What do I need to do, incase I want to opt for an ECS mode making my EMI payments instead of PDC?

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You would need to sign and submit an ECS/NACH Form along with the documents below,

1 cheque to be drawn in favor of 'Kotak Mahindra Bank Loan Account No.XXXX' Loan Account Holder name XXXX. This cheque needs to be undated and blank, at the bottom please mention 'Not more than the loan amount'

6 cheques to be drawn in favor of 'Kotak Mahindra Bank Loan Account No.XXXX Loan Account Holder name XXXX. These cheque need to be undated and blank, at the bottom it please mention 'Not more than the EMI amount'

Three cheques dated as per your EMI date and filled with the EMI amount payable in favor of Kotak Mahindra Bank Loan Account No.XXXX Loan Account Holder name XXXX.

PDC change charges* of 500/- +GST will be applicable per instance, in case ECS is being given from a different bank account

All PDC's being submitted need to only be as per the Reserve Bank of India Cheque Truncation System-2010 format (CTS-2010)

Please Note: * PDC swap charges are subject to change.

To get the same processed you can walk into your nearest Kotak Retail Asset Branch from Monday to Friday between 10 am to 5 pm & submit your request letter & valid signature Identity self-attested proofs to our service officer

Useful Links

Important Links

ECS Mandate Form

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