We all know that starting or growing a business requires financial support. Since this financial support often comes with an obligation to borrow huge funds, it becomes essential to take a business loan that provides both competitive interest rates and comfortable repayment options.
Kotak Mahindra Bank serves the combination of both these characteristics in their business loans, making it an attractive and trustworthy choice for all businesses. This article will explore everything about a Kotak Mahindra bank Business Loan, helping you to make informed decisions about your business’s financial requirements.
The interest rate, processing fees, and other charges of the Kotak Mahindra Bank Business Loan are given below:
| Particulars | Charges |
| Interest Rate | Starts from 16% and goes up to 19.99% |
| Processing Fee | 2% of loan amount + Tax |
| Documentation Charges | Loan amount less than or equal to INR 10 Lakhs- INR 3,500 + TaxLoan amount more than INR 10 Lakhs- INR 6,000+ Tax |
| Prepayment Charges | 4% of the outstanding amount + Tax |
| Cheque Dishonor Charges | INR 750 + Tax |
| Charges for a copy of any document | INR 500 + Tax |
| Swap Charges | INR 500 + Tax |
| Charges for No Dues Certificate | INR 500 + Tax |
| Collection charges | Up to 3%+ Tax |
| Penal Interest | Up to 3%+ Tax |
| Termination Charges | Up to 4%+ Tax |
A business loan is a loan product provided by Banks and NBFCs to fund the financial needs of businesses. Whether you want to start a new business, expand your existing business or require funds for any other business-related expense, business loans are the correct option for you.
While providing a business loan, lenders usually analyse the creditworthiness of the business by accessing the credit score and business turnover. Both secured and unsecured business loans are provided to the borrower based on the creditworthiness, loan amount, and repayment tenure.
The Kotak Mahindra Business Loans are customisable according to the business’s need and ability to repay the loan amount. The bank provides business loans to established businesses as well as budding entrepreneurs. Some of the Benefits and features of Kotak Mahindra Business Loan are listed below:
The following documents are required to avail a Kotak Mahindra Bank Business Loan:
The eligibility requirements to avail a Kotak Mahindra Bank Business Loans are:
Kotak Mahindra Bank provides business loans at an interest rate ranging from 16% to 19.99%.
From an applicant’s perspective, it is highly essential to avail a business loan at a good interest rate and flexible repayment tenure. As the loan amount is usually high in the case of business loans, there are several factors that affect the Kotak Mahindra Bank Business Loan interest rates. These are:
You can apply for a Kotak Mahindra Business Loan by visiting the nearest bank branch. You can also apply for a business loan online on the bank’s website. However, eligibility and the credit score must be checked beforehand. The loan application form must be filled out, the documents required need to be submitted, and the application would then be evaluated by the bank.
Yes, the bank has foreclosure charges of 4% on the prepayment of the Business loan.
The interest rate for the Kotak Mahindra Bank Business Loan currently starts from 16% and goes up to 19.99%.
You can avail the Kotak Mahindra Bank Bussiness Loan account statement by logging into the bank’s mobile application or the Internet banking portal and downloading it.
The maximum business loan amount that can be availed from Kotak Mahindra Bank is INR 75 Lakhs.
The bank offers a maximum repayment tenure of 60 months.
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