This bank allows customers to pay missed loan EMIs via digital wallets, check details here

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Kotak Mahindra Bank now allows customers to make payments for missed EMIs using their digital wallets such as Phone Pe, Google Pay, etc. This facility has been initiated by Kotak Mahindra Bank in order to make the process more convenient for customers.

The Bharat Bills Payment System (BPPS), which is an integrated bill payment system offering interoperable bill payment service via a network of agents, now gives the option of ‘Kotak loans’ which will enable users to pay missed debts through their preferred payment apps.

On the mobile app, you get information about all types of loans associated with Kotak Mahindra Bank and the facility to repay them. This facility is available in personal loans, home loans, business loans, gold loans, property loans, commercial vehicle loans, among others.

If you want to pay an EMI through Google Pay, Phone Pe or Paytm, then you have to click on Kotak Mahindra Bank loan option in the particular app. This will be the name of your biller. If you have an EMI or loan installment pending, then its information will be available on the app.

Here are a few easy steps to understand how to pay your loans online through digital wallets:

-Login to your payment app

-Choose Kotak Mahindra Bank loan option as the biller

-Enter Kotak loan account number. overdue EMI details will be available here.

-Pay your impending loan/EMI

-The paid amount will reflect in your loan account in real-time

Now people can easily repay overdue loan installments through the payment app. Kotak Mahindra says this will provide convenience to the customers and will help avoid delayed payments.