Kotak Mahindra Bank Car Loan

Kotak Mahindra bank car loan makes you welcome your dream car home with minimum procedure. The bank treats borrowers with tailored car loan options for both new cars and used cars. The Kotak Mahindra car loan interest rates are highly competitive and feature a repayment tenure ranging up to 7 years. Kotak Mahindra car loans range from 6.50% to 20% and the loan is offered to both salaried and self employed individuals. 

Kotak Mahindra Car Loan Highlights

Kotak Mahindra Bank Car Loan Features

Here are the noteworthy features of Kotak Mahindra bank car loan:

1. Purpose : Kotak Mahindra bank car loan is designed to help individuals buy a new or used car by fulfilling the financial requirements. 

2. Loan Amount : The loan amount for Kotak Mahindra car loan ranges up to 90% of the car value. The minimum Kotak Mahindra car loan amount you can avail is Rs 75,000. 

3. Interest Rates : Kotak Mahindra car loan interest rates start from 6.50% per annum and range up to 20% per annum. Note that these vary based on a number of factors including the age and model of car and your repayment capacity. 

4. Loan Repayment Tenure : When it comes to the Kotak Mahindra bank car loan repayment tenure, it ranges from 1 year to 5 years for used cars and up to 7 years for new cars. 

5. Prepayment : If you have sufficient finances, then you can prepay Kotak Mahindra car loan. Know that the Kotak Mahindra car loan prepayment is only allowed after 6 months of installments. 

Kotak Mahindra bank charges a fee when you opt for prepayment of your Kotak Mahindra car loan. The prepayment fee goes up to 5.21% of principal outstanding plus applicable taxes. 

Kotak Mahindra Car Loan Fee & Charges

Kotak Bank Car Loan Eligibility Criteria

There are certain Kotak Mahindra car loan eligibility requirements designed by the bank which you must meet in order to avail the car loan easily. Not matching the set of eligibility standards will lead to the rejection of your car loan application. It is required that you go through the Kotak Mahindra car loan eligibility criteria before applying for the loan.

Here is the eligibility criteria for Kotak Mahindra car loan:

• Indian residents can apply for a Kotak Mahindra bank car loan. 
• Salaried and self employed individuals are eligible for this loan.
• Loan applicants must be at least 21 years old when applying this loan.
• Minimum net monthly income of individuals should be Rs 15,000.
• Individuals must have residence stability of minimum 1 year.

Documents Required for Kotak Car Loan

Here are the documents required for Kotak Mahindra bank car loan application:

COMPARE OTHER BANK CAR LOAN INTEREST RATE:

Kotak Mahindra Car Loan Schemes

Now buy your dream car under Kotak Mahindra bank following schemes:

1. Money margin scheme

• We provide finance for acquisition of new car up to 90% of the invoice value for certain models.
• The customer should pay the margin money (invoice value minus the finance amount) to the dealer directly. Also has an option to pay the margin money to KMPL upon which we would provide the entire invoice value to the Dealer.
• The financed amount can be repaid as per your convenience (12 - 60 months EMIs).

2. Step Up Scheme

• Increase in EMI after every year, six months or quarter (depending upon your needs).
• Best suited for people who want the luxury car experience.
• Make payments in line with your growing income (starting with low EMIs in the early period of repayment).

3. Low EMI Scheme

• 10%-25% of the cost of the car to be paid as last EMI.
• Reduced EMI for the entire tenure.
• Best for buyers who want to give away of their vehicle at the end of the tenure and are looking at affordable EMIs during the tenure.

4. Advance EMI Scheme

• Make the payments of a few monthly installments upfront
• Balance payable through EMIs
• Repay your loan much faster with the advance installments

Kotak Mahindra Bank Car Loan EMI Calculator

Calculating Kotak Mahindra car loan EMI can be a lot helpful in planning your monthly budget according to the payable EMI. You can use Kotak Mahindra car loan EMI calculator to find out the payable EMI amount and that is simple. 

Here are the steps to use the Kotak Mahindra bank car loan EMI calculator to know your car loan EMI amount:

• Go to the official website of Kotak Mahindra bank.
• Click on the “Explore Products” dropdown.
• After that, click the “Car Loan” product from the “Loans” menu.
• Move to the “Car Loan EMI Calculator” section. 
• Now, you have to enter the car loan principal amount along with the loan tenure and rate of interest. 

You will now be able view the payable Kotak Mahindra bank car loan EMI amount. 

How to Apply for Kotak Mahindra Bank Car Loan?

You can apply for a Kotak Mahindra car loan either offline or online. Here is how you can apply:

• Apply for a Kotak Mahindra car loan offline

You need to go to the nearest branch of Kotak Mahindra bank in order to apply for a Kotak car loan offline. You can visit the branch and fill out the Kotak mahindra car loan application form. While visiting the bank, make sure you take all the documents that are required for the car loan application. 

• Apply for a Kotak Mahindra car loan online

Here is how to apply for Kotak Mahindra bank car loan application online:

• Go to the official website of Kotak Mahindra bank.
• Click on the “Explore Products” dropdown.
• After that, click the “Car Loan” product from the “Loans” menu.
• Hit the “Apply Now” button.
• Now that you are on the car loan application page, you must fill out the required information including your name, mobile number and city.
• Then, click the “Apply Now” button. 

Kotak Mahindra Bank Customer Care

In case of any assistance, query, grievances related to the Kotak Mahindra car loan, you can reach out to the bank customer support. 

Here is the Kotak Mahindra bank customer care number:

1860 266 2666

FAQs On Kotak Mahindra Car Loan

Q.1 Do I need a guarantor for a Kotak Mahindra Car loan?

Generally, the bank does not ask customers to have any guarantor. However, you may be asked to provide guarantor if you don’t meet the income and age criteria. 

Q.2 How long will my Kotak Mahindra car loan take to process?

It takes 48 hours to disburse the car loan amount, provided that you have submitted all the required documents. 

Q.3 What are my repayment tenure options for Kotak Mahindra car loan?

Your Kotak Mahindra car loan repayment tenure options range from 1 year to 7 years. 

Q.4 Can I prepay my Kotak Mahindra car loan?

The bank allows you to prepay your car loan after six months. The bank charges a prepayment penalty of up to 5.21% of the principal outstanding plus applicable taxes.