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Kotak Bank Self Employed Personal Loan

Kotak Bank Self Employed Personal Loan

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Written By

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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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.

Did you get unexpected expenses? Meet Kotak Mahindra Bank’s Personal Loan for self-employed! With this loan, you can cover the cost of any personal need you want! Plus the brand offers, easy application, competitive rates, and flexible repayments that will make your financial journey smoother. So, live your life to the fullest with Kotak Bank personal loan for Self Employed Individuals.

Kotak Bank Self-Employed Personal Loan- Highlights

Below states are the key highlights of Kotak Bank’s Self-Employed instant loan:

Features	Description
Who Are Eligible?	Self-employed meeting the criteria
Maximum Loan Amount	40 lakhs
Loan Tenure	Up to 6 years
Margin	NA
Upfront Fee	Processing fee of up to 3% of the final loan amount plus applicable taxes
Collateral/Security	No Collateral

Comparison of Kotak Bank Self-Employed Personal Loan with Other Lenders

The following comparison between Kotak Bank’s employed 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 use Urban Money’s Kotak Bank Self-Employed Personal loan calculator to assess your monthly EMI.

Kotak Bank Self-Employed Personal Loan – Fees and Charges

Apart from the Kotak Bank Self Employed Personal loan rate, borrowers are also required to pay;

Interest Rate: 10.99% and above p.a.
Processing Fees: 3% of the loan amount + applicable taxes, deducted at disbursal.
Stamp Duty Charges: As per the State’s Stamp Act.
Overdue EMI Interest: 3% per month on overdue instalments.
EMI Bounce Charges: INR 500 plus taxes per instance.
Foreclosure Charges: Up to 3 years – 4% + GST, After 3 years – 2% + GST, For >10L Loan amount: INR 999/- + taxes (after 12 months).
Part Pre-payment Charges: Allowed after 12 months, INR 500 plus taxes per instance.
Physical SOA or Amortization Schedule Charges: Once a year – No charge, post that – INR 200 plus taxes per request.

Kotak Bank Self-Employed Personal Loan – Documents Required

The necessary documents you need to avail of Kotak Bank Salaried Employee Personal loan include:-

2 to 3 Passport Size Photographs
ID proof: PAN Card/ Voter ID/ Aadhaar Card/ Driving License
Address proof: Passport/ Utility Bills
Income proof: Last 3-6 months’ Bank Statements

Kotak Bank Self-Employed Personal Loan – Eligibility Criteria

The Kotak Bank Self-Employed Personal loan depends on the following criteria:

Min-Max Age: 21 to 60 years
Nationality: Indian
Occupation: Business
Minimum Income: 25,000 Rs.
Minimum business experience: 2+
Minimum education: Graduation