Need Kotak Mahindra Bank Business Loan? Kotak offers a wide range of safe, customized financial loan solutions/services for your business needs to help you achieve more successful milestones every day.
Do you think that you will soon plan for a business loan? Browse the eligibility criteria for business loans listed below to ensure that your company loan is first approved:
- Customer should run the business for 3 years with a minimum annual turnover of Rs.40 Lakhs
- Applicant’s business should have a profitable growth for a minimum of 1 year
- Individuals who are applying for a loan should be a Sole Proprietor/Trust/Pvt. Ltd/Partnership firm
- The applicant should have a minimum age of 25 years while availing loan and at the time of loan maturity, they should be no older than 65 years
Kotak Business Loan Details – Features & Benefits
Kotak Bank offers business loans to self-employed and businessmen to financially meet the expansion or current fund requirements of their business. Kotak offers helpful features and benefits on business loan:
- Business Loans are available to loan applicants from Rs. 3 lakhs to Rs. 75 Lakhs
- Less documentation and fast loan approval process
- Kotak allows easy repayment options to its customers
- Kotak bank provides affordable banking services at your doorstep
- Interest Rate starts from 12.99% to 14.50%
- Kotak charges processing fees of 0.99% to 2% on the loan amount
- The bank provides the loan tenure of 1 to 5 years
- To apply for Kotak business loan, there is no need of Guarantor
- Kotak offers Business Loan for Self Employed people with a processing fee of up to 2% for a period of 24 to 60 months
- The bank charges 5% upon early foreclosure of the Business loan at anytime
- Kotak Bank operates over 606 branches in India for customers to avail banking service easily
Read More – Kotak Mahindra Mobile Banking – How to Change Mobile Number?
Eligibility Criteria to Get Business Loan Approval:
- To avail the business loan, applicants should have the age of 25 to 65 years
- Applicants who have a business should have a minimum turnover of ₹ 50,00,000
- Customer availing business loan need to show their business existence of up to 36 months
- Applicants need to submit ITR for the recent 24 months
- Individuals should have a CIBIL score of 750 and above
Mandatory Documents while Applying for Kotak Mahindra Bank Business Loan
- PAN Card/Certified Driving License/Aadhaar card/Passport/Voter’s ID for Identity Proof
- Aadhaar Card/Passport/Driving License/Election Card/Utility Bills (Water and Electricity bills)/Recent Bank Statement/Latest Entries made in Bank Account Passbook for Address Proof
- Copy of Business Agreement/Electricity Bill/Share Maintenance Certificate/Municipal tax receipt for ownership proof
- GST registrations/Service TAX/VAT Tax Registrations/Shop Agreement/Establishment certificate for Business Service Proof
- GST Registration certificate/MOA/Partner Ship Agreement for Company Constitution
- Duly filled and signed the business loan application form
- 2 Passport size photographs
- Processing Fee Cheque
- Latest 3 Months Bank Statement for salaried people and latest 6 months Bank statement for Self Employed Individuals
- Recent 3 Months salary slips for Salaried employees
- Income proof documents for self-employed applicants
Still, have doubts? Find out more details of Kotak Mahindra Loans in the nearby Kotak branch.
Krishna Murthy is the senior publisher at Trickyfinance. Krishna Murthy was one of the brilliant students during his college days. He completed his education in MBA (Master of Business Administration), and he is currently managing the all workload for sharing the best banking information over the internet. The main purpose of starting Tricky Finance is to provide all the precious information related to businesses and the banks to his readers.
