Most Important T & C - Kotak Commercial Banking

Type of loan: Commercial Assets (New & Refinance), Business Loan

Rate of Interest:

Interest rate to customer depends on type of collateral provided, loan to collateral value, track record, funding requirement etc.

Loan Tenure:

Tenure is dependent on type of loan availed by customer. In general maximum loan tenure does not exceed 8 years.

Repayment:

Loans are to be repaid by way of Equated Monthly Installments (EMI) over the loan tenure. Repayment commences from the mutually decided Date between customer and Kotak Mahindra Bank..
Mode of Repayment are Cash, Postdated Cheques, ECS or Standing Instruction (Incase customer has Banking with Kotak Mahindra Bank Limited) or as the Bank may accept

Security:

Commercial Banking loan is a fully secured loan, where the said asset as Mortgage for the loan or can have a crossed collateral where customer has multiple asset loan

Schedule of Charges:

 

Loan Commercial Vehicle Light Commercial Vehicle Saral Auto Construction Equipment Tractor Finance Gold Loan
Loan Processing Charges Upto 2% of Loan amount Upto 2% of Loan amount Upto 2% of Loan amount Upto 2% of Loan amount Upto 2% of Loan amount Upto 2% of Loan amount
Documentation charges Upto 5000 Upto 5000 Upto 5000 Upto 5000 Upto 5000 Nil
Stamping Charges At Actuals At Actuals At Actuals At Actuals At Actuals Applicable as per the respective State,s Stamp Act
Loan Cancellation charges 2500 per Agreement 2500 per Agreement 2500 per Agreement 2500 per Agreement 2500 per Agreement Nil
Commitment Charges           1250/- per quarter or 0.5% per quarter of the limit un-utilized (applicable only to Overdraft facility where average quarterly limit utilization is below 50%)
Overdue Interest 3% of Overdue Amount, compounded monthly 3% of Overdue Amount, compounded monthly 3% of Overdue Amount, compounded monthly 3% of Overdue Amount, compounded monthly 3% of Overdue Amount, compounded monthly 3% of Overdue Amount, compounded monthly
Collection charges 30% of penal and cheque bouncing charges 30% of penal and cheque bouncing charges 30% of penal and cheque bouncing charges 30% of penal and cheque bouncing charges 30% of penal and cheque bouncing charges 250.0/-
Dishonor charges per Instance 750.00 750.00 750.00 750.00 750.00 750.0/-
Swap Charges( Replacement of PDCs) Upto 500 per Swap per Instance Upto 500 per Swap per Instance Upto 500 per Swap per Instance Upto 500 per Swap per Instance Upto 500 per Swap per Instance Upto 500/- per Swap per Instance
Prepayment Interest / Forclosure charges 5% of Principal Outstanding as per reducing balance method on the date of repayment 5% of Principal Outstanding as per reducing balance method on the date of repayment 5% of Principal Outstanding as per reducing balance method on the date of repayment 5% of Principal Outstanding as per reducing balance method on the date of repayment 5% of Principal Outstanding as per reducing balance method on the date of repayment 2% of amount foreclosed for Overdraft & Term Loan - Bullet facility.
3% of amount foreclosed for Term Loan - EMI facility.
Duplicate Issue of NOC 500/- 500/- 500/- 500/- 500/- NA
Solvency Certificate           NA
No Due Certificate           NIL
Charges for changing from Fixed to floating rates of Interest and Vice versa           NA
Charges for furnishing a copy of the credit information report (CIBIL) to the applicant. 50/- 50/- 50/- 50/- 50/- 50/-
Charges applicable in case customer requests for copies of records pertaining to his transactions ( SOA / Amortization Schedule) 500/- 500/- 500/- 500/- 500/- First instance without any charge. Post that, 250/- per request.
APAC Reschedulement            
Part Foreclosure Charge            
Payment Processing Charge 1000/- 1000/- 1000/- 1000/- 1000/-  
Valuation charges for used/RF vehicles Within city - 1000/-
Outside city - 1500/-		 Within city - 1000/-
Outside city - 1500/-		 Within city - 1000/-
Outside city - 1500/-		 Within city - 1000/-
Outside city - 1500/-		 Within city - 1000/-
Outside city - 1500/-		  
Repossession charges Upto 15,000/- Upto 15,000/- Upto 15,000/- Upto 25,000/- Upto 15,000/-  
Credit Adminstration charges Upto 6,000/- Upto 6,000/- Upto 6,000/- Upto 6,000/- Upto 6,000/-  
Duplicate Foreclosure statement charges 500/- 500/- 500/- 500/- 500/-  
NOC for National Permit 500/- 500/- 500/- 500/- 500/-  
NOC for State permit 500/- 500/- 500/- 500/- 500/-  
NOC for change in Body type 500/- 500/- 500/- 500/- 500/-  
Rebooking 2,500/- 2,500/- 2,500/- 2,500/- 2,500/-  
Change in Installment due date 1,000/- 1,000/- 1,000/- 1,000/- 1,000/-  
Change in property / Asset / Collateral 2,000/- 2,000/- 2,000/- 2,000/- 2,000/-  
Copy of any property/loan document 1,000/- 1,000/- 1,000/- 1,000/- 1,000/-  
Asset verification charges - immovable assets At Actuals At Actuals At Actuals At Actuals At Actuals  
Legal / Incidental charges At Actuals At Actuals At Actuals At Actuals At Actuals  
NOC to convert from Private to Commercial Registration 2,000/- 2,000/- 2,000/- 2,000/- 2,000/-  
NOC to convert from Commercial to Private Registration 2,000/- 2,000/- 2,000/- 2,000/- 2,000/-  

 

Plus GST as per Applicable Rate.

Default:

In an event of default or any event which after a lapse of time is capable of becoming an event of default Bank would initiate defined actions including communication, legal and other procedures

Customer Service:

For any requirements, customer can call the customer service Toll free number 1800 209 5600, Monday to Saturday from 9:30 a.m. to 6:30 p.m. (Excluding Bank Holidays) or can write to or can visit the nearest Commercial Asset Branch. Customers can also SMS to us requesting for Call back from Customer Service Team. TYPE FG CRN Number(e.g. 9956659) and send it to 5676788

 

 

 

Please Note:

  • Nomination facility is available on all deposit accounts, articles in safe custody and safe deposit vaults.
  • Bank exchanges soiled notes and mutilated notes.
  • Bank accepts / exchange coins of all denominations.
  • If a banknote tendered at the branch is found to be counterfeit, bank will issue an acknowledgement to the tenderer after stamping the note.
  • We accept direct tax collection.
  • We open 'No frills' accounts.
  • The Bank will consider the clear balance available in your account at the beginning of the day to process cheques in Inward Clearing.