Kotak Mahindra Bank Offers Monsoon Bonanza

Home loans: Special interest rate of 9.35% p.a.

Car loans: 50% waiver on Processing Fee and 100% waiver on Foreclosure Charges

Business Loans / OD: Lower rate by 1%, and 25% waiver on PF

by Shrutee K/DNS

Mumbai, August 22, 2016: To celebrate the long-awaited bountiful rains this year, Kotak Mahindra Bank (KMB) is presenting several tempting offers: Interest rates on home loans and business loans have been lowered; processing fees have been discounted, and foreclosure charges are being completely waived off, till September 10, 2016.

Customers can now avail home loans at a special interest rate of 9.35% p.a., and business loans/overdraft up to 1% lower interest rate with 25% waiver on processing fees. Additionally, Kotak Mahindra Prime, the 100% subsidiary of KMB, is also offering 50% waiver on processing fee and 100% waiver on foreclosure charges.

Further, on account opening, new customers will also receive gift vouchers from Club Mahindra, Pizza Hut, BookMyShow and Yatra.

Sumit Bali, Sr. EVP & Head – Personal Assets, Kotak Mahindra Bank, said, “In addition to offering 6% p.a. interest rate on savings account on balance of above Rs. 1 lakh, we have designed several loan offers for new and existing customers, for a limited period.”

“Good monsoons always translate into positive news for the country’s economy. We want customers to prosper more, through our special deals on home, business and car loans, in addition to the higher interest rate on savings account,” added Bali.

KMB’s latest campaign – Kona Kona 6% - is also celebrating the rains. After two years of drought, India is witnessing normal to excess rainfall in most parts. The national mood is upbeat, as a good monsoon promises prosperity and better agricultural output. The Kona Kona 6% TVC uses the backdrop of rains to narrate stories of prosperity from different corners of India.

Interest rates on small savings schemes such as postal savings, term and recurring deposits, National Savings Certificate (NSC), etc. saw deep rate cuts recently, and further cuts are on the anvil. The RBI too in recent times cut repo rate by 25 bps to 6.5%. In a falling interest rate scenario, KMB is committed to offer 6% interest rate on savings account balances above Rs. 1 lakh.