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Frequently Asked Questions

How do I apply for a new Consumer Finance Scheme?

For this, you can visit the nearest store where Kotak Consumer Finance has a tie up.  Click here to find the store near you.

How do I change my EMI date?

Currently there is no option available to change the EMI due date. Payment due dates are uniform for all our Customers, which is 5th of every month.

What is my EMI date?

Your next EMI is due on the 5th of every month until your last due is over. 

How can I view my EMI status?

You can view your EMI status through Kotak Mahindra Bank’s Net-banking. Please follow these steps:

  • Enter your CRN number and create a new password.
  • Login to net-banking with your new password
  • Enter the dynamic access code (sent to your registered mobile number)
  • Check ‘overview status’.

Where can I view my loan documents?

The sanction letter is sent to your registered Email ID available with the bank (as mentioned by you in the application form).

What are the features of Consumer Finance Scheme?

  • Instant loan approvals of up to Rs. 15 lakhs
  • Zero down payments or up to 30% of the product price as down-payment
  • Processing fees up to Rs.500
  • No Cost EMI*

For more details you can visit the nearest store click here for list of stores.

How and when can I foreclose my Consumer Finance Scheme?

It’s mandatory to pay first 3 EMIs then after, please write a mail to cdservice@kotak.com for foreclosing the Consumer Finance scheme. You will receive a mail from us with all the details.

How do I get the NOC letter of my loan completion?

The NOC letter will be sent to you registered Email ID within 7 working days after the completion of the loan. If in case you have not received the NOC, please write to us at cdservice@kotak.com or call us on 1860 266 7777 (Local call rates apply) between 10:00 am to 7:00 pm from Monday to Saturday, excluding holidays.

What is CIBIL score, and why is it required?

Your CIBIL score is your credit score. It reflects how well or how poorly you have dealt with loans or credit cards in the past. It is also known as ‘CIBIL TransUnion Score’. The higher your CIBIL score, the better your chances of getting a loan approved from the bank. A higher CIBIL score increases your chances of a loan approval from the lender or a bank.

How do you get my consent for CIBIL information report?

We have taken your consent through an OTP that you gave us when you have filled your loan application at the store.

How do I get my foreclosure letter?

To make early repayments / foreclosure, you can write to us on cdservice@kotak.com or call us on 1860 266 7777 (Local call rates apply) between 10:00 am to 7:00 pm from Monday to Saturday, excluding holidays.

Do I need to pay anything additional to avail a loan from Kotak Consumer Finance?

This depends on the product and the merchant. Certain products could attract processing fees from certain merchants. Rs.100 is payable towards stamp duties and allied services.

What documents will I have to submit for the approval of my Consumer Finance loan?

Basic KYC documents including:

 

  • Pan Card
  • Identity proof
  • OVD (Officially valid document) for address proof
  • 1 post-dated cheque

Could my loan application be rejected? If so, what should I do?

Approval/rejection of financing is solely at the discretion of Kotak Mahindra Bank Ltd. If your loan application is not approved, you can re-apply after 90 days.

Do I have to make a down payment for availing the Consumer Finance Scheme?

A down payment would depend on the scheme that is selected. Schemes get reviewed regularly and may change without any prior notice. Our representatives available at the respective stores will inform you.

When do I pay my EMI? How would I get to know about the same?

EMI is payable on the due date of every month (i.e. 5th of every month). If your payment is not deducted from your bank than you will receive text message for the same and the payment can be made at your nearest Kotak Mahindra Bank Ltd branch or through online payment (IFSC Code: KKBK000631, Account Number: CFB (Consumer Finance Business) Loan Number).

Will I get any notification or reminder before the EMI is deducted from my bank account?

Yes, through a text message on your registered mobile number.

What is the process to cancel the Consumer Finance Scheme?

There is no process for cancelling the loan. There is a process to foreclose the loan. For more details please call us on 1860 266 7777 (Local call rates apply) between 10:00 am to 7:00 pm from Monday to Saturday, excluding holidays OR write to us on cdservice@kotak.com.

I did not maintain balance in my account and missed paying my EMI. Where can I make the EMI payment now?

You can make your overdue payments at any Kotak Mahindra Bank branch or through online payment (IFSC Code: KKBK000631, Account Number: CFB (Consumer Finance Business) Loan Number).

What if I want to change my repayment mode (banking details)?

In case you need to change your EMI repayment account please visit the nearest RA (Retail Assets) branch click here for the branch list Or call us on 1860 266 7777 (Local call rates apply) between 10:00 am to 7:00 pm from Monday to Saturday, excluding holidays.

How do I update / change my ECS mandate / repayment mode with Kotak Consumer Finance?

In case you need to make changes to your banking details, please visit the nearest RA (Retail Assets) branch click here for the list and submit a NACH (National Automated Clearing House) mandate form + cancelled / 1 PDC (Post dated cheque) cheque of the new account bank from where you want your future EMI to be debited.

How can I make my overdue payment?

You can make your overdue payments through any Kotak Mahindra Bank branch OR through online payment (IFSC Code: KKBK000631, Account Number: CFB (Consumer Finance Business) Loan Number).

How can I make a part prepayment?

Part pre-payment is not allowed.

I have made my overdue payment at the nearest branch, but I am still receiving collection calls. What should I do?

Please send your statement details to cdservice@kotak.com. We will process your request after checking your payment details. OR call us on 1860 266 7777 (Local call rates apply) between 10:00 am to 7:00 pm from Monday to Saturday, excluding holidays.

Where do I enquire about my loan details or issues with the transaction?

Please send a mail to cdservice@kotak.com OR call on 1860 266 7777 (Local call rates apply) between 10:00 am to 7:00 pm from Monday to Saturday, excluding holidays.

How can I check the statement of my paid EMIs?

You can view your total EMI status through Kotak Mahindra Bank’s Net-banking. Please follow these steps:

  • Enter your CRN number and create a new password
  • Login to net-banking with your new password
  • Enter the dynamic access code (sent to your registered mobile number)
  • Check ‘overview status’

How will I receive a refund, if my EMI amount is debited from my account more than once in the same month?

48 hours after the payment was deducted, please log a request to adjust the ‘EMI for next due’ or ‘for getting a refund into your account’ and write to customer care on cdservice@kotak.com OR call us on 1860 266 7777 (Local call rates apply) between 10:00 am to 7:00 pm from Monday to Saturday, excluding holidays.

For which products can I avail of the Consumer Finance Scheme?

You can buy a wide variety of consumer goods under Kotak Mahindra Bank’s Consumer Finance. For example: air conditioners, televisions, Refrigerators, washing machines, microwaves, cameras, laptops, mobiles, tablets, kitchen appliances, and audio devices. 

If you would like to have more information about the products that you can buy with the bank’s consumer finance, please visit the nearest store that we have a tie up with, and our representative will be happy to provide you the complete details. click here for the store list.

Who can apply for the Kotak Consumer Finance Scheme?

Salaried and self-employed individuals

Age: 21 to 65 years

Should have at least one year of total work or business experience