When can I foreclose the loan? What is the procedure for full prepayment?

Foreclosure on a loan can be done at any point of time during the tenure, however foreclosure charges of 6% will be applicable if the loan is foreclosed within 12 months of loan agreement date and 5% will be applicable if the loan is foreclosed after 12 months of loan agreement date on the outstanding Principal amount.
You may request for foreclosure of loan online (Click here to submit your query/request) (OR) you may visit the nearest branch and submit the physical request (OR) you may call our Customer Contact Centre on 18602662666 (Local call rates apply) between 9:00 am to 6:00 pm from Mon to Fri excluding holidays.
Turn Around Time (TAT) for issuance of Foreclosure Statement is 10 working Days
You need to submit the full prepayment cheque at our branch at least 7 working days before your next Installment date
You can make the foreclosure payment either via DD/cheque/cash, cheque or DD in favor of "Kotak Mahindra Bank " after you receive the Foreclosure statement.
Once your foreclosure cheque is cleared your loan closure will closed in the banks records
You will receive the No Objection Certificate (NOC) on your registered email id within 3 Working days. If your email id is not registered, then a physical NOC will be sent to you on your registered address.
Unused Post Dated Cheque's (if any) will be couriered to your registered address within 15 working days post closure of your loan account

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