Swapping Of Repayment Mode

Changing your repayment mode for a Kotak Personal Loan is subject to credit approval. If approved, applicable charges will be levied, and the request will be processed as per the standard TAT.

You will need to resubmit revised CTS post-dated cheques and a signed NACH / Standing Instruction (SI) mandate form based on your chosen repayment mode.
Important:

If you are switching to Standing Instruction (SI) mode, swap charges will not apply.
For other modes, a fee of ₹500 + GST (18%) = ₹590 will be applicable.

Process for Standing Instruction (SI):

Submit the following documents at your nearest Kotak Retail Asset Branch ([Locate Branches]):

1. Request letter & PAN card copy
2. SI form (provided at the branch)
3. For E-NACH, a link will be sent to your registered mobile number and email after submitting:
-Request letter & PAN card copy
-Last 3 months’ bank statement of the new repayment account
-Security E-NACH will also be triggered and must be authenticated by you

If E-NACH fails, Physical E-NACH will be required with:

1. Request letter & PAN card copy
2. Last 3 months’ bank statement
3. EMI cheques favoring “Kotak Mahindra Bank Ltd. {{{Case.FA_Number__c}}}”
4. 2 Security E-NACH cheques favoring “Kotak Mahindra Bank Ltd. {{{Case.FA_Number__c}}}”
5. Physical E-NACH form

Note:

If initiating the transfer from Kotak Bank while adding a beneficiary, select “Others” in the bank option.
Visit your nearest branch with your last 3 months Bank statement of new bank account, request letter & valid signature Identity proof.

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