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Kotak Mahindra Bank Personal Loan of 4 Lakh

Kotak Mahindra Bank Personal Loan of 4 Lakh

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Kirti Bansal

Kirti Bansal is an esteemed financial expert and accomplished writer, specializing in a range of financial topics, including Financial Services, Investments, Loan Assessments, Mutual Funds, and Banking. With a wealth of experience in the financial industry, she has earned a reputation as a trusted voice! Her expertise serves as a beacon for those navigating the intricacies of finance.

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Amit Prakash Singh

Co-Founder, Square Yards & Chief Business Officer, Urban Money

Amit Prakash Singh is the Chief Business Officer at Urban Money. With over nine years of experience at Square Capital, he has played a crucial role in establishing it as one of India's premier loan advisory services. Amit's deep financial insights and extensive knowledge have driven significant business growth and strategic advancements. He has successfully built and managed large sales teams, optimised costs, and created leaders within the industry. Amit's financial expertise and strategic vision are key to the ongoing success and expansion of Square Yards and Urban Money.

A quick and adaptable way to take care of your financial demands is with a personal loan from Kotak Mahindra Bank. You can obtain a loan of up to Rs. 40 lakh at enticing interest rates beginning at 10.99% p.a., whether you want to use the money for your ideal trip, home improvement projects, schooling, marriage, or any other personal need. A flexible payback period, no collateral requirements, minimum paperwork, and speedy disbursement are some benefits you can take advantage of. You can apply online for Kotak’s digital personal loan and receive immediate approval and verification. Also available to current Kotak customers are pre-approved loans.

4 Lakh Personal Loan from Kotak Mahindra Bank – Highlights:

Here is a table showing the salient highlights of a 4 lakh personal loan from Kotak Mahindra Bank:

Particulars	Values
Interest Rate	10.99%
Loan Amount	Rs. 50,000 – Rs. 40 lakh
Tenure	12 – 60 months
Processing Fee	Up to 3% of the loan amount + GST
Prepayment Charges	4% or 5% of the outstanding amount + GST
Foreclosure Charges	Nil after a 12 months lock-in period

4 Lakh Personal Loan EMI for 10 Years:

The EMI for a loan of 4 lakh rupees at a 10.99% interest rate for 10 years is 5,489 rupees. Here is a table that shows the loan repayment details:

Year	Opening Balance	EMI	Interest	Principal	Closing Balance
1	400,000	65,868	41,880	23,988	376,012
2	376,012	65,868	38,716	27,152	348,860
3	348,860	65,868	35,361	30,507	318,353
4	318,353	65,868	31,805	34,063	284,290
5	284,290	65,868	28,038	37,830	246,460
6	246,460	65,868	24,051	41,817	204,643
7	204,643	65,868	19,835	46,033	158,610
8	158,610	65,868	15,380	50,488	108,122
9	108,122	65,868	10,677	55,191	52,931
10	52,931	65,868	5,715	60,153	-7,222

*Note: The table is based on the formula: EMI = [ P x R x (1+R) ^ N ]/ [ (1+R)^N-1] where P is the principal amount, R is the monthly interest rate, and N is the loan tenure in months. The negative closing balance in the last year indicates that the loan was fully repaid before the end of the tenure.

Compare 4 Lakh Personal Loan from other Banks & NBFC:

Here is a comparison of 4 lakh personal loans from other banks and the NBFC:

Bank/NBFC	Interest Rate	Tenure	Processing Fee
SBI	11.15% – 14.30% p.a.	6 – 72 months	Up to 2.5% of the loan amount + GST
HDFC Bank	10.75% – 21.45% p.a.	12 – 60 months	Up to 2.5% of the loan amount + GST
Axis Bank	11% – 24% p.a.	12 – 60 months	Up to 2% of the loan amount + GST
Bajaj Finserv	13% – 18% p.a.	12 – 60 months	Up to 4.13% of the loan amount + GST
Tata Capital	10.99% – 19% p.a.	12 – 72 months	Up to 2.75% of the loan amount + GST

4 Lakh Kotak Mahindra Bank Personal Loan – Fees and Charges:

The fees and charges for a 4 lakh personal loan from Kotak Mahindra Bank include:

Processing fee: Up to 3% of the loan amount + GST
Prepayment charge: 4% or 5% of the outstanding amount + GST
EMI bounce charge: Rs. 500 + GST per instance

4 Lakh Kotak Mahindra Bank Personal Loan – Documents Required:

The documents required for a 4 lakh personal loan from Kotak Mahindra Bank are:

PAN Card
Aadhaar Card
Last three months’ bank statements of the salary account
Salary slip for the last three months (for salaried employees)
2 passport-sized photographs

4 Lakh Kotak Mahindra Bank Personal Loan – Eligibility Criteria:

The eligibility criteria for a 4 lakh personal loan from Kotak Mahindra Bank are:

Age: 21 – 60 years
Minimum monthly income: Rs. 25,000 for Kotak customers and Rs. 30,000 for others
Minimum educational qualification: Graduation
Work experience: At least one year