Kotak Mahindra Bank Car Loan: Interest Rate, Eligibility, Processing & Customer Care

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Kotak Mahindra bank car loan schemes and features

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

  • 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).

  • 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).

  • 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.

  • 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

Eligibility criteria for Kotak Mahindra bank car loan

  • Salaried individuals who are eligible for a car loan

    • Minimum 21 years of age

    • Maximum 70 years of age at maturity (conditions apply)

    • Minimum Net Annual Salary of Rs. 2,40,000 p.a. for all approved car models

    • Income eligibility based on latest salary slip and Form 16

    • Minimum of 1 year continuous employment

  • Self-employed individuals who avail this car loan

    • Minimum 18 years of age

    • Maximum 75 years of age at loan maturity

    • Minimum Net Annual Business income of Rs. 1,80,000 p.a. for selected models and Rs. 2,00,000 p.a. for others

    • Income eligibility based on latest Income Tax Returns

    • Minimum 3 years of employment in the same line of business

  • Self-employed non-individuals who are eligible for a car loan

    • Minimum Net Annual Business income or Rs. 1,80,000 p.a. for selected models and Rs. 2,00,000 p.a. for others

    • Income eligibility based on latest 2 years Income Tax Returns and audited financials of 2 years along with computation of income

    • Minimum 3 years of employment in the same line of business

  • Privee/ Priority / Wealth  customers eligible for a car loan

    • Customers with a vintage of 6 months

    • A minimum Average Quarterly Balance (AQB) as below:

    • An AQB of Rs. 1 Lakh for last 2 completed quarters. AQB requirement to be met for both the quarters

    • Maximum loan amount restricted to 3 times the AQB in the last 2 quarters

Compare other bank car loan interest rate 

BANKS

Interest rate

AXIS Bank New Car Loan

9.05%

AXIS Bank Pre-Owned Car Loan

15% p.a.

AXIS Bank Loan Against Car

9.25%

AXIS Bank Balance Transfer and Topup Car loan

15%

SBI New Car Loan Scheme

9.15% to 12.40%

SBI Combo Loan Scheme

9.15% to 12.40%

SBI Pre-Owned Car Loan

9.15% to 12.40%

SBI Loyalty Car Loan Scheme

9.15% to 12.40%

HDFC Bank New Car Loan

10.35% to 11.10%

HDFC Bank Used car loan

10.35% to 11.10%

HDFC Bank Loan Against Car

10.35% to 11.10%

Kotak Mahindra Bank Car Loan

10% to 25%

Yes Bank Car Loan

9.25%

Citi Bank Car Loan

10.50%

ICICI Bank Car Loan

9.30%

IDBI Bank Car Loan

9.30%

RBL Bank Car Loan

12% to 14%

IndusInd Bank Car Loan

10.65%

Bank of Baroda Car Loan

8.90%

Bank of India Car Loan

9.50%

Canara Bank Car Loan

8.5% to 8.65%

Indian Bank Car Loan

9.65%

Punjab National Bank Car Loan

8.75%

Required documents for Kotak Mahindra bank car loan

While applying for car loan properly check all the documents that are mention below. Without these document loan is not possible to get. 

 Documents

TYPE

Id Proof

Address proof

Income proof

Salaried

Aadhar card, pan card, passport, voter id

Electricity bill, registry, rental agreement, voter id, Aadhar card

Last 6 month bank statement, salary slip last 3 month

Self-employed

Aadhar card, pan card, passport, voter id

Electricity bill, registry, rental agreement, voter id, Aadhar card

Last 6 month bank statement, Form 16, latest ITR, 

Partnership Firms/private limited companies

Aadhar card, pan card, passport, voter id

Electricity bill, registry, rental agreement, voter id, Aadhar card telephone bill

Last 3 month bank statement, latest ITR, Registered Lease Document with other utility bills,

Sales Tax or VAT Certificate,

Shop & Establishment Act Certificate

Kotak Mahindra Bank (KMBL) car loan Fees & Charges

Use it for commercial to private NOC

Rs. 2000

Change from commercial to private NOC

Rs 5000

Interstate transfer NOC

Rs 1000

For LPG/CNG NOC

Rs 2000

Repayment schedule 

Rs 250

Monthly late payment/due/compensation

0.03

Canceling of contract

Rs 2000

Duplicate security deposit receipt

Rs 250

Account statement 

Rs 500

Duplicate copy of NOC for duplicate registration/agreement/duplicate NOC

Rs 750

Prepayment interest on total amount

5.21% + taxes

Dishonored charge

Rs 750

How to apply for Kotak Mahindra bank car loan

There are 2 ways to apply for Kotak car loan i.e. by visiting to Kotak Mahindra bank branch office or apply through online

How to apply online:

  • First of all visit to Kotak Mahindra bank website

  • Now go to “Products”

  • Select “New car Finance”

  • Click on “apply now”

  • Fill the application carefully 

  • Attach all mandatory documents with application form

  • After submitting form wait for the confirmation

  • Later visit bank for further proceedings 

Last Updated on : 17/Jun/2020

Know More How To Apply ??

Know More About

Kotak Mahindra Bank Car Loan

You're eligible for a Kotak Mahindra Bank Car Loan if you:


Are legally adult enough to handle it


Have still got it


Get a regular pay check


Make more than a basic buck

Your eligibility depends on:


Earn more than minimum income required


Maximum allowed Car Loans is Rs. 10K to Rs. 45 lakhs


EMIs of other loans loweryour eligibility

Boost your eligibility by:


Pay off your credit card bills


Choose longer tenure loan up to 5 years

Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:

  • 1. Photo ID and age proof
  • 2. Signed application form with photograph
  • 3. Residence proof
  • 4. Last 6 months bank statement
  • 5. Documentation for salaried applicants:
    • Last 3 months salary - slips
    • Form 16 or Income Tax Returns
  • 6. Documentation for self-employed applicants:
    • Last 3 years Income Tax Returns with computation of Income
    • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

Kotak Mahindra Bank Car Loan Interest Rates

Updated on 25 Nov 2017

Kotak Mahindra Bank Car Loan Details
Interest Rate (Monthly reducing balance) 10% - 25%
Processing Fees 0 to 2% of car loan amount + Applicable Service Tax
Loan Tenure 1 year to 7 years
Pre-closure Charges Varies with bank
Guarantor Requirement Varies with bank

Car Loans EMI Calculator

Loan Amount

|
1L
|
50L
|
100L
|
150L
|
2Cr

Interest Rate

%
|
5
|
10
|
12.5
|
17.5

Loan Tenure

|
1
|
10
|
20
|
25
|
0
|
120
|
240
|
300


Your Monthly Loan EMI


₹24,959