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Kotak Mahindra Bank charges a processing fee of up to 3% of the loan amount for its personal loans. An additional GST is also payable on the processing fee.
No, the personal loan processing fee is non-refundable. It is a one-time payment payable for the processing of your loan application by the bank,
Kotak Mahindra Bank allows foreclosures or prepayment after completion of lock-in period. Upto 3 years Kotak Mahindra Bank takes foreclosure charges of 4 % plus GST on the foreclosure amount. For the period after 3 years the charges are 2 % plus GST on the foreclosure amount.
Lock-in period structure : |
A) Loan tenure <= 18 months : Lock-in period will be 50% of the total tenure period. |
B) Loan tenure > 18 months : 12 months Lock-in period. |
If you miss a personal loan EMI, a charge of 3% per month, compounded monthly would be payable on the amount due. This charge would be payable from the date the EMI falls due to the date on which the due EMI is eventually paid.
