Frequently Asked Questions

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What is Micro ATM?

Micro ATM is a mini version of an ATM. Micro ATMs are like modified point of sales terminals this terminal can connect to banking network via GPRS to perform banking transactions. This machine contains card swipe facility. This initiative aims to bridge the gap between the need and availability of cash requirement in the eco-system.

This initiative aims to bridge the gap between the need and availability of cash requirement in the eco-system.

What is Google Pay?

Google Pay is secure and easy-to-use mobile payment service which can be used to make purchases and payments nearly everywhere.

How to open the Kotak UNI Student Bank Account?

You can open a Kotak UNI Student Bank Account digitally, from anywhere, thanks to the Video KYC feature. It involves getting on a video call with a Kotak bank executive to complete your KYC process, essentially ruling out a visit to a Kotak bank branch completely.

What is the ActivMoney facility?

Through this facility you can earn a much higher interest on your idle funds in the Savings Bank Account.

The idle funds from your savings account (at a pre-specified threshold limit) are transferred automatically to a term Deposit. The funds move back in to the savings account in case of funds requirements.

The advantages of this facility are:

  • Higher rate of interest earned.
  • You need NOT track idle funds regularly & give instructions to the bank to create Term Deposits out of Savings Account balances.
  • Greater Flexibility & Liquidity as the funds flow back into the Savings Account if the balance in the Savings Account falls below a particular level.

Can I get any benefit if I am an existing Kotak Bank current account or savings account customer?

Yes. We offer preferential interest rate, faster processing & doorstep service to existing bank customers while taking our business loan.

Can I get any benefit if I am an existing Kotak Bank current account or savings account customer?

Yes. We offer preferential interest rate, faster processing & doorstep service to existing bank customers while taking our business loan.

What is Kotak 811?

Kotak 811 is a new age bank account offered by Kotak Mahindra Bank.

You can open a Kotak 811 account by downloading the Kotak Mobile Banking App or by visiting www.kotak.com and registering using your Aadhaar number (optional) ,PAN and other basic details. You can set up a mobile banking PIN and start using your account immediately.

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What CIBIL Score is needed to get a credit card?

A minimum credit score of 650 is required when applying for a credit card, however, 750 is considered to be the ideal CIBIL Score. For a credit score below 650, credit card issuing banks could reject your credit card application. Even at a credit score of 650 the issuing banks and financial institutions may not offer you their best credit card deals, but you will be eligible to apply for one. 

Kotak Mahindra Bank offers credit cards to applicants who have a credit card CIBIL score of 750 or above. So, when applying for a credit card from Kotak Mahindra Bank ensure that your credit score is at least 750. Higher the credit score, better the chances of getting a premium credit card. 

Can I have both Non Resident and Resident Savings Account?

No, a person can either have a Resident saving account or Non-Resident accounts (NRE /NRO)
 

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What is Kotak Debit Card EMI?

Debit Card EMI is the program offering EMI schemes to Kotak Bank customers who shop with their Debit Cards. Bank provides pre-approved limits to customers based on their relationship with the Bank and based on the Bank’s credit policies. Customers who enjoy pre-approved limit from the Bank can avail No Cost EMI and regular EMI by transacting with their Kotak bank Debit Card in selected stores.

What is the eligibility criterion to avail Personal Accident Insurance cover on my RuPay India Debit Card?

Eligibility criteria:

The claim under Personal Accident Insurance shall be payable only if the card holder has carried out at least one transaction i.e. at a Merchant Establishment/ATM /ecommerce /Micro ATM/Business Correspondent of the bank at locations, within 90 days for RuPay Classic card prior to the date of accident including accident date. The Personal Accident Insurance (Death and Permanent Total Disability) would be an Open policy for any kind of accident leading to death or disability.

What is Forex Card?

The Forex Card is a Chip based pre-paid card introduced in association with Visa. It is the first card to offer you the option of loading up to 13 currencies in a single card in a convenient and secure way.

This card gives you the freedom to shop anywhere in the world and provides access to the currency of your destination at competitive market rates.

It can be used at all VISA ATMs and merchant establishments accepting VISA Cards worldwide except for a few countries which are listed in FAQ (2)
 

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How do I make payment towards my Credit Card bill?

