Kotak Mahindra Bank Personal Loan of 10 lakh

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Hepson Franklin
Hepson Franklin
Hepson Franklin is a seasoned financial expert and accomplished writer specialising in Financial Services, Investments, Loan Assessments, Mutual Funds, Banking & loan products. With a wealth of experience in the financial industry, he has established himself as a trusted voice, providing invaluable insights and guidance to both seasoned investors and those new to the world of finance. With a comprehensive understanding of the intricate facets of the financial landscape, he is dedicated to demystifying complex financial concepts for readers of all backgrounds.
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Piyush Bothra
Piyush Bothra
Chief Financial Officer, Square Yards
Piyush Bothra is the Chief Financial Officer at Square Yards, bringing over two decades of rich experience in finance and leadership. He is an MBA graduate from the prestigious IIM Lucknow and holds a BE in Information Technology from Sardar Vallabhbhai Patel Institute of Technology. He has played pivotal roles in scaling businesses and driving financial strategies. At Square Yards since 2015, Piyush is known for his strategic vision, strong financial knowledge, and valuable financial insights, significantly contributing to the company's growth and success.

Kotak Mahindra Bank offers a ₹10 Lakh personal loan for many purposes, including home renovations, higher education, or unforeseen medical bills. You can also apply for loans ranging from ₹50,000 to ₹40 Lakh if you need more or perhaps less.

Features of Kotak Mahindra Bank’s 10 Lakh Personal Loan

Here are the critical features of the Kotak Mahindra Bank’s ₹10 Lakh personal loan:

  • Loan amounts up to ₹40 Lakh
  • Zero collateral requirements
  • Simplified application process with minimal documentation
  • Flexible repayment options: choose from 1 to 6 years
  • Competitive interest rates starting from 10.99%* p.a.
  • Digital KYC and video verification for a seamless experience
  • Versatile usage with no restrictions on how you use the loan amount

Can I Get a 10 Lakh Personal Loan Instantly from Kotak Mahindra Bank?

While obtaining a 10 Lakh personal loan instantly from Kotak Mahindra Bank may not be possible, you can still secure a personal loan of up to 5 Lakh within just 30 minutes.

What is the EMI for a 10 Lakh loan?

To determine the EMI for a 10 Lakh loan from Kotak Mahindra Bank, you can use an online EMI calculator. Ensure you have the following details for accurate calculation:

  • The loan amount value (for instance, 10 Lakh)
  • Current rate of interest on the loan (10.99%)
  • Your specified loan repayment tenure

Eligibility Criteria for a 10 Lakh Loan in Kotak Mahindra Bank

To find out if you are eligible for a 10 Lakh personal loan from Kotak Mahindra Bank, here are the primary criteria as follows:

  • Salaried employees can apply
  • The age range should be 21 to 60 years
  • For Kotak Mahindra Bank salary account holders, the minimum net monthly income must be at least ₹25,000
  • For Non-Kotak Mahindra Bank salary account holders, the minimum net monthly income must be at least ₹30,000
  • Kotak Bank employees should have a minimum net monthly income of ₹20,000
  • Applicants must have a graduate degree
  • 1 year of work experience is required
  • A good CIBIL score is needed

Documents Required for a 10 Lakh Kotak Mahindra Bank Loan

To secure a ₹10 Lakh personal loan, the following documents are essential:

  • PAN card, Aadhar card, Voter’s ID card, Passport, or Driving License
  • Last 3 months’ bank statement
  • Residence proof
  • Last 3 months’ salary slip
  • 2-3 passport-sized photographs

How to Apply for a 10 Lakh Personal Loan from Urban Money?

 To apply for a 10 Lakh personal loan from Urban Money:

  • Visit Urban Money’s official website
  • Go to the personal loan section
  • Click on the Apply Now button, fill in the required details, and click on the Submit button

Once done, a company representative will get in touch with you to guide you through the process.

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Frequently Asked Question (FAQs)

How long does it take for Kotak Mahindra Bank to approve a 10 Lakh personal loan?

If you meet all the eligibility criteria and submit all the mandatory documents, then your 10 Lakh personal loan from Kotak Mahindra Bank may get approved within 48 hours. 

What are the interest rate ranges for Kotak Mahindra Bank's 10 Lakh personal loan?

The interest rate for Kotak Mahindra Bank’s personal loan amount ranging from 50,000 INR to 40 Lakh INR is 10.99%.

Can I apply for a 10 Lakh Kotak Mahindra Bank personal loan online?

Yes, you can conveniently apply for personal loans ranging from INR 50,000 to 40 Lakh through Kotak Mahindra Bank’s website or via Urban Money.

Are there any hidden charges in Kotak Mahindra Bank’s personal loan agreements?

Rest assured, there aren’t any hidden charges in personal loan agreements with Kotak Mahindra Bank. The bank transparently discloses all costs upfront, and you can verify them on their website. 

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