Kotak ATM/Debit cardholders can now pay up to Rs 5000 or more in EMIs without paperwork!

Kotak Mahindra Bank Ltd (KMBL) today said all eligible Kotak debit cardholders can now avail the EMI on Debit Card facility on all their mid and high-value purchases, at all offline and online stores across the country. This buy now, pay later facility is being offered under the Kotak Smart EMI initiative, enabling KMBL customers to buy virtually anything and everything – from groceries and fashion to smartphones and electronics – at any merchant establishment and pay via easy instalments.

How to get Kotak Smart EMI

• Kotak Mahindra Bank debit card holder can makes a purchase through Kotak debit card at any online/ offline store.
• S/he will get a link via SMS, which can be used to convert the transaction into an EMI.
• The customer can click on the link, choose her/his preferred EMI tenure, review details and confirm the transaction.
• The transaction will be instantly converted into EMIs.
• The original amount swiped will be credited back to the customer’s account.

Till now, shoppers could avail EMI on debit cards only at particular outlets based on a tie-up between the merchant and the bank. However, under the Kotak Smart EMI initiative, KMBL has now extended the EMI on Debit Card facility to cover all permitted categories at any merchant store across the country.

Kotak Mahindra Bank said that transactions of Rs 5,000 or more can be converted into EMIs with no paperwork or documentation required.

Commenting on the offer, Ambuj Chandna, President – Consumer Assets, Kotak Mahindra Bank said, “EMI on debit cards increases affordability for consumers, giving them the ability to pay for big-ticket purchases in small and easy instalments. In response to an increase in demand from our customers for EMI-based transactions, we are pleased to be able to significantly enhance the scope of our Pay Later offering for our customers by extending the EMIs on Debit Cards facility to almost all purchases made on one’s Kotak debit card.”

“Further, with debit cards far outpacing credit cards in terms of number of cards, this initiative opens doors to affordable and convenient access to credit to a large, hitherto underserved market,” added Ambuj.