You can choose to pay your Credit Card dues using the following options: WebPay, Mobile Banking, Net Banking, Auto Debit,/NACH, Cheque or Cash Payment at Kotak Bank Branches.

Refer the modes of payment section for more information on Credit Card Payments.

How do I check whether my Kotak Debit Card is enabled for International payments?

You can check your International enabled status as below:

  • Login to Kotak Mobile Banking App
  • In ‘Service Requests’ select ‘Debit Card’
  • Choose ‘Card Control’
  • Scroll and select your Debit Card Number
  • Choose International/Domestic Controls
  • International Usage should be On

If your card is not ON, you can enable it by switching it ‘On’

Alternatively, you can also enable your International payments by visiting Kotak Net Banking page. Simply follow the steps mentioned in the “How to enable” section.

 

What is Kona Kona Cricket?

Kona Kona Cricket is a platform that allows anyone to support their favourite team, participate in cricket trivia quizzes to earn reward points. Anyone who has a MyTeam card will also be able to earn points for the transactions that they do on their MyTeam cards.

What is a personal loan eligibility calculator?

The personal loan eligibility calculator is an online tool that helps you estimate the maximum loan amount you can receive based on your eligibility parameters.

How many Easy Pay accounts can be opened with a Current Account?

There are no limits on the number of accounts that can be opened or linked to a Current Account.

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What are the different categories of bill payments available?

Bill payments available on Kotak BillPay are for the following categories:

  • Electricity bill
  • Gas bill
  • Mobile post-paid bill
  • Water bill
  • Mobile Prepaid & DTH recharge
  • Insurance premium
  • Credit card bill
  • Landline & Internet bill

How do I avail a Payday Loan?

This product is available to pre-approved customers. 

PayDay loan can be instantly availed by logging onto Kotak Mobile Banking application or Net banking. 

How do I register on the developer platform?

Registration is simple!

  • Click on Register and complete the Personal Information form.
  • Accept the Term and Conditions and then click Next Step.
  • Fill out the Additional Information form and then click “Register Now” button.
  • Your request will be shortly approved by the admin


Note
: The Kotak Developer Connect Portal does not permit registration of duplicate organization names. As a result, after the first developer from an organization has registered an account with the portal, subsequent developers from that same organization require an invitation to be registered.


Registering as a new Developer (also becomes the organisation admin).

How is loan against property eligibility criteria decided?

Your LAP eligibility depends on your current and future prospects, both financially as well as physically. Lenders tend to issue loans to those who are most likely to repay them successfully.

How do they assess this?

Your credit score, previous debts, income proof, and work record: all of these are helpful documents deemed necessary during the loan assessment.

What are the fees and charges for Kotak virtual credit card?

Virtual credit cards are generally a free of cost service that the banks offer their customers.

 Kotak Mahindra provides you with a free virtual credit card called the netc@rd, loaded with benefits. You are required to pay no fees or charges when creating or for using this virtual credit card.

What is FASTag?

FASTag is a device that uses Radio Frequency Identification (RFID) technology for making toll payments directly from a prepaid account linked to it. It is affixed on the windscreen of a vehicle. It enables user to drive through toll plazas without stopping for cash transactions. FASTag has a validity of 5 years and needs to be Recharged / Top-up as per transaction requirement.

Once, the tag is scanned, a prepaid account linked to the tag is automatically debited for the corresponding amount. The linked account can be topped up/recharged as required.
 

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What is kotak.biz?

kotak.biz is a one-stop payment acceptance solution designed specifically for business owners.

 

 It is available for Android applications through which you can accept digital payments in your store, at the customer’s place and online.

 

What is Kotak Rewards Programme on Silk/Alpha/Grand accounts?

Kotak Rewards is a Rewards programme wherein you get rewards based on the Spends done in a calendar month. You can then redeem these rewards across various categories by visiting Kotak Rewards portal www.kotakrewards.com. Kotak Rewards is currently only for savings accounts customers opened with Promo codes Silk/Alpha/Grand.

Can I open a DEMAT Account with my Savings Account?

Yes. Kotak offers a 3-in-1 account called 'Trinity''. It includes : Kotak Bank Savings Account + Kotak Securities Demat Account + Kotak Securities Trading Account

What are the key documents required for Kotak Bank's Personal Loan?

