In this post, I’m going to compare Paytm Business Loan and Kotak Business Loan.
So if you’re looking for a DEEP comparison of these two popular business loans, you have land in the right place.
Because in today’s post I’m going to compare Paytm Business Loan vs Kotak Business Loan in terms of:
- Eligibility Criteria
- Interest Rate
- Loan Amount
- And lots more
Let’s Dive right Now into this topic.
Know About Paytm Business Loan
Table of Contents
Paytm is an Indian e-commerce platform and one of the leading mobile payment and financial technology companies that helps you to purchase goods and services through instant payments made with UPI using any bank account. Paytm has recently ventured into lending products and started offering business loans to its customers.
Also Read – PhonePe starts transaction fees charging on phone recharge above Rs. 50
Kotak Business Loan details
Kotak Mahindra Bank is one of the leading banks in the country which provides business loans and MSME loans to its customers at 14% interest rate. The bank provides financial solutions for most of the industrial sectors of 75 lakhs to meet the working capital requirement.
Quick Overview of Paytm Business Loan interest Rate Vs Kotak Business Loan
| Paytm Business Loan | Kotak Business Loan | |
| Interest Rate | As per the applicant’s Portfolio and requirements of the Business | 14% onwards |
| Min. Loan Amount | Rs. 10,000 | Rs. 3 lakh |
| Max. Loan Amount | Rs. 2 lakh | Rs. 75 lakh |
| Repayment Tenure | Up to 180 days | Up to 48 months |
| Collateral / Security | Not required | Not required |
| Processing Fee | 2% of the loan amount + GST | 2% of the loan amount + GST |
| Documentation Charges | Nil | If the Loan amount less than Rs. 10 lakh, So it will be Rs. 3500 and more than Rs. 10 lakh is Rs. 6000 + GST |
| Loan Type | Working Capital Loan | Business |
| Part-payment | Nil | Not available for business loans |
Also Read – ICICI Bank – Business Loans – Online
What are the Eligibility Criteria of Paytm Business Loan?
| 1 | Individuals must be at least 22 years of age at the time of application and not more than 65 years of age at maturity. |
| 2 | Individuals, proprietors, private limited corporations, and partnership firms engaged in trading, manufacturing, or service-related activities. |
| 3 | Individuals who have been with the current firm for at least 3 years (plus a total of five years of business experience). |
| 4 | The business must be profitable for a minimum of 2 year. |
What are the Eligibility Criteria of Kotak Business Loan?
- The age of the main applicant should be minimum 25 years and not more than 65 years at the time of maturity of the loan.
- The applicant has to do business for the last 3 years with a minimum turnover of Rs. 40 Lakh.
- The business must be profitable for a minimum of 1 year.
Applicant must be sole proprietorship / partnership firm / private limited company / trust / LLP involved in manufacturing, trading or services business. - Paytm Business Loan interest Rate Vs Kotak Business Loan Interest Rate.
Also Read- Facebook offers Loan up to 50 Lakhs for Small Business
Kotak Business Loan – How to Apply
| Applicants have three choices to apply for Kotak Bank Business Loan: | |
| 1 | One choice would be to call the bank’s helpline and ask for a representative for this product. |
| 2 | Apply Loan Online, When you fill up the loan application, the Executive officer will contact you for further details. |
| 3 |
At last, Contact a bank branch for a Kotak Mahindra business loan. |
Paytm Business Loan – How to Apply Paytm Business Loan
Download the Paytm app on a smartphone.
Go to the Business Loan tab of the Paytm app.
The next page will open asking for the loan amount.
Select the loan amount from the slider and select the repayment period
After selecting the loan amount, click on ‘Start Loan Application’
Go to the nearest KYC center and complete your KYC process.
Once the submitted documents are verified and approved, the Payment amount will be distributed to your Paytm Savings / Current Account.
Now It’s Your Turn
And now it’s time to hear what you have to say about Paytm Business Loan and Kotak Business Loan.
When it comes to the Paytm Business Loan vs Kotak Business loan battle, which company’s Business Loan do you prefer?
Are you Kotak Mahindra Bank all the way?
Or do you prefer to use Paytm?
Let me know in the comment section below right now.
Content Reference : Bank official Website Kotak business loan