Personal Loan Of ₹5 Lakhs On Aadhaar Card

The Personal Loan on Aadhaar Card stands out for its minimal documentation requirements. Applicants primarily need to submit their Aadhaar Card for KYC verification, ensuring a prompt loan approval process. Whether you're gearing up for expected expenses or navigating unexpected financial hurdles, Kotak811 provides the convenience of applying for a Personal Loan of up to ₹5 lakhs using your Aadhaar Card.

Benefits – Personal Loan of ₹5 lakhs with Aadhaar Card

Your financial journey should start with confidence, and a Kotak811 Personal Loan of ₹5 lakhs brings forth several advantages tailored to meet your needs:

• Collateral-free: Experience the liberty of accessing funds without the burden of providing collateral or security, simplifying the borrowing process and eliminating the need for asset pledging.
• Flexible repayment options: Enjoy the convenience of choosing from flexible tenure options of up to 6 years. This flexibility empowers you to tailor the repayment schedule according to your financial circumstances, ensuring ease and manageability.
• Competitive interest rates: Avail yourself of competitive interest rates starting from 10.99% per annum for Personal Loans. Our commitment to offering low interest rates and minimal fees ensures cost-effectiveness, enabling you to save on interest payments and effectively manage your finances.

Pre-approved Personal Loan of ₹5 lakhs application process

For a smooth and hassle-free loan application, follow these simple steps if you’re pre-approved:

• Download Kotak811 App: Get the Kotak811 App from the Play Store or App Store to begin. 
• Visit the 'Loans' section: Open the app and navigate to the 'Loans' section for easy access. 
• Initiate loan application: Select the loan amount of ₹5 lakhs and your preferred EMI tenure. 
• Review & confirm: Carefully review the loan details and approve the loan agreement. 
• Instant disbursal: Once confirmed, the loan amount will be credited to your Kotak811 account without delay.

Regular Personal Loan application process (without pre-approval)

If you have not received a pre-approval yet, follow these steps to apply for your Personal Loan:

• Get in touch with us: Call our Customer Care number or visit a nearby Kotak Bank branch.
• Prepare your documents
  Ensure you have the following:
  • Identity proof: Aadhaar Card, PAN Card, Passport, Voter's ID, or Driving License.
  • Income proof: Three months’ bank statements and salary slips (for salaried individuals).
  • Residence proof: Aadhaar Card, Passport, or Driving License.
  • Photographs: 2-3 recent passport-sized photos.

Once we receive your documents, we’ll guide you through the next steps to finalise your loan.

Interest rates and charges on Personal Loans

At Kotak811, we prioritise making Personal Loans affordable and accessible, ensuring our customers benefit from competitive interest rates and flexible financial options. Our Personal Loan interest rates start at a competitive 10.99% per annum, providing relief from financial burdens. 

• Loan processing charges: We charge up to 5% of the loan amount and applicable taxes for loan processing.
• Pre-payment charges: A 2% of the outstanding principal loan amount plus GST is applicable for each pre-payment instance.
• Repayment mode swap charges: We levy a charge of ₹500 plus taxes per instance for swapping repayment modes.

These transparent rates and Personal Loan fees and charges ensure clarity and fairness in our lending process, empowering our customers to make informed borrowing decisions.

Personal Loan eligibility criteria

To qualify for a loan of ₹5 lakhs with Kotak811, applicants need to fulfil specific Personal Loan eligibility criteria:

• Employment status: Applicants must hold positions in esteemed sectors like MNCs, public limited companies, or private limited companies, ensuring a steady income source.
• Age requirement: Individuals should fall within the age range of 21 to 60 years, indicating they are in an economically active phase of life.
• Minimum monthly income: To be eligible for a Personal Loan with Kotak811, the minimum net monthly income requirements vary depending on the applicant's account status. For Kotak Salary Account holders, a minimum monthly income of ₹25,000 is necessary. Non-Kotak811 Salary Account holders must have a monthly income of at least ₹30,000 to qualify for the loan. However, for Kotak811 employees, the minimum net monthly income required is ₹20,000.
• Educational qualification: Completion of graduation is a prerequisite for Personal Loan eligibility. 
• Work experience: Applicants should possess a minimum of one year of work experience, emphasising the importance of financial stability and consistent employment history.

Conclusion

Kotak811 Personal Loans offer a great borrowing experience, with minimal documentation requirements and swift approval processes. With loan amounts up to ₹35 lakhs, flexible repayment options, competitive interest rates starting at 10.99% per annum, and transparent fee structures, we prioritise affordability and accessibility for our customers. Kotak811 Personal Loans provide financial support for going through various life situations confidently.

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This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empanelled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees, and contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.