Kotak Bank Business Loan
Business Loan Banks
Kotak Bank Business Loan
16% - 19.99%
Up to 2%
₹3L - ₹75L
Tenure(1 - 5 Years)
Kotak Mahindra Bank Business Loan: Features & Benefits
The Kotak Mahindra Bank Business Loan Interest Rate. Listed beneath are the features and benefits that this loan provides:
- The minimum loan amount availed under this loan is ₹50,000 and the maximum loan amount can be up to ₹75 lakhs.
- No collateral security is required to avail a Kotak Mahindra Bank business loan.
- Minimal documentation is required for the loan.
- Hassle-free application procedure.
- Quick loan approval.
- Flexible repayment option.
- Repayment tenure of up to 48 months.
- Doorstep service of Kotak business loan.
- Quick sanction of the loan amount.
Kotak Bank Business Loan Overview
Operating a business is a mammoth task in modern times. It requires the right set of skills, patience and finance to sustain in the competitive markets today. In such situations, a business loan at an effective interest rate proves to be a boon. A business loan involves the construction of a mortgage that must be repaid with interest, just like any other loan. The most compelling reason to apply for a small business loan is to invest in your company's future growth. It will also provide you with an opportunity to adapt to market needs.
Kotak Mahindra Bank Ltd. provides a variety of business loans to customers to help in the expansion of their businesses. Kotak Mahindra Bank business loan interest rate is affordable, attractive and competitive. With this loan, you may take a step forward in your business's bright future, thanks to Kotak's quick application procedure and loan approval.
Learn more about the Kotak business loan in this article, including how to apply for the Kotak Mahindra Bank business loan and more.
Types of Kotak Mahindra Bank Business
- The Kotak Mahindra Bank interest rate on business loans starts from 13% per annum.
- The maximum loan amount that you can avail under the business loan is ₹75 lakhs.
- The repayment tenure can be extended up to 48 months.
- No collateral security is required.
- 2% of the loan amount is charged as the processing fees for the loan.
- Minimal documentation with easy EMI options.
Commercial Vehicle Financing
- Customised financing solution to purchase or rent a commercial vehicle for the transporters and owners.
- The loan amount can be used for both new and used commercial vehicles. It can also be used as a top-up loan or a working capital loan.
- The educational institutes can also avail this loan to purchase commercial vehicles.
- The loan repayment tenure can be extended up to 48 months.
- Partnership firms, companies, or individuals can avail this loan with a minimum of 2 years of experience in the business in an approved locality.
- A working capital loan for the farmers to meet all the farming-related expenses.
- Fast sanction turnaround time with easy process to apply for Kotak Mahindra Bank business loan for the farming procedure.
- High-value crops can get a high loan amount.
- The minimum age requirement is 18 years to a maximum age of 75 years at the time of loan maturity.
- A 5 member group of farmers can avail this loan on a joint basis.
- The farmers can also get benefits for Agri Term Loan and Kisan Credit Card by availing this loan.
- Farmers who want to purchase farm equipment for the production of crops can avail this loan.
- The individual who has an existing relationship with the bank can avail this loan.
- The loan is accessible in every part of India.
- Along with the equipment loan, the farmers can also avail the farmers’ insurance policy, Kotak Kisan Suraksha.
- The applicant should own a minimum of 3 acres of land with 2 years of experience in the field and a minimum of 2 years as an established residential.
Agricultural Project Loan
- A dedicated relationship manager for this loan facility will guide the applicant for all the bank’s financial issues.
- Overall project cost financing by the bank.
- Wide reach because of a wide network of banks.
- Project calculation along with assessment solely done by the bank.
- Everyone involved in the agriculture business can apply for an agricultural project loan.
- The long term repayment tenure for financing dealers, suppliers, and promoters involved in the agricultural business.
Construction Infrastructure/Equipment Financing
- Easy and minimal documentation.
- New entrants can apply with the discretion of the bank for this loan.
- 100% financing for the construction.
- Minimum 1 year of experience in business and resides in an approved locality.
