Kotak Mahindra Bank Business Loan
Business Loan acts as a perfect financial aid to meet the financial crunch of the new or existing businesses. Whether you need to invest in machinery and plants or to fund a commercial property, require credits for the working capital facilities – a business loan will help you to catalyze each of your business needs and provide a solution for your financial crisis.
The Kotak Mahindra Bank business loans are created exclusively for SMEs and MSMEs to help them grow and diversify their businesses further. Kotak Mahindra Bank offers a hassle-free business loan application process with simplified documentation, flexible loan tenure and lower interest rates for businesses of all sizes. The Kotak Mahindra Bank business loans can also be availed with a collateral or security which has a good market value and is freely transferable. Afinoz.com has an exclusive tie-up with Kotak Mahindra Bank.
Therefore applying for Kotak Mahindra Bank business loan through Afinoz.com makes the process of application and approval of business loans from Kotak Mahindra Bank much simpler and quicker. By availing the benefits of Kotak Mahindra Bank business loans through Afinoz.com, business owners can achieve their dreams of aggressive business expansion and establish a profitable and productive business.
Kotak Mahindra Bank Business Loan Important Informations
16.00 % to 19.99%
1 TO 5 YEARS
Upto 2.00% of the sanctioned loan amount + Service Tax
No prepayment permitted until the repayment of minimum 6 months EMI
2% of the Principal Outstanding Amount + GST
Minimum Loan Amount - Upto Rs 10 lakhs
Maximum Loan Amount - Upto Rs 3 crores
2 % per month on overdue installment amount
Special Note: Rates are subject to periodic changes. The Business loan interest rates in Kotak Mahindra bank and other fees/charges are subject to regular reviews and can vary from customer to customer depending upon a number of factors like credit score, existing loans, amount of savings, the company with which you are currently employed, the number of years of relationship with Kotak Mahindra bank etc.
Kotak Mahindra Bank Business Loan Eligibility Criteria
Any Indian citizen having his own business and having residual income and the ability to repay the loan is eligible for Kotak Mahindra Bank business loans. Other parameters that a loan seeker must satisfy in order to be eligible for getting a business loan for their business are mentioned below:
- Individuals whose businesses are constituted as any one of the following are eligible to apply for a business loan from Kotak Mahindra Bank:
- Partnership Firm
- Private Limited Company
- Self-employed Professional/Non-Professional
- Unlisted Public Limited Company
- Proprietorship company
- LLP(Limited Liability Partnership Company)
- Trust, Societies and Section 25 Companies (mainly for hospitals or educational institutions)
- Age: The minimum age at the time of application of the loan should be 21 years; whereas ,the maximum age at the time of maturity should be 55 years
- Business Vintage: The business should have been well-established and should be up and running for the last 3 years
- Turnover: The gross turnover of the business should be at least Rs. 30 lakhs per annum
- Work Experience: Minimum 2 years of work experience in the current line of field for Self-employed individuals
- CIBIL score: Loan approval will be difficult if your CIBIL score is low. In some cases, even if your credit score is low, but your business is doing good then your loan application might get approved, but you might be asked to pay a high-interest rate and will be offered many unfavorable terms and conditions on your loan.
- Kotak Mahindra bank business loan eligibility calculator: Using the business loan EMI calculator and business loan eligibility calculator at Afinoz.com, you can easily calculate the exact amount of your monthly installment and your eligibility as per your potential.
Features and Benefits of Kotak Mahindra Bank Business Loans
Kotak Mahindra Bank Business Loans are a perfect solution to service your short-term finance and working capital requirements. With Kotak Mahindra bank at your service, you can focus on growing your business while we take care of financing your business expansion needs.
- Quick Disbursement: Kotak Mahindra business loans are usually disbursed within 3 to 4 days of the approval based on your credit history and your requirement
- Online eligibility check: Check your eligibility for availing the business loan online as per your requirements within a minute
- Kotak Mahindra Bank offers collateral/security free business loans based on EMIs
- You can avail a business loan up to Rs. 3 crores without providing any collateral/security/guarantor
- The maximum amount of business loan that can be sanctioned depends on the quality and size of your business, including the profits being generated per year
- Flexible loan tenure: Kotak Mahindra Bank provides flexibility to its customers in the form of loan tenure which ranges from 1 year to 5 years as per your requirement.
- Provides a high level of transparency to its customers about the charges involved at each stage of the loan process
- Very low processing fee of around 2% of the sanctioned amount is charged while taking a business loan from Kotak Mahindra Bank
- Simple documentation
- No hidden charges
- Zero foreclosure charges
- Attractive Interest Rates: If you are an existing Kotak Mahindra Bank customer, then you can avail special offers, attractive interest rates, and loan tenures. Also in some cases, where you have a higher credit score or provide a collateral/security for availing a business loan, then you will be charged a lower interest rate on your business loan by Kotak Mahindra Bank. It is always advisable to calculate your cost versus benefit ratio, before availing any business loan.
