Fees and Charges

Penal charges (late-payments charges)

Penal charges are applicable on overdue accounts
If a customer misses to pay the EMI OR the NACH (National Automated Clearing House) / ECS (Electronic Clearing System) / SI (Standing Instruction) is returned due to insufficient funds on the due date for payment, 3% penal charge will be applicable on the outstanding EMI amounts per month on a cumulative basis

To illustrate: Here is how the penal charges are calculated with an EMI of Rs. 3,000

Particulars	EMI amount with penal charges (Rs.)*
From the day after the due date (next day)	3000 + 90 (3% of 3000)= 3090
30 days after due date	3090 + 92.70 (3% of 3090)= 3182.70
60 days after due date	3182.70 + 95.48 (3% of 3182.70)= 3278.18
90 days after due date	3278.18 + 98.35 (3% of 3278.18)= 3376.53

* Additionally, ‘EMI bounce / returned’ charge of Rs.750 is applicable

Early repayment / Fore closure

Early repayments / Foreclosure can be done only after three EMIs are paid.
To make early repayments, customers need to write an email to cdservice@kotak.com or call us on 1860 266 7777 (Local call rates apply) between 10:00 am to 7:00 pm from Monday to Saturday, excluding holidays. After they receive a reply they would need to make the repayment within 24 hours; otherwise, per-day rate of interest will be added to their closing amount.
Early repayment / Foreclosure needs to be completed 5 days before the upcoming due date of the customer’s next EMI.
Early repayment / Foreclosure will be charged @ 5.21% on the pending loan amount + GST as applicable.
Part pre-closure is not allowed.

*Extra charges for early repayment are not applicable for No Cost EMI schemes

Credit at sole discretion of Kotak Mahindra Bank Ltd. and subject to guidelines issued by RBI from time to time. Bank may engage the services of marketing agents for the purpose of sourcing loan assets.

Frequently Asked Questions

How do I apply for a new Consumer Finance Scheme?

For this, you can visit the nearest store where Kotak Consumer Finance has a tie up. Click here to find the store near you.