The key documents required for availing a personal loan from Kotak Mahindra Bank are as follows -

  • Identity proof like PAN Card, voter’s ID card, passport, Aadhaar card, etc.
  • Age proof like voter’s ID card, passport, Aadhaar card, birth certificate, etc.
  • Address proof like utility bills, rent agreement, passport, etc.
  • Bank statement and salary slips of the last 3 months
  • 2-3 Passport size photographs

What is Home Loan EMI?

Home loan EMI is a systematic and easy approach towards home loan repayment. EMI stands for equated monthly installment, which includes principal amount, and the interest payable divided through the tenure chosen. Home loan borrower has to make the repayment of the loan each month in the form of home loan EMI.

What is JioPay?

JioPay is a mobile based payment application available only on Jio Phones that you can use for payments at any contactless merchant terminal. Customer can enroll Kotak VISA Credit/Debit Cards on Jio Phone to make transactions.

What is “Subscription/ Recurring Payment”?

Subscription/Recurring Payment is a payment method under RBI’s e-mandate guideline, where you register your Kotak Bank Credit/Debit card on a merchant’s app/website. Once registered, your payments get automatically debited at pre-defined intervals. 

How to use a Stamp Duty Calculator?

Kotak Mahindra Bank’s Stamp Duty Calculator is easy to use. 

-   Go to the Stamp Duty Calculator page

-   Enter the property agreement cost

-   Select ownership type

-   Choose the property location (Indian state)

-   Select whether you're an existing customer or not

 That’s it! Your Stamp Duty amount will be displayed for you.

What is the current interest rate for mortgages?

Kotak Mahindra Bank provides one of the lowest mortgage interest rates. The interest rate mainly depends on the nature of employment. For salaried individuals/ self-employed borrowers, the loan against property interest rate starts from 9.25%.

How to calculate monthly EMI's for an Aadhar Loan?

Using Kotak Mahindra Bank’s Personal Loan EMI Calculator, you can calculate the monthly EMIs with ease.  Enter the following details to know your EMI:

  • Loan Amount
  • Loan Tenure

Interest Rate

How can I apply for this card?

If you are an existing Kotak Mahindra Bank customer, you need to have a Savings or Salary account with us to apply for this card. 

You can apply by clicking “APPLY NOW” in the banner above. 

What is a Home Loan Tax Benefit Calculator?

Our home loan tax benefit calculator is one of the most suited tools for the job. By providing us with the basic information of your home loan application, it can calculate your tax implications accurately. 

What is Liberalised Remittance Scheme (LRS)?

Under the Liberalised Remittance Scheme (LRS), all resident individuals (as defined under FEMA 1999), including minors, are allowed to freely remit up to USD 2,50,000 per financial year (April – March) for any permissible current or capital account transaction or a combination of both. 

Under the Liberalised Remittance Scheme (LRS), all resident individuals (as defined under FEMA 1999), including minors, are allowed to freely remit up to USD 2,50,000 per financial year (April – March) for any permissible current or capital account transaction or a combination of both.

It is mandatory for the resident individual to provide his/her Permanent Account Number (PAN) for all transactions under LRS.

What is JioPay?

JioPay is a mobile based payment application available only on Jio Phones that you can use for payments at any contactless merchant terminal. Customer can enroll Kotak VISA Credit Cards on Jio Phone to make transactions.

What is Samsung Pay?

Samsung Pay is secure and easy-to-use mobile payment service which can be used to make purchases nearly everywhere.

 

How can I calculate EMIs for my students personal loan?

You can use Kotak Mahindra Bank’s personal loan EMI calculator to calculate your applicable EMI. Just add the necessary details like loan amount, tenure and interest rate, and your EMI will be automatically displayed.

What is Kotak 811?

Kotak 811 is a new age bank account offered by Kotak Mahindra Bank.

You can open a Kotak 811 account by downloading the Kotak Mobile Banking App or by visiting www.kotak.com and registering using your Aadhaar number (optional) ,PAN and other basic details. You can set up a mobile banking PIN and start using your account immediately.

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Will my EMI change if I opt for a top-up loan in addition to my personal loan?