- Very low pre-payment charges
- Loan Amount: Quantum of borrowing under Kotak Mahindra Bank business loan ranges from Rs. 10 lakhs to Rs. 3 crores
- Transfer of the loan balance - You can enjoy lower EMIs with the added benefit of getting extra finance by transferring your existing business loan to Kotak Mahindra Bank and saving on your interest payments.
Kotak Mahindra Bank Business Loan Documents Required
For obtaining a maximum amount of loan, a borrower should produce the documents according to their business profiles as follows:
Documents for Self-employed Proprietorship Companies
- Identity/Age proof of all directors: (Anyone) Copy of Aadhaar Card/PAN card/Passport/Voter's ID/Driving license
- Financial Documents: Copy of IT returns/P&L and balance sheets of last 2 years as documented and verified by CA
- Bank statement: Last 6 months’ bank statement
- Proof of business ownership: Certified copy of Proprietorship deed/ Service tax certificate/Tax bill/Certificate of Shop and establishment
- Existing Loans: If you have any existing loan, then the sanction letter of that loan/loans along with its repayment records or account statement
Documents for Private Ltd. Companies
- Application form along with the Passport size photographs of all the Directors
- ID and Address Proof of all directors (as they stand as co-applicant)
- Financial Documents: Last 2 years’ Individual ITR and COI(certification of incorporation) of all directors
- Any electricity or water bill of residence or office of ownership
- KYC of company (pan card and address proof)
- Last 3 years’ ITR with Complete financials
- Landline/Postpaid phone bill
- MOA(Memorandum of Association)
- List of directors and shareholders
- Proof of business ownership: Registration proof of company
- Bank statement: Last 1-year’s bank statement (all major accounts)
- Existing Loans:All running loan schedules, if any
- Current year vat and service tax return
Documents for Partnership Firms
- Application form with a recent photograph of all co-applicants
- PAN card of firm
- PAN card of all partners
- In case there are multiple partners in a firm, ample number of co-applicants must be made part of the loan application such that the total ownership of all loan applicants exceeds 51%
- Residence address proof of all partners (electricity bill, water bill, house tax receipt)
- Proof of business ownership: Office address proof of the firm (latest phone bill not older than 2 months)
- Any registration proof in the name of firm
- Partnership deed copy
- Financial Documents: Individual partner's ITR for last 2 years ,with computation of income (if more than 1 partner is acting as applicant or co-applicant , then ITRs of all are required)
- Financial Documents: Last 2 years ‘ ITR with complete financials of the firm
- Any 3 year- old continuity proof (if incorporation date mentioned in registration proof then not required)
- Bank statement: Last 1 Year’s bank statement of the main account
- OD/CC letter if there is a running limit from any bank or NBFC
- Existing Loans:All running loan schedules and their statements
How to apply for a Kotak Mahindra bank business Loan on Afinoz?
Kotak Mahindra bank has an exclusive tie-up with afinoz.com. If you are looking for a business loan, then you can simply log on to Afinoz.com to check your business loan eligibility and apply for a loan.
The business owners can apply for a loan in Kotak Mahindra bank through Afinoz.com in the following three simple steps:
- Check your eligibility for the loan - Firstly, you need to make sure that you meet Kotak Mahindra bank’s business loan eligibility criteria on Afinoz.com. For that, you have to submit some basic details relating to you and your business such as the employment type, business turnover, city, mobile number and email id on our business loan eligibility page. Once you submit these details, our system intelligence then runs an algorithm and sends you a quick quotation on the best business loan options available to you immediately.
- Select the loan amount and tenure - Once you meet the eligibility criteria, select the loan amount and tenure as per your eligibility and submit.
- Upload and submit documents - In the next step, fill out the application form along with details of the KYC documents and submit your application for processing from Kotak Mahindra Bank. The bank then verifies the applicant's information and starts processing the loan for disbursement.
At each step of the application process, Afinoz.com allows it's applicant to keep track of the status of their application in real-time via SMS as well as through emails. Due to such simplified and fast processing, Afinoz.com has become a popular option among a large number of business owners.
Afinoz.com is India's leading personalized financial marketplace. We have created a business loan platform which lets you choose the best business loan that meets your requirements from multiple options that are available to you.
- Instant Approval - Once you fill in and submit the application form along with the mentioned documents, you will get your e-approval within 2 to 3 business days.
