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Kotak Mahindra Bank Personal Loan of 5 Lakh

Kotak Mahindra Bank Personal Loan of 5 Lakh

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Written By

Amrita Sinha

Amrita Sinha comes with a background in journalism and mass communication, drawing from her roots in journalism, she has found her voice in the world of finance. As an accomplished writer, she specialises in Financial Services, Mutual Funds, Loan Assessments, Banking & Loan Products. She has established herself as a reliable expert in the field, offering valuable advice to those looking to navigate the various aspects of personal finance.

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Piyush Bothra

Chief Financial Officer, Square Yards

Piyush Bothra is the Chief Financial Officer at Square Yards, bringing over two decades of rich experience in finance and leadership. He is an MBA graduate from the prestigious IIM Lucknow and holds a BE in Information Technology from Sardar Vallabhbhai Patel Institute of Technology. He has played pivotal roles in scaling businesses and driving financial strategies. At Square Yards since 2015, Piyush is known for his strategic vision, strong financial knowledge, and valuable financial insights, significantly contributing to the company's growth and success.

Accessing financial support is made easy with Kotak Mahindra Bank’s personal loan of 5 Lakh. Whether it’s unexpected expenses, a dream vacation, or planned financial needs, Kotak Mahindra Bank offers a hassle-free solution with a competitive 5 Lakh loan interest rate and flexible repayment options. Calculate your 5 Lakh personal loan EMI instantly using our online tools, making the process quick and convenient. With instant approval for a 5 Lakh loan from Kotak Mahindra Bank, check your eligibility effortlessly. Our streamlined process ensures that your 5 Lakh personal loan documents for Kotak Mahindra Bank are minimal, making financial assistance readily available to meet your diverse needs.

Kotak Mahindra Bank Personal Loan of 5 Lakh – Highlights:

Following are some of the key highlights and eligibility parameters of the Kotak Mahindra Bank Personal Loan of 5 Lakh:

Parameters	Criteria
Nature of Employment	Employed with an MNC, public limited company, or private limited company
Age	21 years to 60 years
Minimum Monthly Income	– For Kotak Bank Salary Account Holders: Minimum net monthly income of Rs. 25,000
	– For non-Kotak Bank Salary Account holder: Minimum net monthly income of Rs. 30,000
	– For Kotak Bank Employees: Minimum net monthly income of Rs. 20,000
Minimum Educational Qualification	Graduation
Work Experience	At least one year

*Please note the specified criteria for each parameter to facilitate a seamless loan application process.

5 Lakh Personal Loan EMI for 1-5 & 10 Years:

The EMI depends on the loan amount, interest rate, and loan tenure. Here is a table that shows the EMI for a loan amount of 5 lakh at an interest rate of 11.5% for different tenures:

Tenure (in years)	EMI (in rupees)
1	44,308
2	23,420
3	16,488
4	13,045
5	10,996
10	6,922

*You can also use online EMI calculators or Urban Money’s EMI calculator to find out the EMI for different loan amounts, interest rates, and tenures.

Comparison of Kotak Mahindra Bank 5 Lakh Personal Loan from other Banks & NBFC:

Here is a table that shows the interest rates, processing fees, and loan tenures of different banks/NBFCs to help you understand and compare them better:

Bank/NBFC	Interest Rate	Processing Fee	Loan Tenure	Loan Amount
Kotak Mahindra Bank	10.99% – 26%	Up to 2.5% of the loan amount + GST	12 – 60 months	Rs 50,000 – Rs 40 lakh
HDFC Bank	10.75% – 24%	Up to Rs 4999 + GST	3 – 72 months	Up to Rs 50 lakh
ICICI Bank	10.65% – 16%	Up to 2.50% of the loan amount + GST	12 – 60 months	Up to Rs 50 lakh
SBI	11.15% – 15.05%	1% of the loan amount + GST	6 – 72 months	Up to Rs 20 lakh
PNB	11.40% – 12.80%	Up to 1% of the loan amount + GST	12 – 60 months	Up to Rs 10 lakh

*Note: The interest rates and other features vary depending on the bank/NBFC, your credit profile, and the loan amount and tenure.

5 Lakh Kotak Mahindra Bank Home Loan – Fees and Charges

Kotak Mahindra Bank charges a processing fee of 0.5% of the loan amount for salaried applicants and 1% for self-employed applicants for home loans. The bank also levies a non-refundable upfront processing fee of Rs. 5,000 (plus taxes and statutory dues) at the time of login. Please note that these charges are subject to change and depend on various factors such as credit score, monthly income, employment profile, etc. It is advisable to check with the bank for the latest interest rates and other terms and conditions.

5 Lakh Kotak Mahindra Bank Home Loan – Documents Required

To apply for a home loan of Rs. 5 Lakh from Kotak Mahindra Bank, you will need to submit the following documents:

Proof of identity: PAN Card/Aadhaar Card/Driving License/Passport/Voter ID.
Proof of address: Driving License/Aadhaar Card/ Voter ID/Passport.
Proof of income.
Proof of age: Voter ID/Passport/Aadhaar Card/Pan Card/Driving Licence.
Educational qualification proof.
Signature proof: PAN Card/Passport.
Relationship proof.

*Please note that the documents required may vary based on the type of property and your residential status. It is advisable to check with the bank for the latest list of documents required and other terms and conditions.

5 Lakh Kotak Mahindra Bank Home Loan – Eligibility Criteria

To be eligible for a home loan of 5 Lakh from Kotak Mahindra Bank, you must be an Indian resident between the ages of 18 and 60 (for salaried) or 18 and 65 (for self-employed), with a minimum gross income of Rs. 20,000 per month (for residents of Delhi, Mumbai, Bangalore, Pune, and Chennai) or Rs. 15,000 per month (for residents of other cities).