FAQs
Q. How long does it take for the disbursal of Kotak Mahindra Bank Personal Loan?
A. Kotak Mahindra Bank offers personal loan approval and disbursal within 48 hours of submitting the loan application and required documents. However, the bank also sanctions instant personal loans in just 3 seconds with minimal documentation.
Q. What factors affect the interest rates of Kotak Mahindra Bank Personal Loan applicants? A. The interest rates for the applicants of Kotak Mahindra Bank Personal Loan would depend upon their age, credit score, minimum monthly income, job profile, repayment history, etc.
Q. Are there any restrictions on foreclosing the personal loan account at Kotak Mahindra Bank? A. The personal loan account can be foreclosed after 12 months of loan disbursal subject to prepayment charges of 4%.
Q. What is the minimum credit score required to avail personal loan from Kotak Mahindra Bank?
A. The applicants should have a credit score of 700 and above to avail personal loan from Kotak Mahindra Bank.
Q. Can my credit score influence the personal loan interest rate?
A. Yes, your credit score can influence your personal loan interest rate. As a higher credit score indicates higher creditworthiness and lower credit risk for the lender, lenders usually set lower interest rates for loan applicants having higher credit score.