Working Capital Loan
- This loan helps the businesses in meeting their daily operations needs and eliminates any financial constraints.
- Wide range of loan amounts with flexible loan repayment tenure.
- Simple documents are required for this loan.
Kotak Mahindra Bank Business Loan Eligibility Criteria
There are some eligibility criteria set by the bank for the borrowers. Here is the list of Kotak Mahindra Bank Business Loan Eligibility requirements decided and set by the bank.
- The applicant should be involved in business for a minimum of the last 3 years.
- The turnover of the company/business should be ₹40 lakhs.
- The business should have generated profit for the last 1 year.
- The applicant should be either of the following – Trust/LLP/Proprietor/Partnership firm/Private Ltd. Co. They should be involved in the manufacturing, services, or trading sector.
- The minimum age to avail the loan is 25 years and the maximum at the time of loan maturity is 65 years.
Kotak Mahindra Bank Business Loan Fees and other charges
There are some fees that you need to pay before, while, and after you apply for Kotak Mahindra Bank Business Loan. The following charges are mentioned in the table below.
|Non-refundable Processing Fee||Maximum 2% of the loan/facility amount (applicable taxes)|
|Documentation Charges||Loan amount up until ₹ 10 lakh: ₹ 3,500/- (applicable taxes)|
|Loan amount higher than ₹ 10 lakhs: ₹ 6,000/- (applicable taxes)|
|FCCR / RFCCR: Loan amount up until ₹ 10 lakh: ₹ 3,500/- (applicable taxes)|
|FCCR / RFCCR: A loan amount higher than ₹ 10 lakh- ₹ 7,000/- (applicable taxes)|
|Cheque dishonour Charges||₹ 750/- (applicable taxes) per instance.|
|Charges for Copy of any Document||₹ 500/- (applicable taxes) per instance.|
|Repayment Mode I Account swap charges||₹ 500/- (applicable taxes) per instance.|
|Charges for Duplicate NOC / No Dues Certificate||₹ 500/- (applicable taxes) per instance.|
|Report of Credit Bureau Copy Charges (to Customer who has availed Loan from Kotak)||₹ 100/- (applicable taxes) per instance for every Individual|
|₹ 500/- (applicable taxes) per instance for non-individuals|
|Term Loans Specific Charges:|
|Charges for Prepayment||Up to 4% of Outstanding amount (applicable taxes)|
|Penal Interest/Substitute Interest||Up to 3% p.m. (applicable taxes) compounded monthly on the Amount Due, which is unpaid from the amount falling Due Date till the actual payment date.|
|Collection Charges (for Default cases)||Up to 3% (applicable taxes) of EMI instrument Dishonour Charges along with Substitute Interest.|
|Charges for Account Statement/Amortisation Schedule||Free in the Financial year (only once). Thereafter, ₹ 500/- (applicable taxes) per instance|
|Overdraft Facility Specific Charges:|
|Charges for Annual Review||Up until 2% of renewal limit (applicable taxes)|
|Charges for Termination||Up until 4% of Outstanding amount (applicable taxes) for Term Loan limits (non-revolving)|
|Up until 3% of sanction amount/Outstanding, whichever is higher (applicable taxes) for Non-Term Loan limits (revolving)|
|Penal Interest/Over-line Rate in case of over-line accounts||Up until 3% per month (applicable taxes). This charge would be changed on the amount over and above the sanctioned limit on a particular set day.|
|Non-utilisation Charges||Up until 2% of limits, in case the utilization of limits for the quarter is beneath 60%|
|Interest Certificate Charges||Free in the Financial year (only once). Thereafter, ₹ 250/- (applicable taxes) per instance.|
Kotak Mahindra Bank’s Business Loan Interest Rate
The bank has one of the most competitive business loan interest rates. The Kotak Mahindra Bank interest rate starts from 13% per annum. The Kotak business loan interest rate can be offered upon a number of cases, such as CIBIL score, income, type of business, age of the applicant, and more.
