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You can foreclose/pre-close your Kotak Personal loans post payment of first EMI. Upto 3 years foreclosure charges are 4 % plus GST on outstanding principal. For the period after 3 years the foreclosure charges are 2 % plus GST on the outstanding principal.
Lock-in period structure :
Foreclosure charges |
Up-to 3 years - 4% + GST on outstanding principal |
After 3 years - 2% + GST on outstanding principal |
You may visit our nearest Kotak Retail Assets branch (List of Kotak Loan Branches), (OR) you can also call our Customer Contact Centre on 18602662666 (Local call rates apply) between 9:00 am to 7:00 pm from Mon to Sat excluding holidays after completion of lock-in period for issuance of foreclosure letter. You need to call and inform Customer Contact Centre team post making the payment towards Foreclosure.
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