What is the procedure for full foreclosure of a personal loan?
Borrowers have the option of foreclosing their loans before the pre-decided date of maturity. For availing of this feature, the borrower must have paid 12 months of regular EMIs of his loan. From the 13th month, he can choose to repay the entire amount of the personal loan along with the additional charges of foreclosure. Kotak Bank requires the borrows to send an intimation regarding their foreclosure of loan 5 days prior.