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Personal Loan Balance transfer to Kotak Bank

Refinance Kotak Bank Personal Loan

Last Updated 08th Jun 2021

Interest Rate 10.45%
Processing Fee Starting from Rs.999
Lowest EMI per lakh ₹ 2,147
Loan Tenure 4 years
  • 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.
  • Now apply for Kotak Bank personal loan balance transfer at 10.45%.
  • 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..
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 an individual transfers outstanding principal of personal loan from one account 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

The decision to transfer the personal loan to Kotak Bank must be taken 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. Individuals should proceed with the Kotak Bank balance transfer only when the gains due to balance transfer are greater than the cost incurred due to the same.

Kotak Bank Personal loan balance transfer calculator is the online calculator which helps borrowers to determine the savings on his or her EMI as well as interest payable. Borrowers 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 compared to your existing personal loan rates.

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 the borrower to reduce the interest burden.
  • Kotak Bank Balance transfer provides the borrower the opportunity to negotiate the tenure of the loan according to their requirement. longer loan tenure will reduce the EMI burden whereas shorter long tenure will help to reduce the interest burden.
  • Balance transfers also provide the borrower the facility to avail the top up facility and fulfil their cash requirement.
  • There are chances that the borrower might not be satisfied by the services offered by their existing bank in that case they can transfer their 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 dynamics.

Kotak Bank Eligibility Criteria and Documents required

Eligibility criterion of the Kotak Bank is mainly dependent upon the repayment history , CIBIL Score and income dynamics. Some basic Eligibility criterion of the Kotak Bank Personal loan balance transfer are mentioned below:

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

Documents required for Kotak Bank Personal loan balance transfer 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 personal loan balance transfer of the different banks is given below:

Bank Name Minimum Rate Maximum Rate Processing Fees
ICICI Bank 10.75% Nil Upto 2.25% of Loan Amount
SBI 9.60% Nil 1.00%
Axis Bank 10.40% Nil Upto 1.75%,Min Rs.4,999
Standard Chartered Bank 11.50% Nil 1.00%
Bajaj Finserv 12.99% Nil Starting from 1.50%, Up to 3%
Bank of Baroda 10.50% Nil 2%, Min Rs. 250
Yes Bank 10.70% Nil Upto 2.50%
IDFC First Bank 10.49% Nil 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 personal loan balance transfer to Kotak Bank are mentioned below:

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

Which bank is best for personal loan balance transfer?

The decision to transfer the personal loan should be based on the current interest rate on your personal loan, the cost involved in the balance transfer, interest rate on the loan of the bank to be transfered the personal loan and saving due to balance transfer. Currently, Kotak Bank charges lowest interest rate on personal loan balance transfer.

How do I check my Kotak Bank personal loan balance?

You can check your personal loan balance of Kotak Bank by below mentioned ways:

  • By visiting the Kotak Bank branch.
  • By calling the customer care of the Kotak Bank.
  • By logging on into the Kotak Bank mobile application and checking the personal loan status.
  • Via internet banking.

How do I know my Kotak Bank loan application?

You can get update about Kotak Bank loan application via the ways mentioned below:

  • 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.
  • 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 - Jun 2021
  • 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.
  • 2020-06-01 : Kotak Mahindra Bank extends EMI moratorium till August.
    In line with Reserve Bank of India directive on the extension of the loan EMIs moratorium on personal, home, two-wheeler, car and gold loans, Kotak Mahindra Bank extended the deferment of the EMIs till August. Reserve Bank of India and Kotak aims to help customers sail through the economic crisis caused by coronavirus pandemic.
*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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