What is the processing fee for Kotak Mahindra Personal Loans?
Kotak charges a processing fee at 2.5% of the loan amount. GST and other statutory levies will be additional.
I want to get the repayment schedule for my personal loan. How can I access it?
You can download the repayment schedule for free by logging into your personal loan account. If you wish to get the same delivered to your address, you can place a request by calling the bank’s customer service department or writing an email. The schedule will be delivered to your registered address within 2-3 working days.
I am self-employed. Can I get a personal loan from Kotak Mahindra Bank?
Yes. Kotak Mahindra Bank offers personal loans to self-employed individuals. You should be able to submit all the relevant documents such as proof of identity, address, and income so that the bank can verify the information furnished by you in the application form.
Can I make part-prepayment of my personal loan?
Kotak Mahindra Bank does not offer part prepayment facility. However, if you wish, you can make full prepayment/foreclosure at a minimal charge.
Can I change the EMI due date of my Kotak Mahindra Personal Loan?
Yes. Kotak Mahindra Bank offers the facility to change the installment date from the existing date to a different one. However, only 5th and 10th of a month can be used as installment dates. Such rescheduling will also attract some charges and also the PDC swap charges if you have chosen the PDC method of repayment.
What is an ECS Mandate Form?
When you opt for the ECS mode of repayment, you are required to fill an ECS Mandate Form. In addition to this, the bank also requires you to draw a security cheque in its name. The cheque should be blank and updated, and it should mention at the bottom - “Not more than loan amount”. Six more cheques should also be drawn in their favor, which should indicate “Not more than three times the EMI amount”. PDC Swap charges may be applicable.
How to update my address on my Kotak personal loan account?
You can get your address updated by following a simple procedure as under:
The bank will update the new address in 2-3 working days.
What happens if I miss an EMI payment?
If you miss an EMI, overdue interest will be charged per month until you clear the entire amount. The interest is charged at a rate of 3% per month.
When do I get a No Objection Certificate (NOC)?
When you have completed the loan payment entirely, you need to send a request via letter or email to Kotak Mahindra Bank to get a No Objection Certificate. The NOC will be issued 15 days after the loan has been terminated in the bank’s systems.
What is the procedure to foreclose my personal loan?
Kotak Mahindra Bank does not allow prepayments in the first 12 months of the loan. For foreclosing the loan, you need to send a written request to the bank via letter or email. The bank requires 30 days intimation period for the same. Once the intimation period is over, Kotak will issue a foreclosure statement which will include the total amount (loan outstanding + prepayment charges + taxes + other statutory levies). The prepayment cheque/DD should be submitted to the bank 7 days before your EMI due date. The cheque/DD should be drawn in favor of “Kotak Mahindra Bank”. Once the bank has cleared the cheque, the loan will be terminated from the bank’s records. After this, a NOC will be issued and any remaining Post Dated Cheques will be returned to you.