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Kotak Launches Emergency COVID-19 Personal Loans

Personal Loans for COVID-19 treatment of up to Rs 5 lakh starting at an interest rate of 10% p.a.

Introduces a range of attractive healthcare offers for customers

Mumbai: Kotak Mahindra Bank Limited (KMBL) today 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% per annum.

Key Features of Kotak Emergency COVID-19 Personal Loans*:

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

·         Loan Tenure: From 1 year to 4 years

·         Interest Rate:  Beginning at 10% per annum

·         Processing Fee: Flat 1% 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.

Ambuj Chandna, President – Consumer Assets, Kotak Mahindra Bank said, “The Kotak emergency personal loans for COVID-19 treatment give people easy access to funds when they most urgently require it and in as hassle-free a manner as possible, giving them the security and freedom to concentrate on what matters the most – recovering fully from the virus. Further, we have also put together a holistic healthcare package for our customers, which will help them meet the healthcare needs of their entire family.”

Healthcare Offers for KMBL Debit and Credit cardholders*

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

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

o   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.

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

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