Loan on Kotak Bank Credit Card
Like most banks, Kotak Mahindra Bank offers its customers the provision of a loan against their credit card. If you need funds due to an emergency or on an urgent basis, you can contact the bank and request a loan against your credit card limit. Kotak Mahindra Bank will check if you are eligible for the loan on credit card and then sanction it. The repayment of the loan will be done on an EMI basis along with a minimal rate of interest charged by the bank.
Types of Loan on Kotak Mahindra Bank Credit Cards
Kotak Mahindra Bank offers a loan of up to Rs.5 lakh against your credit card limit. However, Rs.5 lakh is the upper limit. The loan will be given against the limit of your card. However, not all customers will be given a loan. Only the customers meeting the eligibility criteria will be given the loan.
Features and Benefits of Loans on Kotak Bank Credit Card
- Loan amount of up to Rs.5 lakh given against the credit card.
- Flexible tenure options ranging between a minimum of 6 months and a maximum of 4 years.
- Attractive interest rates.
- Instant transfer to savings accounts from either Kotak Mahindra Bank or any other bank.
- Minimal documentation required for the loan process.
Eligibility of Loan on Kotak Mahindra Bank Credit Card
The customers who have a good track record of their credit card usage are the ideal candidates who will be given the loan. Having a good repayment schedule, payment history, as well as transaction history, are the other factors which play a role for the customers to be eligible for the loan. Apart from this, there are a number of internal policies that will play an important role to get a loan on your credit card.
How to Apply for a Loan on Kotak Mahindra Bank Credit Card?
You can apply for the loan on your credit card through Kotak credit card net banking and mobile banking as well. Apart from this, if you do not have access to the internet, you can also apply for the loan through SMS or contact the Kotak credit card customer care of the bank.
- To apply for the loan through net banking, here are the steps which you need to follow:
- Login to www.kotak.com
- Click on the 'Net Banking' option.
- Enter your customer ID and the password to log in to your account.
- Click on the option of 'Credit Card'.
- Select the 'Loan on Card' option.
- If you wish to apply for the loan through mobile banking, the steps you need to follow are:
- Download Kotak Mobile Banking application from the Google Play Store or Apple's App Store
- Log in to Mobile Banking app by entering the customer ID and MPIN.
- Click on the tab of 'Credit Card'.
- Choose the option of 'Loan on Credit Card'.
If you do not have access to the internet, you can always apply for the loan through SMS by sending PLCC to 567688. You can also call the customer care of the bank at 1860 266 2666 if you are not able to send a message.
Repayment of Loan on Kotak Mahindra Bank Credit Card
After your request for the loan on your credit card is approved by Kotak Mahindra Bank, a representative will get in touch with you via email or call to explain the particulars of the loan. This will include the loan amount, the tenure chosen, interest rate as well as the repayment schedule of the loan such as the EMI which needs to be paid by you.
You can pay the EMI via ELSS where the amount gets directly debited from your account or you can also submit a cheque to the bank for the EMI amount.
Loan on Kotak Mahindra Bank Credit Card FAQs
- Can I get any benefit if I am an existing Kotak Bank current account or savings account customer?
Yes. The bank offers preferential interest rates, faster processing, and doorstep service to existing bank customers while taking the loan.
- What should be done if I lose the credit card after receiving the loan amount?
If you lose your card, you will need to call the customer care of the bank and alert them immediately so that the card can be blocked.
- How long does it take for the loan application to be processed?
Since the application for a loan on a credit card from Kotak Mahindra Bank requires minimal documentation, it will be taking up to 7 working days for the loan application to be processed.
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Credit Card Eligibility
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