Kotak PayDay Loan
Instant and quick fix to your cash shortfalls anytime during the month.
Manage emergencies and cash crunch with ease with Kotak Payday loans.
Manage emergencies and cash crunch with ease with Kotak Payday loans.
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Kotak PayDay Loan is 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.
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.
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.
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.
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 the EMI due is not paid (recovered) on time, a lien (hold) will be placed on the account until the amount due is paid.