Kotak Mahindra Bank Business Loan – Interest Rate & Eligibility- 2017

Business Loan

Business Loan

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    Kotak Mahindra Bank provides an opportunity to self employed businessmen and manufacturers to expand and grow their business by providing a business loan. The loan is provided for the amount ranging from Rs.3,00,000 upto maximum of Rs.75,00,000. The rate of interest levied at loan amount is fixed at 15%p.a. The processing fee is 2% of the loan amount. Repayment has to be made in form of EMIs. The maximum number of EMI a borrower can pay is 36, i.e. the loan is to be repaid within 3 years.

    Kotak Mahindra Bank Business Loan Details

    ParticularsDetails
    Interest Rate15%p.a
    Loan AmountRs.3,00,000 – Rs.75,00,000
    Tenure 3 years
    Processing Fee2% of the loan amount
    Pre-payment Charges2% of the outstanding amount

    How To Apply

    Incase, you are suitable to take up the loan from Kotak Mahindra Bank, visit the nearest bank branch and apply for the business loan. You can even apply online on the bank's website.

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    Kotak Mahindra Bank Business Loan EMI Calculator

    One can calculate the total amount of interest to be paid on the loan using the EMI calculator. The calculator makes it easy for the user to determine the amount of Equated Monthly Installment (EMI) to be paid each month during the loan tenure. The EMI is computed using the principal value, loan tenure and rate of interest. It is the sum of principal amount and interest.

    For instance, if I take a loan of Rs.75,00,000 at the interest rate of 15%p.a. for 3 years, then my monthly installment will be Rs.2,59,990 .

    Amount (in Rs.)Interest Rate (p.a)Loan Tenure (in years)EMI (in Rs.)Total Interest Outgo (in Rs.)Total Amount(Principal+Interest) (in Rs.)
    75,00,00015%

    16,76,9376,23,24881,23,248
    75,00,00015%23,63,65012,27,59787,27,597
    75,00,00015%32,59,99018,59,63993,59,639

    Amortization Table

    YearPrincipal (in Rs.)Interest (in Rs.)Balance Amount (in Rs.)
    12,137,907981,9735,362,093
    22,481,584638,2962,880,509
    32,883,719239,370

    Kotak Mahindra Bank Business Loan Features/Benefits

    • Quick loan approval
    • Simple process
    • Repayment in form of EMIs
    • Minimal Paperwork
    • Online application service

    Eligibility Criteria

    • Self employed businessmen with an annual turnover of Rs.2 crores
    • Manufacturers with an annual turnover of Rs.1 crore
    • Service Providers with an annual turnover of Rs.50 lakhs
    • Applicant/Borrower has to be in business for last 3 years continuously, showing a cash profit for the last 2 years

    Kotak Mahindra Bank Application Form

    The application form is available at the bank branch. You can take the form from the customer care dealer. The form comprises of the following fields:

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    • Personal Details
    • Occupational Details
    • Income and Banking Details
    • Loan Details
    • Additional Details regarding assets
    • Priority Sector Category
    • Documents Submitted

    Documentation Required:

    • I.T.R. – 2 Years, Balance Sheet and Profit & Loss Account
    • Proof of ownership of Residential or Commercial Property (including Parental Property) in select locations
    • Latest 6 months Bank statement of Business.
    • Proof of Identity
    • Proof of Residence

    Kotak Mahindra Bank Business Loan Interest Rate

    The bank charges interest at the rate of 15%p.a. The drawer has to pay interest along with the principal at the rate specified by the bank. The interest amount is distributed and included in the EMI.

    Kotak Mahindra Bank Business Loan Processing Fee

    The loan processing fee is fixed at 2% of the loan amount. The applicant has to pay the  processing fee to avail the loan advantage.

    Kotak Mahindra Bank Customer Care Number

    The bank helpline is open 24X7. The customer can call anytime to inquire about the services and products. Dial the toll free number 1860 266 2666 and get all the details regarding the product.