How do I avail a Kotak Mid-Month Advance?

Kotak Mid-Month Advance is available to pre-approved existing Kotak customers. You can apply for a Kotak Mid-Month Advance immediately by logging into the Kotak Mobile Banking app or Net Banking.Kotak Kotak Mid-Month Advance is available exclusively online for new Kotak customers. You can check your eligibility here.

What is Kotak Mid-Month Advance @Kotak?

Kotak Mid-Month Advance is a one-month term loan, pre-approved at 50% of your net in-hand salary. Get instant disbursement without any paperwork.

What is the maximum loan amount to avail?

Kotak Mid-Month Advance offers you a maximum loan amount of Rs.1.5 lakh.For new Kotak customers, PayDay Loan offers a maximum loan of Rs.60,000.

What is the minimum loan amount to avail?

You can get a loan for as little as Rs.3,000/-.

What is the total repayment amount due & tenure?

The total repayment amount due will be the sum of the principal loan amount plus the interest charged until maturity, which must be paid in a single installment as per the repayment date specified in the loan details.

Eligibility – Kotak Mahindra Bank

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Disclosures
Regulation 46 and 62
IEPF

Products

Heads	Charges
Interest rate	10% per annum
Loan Processing Fees	Up to 6% of the final loan amount plus applicable taxes. Will be deducted from the loan amount at the time of disbursal
Stamping Charges	Applicable as per the respective State's Stamp Act
Penal charges on Overdue EMI	Amounts standing unpaid on respective due dates shall attract penal charge at 8% per annum plus applicable taxes (to be charged for actual no. of days) on overdue amount
Bounce charges	Rs.750 per instance (Inclusive of applicable taxes)

Get an instant Kotak Mid-Month Advance with your Kotak salary account

Kotak Mid-Month Advance Eligibility