[Resolved]  Kotak Mahindra Bank — pre-payment penalty

Address:

Thane, Maharashtra

How far is it correct to charge a pre-payment penalty to any customer???
Most of the banks are charging anything from 2 to 6% and I would like to know, how far is it leagal to charge such a penalty!!!
If at all banks should felicitate the customers opting to pre-close their account, for closing the loan well in time and not being a defaulter.