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Mid-month cash crunch or emergency at month-end? Awaiting salary to book your next vacation? Short-term loans are saviour in such times! PayDay Loan is available at few clicks away from you and repay the loan, as your salary credits for next month!
Loans from Rs.3,000/- upto Rs. 1.5 lac
Attractive interest rates
Instant online Disbursal to your Kotak Bank account
No Documentation for availing the loan. No need to give any postdates cheques
Available Online only
To qualify for a Kotak Payday Loan, it’s important to meet certain criteria that ensure you can responsibly manage and repay the loan. These requirements are set to help both the lender and borrower avoid any financial discrepancies down the criteria are designed to make sure that loans are offered to individuals who can afford to repay them without financial strain. Here’s what you need to check off to be eligible.
Applying for a PayDay Loan with Kotak Bank is easy This requirement accelerates the application process, making it quick and hassle-free.
Kotak’s PayDay Loan offers competitive interest rates and a transparent fee structure to make the repayment manageable.
| Heads | Charges |
|---|---|
Interest rate |
10% per annum |
Loan Processing Fees |
As per loan amount starting at Rs.150/- onwards only |
Stamping Charges |
Applicable as per the respective State's Stamp Act |
Penal charges on Overdue EMI |
Amounts standing unpaid on respective due dates shall attract penal charge at 8% per annum (to be charged for actual no. of days) on overdue amount. |
Bounce charges |
Rs.750/- plus GST per instance |
* Fees and charges mentioned above are subject to change from time to time.
Applying for a PayDay Loan 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.
Start by accessing your Kotak banking profile online. This secure step ensures that all your transactions are safe and personalised.
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.
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.
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.
Upon confirmation, the funds are quickly deposited into your account, often within seconds, allowing you immediate access to the money.
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 payday, ensure you have sufficient funds available to avoid any penalties or fees.
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.