Kotak Mahindra Bank, with its headquarters in Mumbai endeavors to understand the needs of its customers and deliver customized pragmatic solutions across multiple platforms. In a short span of time, Kotak Mahindra Bank has set up641 offices and thousands of ATMs countrywide to offer various financial services. Their comprehensive loan portfolio includes loan on credit card.
There are four types of loans offered on credit cards.
- Convert to EMI
It allows you to convert your purchase of Rs 3000 and within 75% of the credit limit or above into easy EMI. Inform the bank within 15 days to avail this facility on any of your purchases whether an appliance or tickets.
- Convert Your Entire Card Outstanding to EMI
The bank allows you to convert all your entire outstanding bill amount on Kotak Mahindra Bank credit card into EMI. With zero percent foreclosure charges, you can repay the amount in easy tenure of 3, 6, 9, 12, 24, 36 and 48 months.
- Balance Transfer
If you have a 6 month old Kotak Mahindra credit card, you can make you of balance transfer. Here, you can transfer the outstanding balance of a minimum of Rs 2500 to 75% of the credit limit on other bank credit cards to Kotak Mahindra card. It has a processing fee of just Rs 349 per Rs 10000.
- Personal loan
Kotak Mahindra Bank credit card allows you to get instant cash at lower interest rate. It does not require any documentation or pre approval of request.
- You should be a select Kotak Mahindra Bank credit card holder
- A personal loan on credit card is offered on the basis of the bank’s credit card usage and your credit score.
- You should have a minimum required balance required for loan approval
Its simple application process requires you to
- Call the customer care department @ 1800 102 6022 from your registered mobile number. Or SMS to 5676788 for personal loan; SMS to 5676788 for balance transfer; SMS 5676788 for convert to EMI and SMS to 5676788 for convert your outstanding to EMI
- Login to www.kotak.com and click on net banking option. Now enter CRN in User ID and enter your password. Click on “Get Net banking Password Online.” Click on credit card tab and choose the loan type.
- You can even directly visit the bank branch fill the application form for loans on credit card
- Easy and quick processing
- Save on higher interest payment to other banks
- Tenure option of 3, 6, 9, 12, 24, 36 and 48 months available
- No documentation required
- No foreclosure charges
The Kotak Mahindra credit card statement will include the billing of EMI amount, education cess and service tax for the loan opted. You are required to pay the overall outstanding amount or the at least the minimum amount due on the card for unrestricted use of card. Interest rate and other charges are added to the outstanding balance.