Yes, your EMI amount will increase when you avail of a top-up loan. The top-up loan is added to your previous loan, resulting in a new loan amount. You can pre-check your EMI amount using the personal loan EMI calculator.

Is my UPI handle enabled for IPO payments?

Click on the SEBI link  to check the list of handles, apps & banks enabled for UPI transactions for IPO.

Why is a Credit Card Important?

Credit cards are a convenient tool for managing your short-term financing needs. A credit card lets you borrow certain money and repay it later in instalments. 

Interest is charged only if the credit amount is not repaid within the grace period, which ranges between 20 to 60 days. Besides allowing you to borrow funds conveniently, credit cards also offer a host of benefits such as reward points, cashback, frequent flyer miles, credit scores, etc. A credit card is certainly a must-have item in your wallet.

What is a Credit Card?

A credit card is a transactional card that enables the holder to make purchases of goods and services or withdraw advance cash on credit. It is issued by banks and financial institutions to bring convenience of payment. Credit cards act as a micro loan tool where the individual makes purchases under the condition of paying off the same within a specific time period. There are no interest payouts if the due amount is paid within a specific time (interest-free period). A custom borrowing limit is pre-set by the issuer and this determines the maximum amount of credit a user can spend from a credit card. Credit card brings users the opportunity to save big through discounts and deals, making it a popular choice.

What is Kotak Mahindra Bank's Personal Loan Interest Rate in Ahmedabad?

Personal loan interest rate at Kotak Mahindra Bank starts at as less as 10.25% per annum. In some cases, however, it can be charged at 10.75% per annum. For Kotak bank account holders attractive benefits, discounts and offers are available on personal loan. Furthermore, if the applicant already has another personal loan with a different bank, they can opt for a personal loan balance transfer to avail lower rates of interest with Kotak Bank and consolidate their debts.

What is Kotak Mahindra Bank's Personal Loan Interest Rate in Coimbatore?

Personal loan interest rate at Kotak Mahindra Bank starts at as less as 10.25% per annum. In some cases, however, it can be charged at 10.75% per annum. For Kotak bank account holders attractive benefits, discounts and offers are available on personal loan. Furthermore, if the applicant already has another personal loan with a different bank, they can opt for a personal loan balance transfer to avail lower rates of interest with Kotak Bank and consolidate their debts.

What is Kotak Mahindra Bank's Personal Loan Interest Rate in Nagpur?

Personal loan interest rate at Kotak Mahindra Bank starts at as less as 10.25% per annum. In some cases, however, it can be charged at 10.75% per annum. For Kotak bank account holders attractive benefits, discounts and offers are available on personal loan. Furthermore, if the applicant already has another personal loan with a different bank, they can opt for a personal loan balance transfer to avail lower rates of interest with Kotak Bank and consolidate their debts. 

What is Kotak Mahindra Bank's Personal Loan Interest Rate in Hyderabad?

Personal loan interest rate at Kotak Mahindra Bank starts at as less as 10.25% per annum. In some cases, however, it can be charged at 10.75% per annum. For Kotak bank account holders attractive benefits, discounts and offers are available on personal loan. Furthermore, if the applicant already has another personal loan with a different bank, they can opt for a personal loan balance transfer to avail lower rates of interest with Kotak Bank and consolidate their debts.

What is Kotak Mahindra Bank's Personal Loan Interest Rate in Pune?

Personal loan interest rate at Kotak Mahindra Bank starts at as less as 10.25% per annum. In some cases, however, it can be charged at 10.75% per annum. For Kotak bank account holders attractive benefits, discounts and offers are available on personal loan. Furthermore, if the applicant already has another personal loan with a different bank, they can opt for a personal loan balance transfer to avail lower rates of interest with Kotak Bank and consolidate their debts.

What is Kotak Mahindra Bank's Personal Loan Interest Rate in Surat?

Personal loan interest rate at Kotak Mahindra Bank starts at as less as 10.25% per annum. In some cases, however, it can be charged at 10.75% per annum. For Kotak bank account holders attractive benefits, discounts and offers are available on personal loan. Furthermore, if the applicant already has another personal loan with a different bank, they can opt for a personal loan balance transfer to avail lower rates of interest with Kotak Bank and consolidate their debts.

