What do I need to do, incase I want to opt for an ECS mode for making my Installment payments instead of PDC?
What do I need to do, incase I want to opt for an ECS mode for making my Installment payments instead of PDC?
You would need to sign and submit an ECS Form along with the documents below,
1 cheque to be drawn in favor of 'Kotak Mahindra Bank Loan Account No.XXXX' Loan Account Holder name XXXX. This cheque needs to be undated and blank at the bottom please mention 'Not more than the loan amount'
6 cheques to be drawn in favor of 'Kotak Mahindra Bank Loan Account No.XXXX Loan Account Holder name XXXX. These cheque need to be undated and blank at the bottom it please mention 'Not more than the EMI amount'
Three cheques dated as per your EMI date and filled with the EMI amount payable in favor of Kotak Mahindra Bank Loan Account No.XXXX Loan Account Holder name XXXX.
PDC change charges* of 500/- +GST will be applicable per instance, in case ECS is being given from a different bank account
All PDC's being submitted need to only be as per the Reserve Bank of India Cheque Truncation System-2010 format (CTS-2010)
Please Note - * PDC swap charges are subject to change.
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