A Smart Way To Shop Using Kotak Smart EMI

Looking to get a new refrigerator, as the old one is stuttering or during the lockdown you have fulfilled your wish to read more books and now need a bookshelf to store them. No matter what’s the need, you are done with your selection, and ready to use the power of your credit card.

But, wait. There is another option you should know about, before you use the credit card.

Kotak Smart EMI, a cutting-edge service designed to let customers buy products in installments. The Kotak Smart EMI plan offers easy No Cost EMI* on wide range of products, be it electronics, furniture, online education, insurance or health & wellness. The service is available across leading merchant outlets like Reliance Digital, Croma, Kohinoor, Vijay Sales, Sathya, Vasanth & Co, Great Eastern, and BYJU’S. Ecommerce portals such as Flipkart and Amazon are part of the list too.

What is Kotak Smart EMI?

As the name suggests, smart EMI helps you to purchase an item of your choice on credit, while giving you the option to repay the amount on easy installments.

Features of Smart EMI:

• Instant approval - Just share your basic details and get instant approval on your loan application
• Minimum documentation – All you need to share is your PAN details and OVD (eg: Aadhaar Card^#, Passport, Driving License, Voter ID, etc)
• Handsome loan amount - Get loan up to INR 15 lakhs to furnish your requirement.
• Select your repayment tenure - Smart EMI helps you to choose a comfortable repayment tenure, so, you don’t have to curb on your other finances. Divide your purchase in to easy EMIs ranging from 6 to 24 months (tenure scale - 6, 8, 9, 10, 12, 18, 24 months).
• Lowest possible processing fee – The processing fee is not fixed and is based on the cost of the availed product. It ranges from INR 99 to INR 2,999.
• Down payment options - Down payment options are available on most products, to help you yield a healthy mix of cash and credit. Zero down payment option is also available to make sure you don’t go home without your purchase.
• Transparent process - The entire process from start to end is clear and transparent to avoid any room for error. The bank official will share all the offer related details before processing the loan.
• Pre-approve offers - Once you are a Smart EMI customer, you have the privilege to avail pre-approved offers in the future.

Schemes available under Kotak Smart EMI

• Instant in-store EMI - A quick and convenient way to purchase your favourite products at No Cost EMI*. Non-Kotak account holders shall benefit from the instant in-store EMI. Just complete your digital loan application process using Biometric KYC or Video KYC and get your loan sanctioned.
• Debit Card EMI - Walk in the nearest electronics or furniture store or browse through your favourite ecommerce App. Select the product you like and make the purchase using your Kotak Debit Card at No Cost EMI*. The EMI facility has a pre-approved limit and can be used to purchase the product you love in store or online. 
• Kotak Smart EMI Card - Kotak Smart EMI Card has a pre-approved limit, exclusively designed to meet your requirements. You can convert all your purchases using Smart EMI Card in to EMIs. EMIs shall be debited from your account as per the schedule mentioned in the loan sanction letter.
• Convert Debit Card purchases into Smart EMI - Kotak Smart EMI has introduced a new option to convert your debit card purchases in to EMIs. On using your Kotak Debit Card, you will receive a link through SMS to convert the purchase into EMI. The feature allows you to set the EMI tenure, post confirmation the debited amount is credited back to your account. EMI will be deducted from your account on the selected due date from next month.

Final take away

If you have decided on your next purchase, do consider the gamut of features and schemes presented by Kotak Smart EMI. The best part is, this service can be availed by both credit card holders and non-credit card holders. Not having a defined credit score will no longer stop you from buying the product you wish for.

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*Terms and conditions apply. Interest cost on the facility provided is borne by the respective merchants / OEMs (Original Equipment Manufacturers). The No Cost EMI scheme is applicable only in those cases wherein Kotak Smart EMi business has a tie-up with the respective merchants / OEMs.

^#Providing Aadhaar Card is voluntary.