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Convert your large purchases into Equated Monthly Instalment (EMI) plans with Instant EMI offered by Kotak Mahindra Bank. This buy now and pay later plan is available with over 250 brands with no processing fees or documentation requirement. The Credit Card EMI plan is also offered at 0% interest on leading brands.
Here is everything you need to know about the EMI plan:
The interest rates charged under this Credit Card EMI plan will depend on the repayment tenure chosen and will be on reducing basis. Here are the interest rates charged for the Instant EMI plan:
|3 months||12% p.a.|
|6 months||12% p.a.|
|9 months||14% p.a.|
|12 months||14% p.a.|
|18 months||15% p.a.|
|20 months||15% p.a.|
|24 months||15% p.a.|
|30 months||16% p.a.|
|36 months||18% p.a.|
Say you make a purchase worth Rs.5,000. Here is how the instalment payment plan will work for different tenures:
|Tenure||Interest Payment||Total Payment|
|3 months and 6 months||Rs.600||Rs.5,600|
|9 months and 12 months||Rs.700||Rs.5,700|
|18, 20, and 24 months||Rs.750||Rs.5,750|
The total cost for your purchase worth Rs.5,000 will differ between Rs.5,600 and Rs.5,900 depending on the tenure chosen by you.
Other Credit Card EMI
The process to convert your purchase into an easy EMI plan will vary depending on whether you are shopping online or offline.
No. This plan is not applicable on Corporate cards and B2B cards.
No. The bank will take at least 4 business days from your transaction date to convert your purchase into the Instant EMI plan.
Yes. Purchases made at jewellery stores or merchants with a Jewellery related MCC (merchant category code) will be not be converted to this plan.
No. Once the payment has been completed after choosing a tenure, it cannot be changed.
In case of order cancellations/returns (in-store and online), you will have to inform the bank by calling the Kotak Credit Card customer care number within 15 days from the date you have received the refund from the merchant. The refund provided by the merchant will not be considered as an EMI payment. You will have to separately cancel the plan with the bank.
You can call the bank on 1860 266 2666 or 1860 266 0811 for further information if you are an 811 customer.
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