Foreclosure Covering Letter
Dear Valued Customer,
We take this opportunity to thank you for availing of finance through Kotak Mahindra Prime. We hope
it has been a pleasant experience for you and look forward to continue our long and mutually
beneficial relationship.
As requested, please find enclosed the Foreclosure Statement of subject loan Agreement. Kindly note
the following points for your reference:
1. The Foreclosure amount has been calculated with the assumption that your last installment
has been cleared.
2. Please ensure that we receive the Foreclosure amount at least 7 working days before the
date of EMI as we process the EMI 7 days in advance of PDC/EMI dates.
3. In case you make the payment of Foreclosure after date of processing of EMI, we request you
to please ensure the stop payment of EMI which is already factored in the foreclosure amount
to avoid any excess payment from your side.
4. In case EMI gets cleared post the realization of Foreclosure amount, request you to
immediately inform our customer service team to enable us to arrange the refund of the
installment amount which has got realized post closure of the said loan contract.
5. The unutilized security payment instrument (s)/any other additional cheque(s) will be retained
at our end and shall be destroyed after 45 days from date of realization of foreclosure amount
unless a contrary request of return of cancelled cheque(s) is received from your end within 45
days of realization of foreclosure amount. Any request received or claim made after 45 days
of from the date of realization of Foreclosure amount shall not be entertained.
6. In case the subject Agreement is a part of multiple vehicle agreements or otherwise, wherein
common security payment instrument (s)has been issued by you, the said common security
payment instrument (s) shall continue to be presented till the same is not be alternatively
swapped by you for remaining live contracts. KMPL shall not be liable to pay any interest
whatsoever on amount including but not limited to any delay in swapping of the security
security payment instrument (s).
7. We shall endeavor to dispatch the following documents at your correspondence address
registered with us within 20 working days of realization of foreclosure amount.
(a) Covering Letter.
(b) No Objection Certificate/Form-35 in respect of vehicle Loans for release of
Hypothecation (subject to terms & conditions of Closure Letter & the terms &
condition of any other related agreement executed with KMPL towards payment of
the Dues or towards the indebtedness on your part.)
(c) For all cities where the NOC process is online as per RTO rules, kindly visit
www.parivahan.gov.in within 15 working days post payment realization.
In case of any further queries kindly mail us back on [email protected] or call us on #
18002095732 and we would be happy to assist you. You can also visit us at our website i.e.
https://primeloans.kotak.com. Assuring you of our best services at all times.
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Loan Account No: _ _ _ _ _ _ _ _ _ _ _ _ _ Name: _ _ _ _ _ _ _ _ _ _ _ _ _
I hereby certify/confirm that I have received the Foreclosure report and have further understood &
accepted the terms/conditions of foreclosure.
(Signature of Customer)
Kotak Mahindra Prime ltd.CIN: U67200MH1996PLC097730 Registered Office address: 27BKC, C 27,
G Block, Bandra Kurla Complex Bandra (E), Mumbai - 400 051. Phone no: 1800 419 0090 website:
www.primeloans.kotak.com
