Eligibility – Kotak Mahindra Bank

Get an Instant Kotak Mid-Month Advance with Your Kotak Salary Account

If you are feeling the mid-month pinch before your salary lands, checking your payday loan eligibility is the smart first move. Kotak Mid-Month Advance lets qualifying salary account holders access instant funds through Net Banking or Mobile Banking, without paperwork or branch visits.

Before applying, it helps to know exactly who qualifies and what determines your eligibility for this facility.

Payday Loan Eligibility Criteria for Kotak Mid-Month Advance

Kotak Mid-Month Advance is available on an offer basis only and available online on Net Banking and Mobile Banking. It is possible to meet the payday loan requirements if your salary is credited through a Kotak account:

Indian resident and aged between 21-58 years
Salary account with Kotak Mahindra Bank
Minimum net monthly salary of Rs.10,000/-

Depending on your salary and Kotak's risk assessment, you can avail an advance of anywhere between ₹3,000 and ₹1.5 lakh. Credit is at the sole discretion of Kotak Mahindra Bank basis approved risk policy Kotak verifies your mid month advance salary credit before confirming eligibility, and the final credit decision rests solely with Kotak Mahindra Bank, based on its approved risk policy.

Kotak Mid-Month Advance Fees and Charges

Kotak Mid-Month Advance is a salary advance loan available in India at attractive interest rates of 10% annually! Below is the full list of fees and charges:

Heads	Charges
Interest rate	10% annually
Loan Processing Fees	Up to 6% of the final loan amount plus applicable taxes. Will be deducted from the loan amount at the time of disbursal
Stamping Charges	Applicable as per the respective state's Stamp Act
Penal charges on Overdue EMI	Amounts standing unpaid on respective due dates will attract penal charge at 8% annually plus applicable taxes (to be charged for actual no. of days) on overdue amount
Bounce charges	Rs.750 per instance (Inclusive of applicable taxes)

* Fees and charges mentioned above are subject to change from time to time.

Ready to take the next step?

Checking your payday loan eligibility online takes barely a minute, and you get an instant answer. Once Kotak confirms you qualify, applying for your Mid-Month Advance takes just a few more clicks.

Frequently Asked Questions

What is Kotak Mid-Month Advance?

Kotak Mid-Month Advance is a pre-approved short-term loan offered exclusively to Kotak customers. It provides instant fund disbursal without any paperwork and is available online via Kotak Mobile Banking, Net Banking, SMS, or email communication

How can I contact Kotak for further assistance?

You can reach our customer service at 1800 4100 (local call rates apply), available Monday to Saturday, 9:00 AM to 8:00 PM, excluding holidays.

Can I apply offline or at a branch?

No. Kotak Mid-Month Advance is available only online through Mobile Banking, Net Banking, SMS, or email communication.

Can I avail the loan more than once in a cycle?

Currently, only one loan can be availed per cycle.

Can I re-avail Kotak Mid-Month Advance?

Yes, provided the previous loan is fully repaid on its maturity date and you continue to meet the bank’s credit criteria. Repeat usage is subject to offer availability.

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Get an instant Kotak Mid-Month Advance with your Kotak salary account

Get an Instant Kotak Mid-Month Advance with Your Kotak Salary Account

Payday Loan Eligibility Criteria for Kotak Mid-Month Advance

Kotak Mid-Month Advance Fees and Charges

Ready to take the next step?

Ready to take the next step?

Frequently Asked Questions

What is Kotak Mid-Month Advance?

How can I contact Kotak for further assistance?

Can I apply offline or at a branch?

Can I avail the loan more than once in a cycle?

Can I re-avail Kotak Mid-Month Advance?