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Kotak Mahindra Business Loan

 Kotak Mahindra is the fourth largest private bank headquartered in Mumbai – this was incorporated in the year 1985. The total income generated is INR 34,321.12 crores (2016) and it owns almost 641 branches. It also has specialized subsidiaries in various areas which includes loans and investment services. Those who are looking for a business loan can rely on Kotak Mahindra for best offers and interest rate.

Different Business Finance options available from Kotak Mahindra

Unlike other banks and NBFCs, Kotak Mahindra offers a lot more than just loan. This is very reason why customers love to be a part of this reputed bank. Some of the finance options offered are:

i.                    Business Banking Solutions:

Through this various business financial requirements are met irrespective of how comprehensive the product it or now how low the credit rating score is. Individual exposure of up to INR 300 million is offered starting from INR 5 million. The business requirement is individual reviewed on its performance basis and the credit team will scrutinize the industry in which the business in functioning. According to the stability, consistency and future expectations various banking solutions are offered at varied interest rates.

ii.                 Business Loans:

Business loan is a great way to increase financing towards business needs.  There are many banks that offer loan with and without collateral with pre-approved offers. It is the money that is credited to your account with specific percentage of rate of interest and fixed period for repayment. This amount can be used for expansion of existing business or to start a brand new business. According to the needs of the business, the loan amount will be approved by Kotak Mahindra bank.

iii.               Commercial Vehicle Finance:

Financial aids are available for both new and used vehicles. Loan upto 70% of market value of the vehicle is offered. It requires simple documentation and offers flexible repayment options. Loan tenure ranges from 12-60 months as per the choice of the applicant.

iv.                Construction Equipment / Infrastructure Finance:

Infrastructure plays a key role in setting up India’s economy. Over the next five years India needs more than 31 trillion to be spent on the development of infrastructure. A dedicated infrastructure group has been formed by Kotak Mahindra investment banking service. Financial solutions are provided to both public and private sector corporates. The backbone of infrastructure team consists of professional experts who have strong background in resource mobilization and investment banking.  This dedicated team of seasoned professionals focuses on different sectors like power transportation, urban transportation etc. provide financial solutions to corporates.

v.                  Credit Access:

This gives the ability to credit access over a certain limit is possible with this option and the applicant will not be charged with an over limit fee. It is also called as revolving credit amount. The credit access line will be posted on the monthly billing statement and it is at the discretion of the bank.

vi.                Facility against Credit Card Receivables:

Business loan of up to INR 30 million can be availed through Kotak Mahindra bank against credit card receivable. The amount is determined on the basis of sales of past years. Few interesting features of finance facility against credit card are:

 

  • Higher loan eligibility is offered for Self Employed applicants.
  • Loan amounts can be availed upto a maximum of INR 30 million.
  • Flexibility is offered to combine Overdraft and Loan.
  • Very Low Processing Fees.
  • Stress-free repayment options are available.
  • No Collateral required.
  • Very competitive interest rates are offered.
  • Quick disbursement of finance.

vii.             K-Value:

This is a special overdraft facility offered for businesses according to its needs and emergencies. Through this unsecured overdraft of up to INR 5 million can be availed however it depends on the financial stability of the business and the applicant.

viii.           Term Loans (Strategic Business Loans):

There is no doubt, every entrepreneurs goal is to expand and grow their business day after day and for the same effort and finance are basis requirement, whether it is a great business opportunity or an emergency that you are stuck with need immediate finance, the best option is a customized business loan to unlock the doors against any property or asset.

ix.                 Tractor Finance:

Loan is offered by Kotak Mahindra Bank for the purchase of a new tractor or for used ones for commercial or agricultural purpose, such loans are termed as Tractor Finance. Some features of the same are:

  • Requires very minimum documentation.
  • Exceptional after-sale service.
  • Good and low rates of interest.
  • Service is offered at the doorstep.
  • Can avail life insurance shield such as Kotak Kisan Suraksha.
  • Additional Balance Transfer is made available.
  • Have option to take Top-Up loans.

x.                  Unnati Auto Finance:

