At Kotak811, we understand the financial challenges and aspirations of those earning a modest income. A Personal Loan for 35 Thousand Salary can be a lifeline for many, offering a flexible way to manage unexpected expenses, invest in personal development, or even consolidate debt.
With our customisable solutions, we aim to empower individuals by providing them with the financial tools they need to achieve their dreams without the burden of financial strain.
Why should you choose a Personal Loan for 35 Thousand Salary?
Opting for a Personal Loan when your salary is Rs.35,000 makes sense for several reasons. It's not just about having access to funds; it's about financial empowerment. Whether you need to cover medical emergencies, home renovations, or educational fees, our Personal Loans are here to meet your needs without compromising your financial stability.
Key features and benefits of a Personal Loan for 35 Thousand Salary
When you're thinking about getting a Personal Loan for 35 Thousand Salary, the perks and features are very important for your decision. At Kotak811, we redefine your experience with our suite of features.
- No collateral needed: You don't have to worry about offering up your belongings. You can get the loan without tying it to any of your assets.
- Minimal documentation: With minimum documents, you can enjoy a fast and digital loan verification process.
- Digital application: For pre-approved loans, you can complete the process online via the Kotak811 App.
- Transparency: We believe complete transparency is important to ensure correct financial planning without any unwanted surprises down the road. No hidden charges will be imposed.
- Choose your own repayment schedule: We get that everyone's situation is unique. That's why you can set up a repayment plan going up to 6 years that fits your budget and lifestyle.
- Quick disbursal: Once the verification is done and the loan is approved, the amount will be swiftly credited to your Kotak811 account.
Interest rates & charges for a Personal Loan for 35 Thousand Salary
Understanding the costs associated with your loan is important for proper planning.
| Feature | Details |
|---|---|
| Interest rate | Starting at 10.99% per annum |
| Processing fee | Up to 5% of the loan amount + applicable taxes |
| Pre-payment charges | 2% of the outstanding principal loan amount + GST |
| Repayment mode swap charges | Rs.500 + taxes per instance |
Eligibility criteria for a Personal Loan for 35 Thousand Salary
Our eligibility criteria are simple, ensuring that financial assistance is accessible to all:
- Age: 21 to 60 years
- Employment: Salaried individuals employed with MNCs, public limited, or private limited companies
- Minimum salary: Eligibility varies based on your type of salary account:
- Non-Kotak811 Salary Account Holders: Rs.30,000
- Kotak Salary Account Holders: Rs.25,000
- Kotak811 Employees: Rs.20,000
- Education: Minimum graduation
- Work experience: Minimum of 1 year
How to use an EMI Calculator for a Personal Loan for 35 Thousand Salary
Figuring out your EMI (Equated Monthly Instalment) for a Personal Loan can give you a clear picture of how much you’ll be paying each month. Here's how to use an EMI calculator effectively.
- Enter the loan amount: Think about how much money you really need. It could be for anything like fixing up your house, a wedding, or covering emergency expenses.
- Enter the interest rate: Enter the interest rate we offer. It determines how much you'll pay in addition to the loan amount.
- Choose the loan tenure: This is all about how long you need to repay the loan. You can pick a shorter period if you think you can pay it off quickly or a longer one if you need smaller monthly payments. Note that longer tenures reduce EMI but may raise the overall interest paid.
- Check monthly EMI: The calculator will show your monthly payment. It helps you see if you can afford it with your monthly budget.
- Review interest breakdown: It also shows how much interest you’ll pay over time, so you know the total cost of your loan.
- Adjust and compare: Play around with different amounts and tenures. This way, you can find the best option for you.
Using an EMI Calculator helps you plan better so there are no surprises with your loan payments.
Application process for a Personal Loan for 35 Thousand Salary
Getting a Personal Loan when you’re making 35 thousand a month is straightforward with Kotak811. Here’s the process.
Pre-approved Personal Loan application process
If you have a pre-approved Personal Loan, you can make your application online without any hassle:
- The first step is to download the Kotak 811 App. You can find it on the Play Store as well as the App Store.
- There is a 'Loans' section in the app; navigate your way to it.
- Type in the amount you need to borrow and your preferred tenure.
- Review the loan terms and approve.
- Once the application is approved, the amount will be credited to your Kotak811 account.
Regular Personal Loan application process
For regular loans, visit the nearest Kotak Bank Branch with the required documents. You can also get in touch with our Customer Care team.
| ID type | Documents |
|---|---|
| Identity proof | Aadhaar Card / PAN Card / Voter's ID Card / Passport / Driving License |
| Address proof | Aadhaar Card / Passport / Driving License |
| Income proof | Bank statements and salary slips of the last three months for salaried individuals |
| Photographs | 2 / 3 recent passport-sized photos |
Conclusion
Kotak811 offers Personal Loans to salaried individuals, including those earning 35 thousand a month, to financially empower them. Individuals can avail of a loan for any expense that they are to incur.
The quick and simple documentation, application, and approval procedures further make the task of getting a loan more convenient.
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*Terms & Conditions apply.
Credit at the sole discretion of Kotak Mahindra Bank Ltd. and subject to guidelines issued by RBI from time to time. Bank may engage the services of marketing agents for the purpose of sourcing loan assets. Personal Loan will not be disbursed if the Savings Account is in dormant or freeze state.
Popular Personal Loan FAQ's
What is considered a good CIBIL score for loans at Kotak811?
A good credit score for Personal Loans at Kotak811 is between 700 and 749. With such a score, you can get a higher loan amount at a relatively lower interest rate. That said, a 750+ score is considered excellent and will give you access to much lower interest rates along with more favourable terms.
Can I make pre-payments on my Personal Loan for 35 Thousand Salary?
Yes, you can make pre-payments on your Personal Loan. It’s a great way to reduce your overall interest cost and clear your loan faster. There may be a pre-payment charge of 2% of the outstanding principal loan amount plus GST.
Is there any quick way to check my eligibility for a Personal Loan at Kotak811?
The eligibility criteria for Personal Loans at Kotak811 are fairly simple to understand. However, you can use the Eligibility Calculator to quickly evaluate your position.
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