Private Sector BankSalaried Employeesunsecured

Kotak Mahindra PayDay Loan

कोटक महिंद्रा पे-डे लोन

Instant digital salary advance via Kotak Mobile Banking app up to ₹1 Lakh.

Max Loan Amount

₹10,000 to ₹1,00,000 (instant salary advance)

Interest Rate

12.00% - 18.00% p.a. (short-term advance)

Tenure

1 to 12 months

Processing Fee

Flat ₹500 to ₹1,000 + GST

✦ What It Is: Product Architecture & Regulatory Scope

Kotak PayDay Loan is a short-term instant digital credit line providing quick salary advances to salaried customers to manage month-end cash crunches, medical expenses, or festival shopping.

What is Missing: Honest MITC Policy Gaps, Hidden Clauses & Extra Charges

Eligo consumer protection notice: Bank brochures, DSA telecallers, and comparison portals rarely disclose these conditions. Read carefully before signing.

• Exclusive to Kotak Corporate Salary account holders. • Loan amount capped at ₹1 Lakh or 50% of monthly salary. • Bullet repayment or short-tenure EMIs create high monthly cash outflow.

✦ Key Benefits & Features

• Instant money in your account in under 2 minutes • Short repayment tenures from 1 to 12 months • Zero prepayment penalties for early closure • No physical documentation or branch visit.

✦ Prepayment, Part-Payment & Foreclosure Rules

NIL prepayment penalty; can be closed anytime before maturity.

✦ Eligibility Requirements

Active Kotak Corporate Salary account holders with at least 3 consecutive salary credits. Min Age: 21, Max Age: 58. Min Net Monthly Salary: ₹20,000. Min CIBIL: 700.

Min Age21 Years

Max Age58 Years

Min Monthly Income₹20,000

Min CIBIL Score700+

✦ Documents Required

• Zero physical documents required.

✦ Exact How-To-Apply Process (3 Pathways)

Depending on your current relationship with the bank, select the corresponding application journey:

Pathway A

Existing / Pre-Approved Customers

1. Open Kotak Mobile Banking App > PayDay Loan banner. 2. Select advance amount and tenure. 3. Authenticate with MPIN. 4. Disbursed in 2 minutes.

Pathway B

New Online Applicant (Fresh Digital)

Not applicable — available strictly to existing Kotak salary account holders.

Pathway C

Branch Walk-In Application

Not applicable — STP digital feature.

Official Sourcing & MITC Verification

180-Day Re-Verification SLA · Last Verified: 2026-09-28

Eligo does not collect personal loan applications, sell user data to DSA telecallers, or receive affiliate commissions. All terms shown are extracted directly from official bank circulars, Most Important Terms and Conditions (MITC), and Key Fact Statements (KFS) under RBI guidelines.

Visit Official Lender Portal (Kotak Mahindra Bank Digital Banking)View Official MITC / Schedule of Charges RBI Key Fact Statement (KFS) Reference

Frequently Asked Questions on Kotak Mahindra PayDay Loan

How quickly is PayDay Loan disbursed?

Within 2 minutes directly into your Kotak Corporate Salary account.

Are there prepayment charges?

No, you can prepay or close your PayDay loan anytime without penalty.

Can non-Kotak customers apply?

No, this facility is exclusively for Kotak corporate salary package account holders.