Personal Loan Of Rs.20 Lakhs

06^th Feb 2025...

Personal finance goals often change with time. You may need a Personal Loan for the construction of a house, wedding expenses, funding your start up, medical urgency and many other reasons.?A Personal Loan of Rs.20 lakhs with Kotak811 comes without any collateral at impressive interest rates starting at just 10.99%?

Here’s everything you need to know to address your queries. Let’s explore the benefits of opting for a Rs.20 lakh Personal Loan and how it can help you achieve your financial objectives.

Key features of Kotak811 Personal Loans

A Personal Loan with Kotak811 comes with the following features and benefits:

Flexible repayment tenure of up to 6 years
Minimal documentation process
Quick approval for loan applications
Attractive interest rates starting from just 10.99% p.a.

Personal Loan eligibility criteria

Kotak811 has specific eligibility criteria for a Personal Loan. Refer to the table below to know all the requirements:

Nature of employment	You should be employed with an MNC, public or private limited company
Age	The minimum age should be 21, and the maximum age should be 60
Monthly income	Kotak salary account holder: Rs.25,000 Kotak811 employees: Rs.20,000 Non-Kotak811 account holders: Rs.30,000
Minimum education	An individual should be a graduate
Work experience	An individual should have at least 1 year of work experience

You can also use the free?Eligibility Calculator?to determine the amount of loan you can get within seconds based on your current income and financial conditions?

Several factors affect eligibility, such as failing to meet the minimum age requirement, having a low credit score, not having the required employment status, and having a negative debt-to-income ratio. So, to apply for a Personal Loan with a higher amount, it is advised to keep everything in check and maintain a positive record to have a smooth application process.

Personal Loan interest rate and other charges

Kotak811 offers a competitive rate of interest, allowing individuals to turn their dreams into reality. The interest rate for a Personal Loan of Rs.20 lakhs is affordable, starting from just 10.99%. Remember, the interest at which you will get the loan depends on your financial conditions and ability to pay it off.

The interest rate for a Personal Loan	Starts at 10.99% per year
Personal Loan processing fees	This is a non-refundable fee. Up to 5% of the loan amount + taxes
Pre-payment charges	2% of the outstanding principal loan amount + GST
The repayment swap charges	Rs.500 + taxes per instance

You can get a lower interest rate if you have the following:

High credit score: makes it easier to give loans.
A steady income and stable job: give an impression of timely repayment.
Low debt and liabilities: lower the debts, higher the chances of low interest rates and vice versa.
Good relationship with lenders: Existing customers are likely to get favourable deals.

Market trends and RBI policies also play an important role in deciding the interest rate.

Steps to apply for a Personal Loan of Rs.20 Lakhs

Enjoy a quick and seamless loan experience with a pre-approved Personal Loan. Follow these steps:

Download the Kotak811 App: Install the Kotak811 App from the Play Store and App Store.
Navigate to the 'Loans' section: Open the app and head to the 'Loans' section to apply.
Choose loan amount & EMI tenure: Select Rs.20 lakhs as your loan amount and customise the EMI tenure.
Review and confirm the terms: Carefully review the loan agreement and approve the terms.
Loan disbursal: Once approved, your loan amount will be credited to your Kotak811 account swiftly.

Regular Personal Loan Application Process (Without Pre-Approval)

If you don’t have a pre-approved loan, follow these easy steps to apply for Personal Loan of Rs.20 lakhs:

Contact us or visit a branch
Reach out to our Customer Care team or visit the nearest Kotak Bank branch for assistance.
Documents required
Have the following ready:
1. Identity proof: Aadhaar Card, PAN Card, Passport, Voter's ID, or Driving License.
2. Income proof: Submit your bank statements and salary slips from the last three months (for salaried applicants).
3. Residence proof: Aadhaar Card, Passport, or Driving License.
4. Photographs: 2-3 recent passport-sized photos.

Our team will assist you with the process after receiving your documents.

Personal Loan EMI Calculator

Whenever you take a Personal Loan, you need to repay it in the form of an EMI. An EMI stands for Equated Monthly Instalments. It is a fixed amount of money that a borrower pays to the lender on a specified date each month. An EMI includes the interest amount as well.

Kotak811 has a super useful tool known as a Personal Loan EMI Calculator, which enables you to calculate the EMI amount. To use this, you need to enter three key details - tenure, amount & interest rate.

Kotak811 offers interest rates starting from 10.99%. One key advantage of this tool is that you can calculate the EMI at any time of the day, as it is an online tool available 24/7.

Conclusion

With quick approval procedures and a few documentation requirements, Kotak811 Personal Loan provides an excellent borrowing experience. We prioritise affordability and accessibility for our clients by offering flexible repayment options, competitive interest rates beginning at 10.99% annually, and clear fee structures. With the help of a Kotak811 Personal Loan, you can confidently navigate a variety of life circumstances.

FAQs

1. How can I find out the monthly EMIs of my Personal Loan?

You can use Kotak811 Personal Loan EMI Calculator to determine your monthly EMIs. To calculate your instalment payments, just enter the loan amount, tenure, and interest rate.

2. How do I know if I am eligible for a Personal Loan of Rs.20 Lakhs?

To check your eligibility for a Rs.20 lakh Personal Loan, use the Eligibility Calculator available. This tool helps you assess your eligibility quickly by considering factors like your income, credit score, and repayment capacity before applying.

3. Can a 70-year-old apply for a Personal Loan of 20 Lakhs?

No. The maximum age to apply for a Personal Loan of 20 lakhs is 60 years.