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Key Features of Kotak Mahindra Bank Personal Loan Overdraft (OD)

  • Loan Amount: Personal Loan OD: ₹50,000 to ₹40 Lakhs | Digi OD: Up to ₹10 Lakhs | OD against FD: Up to 70-90% of FD value
  • Interest Rates: Personal Loan OD: Starting from 12.75% p.a. | Digi OD: Competitive rates based on profile | OD against FD: Slightly above FD rates
  • Repayment Tenure: Flexible tenure up to 60 months (5 years) with no fixed EMIs. Interest charged only on utilized amount.
  • Overdraft Facility: Withdraw funds as needed up to sanctioned limit. Deposit surplus funds to reduce interest costs.
  • Processing Fees: Up to 3% of sanctioned limit for Personal Loan OD/Digi OD. No processing fees for OD against FD.
  • Tenure and Limit Structure: Repayment tenure extends up to 60 months (5 years). The bank offers a 1-year fixed limit, followed by a drop-line limit (reducing limit over time), depending on the sanctioned amount and tenure.
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      • Instant and Convenient Access: Funds can be accessed anytime from your linked Kotak account. Withdrawals and repayments are easily managed through net banking or the mobile app—ideal for urgent needs.
      • Digi OD (Digital Overdraft) Features: A paperless process that converts your existing current account into an OD account. Limits are approved within 72 hours, and no collateral is needed.
      • No Prepayment Penalty for OD Against FD: Overdrafts secured against fixed deposits have no prepayment charges. Interest rates are slightly above FD rates, making them more affordable than unsecured overdrafts.
      • Eligibility Criteria: Age 21–60 years for Personal Loan OD and 25–65 for Digi OD. Salaried applicants must earn ₹25,000–₹30,000 monthly and have a minimum 1-year job history.
      • Bank Account Requirement: Applicants must maintain a current account with Kotak Mahindra Bank with active transactions, particularly for Digi OD.
      • Credit Score Importance: A minimum CIBIL score of 730 is preferred for higher approval chances and favorable terms.
      • Documentation Requirements: Basic ID (Aadhaar, Passport, DL), address, and income proofs like salary slips and bank statements. Digi OD requires minimal documentation for existing customers.
      • Fees and Charges: Processing fees up to 3%, renewal charges (1% or ₹5,000), 18% interest on overline usage, 0.5% non-utilization charges if usage <10%, and ₹500 swap charges.
      • Application Process: Apply online via Kotak’s website or Bravima Solutions. After submitting documents, the OD limit is approved, and funds are available within 2 hours.
      • Additional Benefits: No collateral for Digi OD, balance transfer from other banks/NBFCs, and preferential terms for Kotak account holders and FD-backed overdrafts.
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Benefits of Kotak Mahindra Bank Personal Loan Overdraft (OD)

