How do I foreclose/Preclose my Loan?

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You can foreclose/pre-close your Kotak Personal loans post payment of first EMI. Upto 3 years foreclosure charges are 4 % plus GST on outstanding principal. For the period after 3 years the foreclosure charges are 2 % plus GST on the outstanding principal.

Lock-in period structure :

Foreclosure charges	Upto 3 years - 4% + taxes on outstanding principal
	After 3 years - 2% + taxes on outstanding principal

	For >10L Loan amount: Foreclosure charges of INR 999/- plus taxes
	(only if closing through own funds and after completion of 12 months).
	Applicable only for Sanction Letter issued on or before 21st June 2023 and Subject to following conditions.
	(This will not be applicable for digitally availed loans)
	i) Customer will have to provide a copy of this sanction letter/email at the time of foreclosing the loan with the above clause mentioned.
	ii) Latest 3-month salary account statement and savings account statement (from where payment is being made) must be submitted, and no loans should have been availed during the last three months to benefit from this offer (FC 999/-). Bank has the right to ask for additional documents in order to validate the claim and the decision of the Bank will be final and binding in all respects.

You may visit our nearest Kotak Retail Assets branch (List of Kotak Loan Branches), (OR) you can also call our Customer Contact Centre on 18602662666 (Local call rates apply) between 9:00 am to 7:00 pm from Mon to Sat excluding holidays after completion of lock-in period for issuance of foreclosure letter. You need to call and inform Customer Contact Centre team post making the payment towards Foreclosure.

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