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

Kotak Mahindra Bank Personal Loan

SBI Personal Loan

Interest Rate

Starts from 10.99% per annum
Starts from 10.30% onwards per annum

Loan Amount

Up to Rs. 35 Lakhs
Up to Rs. 35 lakhs

Loan Tenure

Up to 6 years
Minimum 6 months and Maximum 84 months / Loan to be closed on or before the Date of Retirement/ Date of End of Contract/ 60 years of age, as applicable

Loan Processing fees

Up to 5% of the final loan amount plus taxes
Up to 1.50% of the Loan Amount (subject to minimum Rs. 1000 & maximum Rs. 15000), plus 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
Prepayment charges: Any prepayment of EMIs in full or in part and closure of account before the end of term will attract the prepayment charges of 2% of the prepaid amount Pre-payment charges may be waived for following category of customers: Loans of Defense sector employees, being closed after 6 months from date of sanction. Loans of Government/ Corporate sector employees, being closed after 3 years from date of sanction, or from the proceeds of a new loan account opened under the same scheme after 6 months from date of sanction. Loans of Platinum & Rhodium variant of Corporate Salary package customers, being closed after 6 months from date of sanction

Minimum Income

Rs. 20,000 minimum net monthly income
Government/Defence Sector employees: Rs. 20,000; Corporate Sector employees: Rs. 25,000

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

Application Form along with photograph of the borrower

Permanent Account Number (PAN)

At least one copy of the Officially Valid Documents (OVDs)

6 months’ Salary Slips

Latest ITR/ Form 16. However, it is waived for all salaried employees for whom income tax is not applicable or not deducted by the employer, in line with the norms stipulated under Income Tax Act, e.g., customers having <1 year of service, customers having taxable Income in “Nil” Tax Rate %age slab, customers of any State/ UT with no income tax, etc.

6 months’ Salary Account Statement (i.e. account statement(s) where last 6 months’ salary is credited)

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