  • Flexible Fund Access: The overdraft facility allows you to withdraw ,funds up to the sanctioned limit whenever needed, providing instant access to cash for emergencies, events, medical expenses, or other personal requirements. No need to reapply for funds, as the OD acts like a revolving credit line within the approved limit.
  • Pay Interest Only on Utilized Amount: Interest is charged only on the amount you withdraw and use, not on the entire sanctioned limit, making it more cost-effective than traditional loans with fixed EMIs. This minimizes interest costs if you use the facility sparingly or repay quickly.
    • No Fixed EMI Commitment: Unlike standard personal loans, the OD facility does not require fixed monthly EMIs. You can repay the utilized amount at your convenience within the tenure, offering greater financial flexibility.
    • High Loan Limits: Personal Loan OD offers limits ranging from ₹50,000 to ₹40 Lakhs, catering to diverse financial needs, from small expenses to large investments.
    • Long and Flexible Tenure: The OD facility comes with a repayment tenure of up to 60 months (5 years), giving you ample time to manage repayments. The 1-year fixed limit followed by a drop-line limit structure.
    • Quick and Convenient Access: Funds are accessible 24/7 directly from your linked Kotak Mahindra Bank account via net banking, mobile banking, or ATMs, ensuring instant liquidity.
    • No Collateral Required: The Personal Loan OD and Digi OD are unsecured facilities, meaning no assets (like property or fixed deposits) are required as collateral, reducing risk and simplifying the application process.
    • Cost-Effective Overdraft Against FD: For OD against Fixed Deposits, you can borrow up to 70–90% of the FD value at competitive interest rates (slightly above FD rates).
    • Minimal Documentation: Existing Kotak customers, especially for Digi OD, require minimal documentation such as identity proof, address proof, and income proof.
    • Balance Transfer Facility: Transfer your existing OD from another bank or NBFC to Kotak at competitive interest rates, potentially lowering costs and improving terms.
    • Preferential Terms for Existing Customers: Customers holding accounts or FDs with Kotak Mahindra Bank may benefit from faster approvals, lower interest rates, and higher limits due to an established relationship.
    • No Prepayment Penalty (FD OD): Repay your OD against fixed deposits early without any extra charges, offering greater flexibility.
    • Enhanced Financial Planning: Acts as a financial safety net, helping manage cash flow gaps or unexpected expenses without disturbing your savings or investments.
    • Customizable Usage: Use funds for any personal need—medical, travel, education, home improvements, or debt consolidation—with no restrictions from the bank.
    • Digital Management: Monitor and manage your OD facility through Kotak’s mobile app or net banking. Get real-time updates on interest, transactions, and available limit.
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How to Apply for Kotak Mahindra Bank Personal Loan Overdraft (OD) Facility

  • 1. Check Eligibility for OD
    • Age: 21–60 years for Personal Loan OD; 25–65 years for Digi OD.
    • Employment: Salaried individuals with at least 1 year of experience in MNCs, public, or private limited companies.
    • Income: Minimum Rs. 25,000/month (corporate) or Rs. 30,000/month (non-corporate).
    • Credit Score: Preferably 730+ CIBIL score.
    • Account: Digi OD requires an active Kotak current account; OD against FD requires a valid Kotak FD.
  • 2. Gather Required Documents
    • Identity Proof: Aadhaar, Passport, Voter ID, or Driving License.
    • Address Proof: Passport, Voter ID, DL, or utility bills.
    • Income Proof: Last 3 salary slips, 6-month bank statement, and Form 16 (if applicable).
    • Digi OD: Updated address proof if it differs from bank records.
    • OD against FD: FD receipt or bank statement showing FD details.
  • 3. Choose the Application Channel
    • Online: Apply via kotak.com or partner platforms like Bravima Solutions.
    • Mobile App: Log in to the Kotak Bank app and explore OD options under "Loans."
    • Branch: Visit the nearest Kotak branch to apply in person.
  • 4. Fill Out the Application Form
    • Enter personal, employment, and financial details.
    • Choose loan type: Personal Loan OD, Digi OD, or OD against FD.
    • Select limit amount and tenure (up to 60 months).
    • Branch applicants can fill physical forms and submit documents directly.
  • 5. Submit Required Documents
    • Online: Upload scanned documents through the Kotak portal or app.
    • Digi OD: Minimal documents required; Kotak may auto-fetch details for existing customers.
    • Branch: Submit photocopies of all relevant documents.
  • 6. Receive Instant (Conditional) Approval
    • Instant approval based on submitted details and credit profile.
    • Digi OD is fully paperless and quick, with in-principle sanction provided digitally.
  • 7. Document Verification
    • Kotak verifies uploaded or submitted documents.
    • Faster verification for Digi OD due to existing customer data.
    • Bank may request clarifications or additional documents if needed.
  • 8. Overdraft Account Setup
    • OD account linked to existing savings/current account.
    • Funds available within 2 hours (standard OD) or 72 hours (Digi OD).
    • OD against FD is activated instantly via internet banking.
  • 9. Access Funds
    • Withdraw via Net Banking, Mobile Banking, or ATM (if linked).
    • Monitor limit usage and interest via Kotak app or portal.
  • 10. Repay Flexibly
    • Repay anytime within tenure; no fixed EMI.
    • Interest only on the utilized amount.
    • No prepayment penalty for OD against FD.
  • For OD Against FD
    • Login to Kotak Net Banking or visit a branch.
    • Select your FD and specify the loan amount (up to 70–90%).
    • Instant limit activation; no processing fees.

