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Kotak Business Loan Jul 2021

Kotak Business Loan Interest Rates India

Last Updated 09th Jul 2021

Kotak Bank offers Business Loan starting at interest rate of 16.00%. The rates vary by loan amount, occupation and type of loan availed. Check Best Offers

Interest Rate 16.00%
Processing Fee Maximum 2% of the loan
Tenure From 24 months to 60 months
Lowest EMI per lakh ₹ 2,432
Loan Amount Min ₹ 3 Lakh and Max ₹ 75 Lakh
Part Payment Facility Not allowed
Foreclosure Facility 5% charges
Apply for Business Loan @ 14.00%*

Kotak Business Loan Details

Kotak Bank offers multiple business loan products for self-employed professionals and non-professionals at low rates. Below-mentioned are the details of the business loan Kotak Bank.

Key Features of Kotak Business Loans
  • Purpose of Loan: You can avail Kotak business loan to expand or modernise your business, purchase assets, set up new units etc.
  • Loan available for self employed professionals and non-professionals.
  • Borrowers within the age group of 25 and 65 years can avail Kotak business loan.
  • Security: Both Secured & Unsecured
  • Loan Tenure can range from 24 to 60 years.
  • Kotak business loan interest rates are in the range of 16.00% to 19.99 %.
  • Kotak Bank business loan EMI per lakh starts from ₹ 2,432.
  • Processing Fee: Maximum 2% of the loan
  • Special schemes: Some of the special business loan offers of Kotak are:

Factors affecting Kotak Business Loan Rates

There are multiple factors on which Kotak Bank calculates your interest rate. Some of these factors are -

Loan amount

Business loan rate in Kotak Bank depends upon the loan amount you apply for. Higher the loan amount, lesser will be the interest rate. Bank gives loan of minimum ₹ 3 Lakh to upto ₹ 75 Lakh. Interest rate for high loan amounts can be lower resulting in lower EMIs.

CIBIL Score

Kotak Bank offers business loans at higher interest rate if your CIBIL score is low or vice versa. However, to get a loan from Kotak Bank, your CIBIL score should be at least 700. Higher the CIBIL Score, higher the chances of getting a loan at lowest business loan interest.

Revenue

Kotak Bank will offer you a loan at a lower interest rate if you have higher monthly revenue. Bank gives loan to the borrowers whose annual turnover is at least

Time in Business

Kotak Bank offers loans at lower rates if you have significant business experience. Minimum business existence to get a business loan from Kotak Bank is 0 months.

Lowest Kotak Bank Business Loan Interest Rates

Currently, the lowest business loan rate offered by Kotak Bank starts at 16.00%. There has been no change in the lowest interest rate of Kotak Bank business loan interest rate for a long time and the interest rate continues to be in the range of 16.00% to 19.99%.

Kotak Bank Business Loan Rate Trends of Last 1 Year

Last Updated Date Interest Rates
31 Mar, 2021 16.00%
25 Mar, 2021 16.00%
12 Feb, 2021 16.00%
07 Jan, 2021 16.00%

Kotak Business Loan Eligibility Criteria

To avail Kotak Bank business loan, you need to fulfill the eligibility criteria as mentioned below:

  • Age : Kotak Bank offers business loan to those who are at least 25 years old at the time of loan approval and maximum 65 years at the time of loan maturity.
  • Loan Amount : Based on the loan amount eligibility, Kotak Bank gives you loan amount ranging from ₹ 3 Lakh to ₹ 75 Lakh. To improve chances of approval, apply for a loan amount that you can comfortably service.
  • Profitability and Revenue : Kotak Bank requires profit for minimum 2 years and minimum business turnover of ₹ 0.
  • Business Stability : Kotak Bank requires a minimum business track record of 0 months. The bank will also look for minimum growth in sales for the last three year. A decline in sales for a certain period or below a certain limit might impact your eligibility to get a loan.
  • ITR and Banking : Kotak Bank gives loan only after checking your income tax return and bank statements. The bank requires you to submit your ITR details and bank statements for a minimum of 0 months & 0 months respectively.
  • CIBIL Score : Kotak Bank will check your repayment history for all current and past loans and credit cards. The Bank advises you to maintain a score of 750 and above to get loan approval.

