This product is available to pre-approved customers.
PayDay loan can be instantly availed by logging onto Kotak Mobile Banking application or Net banking.
Payday Loan is a term loan, offered for one month, pre-approved at 50% of your net salary, and offered to salary account holders of Kotak. No paperwork required and instant disbursal.
The total of principal loan amount plus the interest charged until maturity will be the total repayment amount due, which has to be paid in single installment as per the repayment date mentioned with loan details.
No. This is only an online product and available on offer basis only through Mobile Banking, Net Banking and SMS & Email communication through Bank
It is a single installment loan and repayable on the date mentioned with your loan details.
Once the loan is availed, the total repayment amount will be deducted automatically on the maturity date from your Kotak Savings account.
Yes. There are late fees charges applicable. Penalty charges at 2% per month on the total amount due for repayment.
No. Make payment after due date only through debit card, net banking and UPI.
If the last availed payday loan is repaid on maturity date fully and customers fulfills all credit criterion as per bank, customer can re-avail the loan in future, subject to availability of the offer.
Yes. Each loan and its repayment will be reported to all the credit bureaus.
Currently loan can be availed only once in a cycle. Example, customer has a pre-approved Kotak Pay Day loan for Rs 40,000. Out of which she has availed a loan of Rs 30,000 on 10th December which along with interest is to be fully repaid on 5th January. Till the full due amount is paid off on 5th January, customer will not be able to avail any more loan.
On the maturity date, lien(hold) will be marked on your account for amount due and will be debited immediately provided, amount is available in the account. Then the lien will be removed automatically once the full dues are recovered.
If the amount is not available in the account, the account will be on lien(hold) for the amount due till it is recovered.
If the EMI due is not paid(recovered) on time, lien(hold) will be marked on account till amount due is recovered.