Unsecured Loan
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An unsecured loan can be availed for your planned and unplanned financial needs such as medical emergencies, to fund a wedding, vacation, higher education, buying a vehicle and home renovation.
Kotak Mahindra Bank’s Personal Loan EMI Calculator can help you to instantly calculate your EMI. Enter the following details to find out the monthly EMI, payable interest and total amount to be paid:
- Loan amount
- Rate of interest
- Loan tenure
The borrower must meet the basic eligibility criteria for an unsecured loan application to get easily approved. The eligibility criteria is as follows :
- Age Requirement: 21 years to 60 years
- Educational Qualification: Graduation Degree is minimum
- Employment: Employed at an MNC/Public/Private Limited Company
- Work Experience: Minimum 1 year
No. An unsecured loan will not affect your credit score or creditworthiness as long as you are repaying the borrowed amount in a regular and timely manner. What can however negatively impact your credit score is skipping the EMIs or not repaying the dues on time.
Personal loan processing fees is an overhead expense. Every lending bank charges the borrower with processing fees as per its individual policy. Kotak Mahindra Bank charges processing fee upto 2.5% of the loan amount and relevant GST as applicable.
A credit card is an example of an unsecured line of credit, where you can borrow an amount within the limit set by your issuing bank.
You can pay off any existing balance of Home Loan using Kotak’s Home Loan Balance Transfer at a lower rate of interest.
If you are an NRI and are looking for a Home Loan, Kotak provides you just that. Check out our NRI Home Loans section.
If you are looking for renovating your home, you can do so by taking Kotak’s Home Improvement Loans
