Kotak Mahindra Bank offers a variety of business loans to cater to the needs of different types of businesses and entrepreneurs. Here's a summary of their offerings: Loan amount: Rs. 3 lakhs to Rs. 1 Crore (Rs. 3 Crore for loans against credit card receivables) Features: ● Collateral-free loans: Available for loans up to Rs. 1 Crore. ● Flexible repayment options: Choose from a variety of repayment options to suit your business cash flow. ● Quick approval and hassle-free processing: Get your loan application processed quickly and easily. ● Minimal paperwork: Submit minimal documents for a smooth application process. ● Services at your doorstep: Avail loan-related services at your convenience. Eligibility: ● ● ● ●
The business must be in operation for at least 3 years. Minimum turnover of Rs. 40 Lakhs is required. The business must have generated profit for at least 1 year. The applicant must be a Sole Proprietor, Partnership firm, Private Ltd Co., Trust, or LLP involved in manufacturing, trading, or services. ● The main applicant should be between 25 and 65 years of age at the time of loan maturity. Fees and charges: ● Processing fees: Maximum 2% of the loan amount (Plus GST) ● Documentation Charges: ○ Loan amount less than Rs. 10 Lakhs - Rs. 3500/- (Plus GST) ○ Loan amount greater than Rs. 10 Lakhs - Rs. 6000/- (Plus GST) Here are some additional things to keep in mind: ● The interest rate on Kotak Business Loans is competitive and capped at 2% above 1Y MCLR. ● Kotak Mahindra Bank also offers loans against credit card receivables with a maximum loan amount of Rs. 3 crore.