FREQUENTLY ASKED QUESTIONS

It is a corporate card for your business spends. It can be used at any online or offline merchant who accepts Mastercard. You can start using your Kodo card as soon as it is delivered to you. You pay for all your Kodo card spends in a month, on the 5th of the next month. You don’t have to pay any interest for this period

Yes. You can issue Kodo cards to as many team members as you like. If you have admin rights on Kodo, you can add team members easily by logging into Kodo. You’ll get real time view and analytics of the spends done using all the Kodo cards in your company. If a team member leaves the company, you can easily block the card on Kodo.

Kodo card is issued in the name of your company. The repayment are made directly from your company’s account. You don’t need to stress about getting re-imbursements every month or before the end of the accounting year. On Kodo, as soon as you do a transaction, you can take a photo of your receipts from within the app for expense filing. At the end of the month, expense reports are generated automatically and sent to you. You don’t need to store paper receipts, that can fade with time, and then spend hours reconciling and making excel spreadsheets for expense reports.

From an accounting and tax perspective, it’s prudent to keep your personal and business expenses separate. You don’t want to worry about proving later that the re-imbursement amount you received in your personal account is not taxable salary.

Also, using the Kodo card and making repayments on time will also help you build a good credit score for your business.

A debit card gives anyone carrying it, access to the entire cash balance in your company’s bank account. That’s why you typically have to make a special request to get a debit card at the time of opening your company’s bank account. Kodo cards provide additional security and fraud protection.

Also, debit cards cannot be issued to multiple team members. Kodo allows you to easily issue multiple cards with set spend limits and monitor them in real time using it’s integrated expense management tool.

Yes. Kodo credit limit is available for you 24X7. There are multiple options to get instant credit for your business on Kodo -
  • You can convert a large expense on your Kodo card to EMIs for upto 12 months
  • If you need quick working capital or a loan for small capex, you can get a loan for upto 36 months instantly in your registered bank account.
  • If you realize that you are unable to repay the due amount on the due date, you can convert that into easily manageable EMIs.

Kodo is an offering of Eight Finance, a NBFC registered with RBI. We have partnered with Federal Bank and they provide the card issuance infrastructure.

We have partnered with RBL Bank for their banking APIs to provide you a seamless & instant financial services experience.

  1. When you click on Get Kodo, we ask you a few questions and given an instant response on your eligibility for Kodo. Final approval is given within 24 hours of you sharing the applicable business information required from you.
  2. Regulations require us to collect KYC documents from our customers. Once you qualify, we will schedule a time to visit you and pick up these documents.
  3. Post KYC, your Kodo card will reach you within 3-5 business days. If you need to get a loan in the interim, you can get an instant loan on the Kodo web/ app.

We offer hassle-free repayment. We automatically debit your business account (the same account you link in the onboarding process by signing the NACH form) on the due date. If your NACH has not yet been registered, you can repay through NEFT or Net Banking options in the Repay section of Kodo web/ app.

Your credit limit is decided based on your personal profile, credit history and business profile – cash balance, spending patterns, existing liabilities etc.

Your Kodo card is valid for 3 years and your credit limit is reviewed annually.

Kodo card is for your business expenses. So, any kind of a business setup is eligible for Kodo. Private Limited Companies, LLP/Partnership firms, Sole Proprietorships and professional self employed people are eligible for Kodo.

Kodo is launching from Mumbai. We’ll be expanding to Delhi NCR, Pune, Bengaluru, Chennai and Hyderabad soon.

Yes, expenses made on the card have an interest-free period of 35 days. Repayment is due on the 5th of the following month.

  • Expenses made on the Kodo card have an interest-free period of 35 days. Repayment is due on the 5th of the following month.
  • Setup fee - Nil
  • Annual fee - Nil
  • Card issuance fee - Nil
  • Loans taken on Kodo - Annual interest rate ranges from 18-24% and processing fee of 2% + GST
  • Late payment fee - 2% per month on the amount overdue, if payments are not made on time. We recommend you register for auto-debit through the NACH form to avoid late payment charges.
  • Forex markup - Nil. However, Mastercard levies ~1.2% fee for forex transactions and we add that amount to your statement.

In case of any queries, please write to us at support@kodo.in.