Kotak Mahindra Bank Consumer Loan

Kotak Mahindra Bank Consumer Loan Highlights 2023
Interest rates	0%
Loan amount	Up to Rs 15 lakh
Repayment tenure	6 months to 2 years
Processing fee	Rs 99 onwards on select products, merchants, payment mode. (Different schemes with NIL processing fee are also available)

Note: Interest rates as of 10th July 2023

Kotak Mahindra Bank Consumer Loan Interest Rate

The interest rate of Kotak Mahindra Bank Consumer Loan will be from 0% onwards i.e. for most of the products you only have to repay the actual cost of the product without any interest. However, penal interest will be charged on missed EMI payments @3% per month on the outstanding EMI amounts per month.

Kotak Mahindra Bank Consumer Loan EMI Facilities

Instant in-store EMI

Consumers who do not have an existing Kotak Bank account can avail the facility of No Cost EMI using biometric or digital KYC– a complete digital process for loan application journey.

Debit Card EMI

Existing Debit Card holders of Kotak Mahindra Bank can purchase goods online and offline, and avail No Cost EMI using their Kotak Debit Card. This facility is only available to customers having pre-approved limit.

• Minimum cart value to avail Debit Card EMI: Rs 5,000
• Repayment tenure: 3, 6, 9, or 12 months

Benefits of Debit Card EMI:

• Consumers do not have to submit any documentation, security deposit or down payment.
• Consumers can easily convert their debit card purchases into EMI with repayment tenures of 3,6, 9 or 12 months.
• Consumers also get the option of repaying the debit card EMIs from their linked savings or current account.

Kotak Smart EMI Card

Kotak Smart EMI Card is a credit line card, which comes with a pre-approved limit. All purchases made using this card get converted into EMIs. Consumers can swipe this card at 40,000+ partner stores of Kotak Mahindra Bank spread across more than 25 cities and repay the loan with flexible tenures. The EMIs for the shopping done using this card will be debited from the designated account of the borrowers as per the shared schedule in the loan sanctioned teller, until the repayment of the last EMI.

Convert Debit Card purchases into Smart EMI

Consumers can also convert their purchases made through Kotak Mahindra Debit Card into Smart EMI. After using the Kotak Debit Card for eligible transactions, the card holder will receive a link through SMS which will provide them with the option of converting their purchases into EMI. By clicking on the link, consumers can choose the EMI tenure of their choice.

After the confirmation, the debited amount will be credited back to the consumer’s account, excluding the EMI processing fee. The EMI amounts will then be deducted next month onwards.

Benefits of converting Debit Card purchases into Smart EMI

• Consumers get hassle free pre-approved limits in their wallet.
• Consumers get the option to choose from different EMI tenures available.
• The transactions are safe and secure OTP/PIN based.

Kotak Mahindra Bank Consumer Loan Fees and Charges

Processing fee

Kotak Mahindra Bank charges a processing fee of Rs 99 on select products, merchants and payment mode. The bank also offers a wide range of consumer durable loan schemes with NIL/zero processing fees.

Prepayment/ Foreclosure charges

Foreclosure charges	4%+ GST on the pending loan amount.
Part prepayment	Not allowed

Note:

• Consumers of Kotak Mahindra Bank Consumer Loan are allowed to foreclose the loan amount only after they have paid at least 3 EMIs. Consumers should also ensure to complete the loan foreclosure 5 days before the upcoming due date of their next EMI.

Other fees and charges

Customer internal rate of return	Would be mentioned in transaction SMS
Cheque / NACH / ENACH / Dishonour Charges	Rs 500 + taxes
Delayed Payment / Late Payment Charges / Compensation / Additional Finance Charges	3% per month
Non PDC cases (per cheque) for Non Payment on due date	Rs 500 + taxes
PDC Swap Charges	Rs 500 + taxes
Repayment Schedule/Account Outstanding Break up statement	Rs 250 + taxes
Statement of account	Rs 500 + taxes
NACH non registration charges	Rs 500 + taxes

Eligibility Criteria of Kotak Mahindra Bank Consumer Loan

• Nationality: Indian national
• Age limit:
  • For consumer durables: Minimum 21 years; Maximum 65 years
  • For digital products: Minimum 23 years; Maximum 65 years
• Area of current residence: In case of in-store purchases, customer’s current residence address should be in the same city as that of the store from where the product has been purchased,
• Income source: Salaried (private/government)/Self-employed/ Pensioner/ Business owner

 Kotak Mahindra Bank Consumer Loan Documents Required

• Identity proof
• Residence proof