of the monument are worth seeing. They have been decorated beautifully with elaborate chandeliers, mirrors with gold frames, the majestic throne of the King. There are small miniatures of the Taj Mahal on either side of the monument. The Hussainabad Imambara is beautifully decorated during the festival of Moharrum. The whole structure is bordered with thousands of little bulbs, which give it a royal look when illuminated in the evening.

Lakshmana

Tila It is said that the original site of the town was actually at Lakshmana Tila. The story goes back to ancient times when the brother of Lord Rama, Lakshmana laid the foundation of the city of modern Lucknow. It was known as Lakshmanpur then. This place is supposed to be one of the earliest sites of human settlements in Lucknow.

Clock Tower

Between the Bara Imambara and Chhota Imambara is the Clock Tower of Lucknow. This huge tower was constructed by Nawab Nasir-ud-Din Haider in the year 1880. The Clock Tower in Lucknow reaches upto a staggering height of 221 feet and is the tallest Clock Tower in India. The Clock tower also has the biggest fitted clock that cost the government around Rs. 1.75 lakhs at that time.

Total Number Of Branches In Lucknow (1047)

STATE BANK OF INDIA (160 Branches)PUNJAB NATIONAL BANK (73 Branches)UNION BANK OF INDIA (63 Branches)BANK OF INDIA (62 Branches)ALLAHABAD BANK (50 Branches)BANK OF BARODA (49 Branches)CENTRAL BANK OF INDIA (47 Branches)SYNDICATE BANK (43 Branches)UCO BANK (37 Branches)YES BANK (35 Branches)CANARA BANK (35 Branches)HDFC BANK (31 Branches)INDIAN OVERSEAS BANK (31 Branches)ICICI BANK LTD (30 Branches)ORIENTAL BANK OF COMMERCE (30 Branches)UNITED BANK OF INDIA (29 Branches)CORPORATION BANK (28 Branches)VIJAYA BANK (27 Branches)ANDHRA BANK (20 Branches)INDUSIND BANK (18 Branches)AXIS BANK (17 Branches)DENA BANK (16 Branches)PUNJAB & SIND BANK (13 Branches)IDBI BANK (12 Branches)BANK OF MAHARASHTRA (12 Branches)STATE BANK OF PATIALA (12 Branches)KOTAK MAHINDRA BANK LTD (10 Branches)INDIAN BANK (9 Branches)THE NAINITAL BANK LTD (6 Branches)STATE BANK OF HYDERABAD (5 Branches)STATE BANK OF BIKANER & JAIPUR (4 Branches)FEDERAL BANK (4 Branches)ING VYSYA BANK (3 Branches)BHARATIYA MAHILA BANK LTD (3 Branches)BANDHAN BANK LTD (2 Branches)JAMMU & KASHMIR BANK LTD (2 Branches)KARNATAKA BANK LTD (2 Branches)SARASWAT CO-OP BANK LTD (2 Branches)STATE BANK OF MYSORE (2 Branches)STATE BANK OF TRAVANCORE (2 Branches)SOUTH INDIAN BANK (1 Branches)STANDARD CHARTERED BANK (1 Branches)RESERVE BANK OF INDIA (1 Branches)KARUR VYSYA BANK (1 Branches)HSBC BANK (1 Branches)STATE BANK OF INDIA (1 Branches)ANDHRA BANK (1 Branches)DHANALAXMI BANK (1 Branches)DCB BANK LTD (1 Branches)CITI BANK (1 Branches)CITY UNION BANK LTD (1 Branches)

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Kotak Mahindra Bank Personal Loan in Lucknow

Kotak Mahindra Bank Personal Loan Interest rates in Lucknow

Features of Kotak Mahindra Bank Personal Loan Lucknow

Kotak Mahindra Bank Personal Loan Lucknow Charges

Documentation For Personal Loan

For Salaried Persons

For Self Employed/Professionals

Identity Proof For Personal Loan

Age Proof For Personal Loan

Income Proof For Personal Loan

Address Proof For Personal Loan

Job Continuity Proof For Personal Loan

Banking History For Personal Loan

Kotak Mahindra Bank Personal Loan FAQ's

When can I foreclose the loan? What is the procedure for full prepayment?

What is the procedure for part prepayment?

Is it possible to change my Installment date? Are there any charges applicable?

When can I swap my PDC's and what are the charges?

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