What is Kotak Mahindra Bank's Personal Loan Interest Rate in Mumbai?

Personal loan interest rate at Kotak Mahindra Bank starts at as less as 10.25% per annum. 

In some cases, however, it can be charged at 10.75% per annum. For Kotak bank account holders attractive benefits, discounts and offers are available on personal loan. Furthermore, if the applicant already has another personal loan with a different bank, they can opt for a personal loan balance transfer to avail lower rates of interest with Kotak Bank and consolidate their debts. 

 

What is Kotak Mahindra Bank's Personal Loan Interest Rate in Bangalore?

Personal loan interest rate at Kotak Mahindra Bank starts at as less as 10.25% per annum. In some cases, however, it can be charged at 10.75% per annum. For Kotak bank account holders attractive benefits, discounts and offers are available on personal loan. Furthermore, if the applicant already has another personal loan with a different bank, they can opt for a personal loan balance transfer to avail lower rates of interest with Kotak Bank and consolidate their debts.

What is Kotak Mahindra Bank's Personal Loan Interest Rate in Delhi?

Personal loan interest rate at Kotak Mahindra Bank starts at as less as 10.25% per annum. In some cases, however, it can be charged at 10.75% per annum. For Kotak bank account holders attractive benefits, discounts and offers are available on personal loan. Furthermore, if the applicant already has another personal loan with a different bank, they can opt for a personal loan balance transfer to avail lower rates of interest with Kotak Bank and consolidate their debts.

What is Kotak Mahindra Bank's Personal Loan Interest Rate in Kolkata?

Personal loan interest rate at Kotak Mahindra Bank starts at as less as 10.25% per annum. In some cases, however, it can be charged at 10.75% per annum. For Kotak bank account holders attractive benefits, discounts and offers are available on personal loan. Furthermore, if the applicant already has another personal loan with a different bank, they can opt for a personal loan balance transfer to avail lower rates of interest with Kotak Bank and consolidate their debts.

What is Kotak Mahindra Bank's Personal Loan Interest Rate in Indore?

Personal loan interest rate at Kotak Mahindra Bank starts at as less as 10.25% per annum. In some cases, however, it can be charged at 10.75% per annum. For Kotak bank account holders attractive benefits, discounts and offers are available on personal loan. Furthermore, if the applicant already has another personal loan with a different bank, they can opt for a personal loan balance transfer to avail lower rates of interest with Kotak Bank and consolidate their debts.

What is Kotak Mahindra Bank's Personal Loan Interest Rate in Chennai?

Personal loan interest rate at Kotak Mahindra Bank starts at as less as 10.25% per annum. In some cases, however, it can be charged at 10.75% per annum. For Kotak bank account holders attractive benefits, discounts and offers are available on personal loan. Furthermore, if the applicant already has another personal loan with a different bank, they can opt for a personal loan balance transfer to avail lower rates of interest with Kotak Bank and consolidate their debts.

What is Kotak Mahindra Bank's Personal Loan Interest Rate in Jaipur?

Personal loan interest rate at Kotak Mahindra Bank starts at as less as 10.25% per annum. In some cases, however, it can be charged at 10.75% per annum. For Kotak bank account holders attractive benefits, discounts and offers are available on personal loan. Furthermore, if the applicant already has another personal loan with a different bank, they can opt for a personal loan balance transfer to avail lower rates of interest with Kotak Bank and consolidate their debts.

What is Kotak Mahindra Bank's Personal Loan Interest Rate in Kerala?

Personal loan interest rate at Kotak Mahindra Bank starts at as less as 10.25% per annum. In some cases, however, it can be charged at 10.75% per annum. For Kotak bank account holders attractive benefits, discounts and offers are available on personal loan. Furthermore, if the applicant already has another personal loan with a different bank, they can opt for a personal loan balance transfer to avail lower rates of interest with Kotak Bank and consolidate their debts.

Should I pay my credit card in full?

Yes, you should pay your credit card bill in full. If you make a part payment, you will incur interest charges on the outstanding amount. 

Moreover, you would not be able to avail of an interest-free credit period in the next billing cycle.

What are the primary documents required for a home loan in India?

