Kotak Mahindra Bank Business Loan
Last Updated : Oct. 31, 2016, 7:15 a.m.
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
| Particulars | Details |
|---|---|
| Interest Rate | 18.00% - 23.00% |
| Loan Amount | Rs.3,00,000 – Rs.75,00,000 |
| Tenure | 3 years |
| Processing Fee | 2% of the loan amount |
| Pre-payment Charges | 2% 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.
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 Business Loan EMI 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.) |
|---|---|---|---|---|---|
| 75,00,000 | 15% | 1 | 6,76,937 | 6,23,248 | 81,23,248 |
| 75,00,000 | 15% | 2 | 3,63,650 | 12,27,597 | 87,27,597 |
| 75,00,000 | 15% | 3 | 2,59,990 | 18,59,639 | 93,59,639 |
Amortization Table
| Year | Principal (in Rs.) | Interest (in Rs.) | Balance Amount (in Rs.) |
|---|---|---|---|
| 1 | 2,137,907 | 981,973 | 5,362,093 |
| 2 | 2,481,584 | 638,296 | 2,880,509 |
| 3 | 2,883,719 | 239,370 | 0 |
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:
- 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.