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Frequently Asked Questions


How do I avail a Payday Loan?

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.

What is payday loan @Kotak?

PayDay Loan 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?

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.

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.

Is it possible to apply for a PayDay loan without going online? Is it available at branches?

No! Kotak Payday Loan is only available online through mobile banking, net banking, and SMS and email communication with the bank.

What is the interest rate charged?

Currently the rate of interest is 10% per annum.

What is the interest rate charged? Are there any processing fees for Kotak PayDay Loan?

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.

How can I repay a PayDay Loan?

Once a PayDay Loan is availed, the total repayment amount will be deducted automatically on the maturity date from your Kotak Savings account.

Are there any late fees or penalties for not paying by the due date?

Yes! Late fees on payday loans are Rs. 354 per day, with overdue charges of 2% per month on the total amount owed.

Can I make repayment after due date through credit card?

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. 

Can I re-avail a Kotak Payday Loan in the future?

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.

Will this loan be reported to the credit bureaus [CIBIL TU,Experian, CRIF Highmark, Equifax]?

Yes. Each loan and its repayment will be reported to all the credit bureaus.

Can I get a Kotak Payday Loan twice in a row?

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.

How does the repayment will be made?

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. 

What will happen if the amount is not paid on the due date?

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.

How can you reach out to us?

Please contact our customer service number, 18602662666 (local call rates apply), between 9:00 a.m. and 7:00 p.m., Monday to Saturday, excluding holidays, for any further queries.