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Kotak Mahindra Bank Personal Loan in Ranchi

Interest Rate starts from 11.50%

Kotak Mahindra Bank Personal Loan Interest rates in Ranchi

Please Find the Detailed Kotak Mahindra Bank Personal Loan Interest Rates

Up To 50,00050,000 Above
Salaried12.50%11.50%
Self Employed Professional14.50%14.00%

Features of Kotak Mahindra Bank Personal Loan Ranchi

Type Features
Processing FeeUpto 2.0%
Pre Closure ChargesNil
Part Payment ChargesAllowed
Min Tenure1 Years
Max Tenure5 Years
Min Age21 Years
Max Age58 Years
Min Loan AmountRs.50,000/-
Max Loan AmountRs.15,00,000/-

Kotak Mahindra Bank Personal Loan Ranchi Charges

Type Charges
E M I Bounce ChargesRs. 750/-
Duplicate Statement ChargesRs. 250/-
Cheque Swapping ChargesUpto Rs. 500
Issue Amortization Schedule DuplicateRs. 250/-
Photocopy DocumentsRs. 500/-
Default Interest Rate3% on Overdue Amount

Documentation For Personal Loan

  • 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
  • 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
  • Passport
  • Driving License
  • PAN card
  • Photo credit card (with embossed Signature and last two months statement)
  • Banker's sign verification
  • PAN Card
  • Passport
  • License
  • School leaving certificate
  • Voter card
  • Birth Certificate
  • LIC policy (only for age Proof)
  • Latest salary slip
  • Current dated salary Certificate with latest form 16.
  • Latest year IT Returns with Tax Audit reports(For Self Employed applicants)
  • Latest salary slip
  • Current dated salary Certificate with latest form 16.
  • Latest year IT Returns with Tax Audit reports(For Self Employed applicants)
  • Form 16
  • Relieving letter
  • Appointment Letter (for last two months)
  • Last 6 months of VAT/Service Tax returns (For Self Employed Applicants)
  • 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?

Multi-purpose loan
No security or Collateral free 
Fixed rate of Interest
Flexible tenures from 6 months up to 60 months based on the profile of the customer.
Quick processing and recommendable in emergency
Loan payable (Repayment) in easy installments
Repayment through ECS / Auto-debit / PDC
Applicable charges- Processing fee, Pre payment charges and delay charges
No part payments allowed
Online application with less paper work.
Credit score can be improved on complete payment without any delays
Age limits - min 18 years to max 55 years
Online application with less paper work.
Min loan amount 50,000
Max loan amount up to 20,00,000

Expert Advice

Best Practices for Personal Loan

Clear Identification of purpose and planned Budget.
Cost - benefit analysis
Peer comparison- ROI, PF and other charges and repayment tenor (shop around)
Know your credit history score and eligibility
Plan the repayment from the regular incomes than from futuristic/speculative income.
Check various other alternatives before availing a personal loan.n
Be clear on payment date and mode of payment like ECS, Online payments, Post dated cheques.
Terms and conditions to be clearly understood before signing up the agreement.
Take payment protection insurance
Ensure proper updation of contact details.

Things not to do for Personal Loan

Do not jump to apply a loan do the necessary homework
Do not borrow more than what is required.
Do not apply loan at too many places at a time.
Do not sign personal loans for others
Do not sign the terms and conditions without reading
Do not rush with the process.

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.

1) Credit/CIBIL History:-
 If you have good credit/CIBIL record then banks will definitely award you with a better rate of interest. This means that if you have taken a loan previously and managed to pay it off without defaulting then you will have a high credit/CIBIL score. Apart from the loan the banks also take into account payment of your credit card bill record.
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:

A) Easy availability:
 A lot of banks offer personal loans of various amounts and durations. You can pick and choose between them.
B) No collateral:
Personal loans are not very large amounts. They rarely exceed Rs. 4 lakhs. So there is no need to put up security or collateral against personal loan.
C) No criteria:
You can opt for a personal loan without having to explain to the bank why you need it. You can take a personal loan for any purpose including travelling, home repairs, medical emergencies.
D) Quickly available:
If you have a relationship with a bank you can get a personal loansanctioned within 24 hours. Personal loans also require very little paperwork.
E) Improves credit history:
If you regularly pay your EMIs on time then personal loans are a great way to improve your credit record. An improved CIBIL credit record can be very beneficial when you are looking for a new loan.

Personal Loans Disadvantages:

A) High interest rates:
 After credit cards, personal loans have the highest interest rates among credit products. Sometimes personal loans have higher rates than credit cards also.
B) High pre-payment penalty:
If you pre-pay your personal loans, banks often charge a high penalty.
C) Need good credit history:
Today, most banks give personal loans only to people with a good credit history. If someone regularly takes personal loans, he may be seen as someone who is not careful with his finances.
D) Affects credit report: 
If you default on your personal loan your CIBIL credit report reflects it and your credit rating and credit score are affected.
E) Bad image:
If banks access your CIBIL credit report and see a large number of personal loans, you are seen as someone who constantly needs money and who is indiscipline.

