Personal Loan

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• We do not allow prepayments for a period of 12 months from the date of your first EMI. 30 days foreclosure intimation period is mandatory.
  
• You need to inform us in writing or via email about your request for full prepayment.
• Once your intimation period is complete, the foreclosure statement of your loan will be issued to you from our end.
• You need to submit this full prepayment cheque at our branch at least 7 working days before your next EMI date.
• You can make the foreclosure payment either via DD/cheque/cash, cheque or DD in favor of "Kotak Mahindra Bank " after the intimation period is over.
• Once your foreclosure cheque is cleared your loan closure will happen in the banks records.
• We will send the No Objection Certificate (NOC) and the balance Post Dated Cheques (if any) to your correspondence address within 15 working days post termination of your loan account.
• After the 12 + 1 month intimation period, the foreclosure charges applicable would be 5% + service tax on principal outstanding.

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Changing of EMI date will attract rescheduling charges and PDC Swap charges* per instance plus applicable service tax. You would need to provide a written request mentioning the reason for the EMI date change and send the rescheduling charges to us 7 working days pre/7 working days post the EMI date.

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 Charges* applicable would be Rs.500/- per instance plus applicable service tax.

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