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

  • 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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