Factors Affecting Kotak Mahindra Bank’s Business loan Interest Rate
There are a few factors that affect Kotak Mahindra Bank Business loan interest rate. Before you apply for Kotak Mahindra Bank Business Loan, make sure to check these factors that can either positively or negatively impact the interest rate. These factors are as follows:
- A CIBIL score is among the most important factors. A good CIBIL/credit score (750 or above) will help in getting low-interest rates on the loan and vice versa.
- Age is another influential factor. The younger the applicant is, the lower their Kotak Mahindra Bank business loan interest rate will be.
- The loan amount and tenure are also contributing factors in deciding the interest rate.
- The nature of the business and experience are also essential factors for the bank. A well-established business with a positive business nature is significant to get good deals on a Kotak Mahindra Bank business loan interest rate.
- If you have an existing good relationship with Kotak, it can help you in availing good deals on the interest rate.
Documents Required for Kotak Mahindra Bank Business loan
Before you apply for Kotak Mahindra Bank business loan, it is important to check the list of required documents asked by the bank. Here is the list of documents required for Kotak Mahindra Bank Business Loan.
- Proof of Identity
- Proof of Address
- Business Ownership Proof (Maintenance bill/electricity bill/copy of agreement/bill of municipal tax/share certificate)
- Continuity Proof of the Business (establishment certificate and shop certificate/VAT/Service tax/GST registration)
- Constitution Firm Document (MOA/Certificate of GST registration/Partnership Deed)
- Other documents are required as per the type of business loan by the bank
How Does the EMI Calculation Work for Kotak Mahindra Bank Business Loans?
The EMI calculation work of Kotak depends upon the loan amount, repayment tenure and the Kotak Mahindra Bank Business Loan interest rate.
You can use the EMI calculators and fill in the three data to get the calculations easily in no time.
Kotak Mahindra Bank Business Loan Customer Care Number
If you have any query, questions about the loan or Kotak Mahindra Business loan interest rate and want to find out the details, contact their customer care team on 1860-266-2666 or 1800-209-5600.
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Mutual Fund Scheme
Mutual Fund Sector
Gold & Silver Rate
From refinancing to reducing your interest, we have the answers right here.
How can I speed up my loan approval?
There are a few ways in which you can speed up your loan process. Some of these are – applying for a loan online, maintaining a good CIBIL score, evaluating the loan repayment capability of yours, and knowing what you want in a business loan.
What is loan foreclosure?
Loan Foreclosure refers to the repayment of the loan amount one single time instead of paying it back in multiple installments, i.e, EMIs.
How much EMI do I have to pay for a Business Loan?
Every loan amount will have a different EMI option based upon the profile of the applicant. The EMI amount can be calculated based on the loan repayment tenure, loan amount, and interest rate.
What is the minimum turnover requirement for a Business Loan?
The minimum turnover of the business should be ₹40 lakhs to avail a business loan.
Who can take a business loan?
Self-employed individuals, private limited companies, LLC, trusts, proprietorships, partnership firms are eligible for taking out a business loan.
Does Kotak Mahindra Bank provide business loans at the best rate?
Kotak Mahindra offers business loans at a 13% per annum interest rate, making it one of the best rates available for business loan borrowers.
Does Kotak Mahindra Bank have a fixed rate of interest on a business loan?
Yes, Kotak Mahindra Bank business loans have a fixed interest rate that starts from 13% per annum, depending upon the profile and loan amount.
How to check business loan Status in Kotak Mahindra Bank?
One can either call the loan customer service care, visit the nearest branch, or check the status on the official Kotak Mahindra website.
Does Kotak Mahindra Bank check for CIBIL Score for a business loan?
Yes, Kotak Mahindra Bank is solely dependable on the CIBIL score of the applicant. Hence, it is important to maintain a good CIBIL score, i.e., a minimum of 750 can help in speeding up the loan procedure as well as help in availing business loans at a low-interest rate.
What is the maximum and minimum business loan amount I can get from Kotak Mahindra Bank?
The minimum business loan amount available by Kotak is ₹50 thousand and the maximum loan amount is ₹75 lakhs.
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