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

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KOTAK MAHINDRA BANK CAR LOAN 

ABOUT KOTAK MAHINDRA BANK CAR LOAN  :

Kotak Mahindra Bank is one the most trusted banks for car loans. It is an Indian private sector bank and its headquarters at Mumbai. Kotak Mahindra Bank offers banking and financial services for corporate and retail customers.

Kotak mahindra bank offers highly acclaimed personal finance solutions of all types like saving account, credit cards, loans, insurance and many more. This bank offered a scheme for salaried employees, self employed people, HUFs trust, proprietorship and partnership firms and public and private companies. The Kotak Mahindra Bank relation with car manufacturers are helpful in providing you the benefit of the most attractive deals on your vehicle in the market.

BENEFITS  OF KOTAK MAHINDRA BANK CAR LOAN :

Kotak Mahindra Bank provides adaptable loan solutions and affordable car finance plans with attractive benefits and fast processing.

1. Fast loan processing  :

Kotak Mahindra Bank will take 48 hours to process your car loan after you have submitted all the documents. It is hassle free and speed loan processing car loan.

2. Flexible interest rate :

The minimum interest rate of Kotak Mahindra bank car loans is 8% and the maximum interest rate is 24%. Basically the rate of interest will be decided by the bank according to the customer age, employment type, overall profile and the most probably Cibil score. Kotak Mahindra Bank provides flexible interest rates to the customers.

3. Adjustable schemes :

Kotak Mahindra Bank offers adjustable schemes to the customer that emphasize on customer service not before taking the loan but also afterwards.

4. Simple documentation :

Kotak Mahindra Bank required less documentation for the processing of car loans.The documents submitted by the customers are KYC, address proof and income proof with the loan application form. It is not required to submit so many documents for a car loan. The process of documentation is very simple and fast.

5. Flexible repayment tenure :

The Kotak Mahindra Bank car loans are taken to meet their sudden needs of the customers. It provides a flexible loan tenure period of minimum 1 year and maximum 7 years with this you can easily repay your loan.

ELIGIBILITY CRITERIA FOR KOTAK MAHINDRA BANK CAR LOAN :

ELIGIBLE

Salaried, self-employed, private sector employees, HUFs trust, proprietorship and partnership firms,public and private companies, local bodies. 

AGE

For salaried employees : 21 years to 58 years 

For self employed : 21 years to 65 years 

INCOME

Minimum income Rs.15,000 

FEE AND CHARGES OF KOTAK MAHINDRA BANK CAR LOAN :

TYPE

CHARGES

Processing fees

Minimum Rs.3300 and Maximum Rs.4750

Repayment schedule

Rs 250

Cancelation 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 Charges 

5.21% + taxes

Dishonoured charge

Rs 750

DOCUMENTS REQUIRED FOR KOTAK MAHINDRA BANK CAR LOAN :

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

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, latest salary slip, Form 16

Self-employed

Aadhar card, pan card, passport, voter id

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

Last 6 month bank statement, ITR last 2 years and business bank statement

SCHEMES OF KOTAK MAHINDRA BANK CAR LOAN :

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).

  1. 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).

  1. 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.

  1. 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

COMPARE OTHER CAR LOAN INTEREST RATE :

BANKS

INTEREST RATE

AXIS Bank New Car Loan

9.05% to 11.30%

AXIS Bank Pre-Owned Car Loan

14.80% to 16.80%

AXIS Bank Loan Against Car

13.99%

AXIS Bank Balance Transfer and Topup Car loan

15.00%

SBI New Car Loan Scheme

8.00% to 10.75%

SBI Combo Loan Scheme

8.70% to 9.20%

SBI Pre-Owned Car Loan

9.75%

SBI Loyalty Car Loan Scheme

8.70% to 9.5%

HDFC Bank New Car Loan

8.80% to 10.50%

HDFC Bank Used car loan

12.75% to 15.30%

HDFC Bank Loan Against Car

13.75% to 16%

Kotak Mahindra Bank Car Loan

8.00% to 24%

Yes Bank Car Loan

9.25%

ICICI Bank Car Loan

9.30% to 12.85%

IDBI Bank Car Loan

9.30% to 9.90%

RBL Bank Car Loan

12% to 14%

IndusInd Bank Car Loan

10.65% to 15.50%

Bank of Baroda Car Loan

8.85%

Bank of India Car Loan

8.95%

Canara Bank Car Loan

7.75% to 10.30%

Indian Bank Car Loan

8.45%

Punjab National Bank Car Loan

8.9% to 9.35%

OTHER PRODUCTS OF KOTAK MAHINDRA BANK :

  1. Kotak Mahindra Bank Car Loan

  2. Kotak Mahindra Bank Home Loan 

  3. Kotak Mahindra Bank Education Loan 

  4. Kotak Mahindra EMI Calculator

HOW TO APPLY FOR KOTAK MAHINDRA BANK CAR LOAN :

There are 2 ways to apply for Kotak car loan i.e.

  1. Offline Method : By visiting to Kotak Mahindra bank branch office 

  2. Online Method :

  • 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 

HOW TO CALCULATE EMI OF KOTAK MAHINDRA BANK CAR LOAN :

EMI Is calculated using the following formula: 

EMI = [P x R x (1+R) ^N] / [(1+R) ^N – 1]

Where,

P is the principal amount,

R is the interest rate on a monthly basis, and 

N is the number of installments.

FINANCIALS PRODUCTS OFFERED BY BANKS :

BUSINESS LOAN

 

CAR LOAN

COMMERCIAL LOAN 

EDUCATION LOAN

GOLD LOAN

HOLIDAY LOAN 

HOME LOAN 

LOAN AGAINST PROPERTIES 

LOAN AGAINST SECURITIES

PERSONAL LOAN

PROFESSIONAL LOAN

TWO WHEELER LOAN

FREQUENTLY ASKED QUESTIONS :

1. How much interest rate charged by Kotak Mahindra Bank car loan?

From 8% to 24% interest rate charged by Kotak Mahindra Bank car loan.

2. What is the tenure of Kotak Mahindra Bank car loan?

The tenure period of Kotak Mahindra Bank car loan is 1 years to 7 years.

3. Is age an important factor to get a Kotak Mahindra Bank car loan?

Yes, age is an important factor to get a Kotak Mahindra Bank car loan. 21 years to 58 years age is for salaried employees and 21 years to 65 years age is for self employed.

4. How to apply for a Kotak Mahindra Bank car loan?

For Kotak Mahindra Bank car loan you can apply online and offline both.

5. What loan amount is charged by Kotak Mahindra Bank car loan?

The loan amount charged by Kotak Mahindra Bank car loan is Minimum Rs.75000 from upto 90% of car value.

Last Updated on : 27/Jul/2020

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) 8% - 24%
Processing Fees Mini. Rs.3300 Maxi. Rs.4750
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