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Kotak Personal Loan Closure

Kotak Bank Foreclosure Charges

Last Updated 22nd Nov 2021

  • Kotak Bank Personal loan pre-closure refers to a situation where the borrower pays back the loan before the end of a personal loan agreement either fully or partially.
  • Partial payment of Kotak Bank Personal loan is called Part payment, whereas closing the loan completely is called foreclosure.
  • You can foreclose your personal loan by contacting the Kotak Bank branch where you availed the loan.
  • Ensure collecting NOC and loan statements of your last paid EMIs once you prepay or part pay your personal loan.
Part Payment Fee Allowed After 12 Months at Rs.500/- + GST Charges applicable on part payment. After lock-in period, Customer can pay 20% every year on Principal Outstanding
Foreclosure Fee Allowed After 12 Months at Starting from Rs.999
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Kotak Bank Personal Loan Pre-Closure

You can avail foreclosure of Kotak Bank personal loan if you pay back the personal loan completely before the end of the loan agreement. In case of foreclosing the loan, you will have to pay the current month's EMI, any outstanding dues if there are and the foreclosure fees.Kotak Bank allows part payment of personal loan after 12 Months at Starting from Rs.999

Steps of Kotak Bank personal loan preclosure are as follow:

  • Visit the Kotak Bank branch and carry all the necessary documents like identity proof, last EMI payment, and loan account number to the Kotak Bank.
  • Pay the outstanding loan amount as well as the Kotak Bank foreclosure charges.
  • Once all the documents are checked and the amount made, the bank will check to provide the acknowledgement. The acknowledgement will clarify that you have paid the loan amount and there are no further outstanding dues left.

Kotak Bank Personal Loan Part-Payment

Apart from foreclosing Kotak Bank Personal Loan, you may also prepay your personal loan partially. This is called personal loan part payment. Kotak Bank allows part payment after 12 Months at Rs.500/- + GST Charges applicable on part payment. After lock-in period, Customer can pay 20% every year on Principal Outstanding

Fees and Charges of Kotak Bank Personal Loan Closure

Fees and charges associated with preclosure of Kotak Bank Personal Loan are listed as follows:

  • Part payment is Allowed at Rs.500/- + GST Charges applicable on part payment. After lock-in period, Customer can pay 20% every year on Principal Outstanding after 12 Months
  • Foreclosure is Allowed at Starting from Rs.999 after 12 Months

Kotak Bank Personal Loan Regular Closure

You can pay back your HDFC Bank Personal loan via regular closure, which involves repaying the last EMI of the loan as per the pre-decided personal loan part payment schedule. The steps for closing Kotak Bank Personal loan are as follow:

  • Pay the last instalment of the Kotak Bank loan and contact the bank for closing the loan.
  • Provide all the relevant documents like identity proof, last EMI payment, and loan account number to the Kotak Bank branch where you opted for the loan.
  • On checking all the documents and their authenticity, the bank will provide the NOC or No Objection Certificate. No objection certificate is proof that you have paid all the EMIs and there is no outstanding due.

However, in order to make the loan less expensive, you may opt for a Kotak Bank Personal loan part payment. To reduce the interest burden, you can opt for Kotak Bank foreclosure or part payment of the loan.

Required Documents for Kotak Bank Personal Loan Closure

The documents required for Personal loan foreclosure from Kotak Bank are:

  • Loan statements
  • Identity and address proofs such as Aadhar, Voter ID, Passport
  • Cheque or demand draft

After the loan has been closed, it is important that you collect the acknowledgement slip, NOC certificates and payment receipts from Kotak Bank.

Check Prepayment Charges of Other Banks

FAQs

What is the Kotak Bank pre-closure fee for a personal loan?

Pre-closure fee or foreclosure charges is a penalty levied when you prepay the personal loan before the end of the tenure. Kotak Bank allows part payment of personal loan after 12 Months at Rs.500/- + GST Charges applicable on part payment. After lock-in period, Customer can pay 20% every year on Principal Outstanding.

Can we close personal loans online for Kotak Bank?

No, you cannot close the personal loans online for Kotak Bank. Individuals are required to visit the Kotak Bank Branch to close the personal loan. Below are the steps to close the Kotak Bank personal loan:

  • Visit the nearest Kotak Bank branch.
  • Carry necessary documents like identity proof, address proof and bank statements mentioning the final clearance of the last EMI.
  • Once all the documents are successfully checked, the Kotak Bank will give the acknowledgement letter and NOC.

Does foreclosure of Kotak Bank personal loan affect CIBIL?

Foreclosure of Kotak Bank personal loan may not directly affect your CIBIL score. However, your chances of creating a good credit history, which will result in an improved score, will be affected.

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Kotak Personal Loan News - Dec 2021
  • 2021-07-09 : Kotak Bank Q1 Net Profit seen up 25.6% YoY to Rs. 1,563.4 crores
    Motilal Oswal has come out with its first-quarter earnings estimates for the Banks and Insurance sector. The brokerage house expects Kotak Bank to report a net profit of Rs. 1,563.4 crore up 25.6% year-on-year on all products combined including Personal Loan, Home Loan, Loan Against Property, Business Loan, Gold Loan, and Car Loan. Net Interest Income (NII) is expected to increase by 7.7% Y-o-Y to Rs. 4,011.9 crores.
  • 2021-02-18 : Kotak Remit launched to send money abroad directly from phone
    Kotak Mahindra launched its outward forex remittance service, Kotak Remit. The service will allow its users to directly send money abroad from their phones. The feature is live on the Kotak Mobile Banking App.
  • 2021-01-27 : Kotak Mahindra Bank Q3 net profit up 16%
    Kotak Mahindra Bank posted a net profit of Rs 1,853.5 crore as against Rs 1,595.90 crore last year. The bank reported a growth of 16% on a year-on-year basis backed by home, personal, car, two wheeler and gold loan along with business and mudra loans.
  • 2020-10-16 : Kotak Mahindra Bank launches festive offers
    Kotak Bank introduced festive offers to lure customers. Individuals can avail special offers on other banking products including savings accounts, debit & credit cards and no-cost EMI payments. Festive offers include home loans starting at 7% p.a plus savings of up to Rs. 20 lakh on Balance Transfer cases. Further, the bank is offering 50% waiver on Processing Fee on Car Loans, Two-wheeler Loans, Agri-Business, Commercial Vehicle and Construction Equipment.
  • 2020-07-27 : Kotak Mahindra Bank Q1 net dips 8.5% to Rs. 1,244 cr
    Kotak Mahindra Bank reported a fall of 8.5% in its standalone net profit at Rs.1,244 crores for the quarter ending 30 June 2020. It was Rs. 1,360 crores in the year-ago period. The net interest income backed by retail loans home, personal, gold, car loans and two-wheeler loans along with business and mudra loans increased by 17.81% to Rs. 3,723.85 crore.
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