Kotak Mahindra Bank: Missed loan EMI? Now, pay via Google Pay, Paytm, PhonePe

Kotak Mahindra Bank customers can avail the new facility in five stepsPremium
Kotak Mahindra Bank customers can avail the new facility in five steps
 2 min read . Updated: 10 Apr 2021, 02:16 PM IST Staff Writer

Kotak Mahindra Bank Limited (KMBL) today announced the launch of a new way customers can make 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. In order to make the payment, customers have to 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.

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Kotak Mahindra Bank customers can avail the new facility in five steps:

  • Customer logs in to 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.

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."

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