Kotak Mahindra Bank allows customers to pay missed loan EMI via Google Pay, PhonePe, Paytm; here's how it works
The facility is available on all Kotak Mahindra Bank term loans such as personal loan, home loan, consumer durable loan, business loan and gold loan, among others.
April 12, 2021 / 09:32 AM IST
Kotak Mahindra Bank has introduced a new way for customers to pay a missed EMI or an overdue loan instalment using any payment app such as Google Pay, PhonePe and Paytm, among others.
Kotak Loans is now live on the Bharat Bill Payment System (BBPS) platform.
Customers need to choose "Kotak Mahindra Bank Loan" as the biller name on the payment app of their choice in order to make the payment. Details of any EMIs that are past the due date will be displayed and the payment will reflect in the customer’s loan account on a real-time basis.
This facility is available on all KMBL term loans such as personal loan, home loan, consumer durable loan, business loan, gold loan, loan against property as well as commercial vehicle loan, tractor finance loan, construction equipment loan, etc.
Here are 5 steps through which customers can avail the new facility:
> Customer logs into her/his preferred payment app
> Selects ‘Kotak Mahindra Bank Loan’ as the biller
> Enters the Kotak Loan Account Number. Overdue EMI details, if any, will be displayed
> Customer chooses the amount s/he would like to pay
> The amount paid is adjusted to the customer’s loan account on a real-time basis