For borrowing a home loan from Kotak Mahindra Bank the home loan documents list is:

  • Proof of identity: PAN Card/Aadhaar Card/Driving License/Passport/Voter ID
  • Proof of address: Driving License/Aadhaar Card/ Voter ID/Passport
  • Proof of income
  • Proof of age: Voter ID/Passport/Aadhaar Card/Pan Card/Driving License
  • Educational qualification proof
  • Signature proof: PAN Card/Passport
  • Relationship proof

What is the minimum income requirement for women to apply for a personal loan with Kotak Bank?

When applying for a person loan for women from Kotak, these minimum monthly income requirements need to be kept in mind:

- Existing Kotak Bank Customers holding Corporate Salary Account: Rs. 25,000

- Existing Kotak Bank Customers without Corporate Salary Account: Rs. 30,000

- Kotak Mahindra Bank’s employee: Rs. 20,000

Who should use a home loan balance transfer EMI Calculator?

Anyone who is looking to transfer their home loan from their current vendor to another lender can use Home Loan Balance Transfer EMI Calculator to get a purview of what their EMIs and savings would look like after opting for home loan balance transfer. You can check your eligibility here.

Additionally, an expert from Kotak Mahindra Bank can also assist you in financial planning.

What is the Restructuring Scheme?

The economic fallout on account of the Covid-19 pandemic has led to significant financial stress for individuals and business entities across the country. 

RBI, therefore, provided a framework to banks & lending institutions for implementation of resolution plans for addressing the financial stress of such customers, who otherwise have a good track record, but due to Covid-19 pandemic, whose  debt burden has become disproportionate  to their cash flow generation abilities. Basis regulatory guidelines and request from  the customer, the bank has decided to restructure loan/s of eligible individuals and business entities that have been impacted due to the pandemic subject to meeting internal norms/ credit assessment and regulatory prescriptions.

What is the lowest possible interest rate for Home Loan in Bangalore?

Kotak Mahindra Bank offers the lowest possible interest rate of 8.3% per annum for a home loan in Bangalore.

You can use a Home Loan Calculator provided on Kotak Mahindra Bank’s official website to find out what will be the total amount to be repaid by you against the amount borrowed. 

What is the interest rate for 10 lakh personal loan EMI for 5 years?

Kotak Mahindra Bank provides Personal Loans to our eligible applicants at a minimum interest rate of 10.99% per annum.

Why should I select a Kotak Credit Card?

Kotak Credit Cards symbolize the following guiding principles:

Simplicity

Kotak Credit Cards are simple to understand and use. We have taken special care to make them hassle free so that you can spend time on more important things in life that require your attention.

Transparency

Kotak Credit Cards are transparent in communicating upfront what the Card offers and what you would have to spend for it, if at all. We have taken care that there will be no hidden charges associated with this Card.

Relevance

Kotak Credit Cards have understood what you need the most from your credit Card, and have been designed to give you only those benefits that are most relevant for you.

This promise from Kotak ensures that you only get the best from your credit Card!

How much currency can be availed for the purpose of travel?

In line with RBI regulations, maximum foreign currency cash of USD 3000 per financial year can be availed under this facility for travel.

How to calculate the interest rate on Loan Against Property?

With the help of Kotak Mahindra Bank’s Loan Against Property EMI Calculator, you would be able to get a rough estimate of the amount you would be paying every month in return for your loan.

The calculator will help you readjust your loan tenure and the principal amount by giving you a near-perfect answer on the actual installment. Here is a link to the calculator. 

Can a subscriber open more than one NPS account?

No

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What are the documents required for availing a small personal Loan online?

Documents required for personal loan:

- Identity: PAN/Passport/Aadhaar/Voter’s ID Card/Driving License

- Residence: Passport/Utility Bills/Leave and License Agreement

- Income: Last 3 months’ Bank Statements/Salary Slips

How to use a personal loan EMI calculator?

To use the personal loan EMI calculator, you would have to provide three important details: the loan amount, the repayment tenure, and the interest rate. 

Once you enter this information, the personal loan calculator will show the EMI instantly.

 

 

Who can opt for the balance transfer facility?

Individuals with an ongoing personal or home loan can opt for the loan balance transfer facility. Applicants need to fulfill the required eligibility criteria such as minimum education, income etc. to avail the same. 

