Borrowed home, car, personal or any term loan from Kotak Mahindra Bank? Paying EMIs? Big convenience! New facility launched

It's an important update for those who have taken a loan from Kotak Mahindra Bank. The lender has announced the launch of a simple and convenient way through which customers can now make a payment for a missed EMI or an overdue loan instalment using any payment app such as Google Pay, PhonePe, Paytm etc.

Kotak Loans is now live on the Bharat Bill Payment System (BBPS) platform and customers have to simply choose “Kotak Mahindra Bank Loan” as the biller name on the payment app of their choice.  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 repayment facility is available on all KMBL terms 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 is how to do it? 5 simple steps:

1 Customer logs in to her/his preferred payment app.

2 Selects ‘Kotak Mahindra Bank Loan’ as the biller.

3 Enters the Kotak Loan Account Number. Overdue EMI details, if any, will be displayed.

4 Customer chooses the amount s/he would like to pay

5 The amount paid is adjusted to the customer’s loan account on a real-time basis.

Commenting on the development, Ambuj Chandna, President – Consumer Assets, Kotak Mahindra Bank Limited said, “The payments space is rapidly evolving and payment apps have become extremely popular for their ease and convenience. Kotak customers can now use the payment app of their choice such as Google Pay, PhonePe and Paytm to pay their overdue loan instalments as well. There are times when one misses paying an EMI on time and Kotak customers can now simply login to their favourite payment app and complete payment of an overdue EMI in just a couple of clicks. The end goal is to make loan repayments easier and worry-free for our customers.”