Kotak Bank Government Employees Personal Loan

Kotak Mahindra Bank is offering easy-to-get personal loans to government employees. It’s designed to help out government employees with financial needs. You can fill out a simple application online or offline and get a loan from Rs. 50,000 to Rs. 40 lakhs. The interest rates of Kotak Bank state employees’ personal loan start at 10.99% p.a., and you can take your time paying it back over 12 to 60 months. It’s a practical solution for government employees who need some extra cash without too much hassle. Let’s unravel more about Kotak Bank government staff personal loans in detail! 

Kotak Bank Government Employees Personal loan- Highlights

Below states are the key highlights of Kotak Bank government employees’ personal loan:

Features	Description
Who Are Eligible?	Government employees meeting criteria
Maximum Loan Amount	Up to Rs. 40 lakhs
Loan Tenure	Flexible tenure, from 12 to 60 months
Margin	NA
Upfront Fee	Processing fee of up to 3% of the final loan amount plus applicable taxes
Collateral/Security	No collateral is required

Comparison of Kotak Bank Government Employees Personal loan With Other Lenders

The following comparison between Kotak Bank Government Employees Personal loan with other lenders can help ease your process.

Bank/NBFCs	Interest Rate
HDFC Bank Personal Loan	10.50% p.a. onwards
Citibank Personal Loan	10.75% p.a. onwards

Remember, you can always use Urban Money’s Kotak Bank Government Employees Personal loan calculator to assess your monthly EMI. 

Kotak Bank Government Employees Personal Loan – Fees and Charges

Given below are the Kotak Bank Government Employees Personal loan rate charges;

• Processing Fee: Up to 3% of the final loan amount plus applicable taxes. 
• Foreclosure Charges: 
  • Up to 3 years: 4% + GST on outstanding principal.
  • After 3 years: 2% + GST on outstanding principal.
  • For >10L Loan amount: Foreclosure charges of INR 999/- plus applicable taxes (only for closing through own funds and after 12 months).
• Late Payment Charges: 3% per month on the overdue instalment amount.

Kotak Bank Government Employees Personal loan – Documents Required

Documents you need to avail of Kotak Bank Government Employees Personal loan comprises of:-

• 2 to 3 Passport Size Photographs
• ID proof: PAN Card/ Voter ID/ Aadhaar Card/ Driving License
• Address proof: Passport/ Utility Bills/ Leave and License Agreement
• Income proof: Last 3 month’s Salary Slips/Bank Statements

Kotak Bank Government Employees Personal loan – Eligibility Criteria

The Kotak Bank personal loan eligibility for government employees depends on the following criteria:

• Min-Max Age: 21 to 60 years
• Nationality: Indian
• Occupation:  Government Employees
• Employment Status: Salaried
• Minimum Salary:  
  • Kotak Bank Salary Account holder: Rs. 25,000
  • Non-Kotak Bank Salary Account holder: Rs. 30,000
  • Kotak Bank Employees: 20,000
• Minimum work experience: 1 year
• Minimum education: Graduation