Check Out Kotak Mahindra Business Loan For Easy Business Loan

When we face a tough time during this pandemic, managing a business becomes equally hard to manage. And when there is a financial crunch, it makes the problem much worse. To face the issue, a business loan could provide a much-needed cover. Among the many choices, Kotak Mahindra Business loan as the lender is the right choice.

In this short post, we will look at its details. What loan amount they offer, the interest rate, etc, making it easy for you to make a decision.

Kotak Mahindra Business loan

If your business is in MSME or SME category, the Kotak Mahindra Business loan could definitely help you out.

• Kotak Mahindra Offers the loan from ₹10 lakhs to 3 crores.

• The business loan interest rate is from 16.00% to 23.00%.

• The loan term is from 1 year to 5 years.

• The processing charge is up to 2% of the loan amount, excluding taxes.

• The prepayment charge is 2% of the principal outstanding amount.

• The penal interest is 2% monthly on the overdue installment amount.

• The documentation charges are from ₹3500 to ₹6000, depending on the loan amount.

Kotak Mahindra Business loan eligibility criteria

• These firms are eligible to apply.

1. Private limited company

2. LLP( Limited liability partnership company)

3. Partnership firm

4. Self-employed professional/non-professional

5. Trust, Section 25 companies and societies

6. Unlisted public limited company

7. Proprietorship company

• The applicant's age should be between 21 years to 55 years to apply for the business loan.

• The business should be established up and running for a minimum of 3 years.

• The business turnover should be a minimum of ₹30 lakhs per annum.

• The borrower should have at least a minimum of 2 years of work experience.

• To check the eligibility before applying for the loan, a borrower could use the Kotak Mahindra business loan eligibility calculator.

Documents required for Kotak Mahindra bank business loan

Documents for Self-employed business

• Proof of Identity - Aadhar Card, PAN Card, Driving license

• Copy of IT returns, Balance sheets for the last two years, verified documents by CA

• Bank statement for the last six months

• Certified copy of service tax certificate/ certificate of shop and establishment/ certified copy of proprietorship deed

• Documents for any existing loan

Documents for Private limited companies

• Application form

• Passport size photographs

• Identity proof - Aadhar Card, passport, PAN Card

• Address proof - Rent agreement, electricity bill

• ITR for the last 2 years and Certification for incorporation of all directors

• KYC documents of the company ( Address proof and PAN Card)

• List of Shareholders and directors

• Memorandum of Association

• Registration proof of the company

• Bank statement for last 1 year

Features of Kotak Mahindra Business loan

• The loan is disbursed within 4 days of approval based on the borrower’s credit history and the loan requirement.

• The loan is offered without any collateral to security

• The loan tenure is flexible from 1 year to 5 years.

• There are no hidden charges.

• It requires minimal documents.

How to apply for a Kotak Mahindra business loan? There is an easy way to apply for Kotak Mahindra Business loan online. Go to Afinoz.com which is an online financial marketplace. Here, sign up and fill out the business loan application form. A representative will call you for further process.

When the verification and other steps are completed, the loan amount will get disbursed.

Conclusion

Kotak Mahindra Business loan could be a good deal for you depending on your financial requirement. Make sure you have read the loan documents carefully before signing on them.