Kotak Mahindra Bank customers who wish to pre-close their loan before the maturity of the loan can do so at the Kotak Mahindra Bank branch that disbursed the personal loan. Customers will be charged 5% of the outstanding loan amount + GST to foreclose the loan. Kotak Mahindra Bank allows customers to make only full pre-payment and no part-payment facility is available.
Kotak Bank Personal Loan Pre-Closure Charges
Fees and charges
5% of the outstanding loan amount + GST
Requirements for Kotak Mahindra Bank Personal Loan
The Kotak Mahindra Bank has to complete 12 EMI payments before he/she can apply for a personal loan foreclosure.
Following the completion of 12 EMIs, the customer has to send a foreclosure written request to the bank. The customer will be required to serve a notice period till the issuance of foreclosure statement from the bank.
To make the foreclosure, the customer will need to have the foreclosure statement, and the turn-around time of Kotak Mahindra Bank to issue the statement is between 10-20 working days.
To know more about the norms of a Kotak Mahindra Bank personal loan foreclosure, the customer can send a query to the customer care unit of the bank.
How to Pre-Close Kotak Mahindra Bank personal loan?
The customer has to write a request to Kotak Mahindra Bank that he/she wishes to foreclose the personal loan from his/her registered email ID. This can be done only after the customer has completed 12 EMI payments.
The customer will have to serve a foreclosure intimation period of a maximum of 30 days till the bank issues the foreclosure statement.
The customer has to then submit the pre-closure cheque to the bank. This must be done at least 7 days prior to the next EMI of the personal loan.
The pre-closure payment can be done via cheque or Demand Draft that has been written in favor of Kotak Mahindra Bank.
Once the cheque is cleared by the bank, the foreclosure will be recorded in the books of the bank.
Kotak Mahindra Bank will then send the customer a No Objection Certificate (NOC) and any EMI post-dated cheques 15 days after the termination of the loan account.
The pre-closure charges will be applicable and there will be no waiver on the pre-closure charges, the lock-in period and the notice period that the customer will have to serve prior to closing the personal loan.
Things to Ensure After Foreclosing a Kotak Personal Loan
Once the foreclosure payment has been made via cheque or Demand Draft, the customer will have to ensure that bank issues the foreclosure transaction receipt.
15 days after the termination of the loan account, the bank has to send you the No Objection Certificate, No-Dues Certificate, Closure Certificate, etc.
Just to be on the safe side, the customer can request the bank to issue a Statement of Accounts.
Ensure that you have been charged correctly by the bank. Do through the foreclosure statement and ensure that the break-up of the cost of the pre-closure is correct.
For any queries or feedback related to personal loan foreclosure, customers can contact the customer care unit of Kotak Mahindra Bank by dialing 18602662666 between 9:00 am to 6:00 pm from Monday to Friday.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
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Kotak personal loan experience was satisfactory because the process so simple and taken less time to sanction the amount. Best part they gave me least interest in the market, I took the loan amount of Rs. 17 lakhs for the duration of five years.
I haven't taken any loan from Kotak mahindra but i have applied the loan. Actually i got a offer from them hence i have applied the loan amount of Rs. 5 lakhs and I'm unable to provide the documents since i was in out of station and asked the collection executive after 20 days but he didn't turned up.
I have applied for Kotak Mahindra Bank personal loan through Online.I have got all the details about the loan process ,I have not submitted the documents since have a salary account with this bank got the loan on paperless approval .The agent gave all the details about the loan process .I have got the loan on time and it was sufficient.
I have applied for Kotak Mahindra Bank personal loan which was applied through Online .I have got the loan amount on time and there was no difficulties faced .Whilew submititng the documents there was no difficulties faced so far.The loan amount was sufficient as well ,I am really satisfied with the service.
I have applied for Kotak Mahindra Bank through Online .I have got the details about the loan process through the agent.The rate of interest and the processing fee was high so cancelled the plan of taking this loan .I have not submitted any documents .The service was pretty good .
I have not faced any difficulties so far when applied for Kotak Mahindra Bank personal loan .The rate of interest was nominal and the processing fee was high.I have got the loan amount on time and it was sufficient as well .While submitting the documents there was no difficulties faced. In all I am very much satisfied with their service.
Kotak Mahindra bank loan service is better. My friend is working in kotak mahindra with the help of him, i got the personal loan. I got the promotional call with the offer hence i have accepted the same and got the loan with the interest rate of 15%. The given amount is Rs. 1 lakh. There is no pre-closure facility.
I applied for personal loan from KOTAK MAHINDRA BANK through Bankbazaar.com. Their rate of interest was very high in comparison to other banks in the market. Kotak bank customer service is very good and responsive. I did not submit any of my documents.
I have applied for personal loan from KOTAK MAHINDRA BANK. I am ok with the rate of interest, it's as per the market. There was a little delay to to received the loan amount and the amount is lesser than I expected. Their customer service is very helpful.
I have applied for Kotak Mahindra Bank personal loan which was applied through online .I have not faced any difficulties ,The rate of interest and the processing fee was high once it was approved.I have got all the required details about the loan process through the agent .I have got the loan amount on time and it was sufficient as well .
When I compared with other Banks, Kotak Mahindra Bank has lower interest rate hence have taken my personal loan. There was a processing fee which is minimal. The loan tenure is 3 years and am satisfied with the loan amount. The executive came to my place and collected the documents.
I have selected kotak mahindra personal loan amount 1.5 lakhs tenure 3 years , EMI Rs 3000, Rate of interested is normal , while documents submit through on line as well executive, while calling to the customer care they are hung up call twice its happen like that . There is no delay while disbursal loan amount.
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SAGAR MOHAN CHAMLING
Reviewed on Aug 13, 2019
The rate of interest is nominal in Kotak Mahindra Bank when compared to other banks. I have taken a loan on 1 and half year before. They have taken me a processing fee for the personal loan which is nominal. The loan tenure for 4 years. The loan process was quite good.
I have taken a personal loan from KOTAK MAHINDRA BANK. Rate of interest is quite nominal as comparison to other banks and loan amount is also sufficient for me. Documentation and verification process was very smooth. Their customer service is very responsive.
I have applied for Kotak Mahindra bank personal loan which was applied through online .I have got this loan on delay basis.The rate of interest and the processing fee was nominaland there was no issues so far ,I have submitted the documents through the agent .I am really satisfied with the service .
I have taken a personal loan with KOTAK MAHINDRA BANK on one month before which was applied through an online. The process was delay from bank to complete and took more than a week to sanctioned the loan more than a week for low amount for the tenure period of 3 years. The rate of interest and fee are high for 18% and processing fee are high.
I had applied for personal loan Kotak Mahindra Bank. Their rate of interest is very high. I have got sufficient loan amount but they had deducted processing fee. Loan was disbursed on time. Verification and documentation process was hassle free.
The rate of interest is nominal in Kotak Mahindra Bank when compared to other banks. They have taken me a processing fee for the personal loan also insurance fee plus GST. The loan tenure is 48months. The loan process was quite okay and the documents are submitted online as well as given to the executive.
My personal loan was processed with Kotak Mahindra Bank through online channel. The interest was quite higher when compared with other banks. The processing fee is also applicable. The loan tenure is 5 years. They are given me a foreclosure option after one year.
Initially Kotak Mahindra Bank has told me 11.8% interest rate for the personal loan but have checked on their app, it was like 12.5% which I need to check with the customer service. I have been paying the EMI for last 10months. There was a processing fee and also deducted some charges for an insurance.