- Real-time application tracking - Keep track of your application status in real-time with a unique transaction id which is generated at the time of loan application submission on our website. We ensure that all the applicants are kept informed about their application process at each step via SMS and emails.
- Online eligibility check - Do all your dealings with the bank online. You have to provide your basic information and our online business loan eligibility calculator will let you know the amount of loan you are eligible to borrow from Kotak Mahindra Bank for financing your business.
- Secure Environment - Afinoz.com has a built-in security for your personal information which is stored in a secure environment on our system with your consent. This information is then sent to the bank in an encrypted format digitally and is very secured and scripted.
- 24/7 Customer Service - At any stage of the process ,if you have any query or seek any financial advice, our experienced and well-trained customer service team will offer the best financing/investment solutions to your problems. So there's no need for you to waste time and make multiple trips to any bank, NBFC or financial institution to discuss the various terms and conditions.
- No third-party agent – The Afinoz.com online loan application process is free of any unwanted expenses and delays. One can approach a bank online & directly through Afinoz.com without approaching any agent.
- Free quotations - Get the best online deals on the Kotak Mahindra bank business loans and free unbiased quotes on the business loan interest rates. All you have to do is to select the loan amount you want to borrow and the tenure you want it for. You will get a targeted online quote within minutes of application.
About the bank
The Kotak Mahindra Bank is an Indian Financial Services conglomerate headquartered in Mumbai, Maharashtra, India. In 1985, Uday Kotak established the Kotak Mahindra Finance Ltd. (KMFL) and it received a banking license to work as a private sector bank from Reserve Bank of India in February 2003. Kotak Mahindra Bank is the fourth largest private bank in India and one of the most preferred loan providers with a network of 1,369 branches across 689 locations and over 2,163 ATMs in the country. The bank offers a host of financial and banking services for corporate and retail customers through various delivery channels and a wide range of specialized subsidiaries to the customers in the areas of investments, life insurance, personal finance and wealth management.
Ques. Why should I take a business loan from Kotak Mahindra Bank?
Kotak Mahindra Bank perfectly understands the unique needs of all small and medium enterprises (SMEs) and is always keen to support their financial needs. They provide short and long-term loans of up to Rs. 3 crore without any collateral/security to solve a business/financial crunch along with providing advanced installment options and structured repayment schedules.
Ques. Can I repay the business loan early?
Yes, you can pre-pay your business loan after a period of 6 months or repayment of 6 EMIs whichever is earlier or as per the terms and conditions stated by Kotak Mahindra Bank. In case you want to pre-pay your loan before 6 months, a small prepayment fee will be charged by the bank.
Ques. How much time will it take to get the loan disbursed?
Once you fill in and submit the application form online on Afinoz.com, the bank will take 2-3 business days to process and disburse the business loan amount. The sole approval of the loan depends exclusively on the bank and your required amount.
Ques. How can I find out if I am eligible for the Kotak Mahindra Bank business loan?
Afinoz.com provides you with an eligibility calculator called the business loan eligibility calculator which you can use to determine your eligibility for the loan. It will also tell you the amount up to which you can avail this loan.
Ques. What is the minimum and maximum amount of the business loan I can avail?
Kotak Mahindra Bank provides a minimum amount of Rs.10 lakhs and up to the maximum amount of Rs. 3 crores as per your needs and eligibility.
Ques. Do I need to provide any security for availing a business loan from Kotak Mahindra Bank?
No collateral/security is needed while applying for a business loan from Kotak Mahindra Bank
Ques. What is the maximum and minimum loan tenure for a business loan from Kotak Mahindra Bank?
You can avail a business loan from Kotak Mahindra Bank for a period ranging from 1 to 5 years.
Ques. Will my information be safe online?
Afinoz.com is one of India’s most committed financial platforms which does not share any of its client data with third-parties other than the concerned financial institution/s. All the data is sent online in an encrypted format -making it safe and secure at all times.
Ques. How can I repay my Kotak Mahindra Bank business loan?
You can repay your loan in EMIs (Equated Monthly Installments) in the form of post-dated cheques or if you have an account with the Kotak Mahindra Bank, then by opting for direct debit from your bank account on the due dates.
Ques. How can I track my loan application process?
You can log onto our website www.afinoz.com with the unique transaction ID provided to you at the time of signup and track your application. You can also track your application process through your registered mobile number and email ID in real-time.
Ques. What are the interest rates offered by Kotak Mahindra Bank for a business loan?
Kotak Mahindra Bank business loan interest rates currently ranges from 11% to 19.5% For any query about a Kotak Mahindra bank business loan application, you can log on to afinoz.com or give us a call at +918795021552 or mail us at email@example.com