Those who are looking for easy and hassle free loan option for owning construction equipment, a commercial vehicle or for the working of any commercial equipment should give a try with Kotak Mahindra bank to enjoy the facilities to the utmost. Unnati Auto loans are offered to customers for buying used commercial vehicle and for other commercial purposes including machinery needs. Here are the features of the same:

  • Loan for buying of used or new MUVs/ SUVs/Taxis are available
  • Loans for buying of used construction equipment and commercial vehicles is offered
  • Refinance on present commercial equipment and vehicles
  • Flexible payment options
  • Hassle-free and quick processing
  • Flexible and customized financial solutions are available
  • There are large network of centres for accessibility of paying easy EMIs
  • It’s more of a customer oriented service

Features & Benefits of Kotak Mahindra Business Loans

  • Flexible and easy repayment options
  • Maximum amount that can be sanctioned under this scheme is INR 7.5 million.
  • Hassle free system.
  • The rate charged by bank is based on a benchmark, Prime Lending Rate (BPLR) which offered by Kotak Mahindra is 18.2555%per annum.
  • Insurance options for your business Loan at attractive premium
  • Faster processing.
  • Minimal documentation.
  • Sanction approval without any mortgage.
  • Foreclosure options available for low charges.
  • Customized offers for corporates & women professionals.
  • Interest is calculated on monthly basis.
  • Quick Loan Disbursal.
  • Accessibility of service at your doorstep.
  • Quick loan approval.
  • Online loan request option available.
  • Low interest rates.

Why should you choose Kotak Mahindra Bank Business Loan?

Since its establishment in 1985, the journey of Kotak Mahindra bank has been steady and confident making millions of contented customers. Loans can be availed at attractive interest rates and getting one is pretty simple and easy. Loans can be taken upto 75 lakhs in a hassle free and quick manner. There are lot of flexible repayment benefits offered to the customers. Through Kotak Mahindra you will save a lot of time on loan processing and approval. This is a one stop solution for expert finance assistance. Though there are high rate of competition in the market the services of Kotak Mahindra stands out for its unique and customized services.

How to apply online for Kotak Mahindra Bank Business Loan?

One of the easiest and smart ways to apply for a business loan is through Finance Buddha- the online platform; it’s a one-stop solution for every business loan necessities. Information required before proceeding with the application is:

  • Borrower name
  • Company name
  • Year of Incorporation
  • Loan amount
  • Choose the city
  • Turnover
  • Net profit after tax
  • Mobile number
  • Depreciation
  • Email ID
  • Partner salary

Once all necessary information is shared, this will give the result of banks that are available to offer loan per your requisites. This helps you to apply to the loan with the bank that you prefer. The bank officials will directly contact you to let you know the next steps for proceeding with the business loan application.

Eligibility Criteria for Kotak Mahindra Business Loans

  • Age at least 23 and less than 55
  • Self Employed - 5 years in business with 3 Years IT Returns
  • Net Profit > INR 250,000 p.a.  and Turnover listed below
  • Minimum Loan Amount is INR 200,000 and Maximum Loan Amount is INR 5 million.
  • Tenure limit of 1 Year minimum up to 4 Years maximum
  • Must be salaried Indian residents working at MNCs, public companies, and other large establishments
  • Income must be greater than INR 25,000 per month

Profile

Annual Turnover requirement

Self Employed Businessmen

INR 20 million

Manufacturers

INR 10 million

Service Providers

INR 5 million

 

Documents Required for Kotak Mahindra Business Loans

  1. Application form with applicant’s signature and photograph.
  2. Copy of passport/voter ID
  3. Processing fee cheque
  4. Employees need to submit salary slips of last three months.
  5. Balance Sheet & Profit and Loss Account of company
  6. Proof of ownership of Residential Or Commercial Property
  7. Latest Bank statement for 6 months
  8. Business Proof & ID
  9. Address Proof: Electricity bills, water bill, telephone bills etc
  10. ID Proof: Passport, Voters ID card, Driving License and Pan Card
  11. Proof of Continuity of Business
  12. ITR & Statement Of Computation of Income – up to 2 Years
  13. Board Resolution (If pvt ltd co. is Partnership Authorization Letter/ co-borrower {if partnership firm just co-borrower}
  14. CA Certified or Audited P/L Acc Statement and schedules of P&L along with Balance Sheet – for last 2 years
  15. Ownership Proof of Residence or Office
  16. Latest ITR of the Co-Applicants – For last 2 Years