Eligibility Criteria for Kotak Mahindra Bank Personal Loan Overdraft (OD) Facility

  • 1. Personal Loan Overdraft (OD)
    • Loan Amount: ₹50,000 to ₹40 Lakhs
    • Age: 21–60 years at the time of application.
    • Employment Type:
      • Salaried individuals working with:
        • Multinational Corporations (MNCs)
        • Public Limited Companies
        • Private Limited Companies
      • Self-employed individuals are not eligible for this OD variant.
    • Work Experience: Minimum 1 year in the current organization.
    • Monthly Income:
      • Rs. 25,000 (corporate salaried)
      • Rs. 30,000 (non-corporate salaried)
    • Credit Score: CIBIL score of 730 or above preferred.
    • Residential Status: Must be a resident Indian with valid Indian address.
    • Bank Relationship: Existing Kotak Bank account holder preferred but not mandatory.
  • 2. Digi OD (Digital Overdraft)
    • Loan Amount: Up to ₹10 Lakhs
    • Age: 25–65 years at the time of application.
    • Employment Type: Salaried or self-employed with an active Kotak current account.
    • Experience:
      • Salaried: 1+ year of work experience
      • Self-employed: Business operational for at least 3 years
    • Income:
      • Salaried: Minimum ₹30,000/month
      • Self-employed: As per internal norms (aligned to ~₹30,000/month equivalent)
    • Credit Score: 730 or above preferred
    • Bank Account Requirement:
      • Active Kotak Mahindra Bank current account with 6+ months of regular transactions
    • Residential Status: Resident Indian with verified or updated address on record.
  • 3. Overdraft Against Fixed Deposit (FD)
    • Loan Amount: 70%–90% of FD value
    • Age: Minimum 18 years (up to 65 years as applicable)
    • FD Ownership: Active Kotak FD in the applicant's or joint name
    • Employment/Income: Not mandatory (FD acts as collateral)
    • Credit Score: Not a deciding factor (basic check may apply)
    • Banking Relationship: Must have Kotak savings/current account linked to the FD
    • Residential Status: Resident or NRI with an FD in NRE/NRO account
  • Additional Notes:
    • Existing Kotak customers enjoy faster approvals, relaxed eligibility, and higher limits.
    • Documentation includes KYC, income, address proof (as required for product type).
    • OD against FD requires only FD details and basic KYC.
    • Approval is subject to internal policies including DTI ratio and repayment history.
    • Interest Rates:
      • Personal Loan OD: From 12.75% p.a.
      • Digi OD: Varies by profile and account activity
      • OD against FD: FD interest rate + 1–2%
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Documents Required for Kotak Mahindra Bank Personal Loan Overdraft (OD) Facility

  • 1. Personal Loan Overdraft (OD):
    - Identity Proof (Any one): Aadhaar Card, Passport, Voter ID, Driving License, PAN Card (mandatory in addition to another ID proof)
    - Address Proof (Any one): Aadhaar Card (if not used as ID proof), Passport, Voter ID, Driving License, Utility bills (not older than 3 months), Registered rental agreement
    - Income Proof: Last 3 months’ salary slips, Last 6 months’ bank statements, Latest Form 16 or ITR (optional)
    - Employment Proof: Employment certificate, Appointment letter, or Company ID card (optional)
    - Photograph: Recent passport-size photo (if required)
    - Application Form: Duly filled and signed Personal Loan OD application form
    - Additional Documents (if applicable): Existing loan statements, Proof of additional income
  • 2. Digi OD (Digital Overdraft):
    - Minimal documentation for existing Kotak current account holders
    - Identity Proof (if KYC incomplete): Aadhaar, Passport, Voter ID, or Driving License
    - Address Proof (if address differs): Aadhaar, Passport, Voter ID, Driving License, or Utility bills
    - Income Proof (optional): Last 3 months’ salary slips or proof of business income, Last 6 months’ bank statements (auto-fetched), ITR or Form 16
    - Bank Account Details: Active Kotak current account with 6 months’ activity - Application Form: Digital form via website, app, or partners like Bravima Solutions
  • 3. Overdraft Against Fixed Deposit (FD):
    - Identity Proof: Aadhaar, Passport, Voter ID, or Driving License (if KYC not updated)
    - Address Proof: Aadhaar, Passport, Voter ID, Driving License, or utility bills
    - FD Details: FD Receipt or FD Advice from Kotak, Statement showing active FD
    - Bank Account: Active Kotak savings or current account linked to FD
    - Application Form: FD OD application form (online or branch)

