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Kotak Mahindra Bank is an Indian private sector banking headquartered in Mumbai. Founded in 1985, it offers a wide range of banking products and financial services for corporate and retail customers through a variety of delivery channels and specialized subsidiaries in the areas of personal finance, investment banking, life insurance, and wealth management. As of 30th September 2014, Kotak Mahindra Bank has a network of 641 branches and over 1159 ATMs spread across 363 locations in the country.
ING Vysya Bank has merged with Kotak Mahindra Bank with effect from April 1, 2015, and the combined entity will bear the name Kotak Mahindra Bank.
About Kotak Mahindra Bank
Kotak Mahindra Group, an Indian financial services conglomerate, was established by Uday Kotak. In February 2003, Kotak Mahindra Finance Ltd. (KMFL), the Group’s flagship company, received a banking license from the Reserve Bank of India. Following this, KMFL became the first non-banking finance company in India to be converted into a bank – Kotak Mahindra Bank Limited (KMBL).
In 2014, Kotak Bank acquired ING Vysya Bank, after which the count of branch reached 1261. The Bank which had garnered positive reviews from its customers and clients, before its merger with ING Vysya, had around 29,000 employees. In 2004, it was the fourth largest private bank in India by market capitalization. It has chartered a steady and confident journey leading to growth and success.
Vision and Mission
The Bank’s vision is to be the most trusted Global Indian Financial Services brand and the most preferred financial services employer with focus on creating value. It focuses on adopting the best of technology and practices, that are in adherence to international standards. Simultaneously, it also endeavours to develop an understanding of customers which is uniquely Indian. It seeks to nurture a culture of empowerment and a spirit of enterprise, so as to attract minds with an entrepreneurial streak. Kotak Mahindra Bank also strives to create an ethos of trust across all its constituents. It believes in adhering to high standards of compliance and corporate governance as an integral part of the trust-building process.
Kotak Mahindra Bank Loans
Kotak Mahindra Bank Home Loan : Home loans from Kotak Mahindra Bank are accompanied by highly customized facilities and services so that the customer can enjoy a seamless and pleasurable home-buying experience. The benefits include doorstep service, attractive interest rates, convenient loan disbursement process, simplified documentation, insurance options to convert the loan at attractive premium, and quicker turnaround time. Kotak Mahindra Bank home loan eligibility of an applicant is assessed on the basis of a number of factors, such as monthly or annual income, source of income, savings and credit history, work experience, age, qualifications, number of dependents, and probability of the individual continuing in the same occupation. According to Kotak Mahindra Bank loan scheme, one can avail home loans either singly or jointly. Owners of the current property, in respect of which the loan is being sought, will have to be co-applicants. However, it is not mandatory for the co-applicants to be co-owners of the property. What differentiates the home loan product from this Bank is its ability to understand the particular borrower’s needs completely and structure the eligibility and loan amount accordingly. One can opt for a loan period of up to 20 years, which can vary depending on his/her profile. Kotak Mahindra Bank loan advantage is that one can borrow up to 90% of the cost of the property in case of home loans.
Kotak Mahindra Bank Personal Loan : This loan can be availed to meet unexpected expenses, such as a dream holiday, school or college fees, wedding expenditure, home improvement expenses, or even the purchase of consumer durables. Under this scheme, one can avail loans ranging from Rs. 50,000 to Rs. 15 lakhs. It also offers flexible repayment options, with the loan tenors ranging from 12 to 60 months for salaried individuals, as specified by Kotak Mahindra Bank loan details. The other benefits include, bank doorstep service, quick approval on loans, minimal paperwork and hassle free processing, attractive interest rates, etc. Any resident Indian employed at a Public Ltd. Co./MNC/a large Pvt. Ltd. Co. is eligible for this loan. He/she should be within the age of 21 and 58 years. The net monthly salary of the applicant should be Rs. 25,000. He/she should be a graduate, with a minimum of 2 years’ work experience. A residence telephone number is to be provided, and the applicant should have been in the city for at least a year.
Kotak Mahindra Bank Loan Against Property : one’s existing property can help his/her avail a loan at lower interest rates, compared to other consumer loans. The Bank ensures flexible loan eligibility for businessmen under this scheme, which promises to fund a variety of needs such as existing business expenses, debt consolidation, emergencies, education, etc. The loan amounts range from 10 lakhs to Rs. 3 crores. Loan against property from Kotak Mahindra Bank is available against residential as well as commercial properties. This flexible financial offering comes as an EMI based loan or an overdraft facility. It also guarantees ease of repayment through loan tenure. It can be applied by individuals, either solely or jointly. As per Kotak Mahindra Bank loan against property eligibility norms, for self-employed professionals, the minimum annual income of the borrower should be Rs. 1.44 lakhs. He/she should be at least 21 years of age, and maximum 65 years of at the time of loan maturity. The firm/company should have been in operation for the last 3 years, and should be making cash profits for the last 2 years. For self-employed non-professionals, the eligibility criteria is the same as above.
Kotak Mahindra Bank Business Loan : This loan can be availed to enjoy business growth or expansion without disturbing one’s personal investments or taking multiple loans with Kotak Business Loans. A borrower can diversify his/her business or even fund his/her next project through the Bank’s personalized solutions and services. Under this scheme, one can avail loans ranging from Rs. 3 lakhs to Rs. 75 lakhs. Any self-employed businessman with an annual turnover of Rs. 2 crores can apply for this loan. Manufacturers and service providers are also eligible, provided that their annual turnovers are Rs. 1 crore and Rs. 50 lakhs, respectively. Also, the borrower should be in business for the last 3 years continuously, showing a cash profit for the last 2 years. With minimal paperwork, hassle-free processing, and versatile repayment options, this loan comes to the rescue of aspiring as well as established businessmen.