Kotak Mahindra Business Loan Interest Rate

Kotak Mahindra Business Loan Interest Rate– Kotak Mahindra Bank is one of the largest private sector banks in india. It offers variety of loan offers to its customers and general public. In this article, we would look into various features of Kotak Mahindra Business Loan. Let us look at the various features of Business loan here .

The interest rates on MSME loans start at 7.65% p.a. The loan amount sanctioned ranges from as low as Rs. 50,000 and can go up to a few crores. On the basis of the sanctioned loan amount, the loan repayment tenure can go up to 15 years.

Kotak Mahindra Business Loan Details

Kotak Mahindra Business Loan Interest Rate– Yes, you read it right! It’s a scheme by Modi government wherein MSMEs can apply online and get the approval of loans amounting up to Rs 1 crore in 59 minutes. – Launched by Modi government for MSMEs, web portal www.psbloansin59minutes.com enables in principle approval for MSME loans .

Applicants must be between 25-55 years of age. Applicants’ business vintage must be more than 3 years. They should have filed Income Tax Returns for the business for one year at least. Applicants’ credit score should be 750 or above.

Kotak Mahindra Business Loan Interest Rate

Kotak Mahindra Business

Kotak Mahindra Business Loan Interest Rate– MSME loans are unsecured loans offered by several financial institutions to help entrepreneurs meet various business-related expenses. As per the Indian government and RBI, these loans are for certain business enterprises that fall under these categories: Company (Manufacturing or service provider) MICRO. SMALL.

Business Loan Amount – Kotak offers business loan from Rs 3 Lakhs to Rs 75 Lakhs to all the eligible business people. Business loan amount is decided on the basis of credit worthiness of the business and businessman. Kotak business loans are unsecured business loan which means that you would not be required to offer any collateral for your loan.

Loan Tenure – Kotak offers business loan up to 48 months. Loans from Kotak are processed in a relatively faster pace compared to public sector banks such as SBI, PNB and others

Loan eligibility – Basic eligibility criteria for a loan from Kotak Mahindra Bank are mentioned below-

Kotak Mahindra Loan

  • Business has to have a vintage of at least 3 years with minimum turnover of 40 lakhs in past one year
  • Business should be profitable in at least one of the past 3 years taken for business vintage
  • The applicant should be a Sole Proprietor / Partnership firm / Private Ltd Co. / Trust / LLP involved in the business of Manufacturing, Trading or Services
  • Applicant’s age should be between 25 years and 65 years

Loan fee and charges – Processing fee is 2% of total loan amount. Documentation charges varies between 3500 to 6500 for depending on loan amount.

Business Loan documents 

Identity proofPAN Card/Driving License/ Passport/ Voter’s ID/ Aadhaar Card
Ownership proofAgreement Copy / Electricity Bill / Maintenance Bill with share certificate / Municipal tax bill/Share certificate
Firm ConstitutionMOA/Partner Ship Deed/GST Registration Certificate
BankingLast six months bank statement (Business Accounts)
Address ProofPassport/Driving License/Voter’s ID/Aadhaar Card/Utility Bill/Bank Statement/Bank Account Passbook (Updated and no more than 3 months old)
Business continuity proofShop and Establishment certificate/Tax registrations-VAT/Service tax/GST registrations
Financial1.Latest two years financials of the firm with turnover of gretaer than Rs 2 Crores
Tax2.Latest Tax Audit Report.
Kotak Mahindra Business Loan Interest Rate

Kotak Mahindra Business Loan Interest Rate Analysis

Business Loan EMI – Kotak business loan EMI depends upon 3 factors viz Loan amount required, Loan tenure, rate of interest etc. You can use following business loan emi calculator for calculate your EMI.

If you want to read more about business loans offered by other major banks then you can visit following articles.

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