Frequently Asked Questions


How do I avail a Payday Loan?

This product is available to pre-approved customers. 

PayDay loan can be instantly availed by logging onto Kotak Mobile Banking application or Net banking. 

What is payday loan @Kotak?

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.

What is the maximum loan amount to avail?

 Rs. 1.5lac is maximum loan amount to avail.

What is the minimum loan amount to avail?

Rs.3000/- is the minimum amount to avail.

What is the total repayment amount due & tenure?

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.

Can this be applied offline? Is this product available at branches?

No. This is only an online product and available on offer basis only through Mobile Banking, Net Banking and SMS & Email communication through Bank

What is the interest rate charged?

Currently the rate of interest is 10% per annum.

Is there any processing fees

Yes. There is a fixed processing fees basis the loan amount. 

When do I Repay my loan?

It is a single installment loan and repayable on the date mentioned with your loan details.

How can I repay my payday loan?

Once the 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 charges or penalty charges on non-repayment on due date?

Yes. There are late fees charges applicable. Penalty charges at 2% per month on the total amount due for repayment.

Can I make repayment after due date through credit card?

No. Make payment after due date only through debit card, net banking and UPI.

Can I re-avail the loan in future?

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.

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 take loan twice in one cycle?

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. 

How does the repayment will be made?

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. 

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

If the EMI due is not paid(recovered) on time, lien(hold) will be marked on account till amount due is recovered.

How can you reach out to us?

We request you to contact our customer service number 18602662666 (local call rates apply) between 09:00 am to 07:00 pm from Monday to Saturday excluding holidays, for any further queries.