Kotak Mahindra bank used car loan makes buying a car easy, quick and convenient. This loan is a type of Kotak Mahindra bank vehicle loan that you can avail to fund the purchase of a second hand car. With funding of up to 90% of car value, you can avail this loan for a seamless tenure ranging up to 60 months. Kotak Mahindra second hand car loan costs you highly competitive interest rates, minimal documentation and a hassle-free procedure. Let us expand this section to find out more about the Kotak Mahindra used car loan, its features, eligibility and everything else you need to know.
|
Loan Amount |
Up to Rs 15 lacs |
|
Interest Charges |
6.50% to 20% |
|
Processing Fees |
1% of the loan amount |
|
Repayment Tenure |
Ranges from 12 months to 60 months |
|
Prepayment |
Up to 5.21% of principal outstanding |
|
Financing Quantum |
Up to 90% of current value of the car |
Kotak Mahindra bank used vehicle loan comes loaded with many important features including attractive rates of interest, low processing fees and easy tenure options. Here are the major highlights of Kotak Mahindra bank second hand car finance that make it worth checking out.
If you are planning to apply for a Kotak Mahindra second hand vehicle loan, one thing you should ensure first is the eligibility criteria. Your employment, income, age and other factors can influence your eligibility for this loan. Therefore, you must make sure you pass all the Kotak Mahindra car loan eligibility requirements.
Here is the eligibility criteria for Kotak Mahindra used car finance:
You will be required to present the Kotak Mahindra Pre-Owned car loan required documents without which you will not be able to get the loan approved.
Here are the documents required for Kotak Mahindra second hand car loan:
|
Documents |
Salaried Applicants |
Self Employed Applicants |
|
Identity Proof |
Aadhar Card, Voter’s ID Card, Passport, Driving Licence |
Aadhar Card, Voter’s ID Card, Passport, Driving Licence |
|
Address Proof |
PAN Card, Voter’s ID Card, Passport, Driving Licence, Utility Bills such as Electricity, Telephone, Water Bills |
PAN Card, Voter’s ID Card, Passport, Driving Licence, Utility Bills such as Electricity, Telephone, Water Bills |
|
Income Proof |
Salary Slips, Bank Statements, Form 16 |
Balance sheet and profit and loss account, IT Returns, Business Proof |
|
Other Documents |
Passport-size Photographs, Duly Filled Application Form |
Passport-size Photographs, Duly Filled Application Form |
Here is how to calculate Kotak Mahindra second hand car loan EMI using the Kotak Mahindra used car loan EMI calculator:
Here is what you can do to apply for a Kotak Mahindra used vehicle loan:
If you want to apply for Kotak Mahindra second hand car loan offline, then you need to visit the nearest branch of Kotak Mahindra bank. It is advised that you carry all the required documents for a used car loan.
Alternatively, you can apply for a Kotak Bank Used car loan online to do which you need to follow the steps given below:
Apart from that, you can reach out to the Kotak Mahindra bank customer service and enquire about the used car loan application procedure for further assistance.
If you need any further assistance or have any query or grievances related to the Kotak Mahindra Pre-Owned car loan then you can simply contact the Kotak Mahindra bank customer support.
Here is the Kotak Mahindra used car loan customer care number which you can dial:
1860 266 2666
Axis bank pre-owned car loan interest rates range up to 20% and are subject to customer’s profile, vehicle model and credit score.
The bank charges a processing fee of 1% of the loan amount (or Rs 6,000) for used car loans.
Yes. You can foreclose your Kotak Mahindra bank used car loan.
The bank charges a prepayment fee of 5.21% on making foreclosure of a second hand car loan.
There are two methods to apply for a Kotak Mahindra used car loan- offline and online. If you want to apply for a Kotak bank pre owned car loan offline, then you have to visit the nearest branch of the bank. To apply for the loan online, you have to go to the official website of Kotak.
The Kotak Mahindra used car loan repayment tenure ranges up to 60 months.
Here is the Kotak Mahindra bank used car loan eligibility criteria for salaried aplicants:
Know More About
You're eligible for a Kotak Mahindra Bank Used 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 Used Car Loan 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
Updated on 25 Nov 2017
| Kotak Mahindra Bank Used Car Loan Details | |
|---|---|
| Interest Rate (Monthly reducing balance) | 6.5% - 20% |
| Processing Fees | 1% |
| Loan Tenure | - year to - years |
| Pre-closure Charges | Varies with bank |
| Guarantor Requirement | Varies with bank |
Used Car Loan EMI Calculator