What are the purposes for which unsecured loans can be availed?

An unsecured loan can be availed for your planned and unplanned financial needs such as medical emergencies, to fund a wedding, vacation, higher education, buying a vehicle and home renovation.

On what basis will my EMI on a credit card be calculated?

Whenever you opt for a Credit Card EMI, the bank scrutinizes various factors to ascertain your eligibility and to decide on the amount of EMI and the interest rate. 

They check your credit history and credit score, your loan repayment period, current outstanding loans and other financial history before coming to a decision.

What are the processing fees charged by Kotak Bank for Personal loans?

Kotak Mahindra Bank charges a processing fee of up to 3% of the loan amount for its personal loans. An additional GST is also payable on the processing fee.

What are the fees and charges for the Grand Account?

Grand Savings Account is available in different variants. The charges differ as per the type of account. To know more about Fees and Charges for Grand Account, check the Fees and Charges page.

What are the fees and charges for the Grand Account?

Grand Savings Account is available in different variants. The charges differ as per the type of account. To know more about Fees and Charges for Grand Account, check the Fees and Charges page.

What are the fees and charges for the Grand Account?

Grand Savings Account is available in different variants. The charges differ as per the type of account. To know more about Fees and Charges for Grand Account, check the Fees and Charges page.

What is a LAP EMI calculator?

Manual computation of the EMI can often prove confusing and complicated. That is why Kotak Mahindra Bank has introduced a loan against property EMI calculator; a computing tool to make your life easier. It computes the exact EMI you have to pay by taking in factors such as loan tenure, the market valuation of property, and interest rate.

What can loan against property be used for?

Loan Against Property is primarily taken for the purpose of Business Expansion,

 Purchase of Machinery, Debt Consolidation, Funding your other business requirement.

In which currency can I maintain RFC Fixed Deposit?

Your RFC Fixed Deposit can be maintained in permitted currencies such as USD, GBP, JPY, SGD, AUD and EURO.

How do I apply for a new Smart EMI Scheme?

For this, you can visit the nearest store where Kotak  Smart EMI has a tie up.  Click here to find the store near you.

Who can avail Kotak Healthcare Equipment Loan?

Hospitals, Laboratories, Diagnostic Centre's, Nursing Homes, Clinic's or Self-employed Doctor's can avail a Healthcare Equipment Loan.

What Credit Score Is Needed for a Personal Loan?

A credit score of 700 or 750 and above is needed for a personal loan.

You can plan that dream wedding with the help of Kotak Bank’s marriage loan. Or use our travel loan to rejuvenate at your favourite holiday destination. Renovate your home and transform your living space with a home renovation loan from Kotak Mahindra Bank. You can even take care of unplanned expenses such as medical emergencies with Kotak’s medical emergency loans. No need to dip into your hard-earned savings to meet your financial needs.

What is Google Pay?

Google Pay is secure and easy-to-use mobile payment service which can be used to make purchases and payments nearly everywhere.

Why should I opt for Home Loan Balance Transfer?

The Home Loan Balance Transfer Process comes packed with several benefits. It helps you transfer your outstanding loan amount from your current lender to a new lender with lower interest rates and better terms. It also offers a transfer of your home loan to another bank to avail a top-up loan on your existing loan.

How to access 'Pay your Contact' feature?

You can access this feature under Quick Access section of Kotak Mobile Banking App or through Kotak Mobile Banking App -> Payments Section (present in bottom menu) -> Send Money

This feature is available only for Kotak Mobile Banking App users.

What is a UPI (Unified Payments Interface) Number?

Just like a UPI ID, UPI number is an 8 or 9 or 10 Digit number that can be created by you so that anyone with ANY payment app can pay you by just entering this number. There will be no need to enter the handle (eg: number@abcd) of the payment app or banking app you have connected this UPI number with. This will increase your privacy on which payment or banking app you use. It will also make it convenient for the payer as they do not need to remember anything other than the number

 

When you create a UPI number on Kotak app the Kotak account becomes your default account to receive all payments, making it convenient for you to directly receive payments to your bank account and keep track of all your finances.

*Recommended: Create a 10 Digit UPI number - which has to be the same as your mobile number. This way, your payers need not trouble you for your payment details and can directly use your mobile number to pay from any app.

