Kotak Mahindra Bank Personal Loan of 3 Lakh

You have big dreams and goals, and you need some extra cash to make them happen. Maybe you want to tie the knot with your soulmate, give your home a makeover, send your kid to the best school, or get rid of your debt burden. Whatever your reason, a personal loan can be the perfect solution for your financial needs.

But how do you choose the best personal loan for you? With so many options in the market, it can be hard to find the one that suits your needs and budget. That’s why we recommend Kotak Mahindra Bank, one of India’s most trusted and reputed private sector banks. Kotak Mahindra Bank offers personal loans of up to 40 lakh with low interest rates, easy repayment options, and fast approval. Whether you need 3 lakh or more, Kotak Mahindra Bank has a personal loan plan for you.

In this article, we will share with you all the details of the Kotak Mahindra Bank 3 lakh personal loan, such as the features, benefits, eligibility criteria, and documents required. Read on to find out how you can apply for this amazing personal loan and turn your dreams into reality.

Personal Loan Options For 3 Lakh In Kotak Mahindra Bank

Kotak Mahindra Bank offers two types of personal loans for 3 lakh: FastTrack Personal Loan and Instant Personal Loan.

FastTrack Personal Loan

FastTrack Personal Loan is a pre-approved loan for existing Kotak customers, who can get the loan disbursed within a minute. This loan is ideal for those who need urgent funds and have a good credit history with the bank. The features and benefits of FastTrack Personal Loan are:

• A loan amount of up to 40 lakh
• The interest rate starts at 10.99% p.a.
• Repayment tenure of up to 6 years
• Zero collateral requirements
• Digital KYC and video verification
• Use the loan for any purpose

Instant Personal Loan

An instant personal loan is a loan for new customers, who can get the loan approved within 30 minutes. This loan is suitable for those who have a steady income and a good credit score. The features and benefits of an instant personal loan are:

• Loan amount of up to 5 lakh
• The interest rate starts at 10.99% p.a.
• Repayment tenure of up to 4 years
• Zero collateral requirements
• Digital KYC and video verification
• Use the loan for any purpose

Features Of Bank 3 Lakh Personal Loan

Whether you opt for a FastTrack personal loan or an instant personal loan, you can enjoy the following features of Kotak Mahindra Bank 3 lakh personal loan:

• Competitive Interest Rates: Kotak Mahindra Bank offers personal loans at interest rates starting at 10.99% p.a., which is lower than many other lenders in the market. The interest rate depends on various factors, such as your credit score, income, loan amount, and tenure.
• Flexible Repayment Options: You can choose a repayment tenure of up to 6 years, depending on your loan amount and affordability. You can also prepay or foreclose your loan after paying a certain number of EMIs, subject to a nominal charge.
• Minimal Documentation: You don’t have to submit a lot of documents to apply for a personal loan from Kotak Mahindra Bank. You just need to provide a valid identity proof, a valid residence proof, three months’ bank statements, three months’ salary slips (for salaried individuals), and 2-3 recent passport-sized photographs.
• Online Application and Processing: You can apply for a personal loan from Kotak Mahindra Bank online without visiting any branch or meeting any representative. You can also check your eligibility, calculate your EMI, upload your documents, and track your loan status online through the bank’s website or mobile app.
• Customer Service: You can get in touch with the bank’s customer care team anytime, through phone, email, or chat, for any queries or issues related to your personal loan. You can also visit any of the bank’s branches across the country for assistance.

Can I Get A 3 Lakh Personal Loan Instantly From Kotak Mahindra Bank?

You can get a 3 lakh personal loan instantly from Kotak Mahindra Bank if you meet the following conditions:

• You are an existing Kotak customer with a pre-approved loan offer. You can check your offer by logging into your net banking or mobile banking account or by sending an SMS ‘PL’ to 5676788.
• You have a good credit history with the bank, with no defaults or delays in your previous loans or credit cards.
• You have a good credit score of 750 or above, as per CIBIL or any other credit bureau.
• You have a steady income of at least 25,000 per month (for corporate salary borrowers), 30,000 per month (for non-corporate salary borrowers), or 20,000 per month (for Kotak employees).
• You are between 21 and 60 years of age.
• You have completed your graduation.
• You have work experience of at least one year.

If you meet these conditions, you can get a 3 lakh personal loan instantly from Kotak Mahindra Bank by following these steps:

• Log into your net banking or mobile banking account, or send an SMS ‘PL’ to 5676788, to check your pre-approved loan offer.
• Select the loan amount and tenure as per your requirements and affordability.
• Complete the digital KYC and video verification process by providing your Aadhaar number and PAN number and verifying your identity and address through a video call.
• Confirm your loan details and accept the terms and conditions.
• Get the loan amount credited to your bank account within a minute.

What Is The EMI For A 3 Lakh Loan?

The EMI for a 3 lakh loan depends on the interest rate and the repayment tenure that you choose. You can use the Personal Loan EMI Calculator on the Kotak Mahindra Bank website to calculate your EMI for a 3 lakh loan. Here is how you can use the calculator:

• Go to the Kotak Mahindra Bank website and check the main menu or sidebar for the Personal Loans section.
• Within the Personal Loan section, you’ll find a loan EMI calculator.
• Enter the loan amount, interest rate, and tenure as per your preference.
• Click on the ‘Calculate’ button to get your EMI amount, total interest payable, and total amount payable.

For example, if you take a 3 lakh loan at an interest rate of 10.99% p.a. for a tenure of 5 years, your EMI will be 6,543, your total interest payable will be 92,574, and your total amount payable will be 3,92,574.

Eligibility Criteria 3 Lakh Loan In Kotak Mahindra Bank

To be eligible for a 3 lakh loan at Kotak Mahindra Bank, you need to meet the following criteria:

• You must be an Indian citizen and a resident of India.
• You must be either a salaried individual, a self-employed professional, or non-professional.
• You must have a minimum income of 25,000 per month (for corporate salary borrowers), 30,000 per month (for non-corporate salary borrowers), or 20,000 per month (for Kotak employees).
• You must be between 21 and 60 years of age.
• You must have completed your graduation.
• You must have work experience spanning at least one year.
• You must have a good credit score of 750 or above, as per CIBIL or any other credit bureau.

Documents Required 3 Lakh Kotak Mahindra Bank Loan

To apply for a 3 lakh Kotak Mahindra Bank loan, you need to submit the following documents:

• A valid identity proof like your PAN Card, Passport, Aadhaar card, Voter’s ID card, or Driving Licence
• A valid residence proof like your Passport, Aadhaar Card, Driving License
• Three months’ bank statements with your income details
• For salaried individuals, 3 months salary slips
• 2-3 recent passport-sized photographs

How To Apply For A 3 Lakh Personal Loan From Urban Money?

To initiate the process for a personal loan of ₹4 lakh from Kotak Mahindra Bank, you can take the following steps:

• Start by visiting the official website of Urban Money.
• On the homepage, navigate to the “Loan” section and select “Personal Loan” from the menu.
• This action will take you to a page titled “Personal Loan,” which displays a list of financial institutions offering loans, including Kotak Mahindra Bank.
• Locate Kotak Mahindra Bank on this list and click on the “Enquire Now” option.
• A short online form will appear. Fill in your details, such as name, mobile number, and the city you reside in.
• After submitting this information, you’ll receive a 6-digit OTP on the provided mobile number.
• Enter this OTP and proceed by clicking “Submit.”
• Following this, a representative from our team specialising in loan services will get in touch with you within a day. They will assist you in navigating the process with your selected lender and ensure the loan amount is smoothly transferred to your account.