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Kotak Mahindra Bank Personal Loan of 4 Lakh
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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