I am a salaried borrower which bank should I choose to get a personal loan?

Salaried employees are extended personal loans by dozens of lenders. But if you are working with top-notch companies, you can enjoy special offers doled out by multiple lenders. There are some lending institutions that offer attractive deals for employees of leading organisations, such as a personal loan for Infosys Employees, Amazon India Employees, TCS Employees or Wipro Employees.  Lenders like Kotak Mahindra Bank, ICICI Bank, HDFC Bank, Bajaj Finserv etc. offer personal loan for employees of reputed companies at favourable terms including higher loan amount, attractive interest rate and nominal documentation. 

Kotak Mahindra Bank personal loan for employees of leading organisations

Kotak Mahindra Bank have customised offers for salaried professionals of top companies such as a personal loan for Infosys employees, Accenture employees, Flipkart employees etc. Salaried individuals can get a personal loan for their unplanned financial needs like home renovation, medical emergency, foreign vacation, debt consolidation, higher education and destination wedding. Salaried borrowers can get a personal loan up to Rs. 15 lakh at attractive interest rates. Documentation process is simple, nominal and fast for salaried employees. 

Kotak Mahindra Bank Personal Loan Interest Rates and Other Charges

Why should salaried professionals get a personal loan from Kotak Mahindra Bank?

1. Higher personal loan amount: The amount of Kotak Mahindra Bank personal loan for Infosys employees or employees of premium brands goes up to Rs. 15 lakh. 

2. Multipurpose loan: Salaried individuals can avail of a personal loan for a variety of purposes; they can use it for the purchase of branded outfits for their wedding, dream vacation in Goa or Maldives, emergency medical expenses, home renovation and credit card consolidation.    

3. Affordable interest rate: Kotak Mahindra Bank personal loan interest rates are attractive starting from as low as 10.99% p.a.

4. Best in the industry customer services: Kotak Mahindra Bank provides excellent customer care service. The bank provides counselling for personal loan customers to makes sure that customers don’t experience any problem throughout the loan process. 

5. Hassle-free documentation: Loan application process is entirely digital and needs minimal documentation. Salaried employees can apply for the loan with KYC documents. 

Kotak Mahindra Bank personal loan interest rate and other charges

The bank charges relatively lower interest rates on a personal loan and other charges are also nominal. 

Kotak Mahindra Bank personal loan foreclosure and prepayment procedure 

Kotak Mahindra Bank personal loan for Infosys Employees, and all salaried borrowers, has a lock-period of 12 months from the date of your first EMI. You can’t prepay or foreclose the loan during lock-in period. Prior intimation of 1 month is mandatory for a personal loan foreclosure. 

The process of foreclosing/ prepaying a personal loan from Kotak Mahindra Bank is as under:

• You need to inform the bank in advance about the foreclosure plan in writing.  

• You will receive the foreclosure statement from the bank upon the completion of intimation period. 

• You can foreclosure the outstanding loan through cheque/ DD/ cash in favour of ‘Kotak Mahindra Bank’, after 1-month prior intimation period is over. 

• You can submit a full prepayment cheque at the nearest bank branch at least 7 working days before the next instalment date. 

• Upon the clearance of your foreclosure cheque, loan closure information will be entered in the bank’s records.  

• No Objection Certificate will be sent to you by Kotak Mahindra Bank at your correspondence address within 15 working days after the closure of your loan account. 

After lock-in period + 1-month intimation, you will have to pay a foreclosure charge of 5% on the principal outstanding + GST. 

Kotak Mahindra Bank personal loan eligibility criteria

Salaried employees will need to meet Kotak Mahindra Bank Personal Loan Eligibility Criteria to get a personal loan. Indian residents working with leading public or private limited companies for at least past 1 year are eligible to apply for a personal loan from the bank. Kotak Mahindra Bank personal loan eligibility criteria are listed below.   

• Salaried employees must be staying in the current city for at least one year. 

• They should be between 21 years to 58 years old to apply for a personal loan. 

• Salaried employees should have a good to excellent credit score to get a personal loan.

• They should have at least a graduate degree. 

Documents required for Kotak Mahindra Bank personal loan

Kotak Mahindra personal loan documentation process is simple, short and fast. Salaried employees are supposed to submit basic documents to get a personal loan from the bank. Here is a checklist of the documents you will need to get a personal loan from Kotak Mahindra Bank. 

• Identity proof: Passport /PAN card /Driving license /Voter’s ID /Aadhaar card

• Residential proof: Leave & License Agreement/ Ration card /Utility bill (not more than 3 months old) / Passport - provided the passport has the present address mentioned in the loan application form

• Credit information: PAN card to check your credit history

• Income proof: Salary slips for the last 3 months 

• Salary slips for the past 3 months

• Bank statement: Bank statement for the last 3 months with income details

• 2-3 passport size photographs

How to repay Kotak Mahindra Bank personal loan?

Kotak Mahindra Bank personal loan is available with a simple repayment method. The loan can be repaid in simple EMIs over the flexible loan tenure ranging from 12 months to months. Longer repayment period gives you plenty of time to repay the loan, while you can save a lot in the form of interest payable toward the loan in a shorter tenure.  

You can use Kotak Mahindra Bank EMI calculator to figure out your potential instalment. The EMI calculator is very easy to use and takes only a few inputs like principal amount, interest rate and loan tenure. Enter the following inputs to find out your monthly instalment in seconds. 

• Principal loan amount

• Rate of interest 

• Loan tenure

Kotak Mahindra Bank EMI calculator will display the result in seconds after you enter the inputs. 

Kotak Mahindra Bank personal loan eligibility criteria are most suitable for salaried employees. Attractive Interest rates, nominal processing fee and other charges make it the best consideration in financial exigencies. Apply for Kotak Mahindra personal loan online within seconds. 

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Digital12345 Joined: January 19th, 2020