Kotak Bank Business Loan Products

Kotak Bank offers customized products for specific customer segments designed to meet their loan requirements. Some of the popular products with their basic features are as follows:

Loan for Business Expansion
  • Kotak Bank provides loan for business expansion, to established businesses and budding businessmen to fund the business capitals. The loan amount can range from Rs 3 lakhs to Rs 75 lakhs and can be borrowed without any collateral.
K Value
  • Get unsecured overdraft up to ₹ 50 lakhs
  • Pay only interest on the utilised amount
  • Easy access of funds for the growth of business
Facility Against Credit Card Receivables
  • Offers customer the option to pay only interest during the moratorium period, and thereafter, pay moderated EMIs.
  • The EMIs will be stepped up during the subsequent years.
  • Option of selecting moratorium of upto 36 to 60 months. Only interest to be repaid during the selected moratorium period.
  • Eligibility is higher for self employed
  • Get business loan up to ₹ 3 crore
  • Option of combining overdraft and loan

Kotak Bank Business Loan Fees and Charges

In addition to interest rates, business loan also carry some other charges which include:

  • Foreclosure Charges : These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. Kotak Bank allows prepayment of loan after paying 0 EMI’s with prepayment charges - 5% charges
  • Processing Fee : Kotak Bank asks for a processing fee of Maximum 2% of the loan with applicable service tax

Documents Required for Kotak Business Loan

To apply for Kotak business loan, you need to submit the following documents:

  • Address proof of individual: Aadhaar Card, Voter’s ID Card, Bank statement, registry copy, rent agreement , utility bills
  • Identity proof of individual: Passport, Driving License, PAN Card, Aadhaar Card, Voter’s ID Card
  • Business existence proof: PAN, sales tax/ excise/ VAT/ service tax registration, copy of partnership deed, trade license, certificate of practice, registration certificate issued by RBI, SEBI
  • Copy of Income Tax PAN for 24 months
  • Bank statement of last 6 months

Kotak Business Loan Eligibility Calculator

You can calculate your eligibility for Kotak Bank business loan using an online Kotak business loan eligibility calculator. It is an online tool that gives you an estimate about your loan eligibility, amount of loan and the best interest rate offer you can avail. It calculates the business loan eligibility on multiple factors. These factors include age, loan amount, loan tenure and Income etc. to calculate the loan amount eligibility of its borrowers.

How to Apply Kotak Bank Business Loan Online at MyLoanCare?

  • In order to get the best offers on a business loan and compare Kotak business loans with other banks, you can apply online through MyLoanCare here.  
  • MyLoanCare will give you a detailed comparison of business loan schemes of all banks, calculate your business loan eligibility and connect you to the customer representatives of the  Kotak Bank.
  • Further, you will also be assisted by a dedicated MyLoanCare loan executive who will ensure that the process of getting a loan is smooth, convenient and quick.

FAQs

Why to take business loan from Kotak Bank?

Kotak Bank is one of the largest Private Bank sector banks in the country that provides lowest business loans starting at 16.00%. The bank also charges a low processing fee starting from Maximum 2% of the loan. Along with that, the bank also offers special business loan schemes such as Loan for Business Expansion , K Value & Facility Against Credit Card Receivables etc.

Has Kotak Bank reduced the business loan interest rate?

Currently, the lowest business loan rate offered by Kotak Bank starts at 16.00%. There has been no change in the lowest interest rate of Kotak Bank business loan interest rate for a long time and the interest rate continues to be in the range of 16.00% to 19.99%.

What is the interest charged on Kotak Bank business loan?

Kotak Bank offers business loans at attractive rates ranging from 16.00% to 19.99%.The bank also provides various customised offers for self employed professionals to get loan at a very low rate of interest.

What is the lowest EMI per lakh on business loan from Kotak Bank?

If you apply for loan from Kotak Bank, your lowest EMI per lakh will be ₹ 2,432.You can calculate your EMI on business loan for different tenures at min business rate starting at 16.00% using MyLoanCare business loan EMI calculator.

