Everyone in their life tries very hard to manage all of the daily expenses with their monthly income. But sometimes the need for acquiring additional fund becomes imperative. Personal Loan is the only solution for them to get instant funds within 48 hours and with minimal documentation requirements. The loan which is taken for personal use is known as a personal loan. A personal loan is an unsecured loan where the customer doesn’t have to give any collateral to the bank. A borrower can use that loan amount to fulfill their financial requirements such as it can be used for the medical expenses, wedding or for the renovation of the house.
Why should one apply for Kotak Bank Personal Loan Vadodara?
- The documentation process for Kotak Bank Personal Loan Vadodara is very simple and quick
- Kotak Bank Personal Loan Vadodara is easily available for the people
- It provides doorstep service to its customers
- There is no need to pledge any security with the bank
- The loan amount can be used for multiple purposes
- Kotak Bank Personal Loan Vadodara gets sanctioned very easily
- The interest rate offer by the bank is very affordable
- The loan is hassle-free and has flexible terms and conditions
Kotak Bank Personal Loan Vadodara Eligibility
The bank doesn’t provide a loan to everyone. The personal loan fully depends on the income & credit history of the applicant. When a person applies for the loan the first thing which strikes their mind is that if they are eligible for this loan or not? And what are the eligibility criteria they need to follow?
There are some eligibility criteria on the basis of which the bank provides a loan to its customers. In Personal loan, there are two categories of the applicant:
Both the categories have 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 Vadodara 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).
Self Employed People
Last 2 year Form 16
Last 2 Years ITR
Last 2-months salary slips
Last 2 years Balance Sheet
Latest 6-month bank statements
PAN Card photocopy
Address Proof ( Voter Card, Aadhaar Card, Passport, Driving License, Ration Card) & if in Rental Apartment ( Rented Agreement, Electricity & Water Bill and Owner’s Address)
Identity Proof ( Aadhaar Card, Passport, Voter Card, Driving License)
2 passport size colored photographs
Kotak Bank Personal Loan Vadodara Interest Rate
The interest rate provided in the Kotak Bank Personal Loan Vadodara is quite affordable for the applicant. It starts at 10.75% per annum. The rate of interest may get change.
Kotak Bank Personal Loan Vadodara Tenure
The tenure of the Kotak Bank Personal Loan Vadodara is from 1 year to 5 years.
Kotak Bank Personal Loan Vadodara Benefits
- In the Kotak Bank Personal Loan Vadodara, 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 loan 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.
- Kotak Bank Personal Loan Vadodara is a hassle-free process. The applicant can apply online for the loan without going to the bank. And can also get the whole information about the loan.
How to apply for Kotak Bank Personal Loan Vadodara?
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 Kotak Bank Personal Loan Vadodara?
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.
It is the 3rd largest city in Gujarat. It is formerly known as Baroda. Vadodara is known for the Lakshmi Vilas Palace, which is the residence of Baroda State’s Maratha royal family, the Gaekwads. The largest university of the Gujarat Maharaja SayajiraoUniversity of Baroda is situated in this city.
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