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

Kotak Mahindra Bank Personal Loan

HDFC Bank Personal Loan

Interest Rate

Starts from 10.99% per annum
Starts from 10.90% per annum

Loan Amount

Up to Rs. 35 Lakhs
Up to Rs. 40 Lakh

Loan Tenure

Up to 6 years
Up to 5/6 years

Loan Processing fees

Up to 5% of the final loan amount plus taxes
Up to Rs. 6,500 + 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
Premature Closure Charges (For Full & Part Payment): Up to 24 EMI- 4% of principal outstanding, Post 24-36 EMI - 3% of principal outstanding, >36 EMI - 2% of principal outstanding Prepayment charge would be applicable on the principal outstanding amount, Part prepayment would be allowed post servicing of 1st EMI, up to 25% of Principal Outstanding. It is allowed only once in the financial year and twice during the entire loan tenure. Charges would be applicable as above on the part pre-payment amount.

Minimum Income

Rs. 20,000 minimum net monthly income
Minimum Rs. 25,000 per month

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 6 months Bank statements in PDF format

KYC Documents ( PAN & Adhaar)

Employee ID card, Form 16, Previous emp proof if any

Employment less than 1 Yr qualification proof required

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