This Bank Allows EMI Payment Via Google Pay, PhonePe, Paytm Wallets: How Will This Work?

Customers can now make payment for a missed EMI or an overdue loan instalment using any payment app such as Google Pay, PhonePe, Paytm etc, said Kotak Mahindra Bank Limited (KMBL) today in an announcement.

EMI Payment Through Any Payment Apps

Kotak Loans is now live on the Bharat Bill Payment System (BBPS) platform. If one intends to may payment through any of the apps, all one has to do is choose “Kotak Mahindra Bank Loan” as the biller name. If in case there are any EMIs pending and is past the due date, then the details of the same shall be displayed and the payment also will be reflected in the loan account of the customer on a real time basis.

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 come under the purview of this repayment facility.

Steps To Avail The Facility:

This new facility by Kotak Mahindra Bank can be availed in five steps:

  • One has to login to her/his preferred payment app.
  • Choose ‘Kotak Mahindra Bank Loan’ as the biller.
  • Enter the Kotak Loan Account Number. Details of any overdue EMI shall be displayed.
  • Choose the amount one would like to pay
  • The paid amount shall be reflected on a real-time basis in one’s loan account

According to the President – Consumer Assets of Kotak Mahindra Bank Limited, Ambuj Chandna, the entire payments space is evolving rapidly. He attributes the popularity of payments app to the ease and convenience. He added that sometimes customers fail to pay an EMI within the deadline and hence Kotak would like to enable its customers to pay the overdue loan instalment by simply logging in to their favourite payment app and completing the payment. He said that the end goal is to make their customers free of worries.

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