KOTAK BANK 2018-08-20T13:35:29+00:00

Balance Transfer of a Personal Loan to Kotak Mahindra Bank.

A Personal Loan is convenient finance available at the time of need .This amount can be used to meet unexpected expenses emergencies.

The Kotak Mahindra Bank provides unparalleled services to its customers for Personal Loans.

It is now the most favoured Bank, for procuring a Personal Loan: The Rate of Interest is competitive & the terms & conditions are most suitable to all segments of candidates in need of a Personal Loan.

Apply for a Fresh Personal Loan, if already running a Personal Loan from another Bank or NBFC then it is time to free you from the burden of paying an inflated EMI.

Do not hesitate to transfer your existing personal loan to Kotak Mahindra Bank to avail its numerous advantages:

What are the Advantages of a Personal Loan Balance Transfer?

Avail Balance Transfer of your Personal Loans from 50k to 15 lacs.

An applicant can transfer the existing principal balance of the Personal Loan which he/she has taken from an external Bank for Loan amounts ranging from ₹ 50 k to ₹15 lakhs.

The Personal Loan is eligible for a Balance Transfer, only if the existing amount of Principal Balance is more than ₹ 50 k.

If he desires he could simply take a Balance transfer of the remaining amount or take an additional amount as a Top Up to his existing Loan.

Kotak Mahindra Bank forwards Loan amounts up to a maximum of ₹15 lakhs to an applicant as per the eligibility criteria & the Loan amount required.

Enjoy a reduced monthly Emi to suit your budget with rates starting from 11.49% onwards.

The Kotak Mahindra Bank offers a special rate of interest of 11.79% for a Personal Loan which is sanctioned on the basis of Balance transfer.

The loan may be running at whatever the policy of the external Bank, the Balance transfer offer is at a special rate of Interest which cuts across all segments.

This offer is consistent for all salaried customers whatever the salary of the customer or the company he is working with. The only condition being that he must meet the basic eligibility criteria of the Bank.

This reduced rate will not be made available for a fresh Loan from any Bank or NBFC

So why wait? Apply for a Balance Transfer of your Personal loan at the earliest!

Additional Loan amount as per your requirement at the same reduced rate of interest.

If additional funds are required the same reduced rate of interest will be applicable. So not only does the rate of interest on your previous loan amount reduce but the option of taking an additional loan amount at the same rate is available;

The total Loan amount that can be disbursed will be governed by the Eligibility criteria of Kotak Bank. Apart from being able to get the best rate of Interest for your current loan, there is an option available of taking an additional Loan amount if required.

Flexible repayment options with Tenures ranging from 12-60 months.

The time period within which the Personal Loan is to be paid back, is termed as the Personal loan tenure.

After the successful balance transfer of your personal loan, an applicant can choose apply for a different tenure.

The tenure of the previous loan will have no bearing on the transferred loan.

With a reduced rate of interest applicable on the Loan amount transferred, one could choose to pay back the loan amount as quickly as possible.

Alternately if expenses need to be budgeted a longer tenure may be a wise decision.

A Chance To Re Work Your EMI

Get an EMI to suit your Budget.

The Emi or the equated monthly Installement is calculated with the following inputs:

  • The Loan total Amount credited to the Bank account.
  • The rate of Interest percentage applicable on the Loan amount.
  • The Tenure for which the Loan amount t is taken. Tenure granted is from 12 months to 60 months.

When a Balance transfer of a personal loan is affected, the Principal amount balance of the personal Loan is paid to the external Bank by Kotak & a fresh loan is structured.

At this juncture the applicant has a choice of taking a TOP UP or an added amount if any extra funds are required.

The reduced rate of Interest as per the Kotak Bank Balance Transfer offer of 11.69% @ reducing balance will now be applied to the new loan amount.

With the reduced rate of Interest If the applicant can now afford to pay back the Loan with in a shorter period by choosing a shorter Tenure, or extend the tenure up to 60 months for repayment of the Personal Loan.

The Emi or the equated monthly Installement is calculated with the following inputs:

  • The Loan total Amount credited to the Bank account.
  • The rate of Interest percentage applicable on the Loan amount.
  • The Tenure for which the Loan amount t is taken. Tenure granted is from 12 months to 60 months.

The EMI will be calculated accordingly.

Pay your credit card dues.

The interest on dues for a Credit Card are over 36 % per annum, if there is an expense amount balance to be paid beyond the monthly cycle, to clear them is a priority.

While applying for the Balance Transfer of your personal Loan, a Top Up amount to pay for your Credit Card Bills is a good investment.

Eligibility Criteria for Balance Transfer of a Personal Loan to KOTAK MAHINDRA BANK.

  • This offer is for Salaried Individuals only.
  • Net Salary transferred to the Bank should be above 25000/- per month.
  • Company Employed with currently should be in the Kotak Mahindra Company List.
  • A Job Continuity of a year is mandatory.
  • Minimum Loan amount for Balance transfer is 50k.
  • 6 Emi’s of the External Personal Loan should have been paid back successfully.

The Process Steps for a Balance Transfer

Obtain Personal Loan track/the schedule & Banking for the existing loan.

Complete relevant Documents as required by Kotak Mahindra (link for documents)

Apply for Balance transfer of your Personal Loan

Receive approval within 48hrs to 72hrs.

Submit agreement with security cheques.

A Draft or will be made in the name of the external Bank for the Principal Loan amount.

Top up amount will be transferred directly to the Salary account.

Documents Required

Personal Documents

  • Application form duly filled & signed.
  • 2 passport size photos

Documents for Income Proof

  • Salary slips for the last 3 months.
  • Bank Statement of Salary account showing salary credits for the last 3 months.
  • Form 16 for the last financial year.

KYC Documents include

  • Pan Card Copy.

  • Identity proof ( Driving Licence/Aadhaar Card /Passport/Voter ID)
  • Current residence proof ( Driving Licence/Aadhaar Card /Passport/Voter ID/Utility bill/Rent agreement)

Proof for Balance transfer

  • Request letter for transfer of Loan from the External bank to KOTAK MAHINDRA BANK.
  • Pre closure letter or application copy for closure request of the current personal loan.
  • Current residence proof ( Driving Licence/Aadhaar Card /Passport/Voter ID/Utility bill/Rent agreement)

(all self attested copy of document to be submitted for balance transfer of personal loan for salaried applicant)

RATE CHART

NET SALARY LOAN AMOUNT RATE OF INTEREST PROCESSING FEES TENURE
25000/- + above 7 LACS + ABOVE 11.69% @ REDUCING BALANCE 1500/- + S.T. 12 months to 60 months
25000/- + above Below 7 lacs 12.5% @ REDUCING BALANCE 2% + S.T. 12 months to 60 months
* Applicable to salaried personal only.
* Rates are liable to change as per KOTAK MAHINDRA BANK policy.