10 Things to Keep in Mind While Taking a Personal Loan

A personal loan must be taken only for emergencies. These include medical emergencies, urgent repairs to your home or if you need to cover up a shortfall in an education loan or any other emergency needs.
Loans must not be taken for holidays, investing in stocks, buying expensive gadgets etc.
The amount you pay for a personal loanshould ideally not be more than 25 percent of your salary every month.
Flexible tenures from 6 months up to 60 months based on the profile of the customer.
Do your research before applying to a bank for a personal loan. Lots of banks have different rates of interest for different loans. (Check here)
Don't choose a flat rate of interest. Always choose an option that calculates interest on the reducing balance method.
Bargain with banks so that they don't charge you a pre-payment penalty charge.
Try and keep the loan term short, preferably 1-3 years.
Do not take too many personal loans as it reflects on your credit history.
Banks may tell you that you have been pre-approved for a personal loan and that you can get the loan cheaper than other customers. Check for it.
If you have a very large credit card debt (interest on credit cards is usually between 25%-30% percent for a month), you can take a personal loan to pay that off (interest on personal loans is between 13% -17% for a month).

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:

In general the larger the loan amount the lower the interest rate. In some instances you may save on borrowing slightly higher. Plan accordingly.
Do not make late payments; there is risk of delay charges and increase in annual rate. This will also affect your credit history.
Co-signing of any other individuals’ personal loan to be done with extreme caution because any default by them will affect your credit history.
Good payment track will improve the credit history and make you eligible for additional loans with lower interest rate benefits.

About Ranchi

Ranchi, the capital city of Jharkhand state is located on southern part of the Chota Nagpur plateau which forms the eastern edge of the Deccan plateau system. Ranchi has a hilly topography and is surrounded by dense tropical forests. Earlier the name of the district was Lohardaga with headquarter at Lohardaga, the present headquarter of a separate district.

Magadha Empire exercised indirect control over the territory, which lasted until the reign of the Ashoka. Kalinga rulers are believed to have ravaged the region during their expeditions to Rajgir and Pataliputra. which ruled Ranchi district and a larger part of Chota Nagpur Plateau as a sovereign king for almost next 1000 years.

With the expansion of the Mughal Empire, the sovereign status of the Nag Dynasty was technically affected, but they continued to rule and administer independently until the advent of the East India Company. During the period of the British Raj, adivasis and the local population of other ethnic backgrounds of Ranchi and other regions currently comprising the State of Jharkhand continued to oppose the subjugation by the British, and the region witnessed a number of uprisings and revolts.

Other Cities Loan Offers

Places To Be Visited In Ranchi

Panch Gagh Falls

    Located at about 55 kms from Ranchi, Panch Gagh Falls is on Ranchi-Chakradharpur Road. The waterfalls consist of five streams, which look awesome as they fall from a great height.

Jagannath Temple

    The 17th century situated on hilltop is a major attraction in the city. Jagannath Templelooks very much like the Puri Jagannath Temple and it is considered the second largest Jagannath Temple next to Puri Temple.

Ranchi Lake

    Ranchi Lake is located at the foot of Ranchi Hill, which is at the center of the city and hence tourists frequent this place in great numbers. The view of the hill and the vast expanse of water mesmerize you. The lake was excavated in 1842 by Colonel Onsley. Boating facilities are available here. It is a perfect place to unwind on a quiet evening watching the sunset as the cool breeze gently plays around.

Hundru Falls

    It is quite natural to name a water fall as the number one destination in a land that is called ‘The City of Waterfalls’. Located at 45kms away from Ranchi, the spectacular waterfalls is a favorite tourist destination. The river Subarnarekha falls down from 320 feet height thus forming Hundru Falls.

Birsa Zoological Park

    One of the best and considered to rank amongst the most beautiful zoos in the country,Birsa Zoological Park is worth every second you spend here. Spanning an area of 104 hectares of land, which is mildly uneven, the zoo is a real home to wild animals. It is just 16km away from the city’s center. Birsa Zoological Park is divided into two by National Highway. The larger area is the home of wild animals and the smaller area is thoroughly a botanical section. Some of the animals found in the zoo include lion, tiger, hyena, fox, wild cats, barking deer and elephants.

Sun Temple

    Sun Temple is one of the most frequented tourist destinations in Ranchi. It is a wonderful display of architecture. With 18 wheels and driven by seven horses, the uniquely designed Sun Temple looks majestic. Sanskrit Vihar, a charitable trust constructed the temple.

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