Key Highlights of Kotak Debit Card EMI
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| Processing Fee | Rs. 99 |
| Interest Rate | 17.1% |
| Minimum Amount | Rs. 5,000 |
| Tenure | 3, 6 and 12 months |
| Additional Perks |
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Features of Kotak Mahindra Bank Debit Card EMI
Following are the features of the debit card EMI facility offered by Kotak Mahindra Bank:
- Kotak Mahindra bank offers its customers an option to avail a No Cost EMI on their Kotak Debit Cards
- The bank offers its customers a pre-approved limit against which they can make a purchase and convert it into affordable EMI options. For instance, if a customer has a pre-approved limit of Rs. 50,000, he/she can make a purchase of only up to this amount to avail the debit card EMI facility
- Customers need not provide any extra documents or KYC details to avail the debit card EMI facility
- The EMIs are deducted from the customer’s linked bank account making re-payments easier for the customer
Kotak Debit Card EMI- Fees & Charges
| Fee Type | Details |
| Auto-debit Return Penal Rate | 3% on the outstanding EMI amounts per month on a cumulative basis |
| Late Payment Fee | 3% on the outstanding EMI amounts |
| Pre-closure Charges | 4% on the pending loan amount |
Click here for more details on Kotak debit card fee & charges.
How to Check Eligibility for Availing EMI on Kotak Mahindra Bank Debit Card?
To check the eligibility for Kotak Debit Card EMI you can SMS DCEMI<space><Last 4 digits of Kotak Debit Card Number> and send it to 5676788.
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Converting Kotak Debit Card EMI into Smart EMI
Just like Kotak credit cards, Kotak Mahindra Bank also offers its customers the facility to convert debit card EMIs into Smart EMI as well. Here is how you can avail this facility:
- On using your Kotak Debit Card for a transaction, you will receive a link via SMS to convert the purchase into EMI
- You can click on the link and choose a repayment tenure
- Once you confirm to avail the Smart EMI facility, the debited amount will be credited back into your account excluding the EMI processing fee
- Now, your EMIs will be deducted from next month of availing the facility
- Remember, that the internal rate of return is 17.01% which may vary from time to time. Also, the customers will be notified of the current rate in the transaction SMS they receive.
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FAQs
Can I get EMI on Kotak Debit Card?
Yes, you can avail EMI on your Kotak debit cards. However, the EMI options are only available in certain stores and with partner merchants.
Is Kotak Smart EMI facility available for debit and credit cards?
Currently, the Smart EMI facility is available on Kotak debit and Kotak Smart EMI cards.
Can I avail no-cost EMI on Kotak Debit Card?
No-cost EMI on Kotak Debit Cards can be availed only with specific merchants and stores.
Can I change my EMI date?
No, there is no option to change the EMI due date on your debit card purchases.
How can I view my EMI status?
To view your EMI status you can use Kotak Mahindra Bank’s Net-banking facility. You can use the following steps:
- Enter your CRN number and create a new password
- Login to net banking with your new password
- Enter the dynamic access code sent to your registered mobile number
- Check “overview status”
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