You can believe me or not, but funds are required every time for running any business smoothly. It is essential to keep the business running. However, sometimes we don’t have enough funds to expand or run our business, and then we go after the business loans offered by banks to the business owners. Kotak Mahindra Bank is one of those banks who provides the solution to every financial need of the customers. This bank has all the resolution to cater and serve almost every business sector of India. Let’s learn more about it.
Business Loans Provided by Kotak Mahindra Bank:
Contents
There are two types of loan this bank does provide to the customers. However, It depends upon the applicant credit profile.
- Loan against property: You can take up to Rs 10 lakh of credit under this scheme. The property, whether it is residential, industrial or working machine, will be taken as a security for the loan.
- Business loan: In the business loan, the rates and repayment options are very flexible. You can take from Rs 3 Lakh to Rs 2 crore business loan from KMB.
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Eligibility Criteria:
There is an eligibility criterion for every bank so they should match the standard and policies of any particular bank. Below are some of the points of Eligibility criteria.
- The applicant should have more than Rs 2 crore annual turnover.
- Manufacturers who apply for the loan should have more than one crore annual turnover.
- The applicant should have more than three years of business profit and loss sheet.
- Service providers should have an annual turnover of more than Rs 50 lakh.
Interest Rates and Charges:
There is a minimum interest rate of 16% and the maximum interest rate of 19.99% charged for the business loan. However, for the process fees, 3% of the loan amount will be debited from the loan amount.
Documents Required:
Following are the documents required for the approval business loan from Kotak Mahindra bank:
- Proof of Identity
- Address proof
- age proof
- Passport size photographs
- ITR
- Business profit and loss sheet
- Loan application signed along with pictures.
How to Apply for Kotak Mahindra Bank Business Loan?
I repeat. It depends upon your credit profile and your eligibility that the bank will approve your loan or not. If you think you are eligible for the business loan and having all the documents ready required by the bank.
Then, you can visit the nearest Kotak bank branch for the loan application, or you can also apply it online and wait for the bank executive to collect your documents at your home for the filing process.
Conclusion:
Kotak Mahindra Bank is one of the largest private banks of India. It currently offers top-notch banking services along with digital banking points. Apart from the services, It also has an excellent reputation in the financial department as well. You can apply for any loan like the business loan from Kotak Mahindra bank. In this article, I have added every information from the interest rates to the application process for a Business loan. If anything is not understandable, then you can ask us in the comments section.
Aarvi the owner and senior content publisher at Financeclap. Aarvi completed his education in BBA (Bachelor of Business Administration), and recently she was working as an assistant manager for the accounts company. She also works as a senior digital marketing consultant for one IT company in 2018. The main idea for starting Financeclap is to provide the best and helpful information related to the business industry to the readers. Aarvi main hobbies are playing cricket, watching videos and listening to music in the free time. You can learn more about her on about us page.
