Purpose of Loan: Personal Loan (“Loan”) may be approved for individual requirements, excluding forbidden uses such as investment activities. It can be offered to employees and professionals once they meet the necessary eligibility criteria.

Rate of Interest (ROI):
The interest rate remains consistent for the entire duration of the loan. The interest for the Personal Loan will be applied as an EMI (Equated Monthly Installment) based on the rate specified in the approval letter and loan contract.

Repayment:
The loan will be repaid through Equated Monthly Installments (EMI) over the duration of the loan. The repayment will begin on the date indicated by the Bank during the loan disbursement.

Modes of Repayment:
Payments can be made via ECS or Standing Instruction (if the Customer maintains an account with Kotak Mahindra Bank Limited) or through any other method accepted by the bank.

The available payment methods will adhere to the banking services and facilities’ terms and conditions. Depending on the available payment methods, it is the Customer’s responsibility to ensure that payments are processed on or prior to the due date.

Loan Tenure:
The minimum loan duration is one year, while the maximum is six years. This duration may vary according to changes in the bank’s credit policies.

Drawdown:
The amount of the Personal Loan must be accessed within 30 days from the approval date of the Personal Loan. The Bank reserves the right to cancel the drawdown of the loan at any time at its discretion.

Security:
This Loan is unsecured. This document is public.

Schedule of Fees:
Description Details
1 Fixed Interest Rate Begins at 10. 99% per annum.

2 Loan Processing Charge (Nonrefundable) Up to 5% of the total loan amount plus applicable taxes. This will be subtracted from the loan upon disbursement.

3 Stamp Duty Fees Charged according to the respective State’s Stamp Act.

4 Late Payment Penalties on Overdue EMI Any unpaid amounts as of due dates will incur a penalty rate of 8% per annum plus applicable taxes, calculated for the actual number of days overdue.

5 Charges for Failed EMI Payment ₹750 for each occurrence (including applicable taxes).

6 Charges for Changing Repayment Method, Instrument, or EMI Date ₹500 plus taxes for each change.

7 Lock-in Period for Early Repayment and Partial Payment: There is no lock-in period for Kotak Personal loans after the first EMI has been paid.

8 Fees for Early Repayment/Partial Payments Up to 3 years – 4% plus taxes on the remaining principal or partial payment amount. After 3 years – 2% plus taxes on the remaining principal or partial payment amount.

9 Clause for Partial Payment The permitted amount is up to 20% of the outstanding principal loan. This can only be done once per financial year. The impact of partial payment can affect either the EMI amount or the loan tenure.

10 Physical Statement of Account / Amortization Schedule Once a year – no charge. After that – ₹200 plus taxes per request.

11 Interest on Overdue EMI Amounts Any unpaid EMI amounts as of their due dates will incur interest on overdue charges at the agreed rate for the number of days late. If interest on overdue charges is not received before the next EMI date, it will be deducted from the following EMI payment received.

12 Cancellation Fees for Non-Digital Loans Taken through Offline Channels (Cancellation must occur before the first EMI date and there is no cooling-off period) ₹1000 plus Taxes or 1% of the principal amount outstanding plus Taxes, whichever is greater.

13 Legal Charges at Actuals Notice: The fees mentioned above are provisional and may change based on the agreement between the bank and the borrower.
Kotak Mahindra Bank may revise its fees and charges periodically. Any modifications to the fee structure will be reflected on the Bank’s website.

Note:

• Any additional charges related to specific products will be communicated separately before the Loan is accessed. Charges for other Services will be detailed as relevant.
• Taxes and other statutory fees may be applied as required by government or RBI regulations.
• The Bank holds the authority to adjust any fees or charges as needed or to establish new ones, providing prior notice as required by RBI and/or publishing updates on the Bank’s website-www. kotak. com.

Default:

If the Amount Due is not settled by the Due Date, the Bank will notify the Customer through Email, SMS, Phone, or via Third Parties designated for collection, to remind and follow up on outstanding payments. This will be conducted on a best-efforts basis, depending on the ability to contact the customer. Any Third Party appointed must comply with the Indian Banks Association’s (IBA) Code of Conduct related to Debt Collection.
Should any outstanding amount remain unpaid by the due date, it will be regarded as an Event of Default, granting the Bank the right to pursue collection of the dues or initiate other actions as permitted under the loan documents.

Customer Service:

For any questions or further information, please reach out to our Customer Contact Centre at 1860 266 2666 (local calling rates apply) from 9:00 am to 7:00 pm, Monday through Saturday, excluding holidays. You can also check our website, www. kotak. com, for additional details.

Disclaimer:

Credit approval is solely at the discretion of Kotak Mahindra Bank Limited and is contingent on the Collection and Verification of Documents and other Information, Credit Bureau Checks, Personal Discussion (PD), and any other assessments the Bank may find necessary. The final offer may not match the initially presented offer. The Bank may share any information from the Application Form and other submitted documents, as well as information related to the Loan, with any institution or organization. The Bank is not responsible for the non-receipt of notifications or communications sent to previously registered Addresses or Phone Numbers.