Following are the key details of Kotak Mahindra Overdraft Loan:

Loan amount	Rs. 50,000 to Rs. 40 Lakhs
Rate of interest	Starting at 12.75% p.a.
Tenure	Up to 60 months
Security	Not required
Types	Personal Loan Overdraft, Digi OD and Smart Overdraft
Processing fees	Up to 3%
Renewal charges	1% of the renewal limit or Rs. 5000 whichever is higher
Age	21 to 6o years
Income	At least Rs. 20,000

Following are the types of Overdraft Loans offered by Kotak Mahindra Bank along with their key features:

Personal Loan Overdraft

This overdraft loan allows the borrower to withdraw an amount at any time and repay the same at their convenience. It is the most preferred credit option to fulfil various personal funding requirements without any limit.

Key Features: 

• Get loan amount between Rs. 50,000 and Rs. 40,00,000.
• Repay in tenure up to 60 months.
• Kotak Overdraft Loan interest rate starts from 12.75% p.a.
• Instant access to cash anytime and anywhere.
• Loan can be used for planning a big event to meet an unexpected expense.
• You can use the limit and pay back at your convenience. The interest is charged only on the amount utilized.
• Manage the withdrawals and paybacks directly from your bank account.
• The bank offers 1 year fixed limit and a drop line limit thereafter, depending on the limit and tenure offered.
• Simple documentation process involved.
• Multiple withdrawals allowed through online transactions
• Transfer funds across Kotak as well as Non-Kotak Bank Accounts.
• Order for Demand Drafts.
• Pay your utility bills, credit card bills, etc.

Smart Overdraft

Kotak Smart Overdraft is an easy way for salaried individuals to manage their finances with an unsecured overdraft limit. 

Key Features:

• This facility is set on a current account linked to your savings account.
• If a withdrawal request hits your savings account and the balance is insufficient to complete the transaction, funds will be utilized from your current account to enable the transaction.
• Any excess funds parked in the customer’s savings account over a threshold will automatically be transferred to their overdraft account, helping them save on interest on their overdraft.

Digi OD

With Kotak’s Digi OD (Digital Overdraft) facility, give your business the boost it needs. Avail of funds for your business easily by just logging into your net banking or mobile banking account and converting your existing Current Account to an Overdraft Account with a few clicks.

Key Features:

• Get a quick unsecured overdraft loan up to Rs. 10 Lakhs for your business.
• Limit setting done within 72 hours post application.
• Completely paperless application process involved.
• No collateral is required to avail of this loan.

Below are the eligibility criteria for Kotak Overdraft Loans:

Eligibility Criteria for Personal Loan Overdraft

• Age: Individuals aged between 21 and 60 years can avail of Kotak Personal Loan for their financial needs.
• Nature of employment: Individual employed with a Public Limited Company, Private Limited Company or MNC.
• Minimum monthly income: 
  • Corporate salary borrowers: Rs. 25,000
  • Non-corporate salary borrowers: Rs. 30,000
  • A Kotak Mahindra Bank employee: Rs. 20,000

• Minimum educational qualification: Graduation.
• Work experience: Minimum 1 year.

Eligibility Criteria for Digi OD

• This facility is currently available to Sole Proprietorship Entities only.
• Applicant should have an active current account with Kotak Mahindra Bank with regular transactions.
• Applicant should be aged between 25 years and 65 years.
• Applicant’s residence and office should be in a serviceable location.

Following are the documentation requirement for Kotak Overdraft Loans:

Documents Required for Personal Loan Overdraft

• Photo identity proof: Voter ID/ Passport/ Aadhaar Card/ Driving License.
• Residence proof: Driving License/ Passport/ Voter ID Card issued by the Election Commission of India.
• Salary slips: Salary slips for the last 3 months.
• Income proof: Bank statement.

Documents Required for Digi OD

• Uploading documents is optional for Digi OD but is recommended. You may upload your URC certificate or latest address proof (if it is different from that mentioned in the bank records).

Documents Required for Personal Loan Overdraft

• Processing fee: Up to 3%
• Renewal charges: 1% of the renewal limit or Rs. 5,000, whichever is higher
• Overdue interest: 3% p.m., compounded annually
• Overline interest: 18% p.a.
• Non-utilization charges: 0.5% of the Average Operating Limit (AOL) if utilisation is below 10%.
• Swap charges: Rs. 500 per swap
• Charges for SOA (Physical): Rs. 200 + GST per instance 

Documents Required for Personal Loan Overdraft

• Processing fee: 2% of the sanctioned amount + GST & other applicable statutory levies
• Premature closure charges: 2% of sanctioned limit + GST if foreclosure is done before the annual review date. 
• Overdue/Overline interest: 3% p.m. + GST & other applicable statutory levies, over and above the normal OD rate. 
• Stamping charges: Applicable as per the respective State’s Stamp Act

You can easily apply for Kotak Overdraft Loan by following the steps mentioned below:

• Fill all the required details in Kotak’s online form.
• Select the required loan amount and tenure and get instant approval.
• Kotak’s representative will get in touch with you for documents collection.
• The bank will open your Overdraft Account and load limit. 
• Once the limit is loaded, you can use it anytime.
• You can withdraw the available funds whenever you need and transfer them to your bank account within 2 hours.