Kotak Mahindra Business Loans Interest Rates, Fees & Charges

Interest rates of Kotak Mahindra bank are either of diminishing rates or flat rates. Reducing or Diminishing balance rate means the interest rate which is calculated each month on the remaining loan amount. In this method, the EMI includes interest that is owed for outstanding amount of loan for each month beside the principal of settlement. After every EMI payments, outstanding amount of loan gets reduced.  And flat rate of interest means the rate of interest which is considered on full amount of loan during the course of its tenure without considering that once-a-month EMIs would slowly decrease the interest rate along with principal amount.

Kotak Mahindra Business Loans Interest Rates, Fees & Charges

Interest Rate Range

Processing Fee Range

Loan Amount

Tenure Range

11.5% to 19.65%Fixed

Up to 2%

INR 1.5 million max.

1-5 years

 

Variable Fee and charges

Variable rate

(Base rate only, a margin may apply)

Small Business Loan Rate

5.24% p.a.

Small Business Overdraft Rate

6.44% p.a.

Business Development Rate

6.35% p.a.

Overdraft Business Rate

7.17% p.a.

Business Equity Access Rate

5.47% p.a.

 

Fixed Fee and charges

Fixed rate for business loans

(Base rate only, a margin may apply)

1 year

5.19%

2 year

5.06%

3 year

4.99%

4 year

5.24%

5 year

5.33%

7 year

5.99%

10 year

6.74%

Frequently Asked Questions

What can the business loan amount be used for?

The loan amount can be used for expansion of existing business, for crafting a whole new business from scratch. It can also be used for the working capital purpose and more.

Who can avail this business loan and what is the eligibility?

Below are the important few criteria to be eligible for a business loan from Kotak Mahindra Bank Age at least 23 and less than 55 Self Employed - 5 years in business with 3 Years IT Returns Net Profit should be greater than INR 250,000 p.a.

What are the necessary or must submit documents for financial proofs?

Keep all original documents handy like revenue slips, bank statements, tax payment receipts and other financial documents.

How to have a good credit score or increase the score soon?

Ensure to make regular payment on outstanding debts and beware of the penalties.

Is applying for too many loans a good option to check creditability?

Don’t apply for too many loans, limit it as per the necessity- the Credit scoring will reduce if you have more debts.

Is it fine to make huge purchases for personal or business needs while availing for a business loan?

Huge purchases and outstanding debts will impact the loan approval, thus avoid the same. The rate of interest will be high for low credit rating individuals.

What is the easy way to get business loan?

Make use of the option in Finance Buddha by giving few basic details like name, contact details, loan amount, type of business and income will give the list of NBFCs and banks that can offer business loan, use this information to compare and apply. The application will be processed by banks and will contact you to the request to next level of processing.

What are the ways to choose right business loan?

Step 1: Complete all paper work well in advance Step 2: Draw an approximation of how much cash is required right now and for future Step 3: Hunt for expert’s assistance Step 4: Check what are the fee, rate of interest and other charges for each bank Step 5: Decide whether you need a long-term business partner or if the need is just quick capital for investment Step 6: Ask the right questions without hesitation Is the performance of business crucial for business loan? For an existing business, the revenue pattern, the years of operation, credit worthiness is evaluated prior to considering for processing. Independent credit score for a company that is associated with the tax ID number and legally incorporated name is considered.

How much important is given to a business plan while applying business loan?

Even if there is no existing business, having a great business plan with execution blue-print will be legally measured and scrutinized by banks before offering a business loan.

Is there special business loan offered for women entrepreneurs at Kotak Mahindra bank?

