Loan comparison of Kotak Mahindra Bank Personal Loan vs Axis Bank Personal Loan

Interest Rate

Starts from 10.99% per annum
Starts from 11.25% per annum

Loan Amount

Up to Rs. 35 Lakhs
Up to 40 Lakhs

Loan Tenure

Up to 6 years
Up to 84 months

Loan Processing fees

Up to 5% of the final loan amount plus taxes
Up to 2% of the loan amount + GST

EMI per Lakh

N/A
N/A

Part Payment Charges

Pre-Payment Charges: A. For loans disbursed on or before - 1st February 2020 - Part Pre payment is not allowed B. For loans disbursed after 1st February 2020 -Post completion of 12 months - Part-Prepayment is allowed up to 20% of Principal loan outstanding. C. It is allowed only once per financial year. D. Payment of Rs. 500 + taxes to be made for every instance of pre-payment
Foreclosure / partial payment Policy : After 1 EMI / Partial payment allowed. Foreclosure zero after 12 months

Minimum Income

Rs. 20,000 minimum net monthly income
The minimum net monthly income should be Rs. 15,000

Documents

Following documents are required to avail a personal loan of an amount of up to Rs. 35 Lakh:

Valid identity proof: PAN Card, Passport, Aadhaar card, or Driving licence

Valid residence proof: passport, Aadhaar card, or Driving licence

Last three months' Bank statement reflecting your income details and Salary slip for the last three months (for salaried employees)

2-3 passport-sized photographs List of Documents for Salaried Individual: Proof of Identity:

Aadhaar Card

Voter ID

Driving Licence

Passport

PAN Card

Proof of Residence:

Aadhaar Card

Voter ID

Driving Licence

Passport

Utility Bill

Telephone Bill

Registered Rent Agreement

.Proof of Income:

Salary Slips (Last Three Months)

Income Tax Returns

Bank Statements

Latest 3 months pay slips

Latest 3 months Bank statements

KYC Documents ( PAN & Adhaar)

Form 16 mandatory


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