Kotak Mahindra Bank is a large private bank in India. It has a large network of about 1369 branches, with about 2169 ATMs providing cash facility. In the year 2018, Kotak Mahindra Bank was the second largest private bank in terms of market capitalization, which is providing business loans to its customers with an interest rate of 16 percent. Kotak Bank is providing financial assistance to all sectors of business including manufacturing, agriculture and service provider.
Apart from this, this bank comes out with new schemes from time to time, so that anyone who wants to start their business. He can start his business by taking loan from Kotak Bank. In this article, we are telling you about how to get business loan from Kotak Mahindra Bank and Kotak Mahindra Bank Business Loan – Eligibility, Interest Rates.
How to get business loan from Kotak Mahindra Bank (Kotak Mahindra Bank Business Loan)
Business loans in India are provided by the country’s banks and NBFCs. It is an unsecured financial assistance aimed at providing loans to meet the needs of your growing business. Most financial institutions provide term and flexi loans to a company to meet its business needs.
It is also called commercial or business loan. Kotak Bank allows you to take loans for all types of businesses such as: Partnership Firms, Privately Held Company, Self-Employed Individuals, Sole Proprietorship and Retailer. You can get all such business loans from Kotak Bank, and to get the loan, you have to apply online or offline.
Kotak Mahindra Business Loan Interest Rate
Kotak Mahindra Bank offers business loans to its customers at attractive interest rates, since this bank offers various types of business loans, different interest rates have been set for different loans. Here you are being told about the interest charged on the loan: –
- Interest rate :- Starting from 16%.
- Processing Fee :- 2% of the loan amount + applicable taxes
- Loan Amount :- Rs.3 Lakh to Rs.75 Lakh.
- Guarantor :- Not required.
- Minimum EMI per Lakh :- Monthly Compounding of Amount Payable
- Foreclosure Charges :- 0
- Prepaid Fee :- 0
- Documentation fee: Rs.3,500 + GST for amount below Rs.10 lakh, Rs.6,000 + GST for amount above Rs.10 lakh.
- Kotak Mahindra Bank Business Loan Fees and Charges
- Processing Fee (Non Refundable) :- Maximum 2% of the loan
- Documentation Charges:- Rs.3,500 in case of loan less than ten lakhs.
- Check dishonor fee :- Rs.750.
- Fee for copy of any document :- Rs.500.
- Repayment Mode, Account swap charges :- Rs.500.
- For Duplicate NOC, No Dues Certificate :- Fee of Rs.500.
- Charge of civil copy :- Rs.50.
- Prepayment charges :- 6% of the foreclosure loan amount
- Substitute Interest (Penal Interest) :- 3%
- Collection charges in case of default :- 30% + GST + other statutory charges.
- Fee for Rectification Schedule :- Rs.250.
- Annual review fee :- 1.5% of the renewal limit or Rs.5000 thousand.
- Termination Charges :- 6% of Operating Limit
- Non utility fee :- Rs.1250 + GST.
- Fee for Interest Certificate :- Rs.250.
Kotak Mahindra Bank Business Loan Eligibility
- The age of the applicant for taking a business loan in Kotak Mahindra Bank should be between 25 years to 65 years.
- The applicant should have minimum 5 years of experience in the current line of business, in which he/she has earned an annual profit of Rs.40 lakhs in the last three years.
- Self Employed – Professionals should have a minimum qualification of 4 years.
- His residence or his office should be in the name of the applicant.
- The previous bank record of the applicant should be good.
- Sales Tax Return and ITR
- All types of firms can apply for the loan, such as:- Self Employed Individuals, Self Employed Professionals, Sole Proprietorship Firms, Partnership Firms.
- Documents required for Kotak Mahindra Bank Business Loan
For Identity:- Aadhar Card, Pan Card, Voter ID, Passport, Driving License.
For Address :- Driving License, Aadhaar Card, Passport, Voter ID.
PAN Card of the Firm / Proprietor / Company.
Income tax return of last 2 years.
Form 60 for all applicants / co-applicants / guarantors.
Audit Report |
Business Establishment Certificate / Service Tax Certificate / GST Certificate.
Approved Income Tax Return, Balance Sheet for profit and loss information.
If the business has any kind of existing loan outstanding, then the bank statement along with the loan sanction letter is necessary after checking the track record for its payment.
Business profile or project report on company letterhead.
Identity proof, address proof and processing fee check as per KYC norms.
Kotak Mahindra Bank Business Loan Features
This is a collateral-free loan, in which you do not need any guarantor or collateral.
Kotak Bank gives you a loan ranging from Rs.3 lakh to Rs.75 lakh.
The updation of interest rates on the loan amount taken by Kotak Mahindra Bank is done along with the determination of market value.
Kotak Mahindra Bank offers a competitive interest rate to provide loan facility to its customers, the interest rate depends on your financial assessment, business
The business profile is based on assessment of tenure and assessment of loan amount.
You are given 12 months to 36 months to repay the loan.
How to apply for Kotak Mahindra Bank Business Loan (Kotak Mahindra Bank Business Loan Apply)
First of all, you go to the nearest branch of Kotak Mahindra Bank in which you are a customer.
Go to the bank and contact the branch manager to get information about taking a business loan.
After listening to all the terms and conditions related to business loan, if you are satisfied, then you can get the form for loan application.
Fill this application form properly and attach the copy of relevant documents with the form.
After this the documents you have attached will be checked.
If the bank official is satisfied with the documents and loan application form submitted by you, then your loan is approved.
After this the loan amount is sent directly to your account.
How to apply online for business loan in Kotak Mahindra Bank (Kotak Mahindra Bank Business Loan Apply Online)
If you want to apply online to take a loan from Kotak Mahindra Bank, then first of all visit the official website of Kotak Bank https://www.kotak.com/en/home.html.
You will come to the home page of Kotak Mahindra Bank.
In this page, you have to go to the Explore Products tab, now click on the Loan link here.
The types of loans will open in front of you, in which you click on Business Loan.
As soon as you click on the link, you will come to a new page, where you will get all the information related to the loan.
Here you click on Apply Now.
After this you will see Are you an existing KOTAK Customer written, and below you will get the option of Yes and No. If you are an existing customer of Kotak Mahindra Bank, you have to click on Yes, otherwise click on No.
Now the Kotak Bank Business Loan Application Form will open in front of you.
You have to complete this form in three steps, in the first step customer proof will be checked.
After this, in the second step, you have to fill the bank details, and scan and upload the documents.
Now submit the application form by clicking on Submit.
The submitted form is checked by the officials of Kotak Bank, and the documents are verified, and the loan is approved.
After this, the business loan amount is directly sent to the bank account of the applicant.
Kotak Mahindra Bank Registered Office
27 BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E), Mumbai – 400051
Letter :- P.O. Box :-16344, Mumbai – 400013
E-mail :- firstname.lastname@example.org