How can I close my Kotak Mahindra car loan?
How to close Auto Loan?
- Fill “Request Form” for Auto Loan closure.
- Submit the following documents in original and one self-attested copy.
- If Loan is closed online, Customer needs to send an email to: [email protected] with UTR no., Bank statement and KYC Docs for Loan closure verification.
How do you foreclose a car in Kotak?
You need to inform us on our helpline number 1860 266 2666 (Local call rates applicable) 9:00 AM to 6:00 PM from Monday to Saturday (excluding holidays) 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.
What is the foreclosure charges for Kotak car loan?
Charges & Fees
| Cheque Dishonour Charges per Cheque | 750 |
|---|---|
| Statement of Account | 500 |
| NOC for Interstate Transfer | 1000 |
| NOC for Commercial to personal use | 2000 |
| Dishonour charges per instance | 750 |
Can we close car loan before tenure?
Pre-closing a car loan before the end of the tenure can negatively affect your credit score. Pre-closing your car loan can help you save up on interest. Although, the borrower is willing to preclose the car loan, the bank may not allow it. That is why, banks charge penalty fees for pre-closing car loans.
How do you foreclose on a loan?
Foreclosure Procedure – a step by step complete guide
- Step 1 – Find the nearest branch.
- Step 2 – Submit an application.
- Step 3 – Submit all the required documents.
- Step 4 – Pre payment of the outstanding loan.
- Step 5 – Receipt of documents.
- Step 6 – Inform the credit rating agencies.
How can I check my Kotak Mahindra car loan status?
You can reach out to the customer care team at 1800-209-5732 who will let you know the status of your car loan application once you provide them with your prospect number or mobile number.
How can I check my Kotak car loan details?
Do not know your CRN?
- Send a SMS from your registered mobile number with the bank on “9971056767 or 5676788” and just mention “CRN”.
- After logging in Click on the “Instalment Loans” Tab in Net Banking or “Loans” Tab in Mobile Banking and to view the Loan outstanding details.
How can I get foreclosure letter in Kotak Mahindra Bank?
You may visit our nearest Kotak Retail Assets branch, (OR) You can also call our Customer Contact Centre on 18602662666 (Local call rates apply) between 9:00 am to 6:00 pm from Mon to Sat excluding holidays after completion of 12 months lock-in period.
Does pre-closure of loan affect cibil?
Full prepayment will boost your credit score. Loan pre-closures don’t have a negative impact on your credit score. Part-prepayments only work when you pay in lump sum. Banks usually have a year as a lock-in period within which you cannot close your loan account.
Can I pay my car loan early?
Some lenders charge a penalty for paying off a car loan early. Repaying a loan early usually means you won’t pay any more interest, but there could be an early prepayment fee. The cost of those fees may be more than the interest you’ll pay over the rest of the loan.
What is pre-closure?
Foreclosure or pre-closure is the process of repaying in full, the outstanding personal loan in one single installment, ahead of the due date.
How does Kotak Mahindra Bank preclose personal loan?
Check your Eligibility! Kotak Mahindra Bank customers who wish to pre-close their loan before the maturity of the loan can do so at the Kotak Mahindra Bank branch that disbursed the personal loan. Customers will be charged 5% of the outstanding loan amount + GST to foreclose the loan.
Are there any hidden charges with Kotak Mahindra?
Trident Hyundai says they can arrange a loan with Kotak Mahindra. The car loan rep who talked to me claims that after one year, there are no part payment penalties and no foreclosure penalties. No additional hidden charges also. This is if, I open a zero balance account with them.
When to send No Objection Certificate to Kotak Mahindra Bank?
Kotak Mahindra Bank will then send the customer a No Objection Certificate (NOC) and any EMI post-dated cheques 15 days after the termination of the loan account.
How long does it take Kotak Mahindra Bank to issue foreclosure statement?
The customer will be required to serve a notice period till the issuance of foreclosure statement from the bank. To make the foreclosure, the customer will need to have the foreclosure statement, and the turn-around time of Kotak Mahindra Bank to issue the statement is between 10-20 working days.