 

What are the processing fees for a loan against property?

The processing fee is a one-time non-refundable fee charged for the services provided to process the loan. It is payable at the time of application, and most banks in India charge 1-2% of the total loan amount as processing fees.

At Kotak Mahindra Bank, we charge 1% + GST + statutory charges in processing fees.

 

What is Home Loan Eligibility?

While sanctioning loan to a person, the bank or lending institution does a background check to determine whether the applicant is capable of repaying a loan or not. If capable, then how much loan should be disbursed. This process of the determination of creditworthiness of an applicant is known as home loan eligibility.

In the absence of salary slips, especially for non-salaried individuals, applicants may submit bank statements and complete ITR details as required by the lending bank. So, although salary slips improve your chances to get a home loan, it’s not mandatory. 

I do not have a GST payment tab on my Kotak Net Banking page. How do I get it activated?

Please submit a duly filled Board Resolution for eTax and eTax Letter to your nearest branch to get the GST tab activated.

Can I get a loan against property (LAP) without income proof?

You can easily get a LAP if you show finances that are well-equipped to repay the loan. So, if you do not have income proof, you would need to explain how you plan to repay the loan.

You can present bank statements if you have surplus funds or instruments like insurance papers, investments, etc., which provide some assurance to the bank. Moreover, the lender may ask you to discuss the lack of income sources and whether you plan on remedying that. 

Chances of securing a low interest rate become dim without proper income proof. An income proof assures the lender that you are in a position to repay. However, it is possible to get a loan without but at a higher interest rate. 

 

What is the rate applicable on the savings account?

Following are the rates applicable for Kotak Mahindra Bank Savings Account ( w.e.f. April 20, 2020):

  • Interest rate on daily balances in Savings Account above Rs. 1 Lakh stands revised at 4.5% p.a.
  • Daily balances up to Rs. 1 Lakh will continue to earn 3.75% interest p.a.
  • The interest rates mentioned are applicable for Resident Accounts only

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What is Interest Subvention scheme & who all are covered for this benefit?

Interest Subvention scheme is offered by GOI to Micro, Small & Medium enterprise (MSME’s) 2018

Can I transfer money from my credit card to my bank account?

If you intend to balance transfer from credit card to bank account directly,

 then it is not possible, but you can avail the service of intermediaries like BHIM Kotak Pay account to transfer money from your credit card to UPI wallet, which can be further transferred to your Kotak Bank Account.

What is the best first credit card?

There is no certain way to decide what is the best first credit card, as each customer is unique and special in his/her own way and has different requirements.

We, at Kotak Mahindra Bank understand this and therefore present you with a range of credit cards that suit your individual needs.

Can I transfer money from my credit card to another account?

Yes. You can transfer money from your credit card to another account with netbanking, money transfer credit card, placing request via phone call or digital payment methods to make a direct transfer.

If a direct transfer is restricted, you can opt for ATM cash advances in your bank account through your credit card or paying ‘cheque to self’.

Why is a Credit Card Important?

Don’t be put off by the term ‘credit’. If used wisely, credit cards are a convenient tool to manage your short-term financing needs. 

A credit card is a financial tool that lets you borrow a certain sum of money and repay it back later in instalments. An interest is charged only if the credit amount is not repaid within the grace period which usually ranges between 20 to 60 days. Whether you want to make online payments or swipe the card at a restaurant, everything is possible with a credit card. Besides allowing you to borrow funds conveniently, credit cards also offer a host of benefits such as reward points, cashbacks, frequent flyer miles, credit score etc. A credit card is certainly a must-have item in your wallet. 

Can I transfer money from my credit card to my bank account?

If you intend to balance transfer from credit card to bank account directly,

 then it is not possible, but you can avail the service of intermediaries like BHIM Kotak Pay account to transfer money from your credit card to UPI wallet, which can be further transferred to your Kotak Bank Account.

What are the Best Credit Cards offered?

Kotak Mahindra Bank offers a range of credit cards ranging from premium cards to lifestyle cards. 

You can choose lifestyle-oriented credit cards, fuel cards, co-branded cards, shopping or entertainment-oriented credit cards, or travel credit cards based on your spending habits.