Kotak PayDay Loan : How to Apply

Kotak PayDay Loan is a short-term loan offered by Kotak Mahindra Bank. It is a hassle-free loan for salaried individuals who need quick cash for urgent expenses. It offers an instant loan amount ranging from Rs. 3,000 to Rs. 1.5 Lac, with a repayment period of up to 11 months. The loan can be availed online in just a few clicks. The interest rate and processing fee depend on the loan amount and repayment period. To qualify, applicants must meet certain eligibility criteria and have a valid Kotak Mahindra Bank account.

Features

• Instant loan approval
• Loan amount up to Rs. 1.5L
• Simple online application process
• No hidden charges
• Flexible repayment options
• Easy and secure transactions
• Quick disbursal
• Low-interest rates
• No collateral or security required

Fees & Charges

Kotak PayDay Loan charges a processing fee Rs. 199/- of the loan amount. The interest rate is 10% Per annum. Overdue Interest Charges 2 % Per Month. Late Payment charges Rs. 300 +applicable taxes(Including GST).

Eligibility Criteria

• Age: Applicant must be 21-58 years old
• Income: Minimum Monthly Income of Rs. 10,000
• Employment: Must have a stable income
• Credit Score: Minimum CIBIL score of 650
• Residence: Applicant must be an Indian resident
• Bank Account: Applicant must have a valid Kotak Mahindra Bank account

NOTE : Kotak PayDay Loan offers a great way to manage short-term financial needs. With its easy and secure application process, quick disbursal, and competitive interest rates, it is a hassle-free loan option.

How to Apply

• Visit the Kotak Mahindra Bank website
• Select the ‘PayDay Loan’ product
• Enter the required details
• Upload the necessary documents
• Submit the application form
• Wait for a response from the bank
• Sign the loan agreement
• Receive the loan amount in your Kotak Mahindra Bank account

FAQ

Q. What is the maximum loan amount I can avail? A. You can avail a loan amount up to Rs. 1.5 Lac. Q. What is the processing fee? A. The processing fee is Rs. 199/- of the loan amount. Q. What is the interest rate? A. The interest rate is 10% Per annum. Q. What are the late payment charges? A. Late payment charges are Rs. 300 +applicable taxes(Including GST). Q. What is the repayment period? A. The repayment period is up to 11 months.

Conclusion

Kotak PayDay Loan is a great option for those who need quick cash for urgent expenses. It offers a hassle-free application process, low-interest rates, and flexible repayment options. It is a perfect short-term loan solution for salaried individuals.