PayDay Loan

Check Eligibility

Payday Loan Eligibility

Payday Loan is offer basis only and available online on Net Banking and Mobile Banking. Customer should meet the following basic criteria:

Indian resident and aged between 21-58 years
Salary account with Kotak Mahindra Bank
Minimum net monthly salary of Rs.10,000/-

Credit is at the sole discretion of Kotak Mahindra Bank basis approved risk policy

PayDay Loan Eligibility

Payday loans is one of a kind loans available in India at attractive interest rates of 10% per annum! Below is the full list of fees and charges:

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	8% per annum on overdue amount plus GST from the date of amount falling due
Bounce charges	INR 750/- plus GST per instance

* Fees and charges mentioned above are subject to change from time to time.

Frequently Asked Questions

How do I avail a Payday Loan?

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.

Kotak PayDay Loan is available exclusively online for new Kotak customers. You can check your eligibility here.

What is payday loan @Kotak?

PayDay Loan is a one-month term loan, pre-approved at 50% of your net in-hand salary. Get instant disbursement without any paperwork.

What is the maximum loan amount to avail?

PayDay Loan offers you a maximum loan amount of Rs.1.5 lakh.

For new Kotak customers, PayDay Loan offers a maximum loan of Rs.60,000.

What is the minimum loan amount to avail?

You can get a loan for as little as Rs.3,000/-.

What is the total repayment amount due & tenure?

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.

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Get an instant PayDay loan with your Kotak salary account