Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
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.
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.
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.
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:
If you wish to apply for the loan through mobile banking, the steps you need to follow are:
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.
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.
Yes. The bank offers preferential interest rates, faster processing, and doorstep service to existing bank customers while taking the loan.
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.
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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