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Kotak Mahindra Bank Business Loan

As a professional, people always look for chances to grow their business. But, when the time arises, and they do succeed, they need the essential funds to take advantage of it genuinely. With Kotak Business Loans, they can improve the business or develop it without actually disturbing the personal investments or implementing on multiple loans. Be it SMEs or MNCs, everyone require funds at one point or another. Kotak Mahindra Bank renders business loans just for that purpose. With low-interest rate and minimal documentation, kotak Mahindra brings about various chances to achieve the goals and dreams which the applicant have dreamt of. The bank also gives loans that can either be as small as INR 3lacs or a value which is much higher than that, depending on the business’s needs. These loans also ensure us for with faster approval times and low tenure facility.

Apply Business Loan

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Minimum salary of Rs 10,000 is requiredMinimum annual income of Rs. 1.2 Lakh is requiredMinimum turnover of Rs. 1.2 Lakh is required
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WHY CHOOSE KOTAK MAHINDRA BANK BUSINESS LOAN?

  • Business loans up to Rs 75 Lakh
  • Hassle free documentation
  • Quick loan process
  • Benefit from flexible repayment options
  • Easy process
  • Repayment in the figure of EMIs
  • Minimum documentation
  • Online application service
  • Attractive interest rates
  • Flexible tenure
  • No hidden charges

Kotak Mahindra Bank Business Loan Interest Rate

Salaried Individual

Loan Amount

Starting From Rs. 50,000 up to Rs. 25 lakhs

Interest Rate

10.99% - 20.00%

Loan Tenure

12 to 60 months

Processing Fee

2.50%, Minimum Rs. 1,000 Maximum Rs. 25,000

Foreclosure Charges

Allowed after 12 EMIs, Prepayment charges vary by year: 2nd year - 4%; 3rd year - 3%, after 3 years - 2%

Age

21 years up to 60 years

VARIOUS FEATURES AND ADVANTAGES OF KOTAK MAHINDRA BUSINESS LOAN

DURATION

Age represents an essential role to know the eligibility criteria and repayment capacity. Kotak Bank provides us with a loan option only to those applicants who are at least 25 years old at the time of loan approval or maximum of 65 years at the time of loan maturity.

LOAN AMOUNT

The loan amount is based on the applicant’s eligibility. The bank provides the applicant with the loan ranging from Rs. 3 Lakh to Rs. 75 Lakh. To improve the chances of approval, apply for a loan amount that is comfortable and affordable.

REVENUE AND PROFITS

Loan qualification significantly depends upon profitability on the turnover of the company. Kotak Bank needs profit for the minimum of two years. And, the minimum business turnover should be of Rs. 50 Lakh.

BUSINESS SECURITY

Future business possibilities and its security are essential to enhance the eligibility for a business loan. Kotak Bank needs a minimum business track history of 36 months. The bank will also study the minimum growth in sales of the last three year.

ITR (INCOME TAX RETURN)

Bank provides loan only after verifying the income tax return and bank statements. The ITR details should be minimum 24 months and bank statement for a minimum of six months.

CIBIL SCORE

It is possible that due to some reasons the cibil score of many individuals are less than what it should be. Therefore, at times like these, the applicant can still apply for Business Loan at the low cibil score.

ATTRACTIVE INTEREST RATES

Kotak Mahindra Bank provides with various exciting and attractive Business Loan to the applicants who are seeking of funds. These funds can be utilized for multiple purpose and targets

LOAN TENURE

The longer the loan tenure, lesser the EMI amount. At an interest rate of 10.00% per annum, the EMI on Kotak Bank Business Loan ranges from approx Rs. 5,000 to Rs. 3,000 for loan tenure ranging from 24 to 60 months.

NO HIDDEN CHARGES

The bank understands that the users have tough time making money; therefore they provide with no additional or hidden fees when the user applies for the loan.

Kotak Mahindra Bank Business Loan Fees & Charges

Loan Processing Fees Up to 2.50% of loan amount, Rs 1,000 to 25,000
Pre-payment Charges 4% of principal outstanding - 13 to 24 months,
3% of principal outstanding – 25 to 36 months
2% of principal outstanding - >36 months
Penalty for late EMI payment 24% per year on outstanding amount From default date
Eligibility Criteria

KOTAK MAHINDRA BUSINESS LOAN ELIGIBILITY CRITERIA

  • Self-employed people in business with a fluid annual income

  • Manufacturers with a smooth yearly turnover

  • Service Providers with an annual turnover of regular income.

  • Applicant should be in business for least three years continuously, showing a cash profit for the last two years

  • Minimum two years of work exposure and in the case of self-employed, minimum of two years of business action

  • Minimum age of 21 years and maximum period for 60 years

  • Address proof which included PAN card or adhar card

  • Two passport size photographs

  • Bank statements of last six months

DOCUMENTATION REQUIRED FOR BUSINESS LOAN AT KOTAK MAHINDRA

  • Income documents of a salaried person which includes latest three years of Payslip, six months salary bank statement and, most recent year’s form 16.

  • Self-employed people should have documents of latest two years ITR, Financial papers and,  six months company original current account statement. The applicant should also have current obligations, i.e., the other installments (EMIs), the number of credit cards and credit limits that they have, or they used.

  • KYC Documents which includes Pan card, secondary ID proof, and  passport size photo

  • Evidence of employment and business continuity

  • Property records

  • If the property is under development, then the documents which are needed is allotment letter, proof of booking amount paid and payment schedule

  • If it is a ready property, then the records would include sale deed, arent documents, property tax paid certificate

  • Plot and Self-construction documents would consist of sale Deed, parent documents, Latest EC, etc

Documents Required

OBJECTIVES TO APPLY FOR KOTAK BUSINESS LOAN AT RUPEE STATION

EASY LOAN PAYMENTS

The applicant can choose from easy repayment options to pay off the business loan at the convenience of the applicant. This is only provided if the applicant decides to select station rupee as their loan holder.

PRESERVE TIME ON LOAN PROCESSING AND PERMISSION

Rupee Station gives a privilege on hassle-free loan methods and quicker turnaround amount on loan approval with a Kotak Mahindra Bank business loan at Rupee Station. The money after approval is disbursed within two business days.

ONE STEP AWAY FOR SKILLFUL FINANCIAL SUPPORT

The applicant gets dedicated support and direction from the team of experienced business experts offering those personalized solutions and customer service to help their business grow.

PRESENTING WITH BUSINESS LOAN OFFERS

Rupee Station gives personalized loan and great deals at the best and low rate of interest. It is because Rupee Station has a tie-up with Kotak Mahindra Bank, which presents the applicants to get the best deal on the business loan as per the profile stated and their needs.

EMI CALCULATOR

Rupee Station provides its applicants with EMI calculator (Easy monthly Installments) for a single loan at moderate interest rates with the assistant of EMI calculator. The applicant can easily convert loan amount into easy EMIs which are hassle-free.

STEPS TO FOLLOW WHILE APPLYING FOR BUSINESS LOAN AT RUPEE STATION

Step 1

Go to the Rupee Station website and fill in the application form

Step 2

The application is reviewed, and then the bank provides with confirmation to the user

Step 3

The cash is disbursed to the account within two working days