Yes, this special benefit is available and the features for the same are: • Fixed interest rate starting as low as 11.5% to 19.65% • Upto 2% processing charges • Maximum limit for business loan amount is 15 lakhs • Tenure range is 1-5 years • Conditional pre-closure - after 1 year • Average approval time is 4.4 days • Services are offered at door step • Applicant can make use of balance transfer and top-up loan options • Age at least 21 and less than 55 • Income should be more than Rs. 25,000 per month

Why do women entrepreneurs choose Kotak Mahindra bank for business loan?

The level of attention and offered given to women entrepreneurs are exceptionally great as compared to what other banks offer.

What are the common and must submit documents?

• Complete loan application form with one passport size photograph • Valid Proof of Applicant's Identity: Passport, PAN card, Voter identity card , Driving license • Proof of Residence: Ration card Tel/ Electricity Bill/ Lease agreement/ Trade license /Passport /Sales Tax certificate • Proof of Age: Passport, PAN card, Voter identity card • Financial Documents

What should be the minimum operation period for the loan?

Irrespective of what type of business it is, the minimum operation period is of two years or more. The longer a business has been in existence the more is the probability of getting a loan.

What is collateral and why is it needed for a business loan?

It is the security that is pledged with a bank to avail loan, the more the collateral value is, the benefits are more. This gives a security for the banks to offer bigger amount of loan as the risk is low.

How important is credit scoring and what is the minimum score needed?

All applicants who have good credit score can walk into any bank to get a business loan. The better your score is, you can avail more benefits and the interest rate will also depend on the same. Minimum score should be 750+.

What is the processing fee for a business loan?

It is a one-time payment made to the bank to process the loan amount. It’s the extra cost incurred for the service charges. This is not refundable and interest will not be provided on the same. Irrespective what loan you are looking for, this charge is mandatory and has to be paid at the first stages.

What are prepayment charges in a business loan?

If ever you wish to pre-close your loan amount prior to its tenure, this can be done so by paying the additional prepayment charges. This amount is calculated on the outstanding loan balance by the bank to check the service charges and other related charges.

Reviews   4.93 stars, based on 30 reviews

The people who handled my Finance just like your best manager at the company. They helped me gain a loan for my business with Kotak Mahindra Bank at a different level by providing me with the incentive of quick processing and disbursal of loan amount into my bank account.

 5/5

The people who helped me in hard times I’ll never forget their undying support. Finance Buddha the team who stood beside me at the harsh times of my business and helped me get it funded by Kotak Mahindra Bank without any hassle in the documentation process of the loan.

 5/5

The lowest interest rates and the processing fees on my business loan provided to me by Kotak Mahindra Bank with the assistance of Finance Buddha was an undeniable offer. It helped my business grow to the position and helped it operations too at a very good scale.

 5/5

The loan amount got disbursed into my bank account just after 5 days of the application approval. I was surprised to see the quick processing and disbursal of the loan feature provided to me by Finance Buddha in the business loan sanctioned by Kotak Mahindra Bank for my business growth.

 5/5

I was really impressed by their incentive of the hassle free documentation process in which they carry the whole documentation thing on our behalf in the whole process. I got a loan with the help of Finance Buddha quickly for my business with Kotak Mahindra bank for improvement in operations.

 5/5

The people who bring a loan to you breaking the mainstream paths! Finance Buddha helped me in one such task for the loan of my business provided by Kotak Mahindra Bank by providing me lowest interest rates and processing fees on the business loan by negotiating on my behalf.

 5/5

The business is incomplete without sufficient funding. To solve this problem Finance Buddha helped me gain a business loan with Kotak Mahindra Bank for my business and without their support, it would be incomplete starting from the documentation to the disbursal of the loan in my account. Brilliant!

 5/5

The people who crafted a loan for my business are Finance Buddha. They truly are peculiar at what they do and I got a loan for my business with Kotak Mahindra Bank with the incentive by Finance Buddha in carrying out the documentation process without any hassle for me to look.

 5/5

Finance Buddha the simplest people I have seen in delivering the loan and making the process look like a piece of cake! They helped me get a loan for my business with Kotak Mahindra Bank with the incentive of quick processing of the loan and disbursement of the amount.

