Kotak Mahindra Bank
Pre-payment penalty

How far is it correct to charge a pre-payment penalty to any customer???

Most of the banks are charging anything from 2 to 6% and I would like to know, how far is it leagal to charge such a penalty!!!

If at all banks should felicitate the customers opting to pre-close their account, for closing the loan well in time and not being a defaulter.

Company: Kotak Mahindra Bank
Country: India
State: Maharashtra
City: Thane

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