Kotak Mahindra Bank is a one-stop solution for all types of financial needs. Kotak Bank provides several types of business loan for self-employed professional & non-professionals. Generally, Kotak business loan interest rate begins from 16.00% p.a.
There are certain factors considered to evaluate the eligibility of borrowers such as nature & scope of business, years of existence, estimated revenue growth, repayment capacity, CIBIL Score etc. It also offers collateral-free customized business loan solution according to business requirements.
Loan ranges from 3 lakhs to 75 lakhs: - Kotak business loan ranges from 3 lakhs to 75 lakhs for business expansion to small, medium & large enterprises.
Collateral-free loan: - Kotak Mahindra Bank provides collateral-free loan which means borrowers don’t need to worry about security for availing funds from banks.
Quick approval & hassle-free processing: - It enables to avail quick approval on loan & ensure that entire loan process will be seamless.
Flexible repayment options: - Get a flexible repayment option to repay loan up to 48 months.
Also Read:-CGTMSE Scheme
Kotak Business Loan Interest Rate & Details 2021
|Interest Rate||16.00% onwards|
|Loan Amount||Max up to Rs.75 lakh|
|Repayment Period||12 months – 48 months|
Compare Kotak Business Loan Interest Rate with Top Banks
|Bank Name||Interest Rate|
|HDFC Bank Business Loan||16.00% Onwards|
|SBI Bank Business Loan||11.20% Onwards|
|RBL Bank||19.00% Onwards|
|Lending Kart||18.00% Onwards|
|ICICI Bank||18.00% Onwards|
|Yes Bank||17.00% Onwards|
|Axis Bank||17.00% Onwards|
|Kotak Mahindra Bank||16.00% Onwards|
|Tata Capital Finance||17.00% Onwards|
|PNB Business Loan||14.50% Onwards|
|Bank of Baroda||Based on Applicant’s Profile|
Other charges on Kotak Business Loan
|Processing Fee||Up to 2% on loan amount plus taxes as applicable|
|Pre-payment Charges||Up to 4% on remaining loan amount plus taxes as applicable per instance|
|Cheque Dishonour Charges||Rs.750 plus taxes as applicable per instance|
|Account Swap Charges/Repayment Mode||Rs. 500 plus taxes as applicable per instance|
|Charges for No Due Certificate||Rs. 500 plus taxes as applicable per instance|
|Penal Interest||Up to 3% plus taxes as applicable per instance|
Apart from Interest rates, there are few other charges levied by kotak it includes followings:-
Kotak Mahindra Bank EMI calculator helps to calculate monthly payable interest in instant basis, all you have to do is enter required loan amount, interest rate along with required tenure period to repay principal amount.
Kotak Business Loan Eligibility Criteria
To avail business loan, ensure your business profile meet following requirements as given below:-
- Applicant age group should fall between 25 – 65 years at the time of loan maturity
- Borrowers should be a sole proprietorship/partnership firm/Pvt ltd co/LLP/trust engaged particularly in manufacturing, services or trading units are eligible
- At least 3 years of business existence required with minimum turnover of 40 lakhs
- Business must generate profit in last 1 years
- CIBIL score required to be above 750
kotak Mahindra Business Loan Documents Required
Certain documents required to process borrowers application which are listed below:-
- Proof of Identity (Any one of the following):-
- Aadhar Card
- Pan Card
- Voter ID
2.Residence Proof (Any one of the following):-
- Utility Bill
- Aadhar Card
- Driving License
- Bank Statement
- Business Proof such as registration certificate, PAN, GST, profit & loss balance sheet & VAT
- Bank statement of latest 6 months
- Any other document required by Kotak Bank
How to Apply Kotak Business Loan Online Loan via Financeseva?
If you are planning to setup & expand your business, can avail Kotak Business Loan Online.
- Financeseva offers you to compare Kotak business loan with other banks at single platform.
- Get a detailed comparison of business loan schemes, benefits, interest rates, EMI calculator offered by banks.
- Click on Get Quote & fill required details to submit the form, shortly concern representative will get in touch with you for further formalities.
Also Read:-Pradhan Mantri Mudra Loan Yojana
Kotak Business Loan FAQs
What are the benefits to avail Kotak business loan?
Kotak Bank is a well-known private sector bank, provides business loan at affordable rates. It offers varied loans schemes to borrowers along with entire loan process is seamless- easy to apply to get a loan.
How much processing fee charged by Kotak Bank on business loan?
Kotak Bank charges nominal processing fee up to 2% on loan amount plus taxes as applicable.
Does Kotak provides business loan without collateral?
Yes, Kotak bank offers secured loan as well as unsecured loans.
What is the maximum loan amount offered by Kotak business loan?
Kotak Bank offers business loan maximum loan amount up to 75 lakhs that totally depend on applicant profile & requirements.
How much minimum turnover required to get Kotak business loan?
To avail business loan, minimum 40 lakhs of turnover is required by Kotak Bank.
How to get Kotak Bank account statement?
There are 2 ways to obtain bank account statement as given below:-
You can use net banking services through mobile app & download the bank online or visit nearest bank branch to get account statement offline.
What are the factors affecting Kotak business interest rates?
Top 3 factors affecting kotak business interest rates it includes:-
CIBIL Score: - If your CIBIL score is less than 750 – higher interest rates imposed by Kotak Mahindra Bank, but if the CIBIL score ranges between 750 –900 mostly lowers interest rates are charged.
Stability of Business: - Kotak Bank offers lower rates on higher profitable generation of business & business with lower revenue get higher interest rates.
Years of Business: - Years of business existence matters a lot, if it’s a start-up default of risk opportunity seems higher & higher rates are applicable but if your business existence for more than 3 years with profitable revenue- you will be charged a lowers interest rates.
What are the specials business loan offered by Kotak?
Kotak offers 3 types of special business loan schemes – Loan for business expansion, K value & facility against credit card receivables.
How can I track Kotak business loan application status online?
You have to visit www.kotak.com official website to check the status online.
For any queries, complaints and feedback regarding the loan, the bank has offered 24/7 customer service. Customers can contact Kotak Bank Customer Care through following ways:
You can visit nearest bank branch for any type of queries.
For assistance, call at 1800 209 5600 from Monday to Saturday (9:30 am to 6:30 pm, excluding holidays)
Connect with Kotak
Visit official website & start an online chat support.
Also Read:-Buyer Credit