About Kotak Bank Personal Loan Ludhiana
Sometimes fast cash is the key to solve all of the urgent and financial problems. It is essential to fulfilling all those needs unless these will become bigger and bigger some day. Thus, it is necessary to fulfill them at anyhow at any cost. By borrowing Personal Loan, one can have the advantage of fulfilling all of the personal needs in a natural way.
A personal loan is a financial product that allows us to borrow money from banks to meet various requirements. The money that is borrowed from any financial institution for personal use is known as a personal loan. Kotak Bank Personal Loan Ludhiana can be provided for the necessities like a medical emergency, marriage, for the renovation of the home. The people may apply from any banks and non-banking financial institutions (NBFCs). Kotak Bank Personal Loan Ludhiana is an unsecured loan which means it doesn’t require any security or collateral.
Why opt for Kotak Bank Personal Loan Ludhiana?
- Kotak Bank Personal Loan Ludhiana provides doorstep service to the customers.
- Kotak Bank Personal Loan Ludhiana is easily available for the customer.
- No need to pledge security with the bank
- The documentation process is simple and easy
- A personal loan is hassle-free and has flexible terms and conditions.
Kotak Bank Personal Loan Ludhiana Eligibility
Personal Loan is that loan which fully depends on the income of the applicant. As it is an unsecured loan, so the applicant doesn’t need to pledge anything to the lender. When an applicant applies for the personal loan, the first thing that strikes on their mind is that if they are eligible for this loan as bank don’t provide a loan to everyone. There are some eligibility criteria on the basis of which the bank provides a loan to the applicant.
There are two categories of applicant
There are different eligibility criteria for both the categories
- The minimum age of the applicant should be 21 years and maximum up to 60 years.
- If the applicant is residing in a metropolitan city, then they should have a minimum income of Rs 18,000. And if the applicant is from a non-metropolitan city, then they should have a minimum salary of Rs 12,000.
- The applicant should have the work experience of the last three years, and the salary should come in their account only.
- If an applicant is applying for the personal loan, then they must have a good credit history.
- The documentation process is easy; they have to submit their bank statement of the last three months and the salary slip of the previous six months.
- The minimum age of the self-employed applicant should be 25 years and maximum up to 65 years.
- The applicant should file ITR for the last three years.
- The credit score of the applicant should be good, and no debt should be left due, and the credit score should be more than 650.
- The ITR which the applicant files should be of Rs 2.5 lakhs per annum at least.
- And if the applicant is having a business than his business should be running from the last three years.
Kotak Bank Personal Loan Ludhiana Documents
When the applicant applies for the loan after that, they have to go through some documentation process. For this process, they have to submit some of their documents. They are
- The applicant has to submit their identity proof which includes Aadhaar Card, Passport, Voter Card, Driving License.
- They have to submit residence proof which includes Updated passbook, Aadhaar Card, Passport, Voter Card, Ration Card. And if the applicant is living in a rented apartment, then they have to submit their rental agreement, electricity & water bill which has to be in the name of the applicant and the address of the owner.
- They have to submit their PAN card which is an essential document under the KYC formality.
- If the applicant is a salaried one, then they have to submit their salary slip of the last three months and the bank statements of the previous six months.
- And if the applicant is a self-employed then they have to submit the ITR of the last three years and registration of their business should be done.
- Two passport size colored photographs ( the applicant should not wear glasses).
Kotak Bank Personal Loan Ludhiana Interest Rate
The interest rate provided in the personal loan is quite affordable for the applicant. It starts at 10.75% per annum. The rate of interest may get change.
Kotak Bank Personal Loan Ludhiana Tenure
The tenure of the Kotak Bank Personal Loan Ludhiana is from 1 year to 5 years.
Kotak Bank Personal Loan Ludhiana Benefits
- In Kotak Bank Personal Loan Ludhiana, the applicant doesn’t need to pledge any security to the bank as the loan provided by the lender to the borrower fully depends on the income of the borrower.
- Personal Loan has less documentation process and very quick. The bank needs some important documents.
- The Kotak Bank Personal Loan Ludhiana amount can be used for any purpose whether it is renovating a house, for some medical emergency, paying any due bills and many more.
- The loan gets sanctioned within 48 hours without any hassle. And after submitting documents, the loan gets disbursed within 24 hours of verification.
- There is no involvement of any third party. The loan amount is directly given to the applicant. It is a relationship between the borrower and the lender.
How to apply?
A person can easily apply for the personal loan if they are eligible. A person can apply for a personal loan from its nearest bank, or they can apply online. If the person wants to apply online, then they can apply from the site of dialabank that is www.dialabank.com. They have to fulfill the online application form, and within 5 minutes they will get a call where they will receive proper guidance about the loan. And if the person is eligible for the loan, then the loan will get approved within 10 minutes.
Who can’t apply for the personal loan?
There are some eligibility criteria to avail for the personal loan, these are :
- The applicant age should not be less than 21 years.
- A person who is unemployed can’t apply for this loan.
- If a person has a bad credit score or has a bad credit history than he can’t apply.
- An applicant who is self-employed but does not pay their ITR cannot apply for the personal loan.
- If a person is a salaried one than they should not have the earning less than Rs 15,000 or else they won’t be able to apply for the personal loan.
Ludhiana is the city and municipal corporation in Ludhiana district of Punjab state. Ludhiana is the industrial center of northern India and has a well-developed factory with a good infrastructure. It has one of the worst air pollution problems in India.
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