Car Loan Closure Procedure at Kotak Bank
Close

Car Loan Closure Procedure at Kotak Bank

Team CARS24
editor
Latest News
Est. Reading Time:
3 mins

Car Loan Closure Procedure at Kotak Bank

Team CARS24
editor

In the modern world, most car buyers go for bank finance when buying a new car. This trend prevails mostly due to the fact that finance option allows the buyer to keep his liquidity intact, while the low-interest rates make it easier to pay back the loan amount to the bank. That said, it’s easy to get a car loan but often a struggle to close a car loan or figure out what a car loan NOC is. Hence, in this post, we tell you about the car loan closure process and even how to get car loan NOC from Kotak bank.

Also read – Car Loan Closure Procedure at ICICI Bank

How to get Bank Loan Foreclosure Certificate (LFC) & Loan Closure Certificate (LC) Offline?

If you wish to repay the car loan before its tenure, you will need to obtain the LFC from the bank. However, in case the loan amount has already been paid, you will need to LC from the bank as proof of loan closure. Here is how to get bank loan foreclosure certificate (LFC) and Loan Closure Certificate (LC) offline-

Visit any Auto loan branch in any city with required docs (refer to point no. 3 for docs) — https://carloan.kotak.com/locateBranch.htm

  • Fill “Request Form” for LFC or LC
  • Submit below-mentioned documents in original and a self-attested copy –
    • Pan Card (Mandatory) & Aadhaar Card or Voter Card (any ID proof)
    • RC copy
    • Additional Docs for 3rd party: Authorisation letter & 3rd Person ID proof (Self Attested)
  • Keep loan account number handy with them
  • Obtain LFC after verification of documents
  • Pay Rs 250 for LFC statement and share the receipt
  • Note down “Bank Account no.” & “IFSC Code”, in case pending loan is to be paid through NEFT
  • Obtain “Loan Agreement Number” if loan is to paid through DD

Please note that the LFC Amount is based on the assumption that loan will be closed the same day. In case of a delay in loan closure post-LFC extraction, applicable Interest is applied while closing the loan.

Also Read – Car Loan Closure Procedure at HDFC Bank

How to close Auto Loan?

Visit any Auto loan branch in any city with required documents (refer to point no. 3 for docs) – https://carloan.kotak.com/locateBranch.htm

  • Fill “Request Form” for Auto Loan closure
  • Submit the following documents in original and one self-attested copy
    • PAN Card (Mandatory) & Aadhaar Card or Voter Card (any ID proof)
    • Car Docs: RC copy
    • LFC (if available)
    • Authorization letter & 3rd Person ID proof (Self Attested) in case of third party
  • If Loan is closed online, Customer needs to send an email to: service.carfinance@kotak.com with UTR no., Bank statement and KYC Docs for Loan closure verification
  • If payment is done through DD / Cheque / Cash, Bank will share a receipt.

How to get Original NOC?

  • Once the loan has been closed, the NOC is dispatched by the Bank to your registered address
  • In case the original NOC is not received by you within 30 days of loan closure, you will need to ask about the same from the customer care of Kotak Bank on 1800-209-5732 or mail to service.carfinance@kotak.com.

How to Get Duplicate NOC Offline?

Visit any car loan branch of Kotak bank in any city with the required documents- PAN Card, Aadhaar or Voter Card, RC Copy and authorization letter (in case of the third party) and follow these steps –

  • Submit documents
  • Post verification of documents and loan closure status, bank will charge Rs 750 for a duplicate copy of NOC.
  • Bank will share the payment receipt
  • Bank will provide NOC to customer

Also read – Car Loan Closure Procedure at All Banks