Fine-tuning a Pre-trained Language Model (PLM)  on a specific downstream task has been a well-known paradigm in Natural Language Processing. However, with the ever-growing size of PLMs, training the entire model on several downstream tasks becomes very expensive and resource-hungry. Recently, different Parameter Efficient Tuning (PET)  techniques are proposed to improve the efficiency of fine-tuning PLMs. One popular category of PET methods is the low-rank adaptation methods which insert learnable truncated SVD modules into the original model either sequentially or in parallel. However, low-rank decomposition suffers from limited representation power. In this work, we address this problem using the Kronecker product instead of the low-rank representation. We introduce KronA, a Kronecker product-based adapter module for efficient fine-tuning of Transformer-based PLMs. We apply the proposed methods for fine-tuning T5 on the GLUE benchmark to show that incorporating the Kronecker-based modules can outperform state-of-the-art PET methods.