 5/5

The managers behind my business funding are the team of Finance Buddha who gave their sweat and blood for getting me a loan for my startup business with Kotak Mahindra Bank at the incentive of lowest interest rates and processing fees on the loan along with flexible EMIs for payment.

 5/5

My business is successful because of their support. I got the loan for my business just with the support of Finance Buddha team who was able to assist me in a loan provided by Kotak Mahindra Bank and give a hand in the whole process during the sanction of loan.

 5/5

The architects behind my business are the people of Finance Buddha. They helped me gain a business loan with Kotak Mahindra Bank for my business that helped me grow quick by the quick processing and the disbursal process along with the hassle free process in the documentation process of the loan.

 5/5

The real magicians behind my business are the people who helped it get funded. Finance Buddha helped me to fund my business by assisting me in the loan provided by Kotak Mahindra Bank who was flexible enough to provide me good interest rate for the business loan.

 5/5

They truly are the people to rely on! They provided me with the loan for my business that helped me in the growth by the funding by Kotak Mahindra Bank and the execution of Finance Buddha and the team. The team truly shows the dedication that you haven’t find in other institutes.

 5/5

The lowest rates and the processing fees offered by the Kotak Mahindra Bank for my business didn’t make me think twice as the deal was negotiated by Finance Buddha. They truly are the man of the hour and give me immense pleasure to write a review for them.

 5/5

The evolution of my business was possible because of the business funding provided by Kotak Mahindra Bank. The bank provided me with a business loan for my business in which the documentation process was handled by the Finance Buddha and made the whole process of documentation hassle free. They truly are the stars!

 5/5

The dedication to take my business to a next level was made by Finance Buddha by providing me with the business funding for expansions from Kotak Mahindra Bank. This was all done because of the support of the team as they stayed on my side during the whole process.

 5/5

My boat sailed in the sea of the business just because of the funding Finance Buddha was able to provide me with Kotak Mahindra Business loan in Bangalore. The quick processing and the disbursal of the loan took my business to a next level in just a few days with their support.

 5/5

Finance Buddha, the pilot that turned my business around by providing me with a business loan from Kotak Mahindra Bank for my business with such an ease. I got the business loan with them which was flexible in the payment options as well as provided me lowest interest rates and processing fees.

 5/5

Finance Buddha the saviour of my business that helped it float by providing me with a loan with Kotak Mahindra Bank for my business to manage my working capital and increase my operations. I got the loan with ease as the documentation process provided by them was hassle free one.

 5/5

Thank you so much for your information really appreciates your help and I am very happy with kind of service which you have provided. Thank you very much.

 5/5

Sandhya was really helpful with the business loan service at Kotak Mahindra bank. Thanks a lot for assisting me with this. I am really content with the facility provided to me.

 5/5

Thanks a lot Kotak Mahindra. I never anticipated such a swiftness in resolving the problems. This is the very reason I have now refered 2 of my friend to Kotak Bank bank but it is for personal loan instead of business loan.

 5/5

I really want to thank the lady who I worked with for the loan processing as she kept up to her promises and you the bank offered the best services. I was in urgent need of money and I am so glad that the fund came in on time.

 4/5

The customer rep was extremely helpful and the whole issue of credit limit was resolved without much problems. I was surprised with the low interest rate offered even after too many complications and delay in documents submission.

 5/5

A big thanks to the support and help offered by both Finance Buddha and Kotak Mahindra Bank. The level of attention to detail is very appealing.

 5/5

The phone banking service is excellent and impressive. I felt everything was faster because of the goof banking service. Aditya- the customer care representative is an excellent person to work with!

 5/5

I just took a top up loan on my existing business loan and the whole process was just like a cake walk. I simple loved the whole experience.

 4/5

Got my loan approved in 2 days and got money in my account within next 3 days. Super-fast bank and satisfied service.

 5/5

Great place to avail a business loan. Apart from getting the loan within 6 days the process was hassle free and quick. Really loved the service level and professional touch.

 5/5