What is the minimum and maximum tenure of business loan in Kotak Bank?

These loans are shorter tenure loans. You can repay your loan in a flexible period of minimum 24 months to maximum 60 months.

How much business loan amount I can borrow from Kotak Bank?

Kotak Bank offers you business loan for loan amount ranging from ₹ 3 Lakh to a maximum amount of ₹ 75 Lakh. Loan amount eligibility in Kotak further depends upon your income, and repayment capability.

What is the processing fee charged by Kotak Bank on business loan?

Kotak Bank charges a processing fee Maximum 2% of the loan with applicable tax.The processing can be negotiated if you are an existing customer or have a good track record.

Is age an eligibility factor to get loan for business from Kotak Bank?

Yes, age is an important eligibility factor to get a business loan as you should be at least 25 years old at loan approval time and 65 years old at loan maturity time.

What are the prepayment charges on business loan from Kotak Bank?

Bank charges a prepayment fee in case you want to repay your entire loan amount before the end of tenure period. The fee charged by Kotak Bank is 5% charges.

What are the business products offered by Kotak Bank?

Kotak Bank offers various business products for self-employed professionals and non-professionals. These are listed below:

  • Loan for Business Expansion
  • K Value
  • Facility Against Credit Card Receivables

What is the time period of repayment of business loans in Kotak Bank?

Kotak Bank provides business loans for a maximum tenure of 60 years. You must repay your loan at the end of this loan tenure to avoid any late payment penalty.

Kotak Bank Business Loan Customer Care Toll Free Number
City Customer Care Number
Agra 011-66006022
Ahmedabad 079-66006022
Ambala 080-66006022
Anand 079-66006022
Aurangabad Bihar 022-66006022

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Kotak Business Loan News - Jul 2021
  • 2021-07-09 : Kotak Bank Q1 Net Profit seen up 25.6% YoY to Rs. 1,563.4 crores
    Motilal Oswal has come out with its first-quarter earnings estimates for the Banks and Insurance sector. The brokerage house expects Kotak Bank to report a net profit of Rs. 1,563.4 crore up 25.6% year-on-year on all products combined including Personal Loan, Home Loan, Loan Against Property, Business Loan, Gold Loan, and Car Loan. Net Interest Income (NII) is expected to increase by 7.7% Y-o-Y to Rs. 4,011.9 crores.
  • 2021-01-27 : Kotak Mahindra Bank Q3 net profit up 16%
    Kotak Mahindra Bank posted a net profit of Rs 1,853.5 crore as against Rs 1,595.90 crore last year. The bank reported a growth of 16% on a year-on-year basis backed by home, personal, car, two wheeler and gold loan along with business and mudra loans.
  • 2020-07-27 : Kotak Mahindra Bank Q1 net dips 8.5% to Rs. 1,244 cr
    Kotak Mahindra Bank reported a fall of 8.5% in its standalone net profit at Rs.1,244 crores for the quarter ending 30 June 2020. It was Rs. 1,360 crores in the year-ago period. The net interest income backed by retail loans home, personal, gold, car loans and two-wheeler loans along with business and mudra loans increased by 17.81% to Rs. 3,723.85 crore.
  • 2020-05-13 : Kotak Mahindra Bank Q4 net profit of 1,266.66 crores
    Kotak Mahindra Bank reported a 10% decline in its standalone net profit to ₹1,266.6 crores in the fourth quarter of the fiscal year 2019-20, on the back of higher provisions. Bank profit in 2019-20 surged 22.2% to ₹5,947.18 crores bolstered by a hike in retail loans like home and personal loans along with business loans, car and vehicle loans.
  • 2019-09-27 : Kotak Mahindra Bank likely to participate in the loan mela
    The Government recently announced the loan mela by public sector banks to provide liquidity in the slowing economy. However, as per the latest updates, private sector banks like Kotak Mahindra too will participate in the event. The bank expects to strengthen its lending portfolio by providing easy retail loans to potential borrowers.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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