FAQS

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.

How can I contact Kotak for further assistance?

You can reach our customer service at 1860 266 2666 (local call rates apply), available Monday to Saturday, 9:00 AM to 8:00 PM, excluding holidays.

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

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.

How can I avail Kotak Mid-Month Advance?

You can apply anytime, anywhere by logging into the Kotak Mobile Banking app or Net Banking platform. Please note, this facility is available only to pre-approved Kotak customers.

What is the loan amount range?

Minimum Loan Amount: ₹3,000.Maximum Loan Amount: ₹1.5 lakh.The loan amount is pre-approved up to 50% of your net in-hand salary.

What is the interest rate and are there any processing fees?

Interest Rate: Starting from 10% per annumProcessing Fee: Up to 6% of the final loan amount. Details will be shown during the application process.

How is repayment handled?

A lien (hold) is placed on your Kotak Savings Account for the outstanding amount. If sufficient funds are available, the amount is debited automatically. If not, the lien remains until the full amount is recovered.

What happens if I miss the repayment due date?

Penal Charges: 8% per annum (plus applicable taxes) on the overdue amount, calculated for the actual number of days overdue. Bounce Charges: ₹750 per instance (inclusive of applicable taxes).

Will this loan be reported to credit bureaus?

Yes. All loans and repayments are reported to major credit bureaus including CIBIL, Experian, CRIF Highmark, and Equifax.

What is the repayment structure and tenure?

The total repayment amount (principal + interest) is due in a single installment on the specified repayment date. The repayment will be automatically debited from your Kotak Savings Account.

Kotak Mid-Month Advance

Frequently Asked Questions

Basic Concepts & Miscellaneous FAQs