Kotak Mahindra Bank Personal Loan Interest rates in Udaipur

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 Udaipur

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 Udaipur 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 Udaipur

Udaipur is a royal city that had been the capital of Mewar rulers for centuries. The romantic city of Udaipur has a legend behind its origin and it goes like this. Once, Maharana Udai Singh happened to meet a holy sage when he was on his hunting expedition in the Aravalli Hills. The Sage counseled the King to establish a kingdom in the fertile valley that would be well-protected by the elevated Aravalli Hills.

Subsequently, Maharana Udai Singh laid the foundation stone of Udaipur in 1557 A.D. Chittorgarh was the previous capital of the Rajput kingdom of Mewar. Maharana Udai Singh was a successor of the Sisodias, who claimed to be the descendants of the Sun God. The Sisodias are believed to be the oldest ruling family in the World. Amongst the warrior clans, Sisodias are recognized as the most powerful ones in Rajasthan.

Another reason for shifting the capital from Chittorgarh to Udaipur was constant attacks of enemies. Udaipur continued to be the capital of Mewar, till it became the princely state of British India in 1818. When India got independent in 1947, the Maharaja of Udaipur granted the place to the Government of India. At that time, Mewar was merged into the state of Rajasthan. In the present date, Udaipur enjoys a favorable position on the maps of Rajasthan. Udaipur is known for its picturesque surroundings and its royal past. Various ancient monuments, massive palaces, architectural temples and beautiful lakes fascinate people to visit the ancient land of the Royalty.

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Places To Be Visited In Udaipur

City Palace

City Palace was constructed in the year 1559 by Maharana Udai Mirza Singh. The palace is situated on the banks of Pichola Lake. The palace is a blend of European, Medieval and Chinese styles of architecture. City Palace houses 11 magnificent palaces and they were all constructed during various periods and by various rulers. The size of the palace is awe inspiring with the courtyards, terraces, pavilions, hanging gardens and a lot more. Everything about the palace is magnificent be it the architecture, the antiques inside and the exclusive paintings hanging on the walls.

Jag Mandir

A 17th century structure that stands gloriously amidst Lake Pichola on the Jagmandir Island, Jag Mandir is an excellent place to visit on Udaipur tour. Jagmandir is an impressive set of structures with the central building being called Jagmandir, which can be recognized by the marble-made elephants positioned outside. It is a three-storied structure and includes sections like Gul Mahal, an elegant façade, a Garden Courtyard and the Darikhana on its northern side, the Bara Patharon ka Mahal (palace of the 12 stones), the Zenana Mahal – a southern extension to the Gul Mahal and the Kunwar Pada ka Mahal.

Bagore Ki Haveli

Bagore Ki Haveli is situated near Pichola Lake. The 18th century construction was built by Amir Chand Badwa, Chief Minister at the Royal Court of Mewar. The Haveli became the residence of Maharana Shakti Singh of Bagore in the year 1878 and hence the name Bagore Ki Haveli. This was converted into museum retaining the royal touch to the building. The museum presents the culture of Mewar. The antique collections include the stuff used by Rajputs such as jewellery boxes, hand fans, copper vessels and so on. The massive building has over 100 rooms and looks splendid with its unique style of architecture.

Kumbhalgarh Fort

Kumbhalgarh Fort was constructed by Maharana Kumbha in the 15th century. One of the specialties of the fort is that it is the birthplace of the famous warrior and King of Mewar, Maharana Pratap. The near invincible fort is the most highest and strongest of forts in Rajasthan. The fort was a challenge to the greatest of kings. The fort stands formidably on 1180 m high ridge. The fort is protected and surrounded by a thick wall of approximately 15 kms long. This is the second longest wall in the world and the first is known the world over – The Great Wall of China.

Lake Pichhola

Another man made wonder in the city dominated by nature, Lake Pichola was created in 1362 AD. Rana Udai Singh II extended the lake in 16th century. The picturesque lake is surrounded by huge hills, magnificent palaces, temples and bathing ghats. The islands in Lake Pichola offer various tourist attractions and hence by cruising in Lake Pichola, you are sure to have a whale of a time. Sunset views are stunning. Boat cruise offers lovely views of the town, particularly in the evenings as you watch the sun go down on your eyes, you will find the city lit up. The palaces look stunning with the lights on and it is a great view from the lake.

Sajjan Garh (Monsoon Palace)

If you are partial to the beauty offered by nature more than man made wonders, you are sure to love Sajjan Garh. The palace is small but the views are stunning. The palace is not maintained well but the sunset view from here is awesome. The palace was constructed by Maha Rana Sajjan Singh in 1884. The aim of the king was to construct an observatory here to observe the arrival of monsoon as well as predict weather conditions. Owing to his untimely demise, the work was not completed. However, the views from here fascinate you beyond words. Nearly 1000 feet above the sea level, the views of Udaipur from here are breathtaking.

Total Number Of Branches In Udaipur (318)

STATE BANK OF BIKANER & JAIPUR (61 Branches)ICICI BANK LTD (39 Branches)YES BANK (25 Branches)STATE BANK OF INDIA (22 Branches)PUNJAB NATIONAL BANK (17 Branches)BANK OF BARODA (17 Branches)UNION BANK OF INDIA (14 Branches)SYNDICATE BANK (10 Branches)ALLAHABAD BANK (10 Branches)HDFC BANK (8 Branches)UCO BANK (8 Branches)VIJAYA BANK (7 Branches)IDBI BANK (7 Branches)BANK OF INDIA (6 Branches)CANARA BANK (6 Branches)CENTRAL BANK OF INDIA (5 Branches)INDUSIND BANK (5 Branches)KOTAK MAHINDRA BANK LTD (4 Branches)ORIENTAL BANK OF COMMERCE (4 Branches)PUNJAB & SIND BANK (3 Branches)DENA BANK (3 Branches)INDIAN BANK (3 Branches)ANDHRA BANK (3 Branches)AXIS BANK (3 Branches)BANK OF MAHARASHTRA (2 Branches)FEDERAL BANK (2 Branches)SOUTH INDIAN BANK (2 Branches)UNITED BANK OF INDIA (2 Branches)ALLAHABAD BANK (1 Branches)BHARATIYA MAHILA BANK LTD (1 Branches)UCO BANK (1 Branches)UNION BANK OF INDIA (1 Branches)UNITED BANK OF INDIA (1 Branches)THE ROYAL BANK OF SCOTLAND N V (1 Branches)STANDARD CHARTERED BANK (1 Branches)STATE BANK OF PATIALA (1 Branches)RBL BANK LTD (1 Branches)ING VYSYA BANK (1 Branches)KARNATAKA BANK LTD (1 Branches)INDIAN OVERSEAS BANK (1 Branches)BHARATIYA MAHILA BANK LTD (1 Branches)CORPORATION BANK (1 Branches)CATHOLIC SYRIAN BANK LTD (1 Branches)BANDHAN BANK LTD (1 Branches)PUNJAB NATIONAL BANK (1 Branches)SYNDICATE BANK (1 Branches)PUNJAB NATIONAL BANK (1 Branches)STATE BANK OF INDIA (1 Branches)

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Kotak Mahindra Bank Personal Loan in Udaipur

Kotak Mahindra Bank Personal Loan Interest rates in Udaipur

Features of Kotak Mahindra Bank Personal Loan Udaipur

Kotak Mahindra Bank Personal Loan Udaipur 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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