Kotak Mahindra Bank’s Business Loan

Disclaimer…before you read ahead!

The information contained herein is of a general nature and for information purposes only, with the intent of raising awareness around various resources, schemes etc. available for women entrepreneurs in India. It is not intended to address the circumstances of any particular individual or entity. It does not purport to be all-inclusive or necessarily contain all the information that may be relevant for the reader, and may be subject to updating, revision or amendment. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to remain accurate in the future. The reader, therefore, is required to exercise their discretion; and not act on such information without appropriate professional advice after a thorough examination of the particular situation.

Furthermore, we are not a lender and are not authorized by the Reserve Bank of India to act as one. By disseminating the information contained herein, we are not soliciting any borrower or customers for the company or organization mentioned herein nor do we intend to syndicate any capital for the reader of this article.

About this scheme..

Business Loan is an unsecured loan offering by Kotak Mahindra Bank (KMB) to help businesses meet newer milestones of success everyday with quick approval, hassle-free processing & doorstep services.

How is it being implemented?

Under this Scheme, direct financial assistance in the form of loans is given to,

• Manufacturing, Trading or Services Business

What’s on offer?

I. Product

• Term loan, Working capital facility (Overdraft)
• Ticket Size: ₹3 Lakhs – ₹1 Crore
  • With facility against Credit Card Receivables, one can avail a Loan or an Overdraft Facility of up to ₹1 Crores

II. Purpose:

• Acquisiton of or investment in fixed assets
• Working capital requirements

III. Borrower Type:

• Sole Proprietor, Partnership Firm, Limited Liability Partnership (LLP), Private Limited Company, Trust

IV. Security or Collateral or Guarantee or Insurance

• Security: Primary charge on assets created out of KMB’s finance
• Collateral: Nil
• Guarantee: Nil
• Insurance: For more information around this, please contact KMB via means mentioned below

V. Interest Rate

• May range from 16.00 % to 19.99%. Refer to details under Loans Tab here

VI. Processing Fee

• Upto 2% + GST
• Additionally, there will be documentation charges
  • Loans < ₹10 Lakhs: ₹3,500 + GST
  • Loans > ₹10 Lakhs: ₹6,000 + GST

VII. Margin Money Requirement

• For more information around this, please contact KMB via means mentioned below

VIII. Tenure, Repayments & Pre-Closures

• Tenure
  • Term loan: upto 60 months
  • Fund based working capital facility (Overdraft): For more information around this, please contact KMB via means mentioned below
• Repayments
• Term loan: Flexible. For more information around this, please contact KMB via means mentioned below
• Pre-payment & Foreclosure Charges: For more information around this, please refer to Fees & Charges here

IX. Turnaround Time

• The Scheme’s USP is quick approval, hassle-free processing & doorstep services which should make timelines till disbursement short
• For more information around this, please contact KMB via means mentioned below

Interested? Read ahead to check your eligibility….

I. Has your business been operational during the last 3 years?

II. Has your business generated an annual turnover of at least ₹40 Lakhs during the last 3 years?

III. Has your business generated profit for at least 1 year?

IV. Is your age going to be at least 25 years at the time of the loan application?

V. Are you going to be 65 years or less at the time of loan maturity?

If your answers to the questions above are an emphatic YES, you are all set to avail Business Loan by Kotak Mahindra Bank!

So…how big is this scheme and what has been done so far?

I. Details around this don’t seem to be available in the public domain

So, now, how should you go about it?

I. For submitting application:

• If you are an existing customer of Kotak Mahindra Bank, apply here

OR

• If you are not, apply here

OR

• If are looking to get an in-principle sanction letter through chat, apply here

II. For information on documentation requirements, please refer here

III. For any queries, please contact KMB via

• Toll Free Number: 1860 266 2666

OR

• Visit one of KMB’s 2,013 branches nearest to you

Go on then…and do spread the word!

Sources:                  

1. About Kotak Mahindra Bank’s Business Loan
2. KMB’s Annual Report 2023-24
3. KMB’s Latest Investor Presentation