Document Required for Kotak Mid-Month Advance
Applying for a Kotak Mid-Month Advance with Kotak Bank is easy This requirement accelerates the application process, making it quick and hassle-free.
Interest Rates of a Kotak Mid-Month Advance
Kotak Mid-Month Advance offers competitive interest rates and a transparent fee structure to make the repayment manageable.
Heads |
Charges |
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Interest rate
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10% per annum
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Loan Processing Fees (Nonrefundable)
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Up to 6% of the final loan amount plus applicable taxes. Will be deducted from the loan amount at the time of disbursal
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Stamping Charges
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Applicable as per the respective State's Stamp Act
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Penal charges on Overdue EMI
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Amounts standing unpaid on respective due dates shall attract penal charge at 8% per annum plus applicable taxes (to be charged for actual no. of days) on overdue amount
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Bounce charges
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Rs.750 per instance (Inclusive of applicable taxes)
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* Fees and charges mentioned above are subject to change from time to time.
Steps to Apply for Kotak Mid-Month Advance
Applying for a Kotak Mid-Month Advance at Kotak Mahindra Bank is a seamless process designed to get you the funds you need without any unnecessary hassle. This process, entirely online, underscores our commitment to providing convenient and quick financial solutions, helping you access funds swiftly and securely from the comfort of your home. Follow the steps below to get started.
- Step 1: Log into your Kotak Mobile Banking app.
Start by accessing your Kotak banking profile. This secure step ensures that all your transactions are safe and personalised.
- Step 2: Go to the Kotak Mid-Month Advance section and check your pre-approved loan offer.
Kotak bank often pre-approves its customers for certain loan amounts based on their banking history and credit profile. This step will show you the maximum amount you can borrow without the need for further documentation.
- Step 3: Choose the loan amount you need within the pre-approved limit.
You have the flexibility to select how much you want to borrow, up to the maximum amount for which you are pre-approved. This allows you to tailor the loan to your immediate financial needs.
- Step 4: Confirm your loan agreement and accept the terms and conditions.
Review the loan agreement details carefully. Make sure you understand the repayment schedule, interest rate, and any fees associated with your loan before accepting the terms.
- Step 5: Once approved, the loan amount will be instantly disbursed to your Kotak Bank account.
Upon confirmation, the funds are quickly deposited into your account, often within seconds, allowing you immediate access to the money.
- Final Step: Repayment Planning.
Plan for the repayment according to the schedule provided. Since the loan amount plus interest will be automatically deducted from your account on the next Kotak Mid-Month Advance, ensure you have sufficient funds available to avoid any penalties or fees.
Kotak Mid-Month Advance Tenor & Repayment Options