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Kotak Personal Loan Balance Transfer

Online Personal Loan Balance Transfer to Kotak Bank

Last Updated 22nd Nov 2021

  • Kotak Bank Personal loan balance transfer is the process of transferring the outstanding balance from an existing bank to Kotak Bank.
  • Avail top up from Kotak Bank at the time of loan balance transfer to fulfil additional fund requirements.
  • Kotak Bank offers attractive interest rates, top up facility and many more benefits on balance transfer.
  • Compare Kotak Bank Personal Loan Balance Transfer offers with different banks to choose the right option.
Interest Rate 10.45% Check Best Offers
Processing Fee Starting from Rs.999
Lowest EMI per lakh ₹ 2,147
Loan Tenure 4 years
Calculate Savings, Check Best Offers Get upto ₹ 1,000* Cashback

Kotak Bank Personal Loan Balance Transfer

Kotak Bank Personal loan balance transfer is a situation where you can transfer transfers outstanding principal of personal loan from another bank to Kotak Bank to reap the benefits of better interest rates, extended loan tenure, augmented loan amount and various other features.

Balance transfer is also referred to as refinancing. The interest rates on Kotak Bank balance transfer ranges from 10.45% to 17.99%, while the repayment tenure ranges between 12 Months to 48 Months.

Kotak Bank Personal Loan Balance Transfer Calculator

You must take the decision of transferring the personal loan to Kotak Bank keeping in mind the interest rate of the current Bank and Kotak Bank. Further, the balance transfer charges, EMI paid and the profit incurred due to the balance transfer must be considered. Therefore, you should proceed with the Kotak Bank balance transfer only when the gains due to balance transfer are higher than the cost incurred due to the same.

Kotak Bank Personal loan balance transfer calculator is an online calculator that helps you determine the savings on your EMI and interest payable. You are required to enter the information such as the entire loan amount, interest rate in current and potential bank, overall tenure of the loan and no. of EMIs already paid to the existing lender to calculate the savings on EMIs. You can also calculate balance transfer personal loan eligibility at MyLoanCare and identify offers with lower personal loan rates in comparison to current rates you are paying.

Benefits of Transferring Personal Loan to Kotak Bank

The benefits of transferring the Personal loan to Kotak Bank are as follow:

  • Kotak Bank offers a lower interest rate on personal loan balance transfer. Lower interest rates will help you reduce the interest burden.
  • Kotak Bank Balance transfer offers you the opportunity to negotiate the tenure of the loan according to your requirements. A longer loan tenure will reduce the EMI burden whereas shorter long tenure will help to reduce the interest burden.
  • Balance transfers also provides you the facility to avail the top-up facility and fulfil your cash requirement.
  • There are chances that you might not be satisfied by the services offered by your existing bank. In that case, you can transfer your personal loans to the Kotak Bank and avail better facilities.
  • Kotak Bank offers additional features like waiver of last EMI, zero processing fees, lower interest rates, etc depending on past repayment history and income.

Kotak Bank Eligibility Criteria and Documents Required

The eligibility criterion of the Kotak Bank is mainly dependent upon the repayment history, CIBIL Score and income. Some basic eligibility criterion is mentioned below:

  • Any salaried and self-employed professional above the age of 21 years.
  • Your Maximum age must not exceed 65 years.
  • You should have a personal loan in another bank.
  • Your minimum work experience must be of 2 years.
  • CIBIL score must be at least greater than 700.

Documents required are as follow:

Salaried Individuals
  • Identity proof : Aadhar, Driving license, Passport
  • Address proof : Electricity bill, Aadhar, Voter ID
  • PAN Card
  • Salary slips for past 6 months
Self Employed
  • Last 3 years balance sheet
  • P and L account statements
  • TAN Card
  • Last 6 months current account statements
  • Applicant’s savings account statements

Compare Kotak Bank Personal Loan Balance Transfer with Other Banks

Comparison on the basis of interest charged on balance transfer of the different banks is given below:

Bank Name Minimum Rate Processing Fees
ICICI Bank 10.75% Upto 2.25% of Loan Amount
SBI 9.60% 1.00%
Axis Bank 10.25% Upto 1.75%,Min Rs.3,999
Standard Chartered Bank 11.50% 1.00%
Bajaj Finserv 12.99% Starting from 1.50%, Up to 3%
Bank of Baroda 10.50% 2%, Min Rs. 250
Yes Bank 10.70% Upto 2.50%
IDFC First Bank 10.49% Upto 2.00%

Compare Kotak Bank Personal Loan with Other Banks

FAQs

How can I transfer my personal loan to Kotak Bank?

Steps for the balance transfer to Kotak Bank are : (i) Apply for the foreclosure letter and No Objection Certificate (NOC) from the existing lender. (ii) Start the Kotak Bank personal loan transfer process and submit all the relevant documents and repayment history of the loan. (iii) After getting the sanctioned letter from the Kotak Bank, sign the loan agreement with the bank. (iv)Take a disbursement of the outstanding loan amount from Kotak Bank in favour of the earlier lender. (v) Once the previous lender receives the outstanding loan amount, it will cancel all the cheques and close your personal loan account.

How do I check my Kotak Bank personal loan balance?

You can check your personal loan balance of Kotak Bank in below-mentioned ways: (i) By visiting the Kotak Bank branch. (ii) By calling the customer care of the Kotak Bank. (iii) By logging on to the Kotak Bank mobile application and checking the personal loan status. (v) Via internet banking.

How do I know my Kotak Bank loan application?

You can check the status of your Kotak Bank loan application in two ways. (i) Net banking: You are required to login into Kotak Bank net banking and visit the loan status segment. The loan status segment will update about the loan application. (ii) Visiting the Kotak Bank: You can also visit the Kotak Bank branch to track your loan application process. The bank will ask for some basic documents before disclosing the loan application details.

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Kotak Personal Loan News - Dec 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.
  • 2021-02-18 : Kotak Remit launched to send money abroad directly from phone
    Kotak Mahindra launched its outward forex remittance service, Kotak Remit. The service will allow its users to directly send money abroad from their phones. The feature is live on the Kotak Mobile Banking App.
  • 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.
  • 2020-10-16 : Kotak Mahindra Bank launches festive offers
    Kotak Bank introduced festive offers to lure customers. Individuals can avail special offers on other banking products including savings accounts, debit & credit cards and no-cost EMI payments. Festive offers include home loans starting at 7% p.a plus savings of up to Rs. 20 lakh on Balance Transfer cases. Further, the bank is offering 50% waiver on Processing Fee on Car Loans, Two-wheeler Loans, Agri-Business, Commercial Vehicle and Construction Equipment.
  • 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.
*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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