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Kotak PayDay Loan
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Kotak Payday Loans are available to pre-approved existing Kotak customers. You can apply for a PayDay loan immediately by logging into the Kotak Mobile Banking app or Net Banking.
Kotak PayDay Loan is available exclusively online for new Kotak customers. You can check your eligibility here.
PayDay Loan is a one-month term loan, pre-approved at 50% of your net in-hand salary. Get instant disbursement without any paperwork.
PayDay Loan 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.
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.
No! Kotak Payday Loan is only available online through mobile banking, net banking, and SMS and email communication with the bank.
Currently, the interest rate for existing Kotak customers' PayDay loans is 10% per annum for salary account holders in Kotak Bank. The interest rate would be 15% per annum for new Kotak customers.
Yes. There is a fixed processing fee based on the loan amount.
Once a PayDay Loan is availed, the total repayment amount will be deducted automatically on the maturity date from your Kotak Savings account.
Yes! Late fees on payday loans are Rs. 354 per day, with overdue charges of 2% per month on the total amount owed.
No. As a Kotak Salary Account holder, you must maintain a balance in your Kotak Savings Account and only make payments after the due date through a debit card, net banking, or UPI. As a new Kotak customer, your repayment will be made through an E-mandate setup.
If the last availed PayDay Loan is fully repaid on its maturity date and if you fulfill all credit criteria as per the bank, the customer can re-avail the loan in the future, subject to the availability of the offer.
Yes. Each loan and its repayment will be reported to all the credit bureaus.
Currently, a loan can be availed only once in a cycle. Assume you have a Rs 40,000 pre-approved Kotak Pay Day Loan. You borrowed Rs 30,000 on 10th December and are due to repay it in full on 5th January, along with interest. Until the entire due amount is paid off on 5th January, you cannot avail of any more loans.
In the case of a Kotak Salary account holder, when your payment is due, we'll place a lien (hold) on your account for the outstanding amount. If your account has sufficient funds, we'll debit the payment immediately and automatically remove the lien. If your account doesn't have enough funds, we'll keep the lien on your account until the total amount is recovered. In the case of a new Kotak Customer, it will be a single repayment on the aforementioned repayment date through the E-mandate setup.
If the EMI due is not paid (recovered) on time, a lien (hold) will be placed on the account until the amount due is paid.
