[Resolved] Kotak Mahindra Prime Car Loan — Prepayment penalty | |
I have taken a Kotak Car loan vide Ageement # CF4370308. This loan was for 60 Months and I have paid the 27th EMI in Feb 2010. I would like to pre close this loan. The Principal Amount out standing is INR 244427/- and the loan is with effectively 6% interest.I was informed by your Car Loan department that I need to pay 5.52% pre payment penalty over the outstanding principle amount to settle this loan account. I have paid the better part of the Interest in the first 3 year of my repayment. Still bank is charging me another 5.5 % penalty on the loan which is with 6% effective interest. I end up paying only 6% interest in next 33 months where as I am getting penalised with 5.52% when I pay the money to the bank upfront. I feel this is cheating by this bank and they should relook into this once again Was this information helpful? | |
Aug 14, 2020 Complaint marked as Resolved | |
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27 BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E), Mumbai, Maharashtra, India - 400051
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