Factors Affecting Kotak Mahindra Bank Personal Loan Overdraft (OD)

  • 1. Credit Score:
    - High score (730+) helps with approval, limits, and lower interest rates
    - For FD OD, score is less relevant
  • 2. Income Level:
    - Higher income = better repayment capacity
    - Min: ₹25,000 (corporate salaried), ₹30,000 (others)
    - FD OD doesn’t consider income
  • 3. Employment Stability:
    - Min 1 year work experience for salaried; 3 years for self-employed (Digi OD)
    - Stability matters for OD and Digi OD, not FD OD
  • 4. Debt-to-Income (DTI) Ratio:
    - Low DTI (<50%) preferred
    - Not applicable for OD against FD
  • 5. Banking Relationship with Kotak:
    - Existing account, current account activity, or FD improves eligibility and rates
  • 6. Age:
    - OD: 21–60 years, Digi OD: 25–65, FD OD: 18+
    - Younger = longer tenure potential
  • 7. Residential Status:
    - Resident Indians eligible for OD & Digi OD
    - NRIs with NRE/NRO FDs eligible for OD against FD
  • 8. Fixed Deposit Value (FD OD only):
    - Limit = 70–90% of FD value - Larger FD = larger, cheaper OD
  • 9. Documentation Completeness:
    - Accurate documents = faster approval - Digi OD relies on internal KYC; FD OD requires minimal docs
  • 10. Loan Utilization & Repayment History:
    - Timely repayments improve renewal chances
    - Non-utilization <10% may attract charges; over-limit usage attracts high interest

Frequently Asked Questions (FAQs)

