Categories: Blog

Axis or Kotak—whom to choose as the best partner in need of personal loans?

A personal loan is a type of monetary support offered by various banks and NBFCs. This can be utilized for personal reasons such as medical emergencies, further education, wedding expenses, vacation preparations, and the list goes on. Unlike some other sorts of loans, there are no restrictions on how the amount being borrowed is utilized; the person taking out the loan has complete flexibility in using the funds for whatever purpose they desire. 

 

But when you are in a hurry or in an emergency, you cannot decide for yourself where to take out a loan. Which bank will be the best partner for your particular situation? Who will offer you the best interest rate? These things make you more confused at the same moment when you are mentally puzzled. That’s why we have come up with this simplified overview to assist you in picking the best option when you are really in need.

 

Here we are presenting a comparison between the personal loans offered by the two leading banks in India, Axis Bank and Kotak Mahindra Bank.

 Axis Bank is a well-known and leading private bank in India, providing a full range of domestic as well as international financial services such as personal and corporate finance, treasury activities, and investment management. Axis Bank offers a broad spectrum of financial products to both individuals and business customers via its extensive national presence. The bank provides an extensive number of financial solutions and services, such as credit cards, loans, savings plans, and options for investment. The bank attempts to create a frictionless experience with banking and has a reputation for innovative products such as the Axis Bank Neo Credit Card and Axis Bank Priority Banking.

 

On the other hand, Kotak Mahindra Bank is the best private bank in India, highlighted for its unique national and global solutions in finance, investment advisory services, and its solid standing in the retail as well as corporate banking industries. Kotak Mahindra Bank, known for its technological innovations, provides straightforward online banking services with the goal of improving the consumer experience. Kotak Mahindra Bank has remained a renowned brand in the Indian banking business, with a commitment to offering excellence and supporting its economic growth.

 

Both of the banks provide personal loans. 

 

Check the Table Below to Compare the best one for your personal need





Axis Bank Personal Loan

Kotak Mahindra Bank Personal Loan

Minimum Salary 

25000/- Existing Customer & CAT A Employee 35000/- For Other

20000/-Per Month

Rate of Interest

11.15% to 16.25% (Reducing)

10.75% to 17.99% (Reducing)

Loan Amount 

Rs.1 lakh- Rs.40 lakh

1 Lakh to 50 Lakhs

Processing Charge

1% to 2%

1% – 3%

Loan Tenure

12- 60 Months

Up to 60 Months

CIBIL Score

690+

700+

Location 

PAN India

PAN India

Applicant Age

21 Year to 59 Year

21 Year to 58 Year

Minimum Job Experience

3 Months 

3 Months

Business Vintage

2 Years

3 Years



From the above table, you can choose the best option for you. 

 

Both banks provide a variety of personal loan options to meet the demands of various customers. Kotak Mahindra is an Indian private sector bank highlighted for its customer-oriented strategy and creative financial products. In contrast, Axis Bank is one of India’s most recognized private sector banks. It is also renowned for offering a diverse range of banking products and services. The bank provides house loans with low-interest rates.

 

Is a personal loan available for vacation or travel?

Yes! Personal loans can be used for a variety of reasons, including fulfilling your desire to travel the world and explore exotic destinations.

Should hospital invoices be presented when applying for a personal loan for an unexpected health emergency?

Regarding escalating medical costs, surgery or lengthy hospitalization might cost you several lakhs. If you require more finances while having health insurance, you are capable of getting a personal loan. There is no need to submit any medical records or hospital invoices for this.

May I use my personal loan money to buy my business’s raw materials?

If you have gone over your bank’s term loan restrictions but still require funding for the operation of your business, you can submit an application for a personal loan. The loan will be approved based on your personal credit history, but it is permitted to be used for commercial purposes.

Are there additional costs if I take out an Axis Bank personal loan?

Additional fees may apply after you receive your personal loan.

How will I change my mobile phone number and email address on my personal loan account?

You can change your email address as well as your phone number in one of two ways:

By contacting the Call Centre at 1-860-419-5555
1-860-500-5555 
1800–103–5577. 
Send an email to www.axisbank.com/support.

What is the purpose of a personal loan?

 Personal loans do not require collateral, which is why they are classified as unsecured loans. It can be utilised to meet numerous of your daily and emergency demands. Customers can get loans ranging from Rs. 50,000 to Rs. 40 lakh from Kotak Mahindra Bank. So, whether your financial needs are minor or large, a personal loan can help you out when you’re in desperate need of it.

In what way is the interest rate on a personal loan figured out?

The personal loan rate of interest is the monthly fee charged by the lending institution for receiving funds from them. A personal loan calculator can be used to quickly calculate the annual percentage rate of interest on a personal loan.

What effect will a personal loan have on my credit score?

A personal loan might have an impact on your CIBIL score, either advantageously or negatively. It may have a detrimental influence if implemented while previously in debt. At the exact same time, timely payments will improve your total credit score.
 

What, in fact, are the advantages of getting a personal loan from Kotak Mahindra Bank?

The personal loan from Kotak Mahindra Bank is accessible as soon as practical, and the application process is simple and uncomplicated.
 

Is it possible to apply for a relatively small personal loan online?

 You may submit an application for a small loan online because there is no need for collateral.

Harish Chandra

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