Need a short-term Personal Loan to pay off your debts?
This Kotak personal loan is the perfect choice to pare down your debt
Kotak Mahindra Bank PayDay Loan
This loan helps borrowers to get funds to meet their short-term financial needs. Salaried employees of government organisations, public sector units, private sector companies and institutions, etc. can avail this loan to pay for a dream vacation, child’s wedding, medical emergency, debt consolidation, etc.
Features of Kotak Mahindra Bank PayDay Loan
Why this Loan?
- The Kotak Mahindra Bank PayDay Loan is meant for permanent/salaried employees of Public Sector Undertakings, Central Government, State Government units, reputed national and multinational companies who need financial assistance to meet their short-term needs. It can also be availed to consolidate debt
- This is a single instalment loan
Loan Amount
- The minimum loan amount offered under this loan scheme is Rs. 3,000. The maximum loan amount offered under this loan scheme is Rs. 1.5 lakh
Interest
- As of October 2020, the interest rate applicable to this loan is 10.00%
Repayment
- This loan must be repaid within one month after the loan disbursal
Eligibility
- The age of the borrowers should be between 21 to 58 years to apply for this loan
- Permanent/confirmed employees of Public Sector Undertakings, Central Government, State Government units, reputed national and multinational companies having their salary account with Kotak Mahindra Bank are eligible
- The borrower must be earning a minimum net monthly salary of Rs. 10,000 to be eligible for this loan
Security Needed
- This is a collateral-free loan
Processing Charges
- The bank charges a minimum of Rs. 50 for processing this loan. The actual processing charges depend on the loan amount
Documents Needed
- Loan Application Form duly filled and signed by the applicant and co-applicant, if any
- Two Passport Size Photographs of applicant and co-applicant
- Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card / PAN Card Issuing Letter is must
- Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
- Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income/Banking Proof for Salaried Professionals: Last 3 months’ salary slip, Form 16 or income tax returns
Reference Facts
- Kotak Mahindra Bank Website: www.kotak.com
- Headquarters: Mumbai, Maharashtra
- Call Centre Number: 1860 266 2666, 1800 209 0000