What is a Personal Loan Overdraft (OD) offered by Kotak Mahindra Bank?
A Personal Loan Overdraft is a revolving credit facility that allows you to withdraw funds up to a sanctioned limit for personal expenses. You can withdraw and repay multiple times within the tenure, with interest charged only on the utilized amount. Kotak offers:
  • Personal Loan OD: Unsecured, up to Rs. 40 Lakhs.
  • Digi OD: Paperless, up to Rs. 10 Lakhs for current account holders.
  • OD against FD: Secured, up to 70–90% of FD value.
How is a Personal Loan OD different from a regular personal loan?
Personal Loan OD:
  • Flexible withdrawals and repayments within the sanctioned limit.
  • No fixed EMIs; interest charged only on the utilized amount.
  • Revolving credit, allowing multiple withdrawals.
Regular Personal Loan:
  • Fixed loan amount disbursed upfront.
  • Fixed monthly EMIs over a set tenure.
  • No option for additional withdrawals.
Who is eligible for Kotak’s Personal Loan OD?
Personal Loan OD:
  • Age: 21–60 years.
  • Salaried individuals with MNCs, public, or private limited companies.
  • Minimum 1 year of work experience.
  • Monthly income: Rs. 25,000 (corporate) or Rs. 30,000 (non-corporate).
  • CIBIL score: Preferably 730 or above.
Digi OD:
  • Age: 25–65 years.
  • Salaried or self-employed with an active Kotak current account (6+ months of transactions).
  • Minimum income: Rs. 30,000/month (salaried) or equivalent turnover (self-employed).
  • Business continuity: 3 years for self-employed.
OD against FD:
  • Age: 18 years or above.
  • Active Kotak FD in the applicant’s name.
  • Resident Indians or NRIs (for NRE/NRO FDs).
What is the loan amount and tenure for Kotak’s Personal Loan OD?
Personal Loan OD: Rs. 50,000 to Rs. 40 Lakhs. Tenure: Up to 60 months (1-year fixed limit, followed by drop-line limit).
Digi OD: Up to Rs. 10 Lakhs. Tenure: Up to 60 months.
OD against FD: 70–90% of FD value. Tenure: Matches the FD term.
What are the interest rates for Kotak’s Personal Loan OD?
  • Personal Loan OD: Starting at 12.75% p.a. (varies based on credit score, income, and banking relationship).
  • Digi OD: Competitive rates based on account activity and credit profile.
  • OD against FD: Typically 1–2% higher than FD rate.
Interest is charged only on the utilized amount.
What documents are required to apply for a Personal Loan OD?
Personal Loan OD:
  • Identity proof (Aadhaar, Passport, Voter ID, Driving License)
  • Address proof (Aadhaar, Passport, utility bills)
  • Income proof (3 months’ salary slips, 6 months’ bank statements, Form 16)
  • Employment proof (Appointment letter or company ID)
  • Passport-size photograph
Digi OD:
  • Minimal documents for existing Kotak customers (auto-fetched KYC)
  • Optional income proof (salary slips or bank statements)
  • URC certificate (if address differs from bank records)
OD against FD:
  • FD receipt or FD advice
  • Identity/address proof (if KYC not updated)
  • Linked Kotak account details
How can I apply for Kotak’s Personal Loan OD?
Online:
  • Visit www.kotak.com or the Kotak mobile app
  • Apply through Personal Loan OD/Digi OD section
  • Also available on platforms like bravimasolution.com
Branch: Visit any Kotak Mahindra Bank branch.
Customer Care: 1800-266-6666 or +91-22-62042001 (overseas).
Process: In-principle approval → Document verification → OD activation (within 2–72 hours).
Is collateral required for Kotak’s Personal Loan OD?
  • Personal Loan OD & Digi OD: No collateral required.
  • OD against FD: Secured by Fixed Deposit (up to 90% of FD value).
What are the fees and charges associated with Kotak’s Personal Loan OD?
  • Processing Fee: Up to 3% of the sanctioned limit
  • Renewal Charges: 1% of the renewal limit or Rs. 5,000
  • Non-Utilization Charges: 0.5% if usage is below 10%
  • Overline Interest: 18% p.a. on overdrawn amount
  • OD against FD: No processing or prepayment fees
How is interest calculated for Kotak’s Personal Loan OD?
Interest is calculated daily on the utilized amount and billed monthly. For example, if you use Rs. 1 Lakh out of a Rs. 5 Lakh limit, interest is only charged on Rs. 1 Lakh at the applicable rate.
Can I repay the Personal Loan OD early, and are there any penalties?
Personal Loan OD/Digi OD: Flexible repayments. Prepayment charges may apply (check with the bank).
OD against FD: No prepayment penalties.
What happens if I don’t utilize the OD limit?
For Personal Loan OD and Digi OD, a 0.5% non-utilization fee applies if usage is below 10%. No such charges for OD against FD.
Can I transfer an existing overdraft to Kotak Mahindra Bank?
Yes, Kotak offers balance transfer facilities for overdrafts from other banks/NBFCs with competitive interest rates. Submit your existing loan statements to apply.
How quickly can I access funds after OD approval?
Personal Loan OD: Funds accessible within 2 hours of verification.
Digi OD: Limit setup within 72 hours, access available instantly thereafter.
OD against FD: Instant or same-day access.
Can self-employed individuals apply for Kotak’s Personal Loan OD?
Personal Loan OD: Primarily for salaried individuals.
Digi OD: Available to self-employed with 3 years of business continuity and active Kotak current account.
OD against FD: Open to all individuals with a Kotak FD.

List of Kotak Mahindra Bank at Overdraft (OD)

  • InstaOD Plus
  • Flexi Cash (Overdraft against Salary)
  • Merchant OD
  • SAOD (InstaOD for Savings Account)
  • Insta-Secured Overdraft
  • Personal Loan Overdraft
  • Digi OD (Digital Overdraft)
  • Smart Overdraft