Kotak Launches Emergency Covid-19 Personal Loans, healthcare offers; Check amount, tenure, interest rate and other offer details

Kotak Mahindra Bank Limited (KMBL) on Wednesday announced that it is offering emergency personal loans exclusively for the treatment of Covid-19. The loan covers expenses incurred for medical treatment of Covid-19 for self as well as for family members. 

Both existing and new customers of KMBL are eligible to apply for a loan. Under the offer, borrowers can avail loans ranging from Rs 1 lakh to Rs 5 lakh, at a competitive interest rate starting at 10 percent per annum. 

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Key Features of Kotak Emergency Covid-19 Personal Loans:

1. Loan Amount: From Rs 1 lakh to Rs 5 lakh 

2. Loan Tenure: From 1 year to 4 years

3. Interest Rate: Beginning at 10 percent per annum

4. Processing Fee: Flat 1 percent of the loan amount

Further, KMBL has tied up with leading healthcare brands such as Tata 1mg and MediBuddy to provide a range of attractive healthcare offers for KMBL debit and credit cardholders.

Healthcare offers for KMBL Debit and Credit cardholders:

1. Tata 1mg: KMBL customers get a special 17 percent discount + 5 percent cashback (up to Rs 100) on prescribed medicines on the Tata 1mg app or website by using coupon code ‘KOTAK1MG’.

2. MediBuddy: For just Rs 49, KMBL customers get a doctor consultation, up to 15 percent discount and cashback on medicines, flat 15 percent off on lab tests and health check-ups, flat 10 percent off on OPD consultation, and much more.

3. Kotak General Insurance: A special benefit for Kotak customers in the form of ‘Kotak Group Smart Cash’ health policy at an annual premium of just Rs 2,999. Under the policy, policyholders will get the benefit of expense reimbursement of Rs 5,000 per day, for every 24 hours of hospitalisation completed, for a maximum period of 30 days in a year, in addition to other benefits.

4. Metropolis Healthcare: Kotak customers can avail the COVIPROTECT Spike antibody blood test at a 30 percent discount at all Metropolis diagnostics centres in over 90 cities across India.

Customers can note that credit is at the sole discretion of Kotak Mahindra Bank Ltd and subject to guidelines issued by RBI from time to time. Bank may engage the services of a marketing agency for the purpose of sourcing loans assets. Also, personal loans will not be disbursed if the savings account is in dormant or freeze state. The offers are linked to spend using Kotak debit and credit cards.