About Kotak Mahindra Bank Car Loan

Nowadays, owning a car became necessity for everyone. If you want to purchase a car and you don't have enough money to buy your dream car, then you need to add money to purchase a car. For this, you need to apply for a car loan. Kotak Mahindra Bank provide you the car loans at attractive interest rates. With flexible repayment options, easy loan process, flexible car loan rate of interest, you can get your dream car easily.

You can easily get your dream car with Kotak Mahindra car loan of amount up to 90% of the price of the ex-showroom with low interest rate and flexible repayment loan tenure as per your choice. Following are the schemes offered by new car loan plans:

Step Up Scheme

In this scheme, the car loan EMI will be increased on yearly basis or quarterly basis based on the customer preference. This scheme is best for those expecting salary increment to buy a luxury car. It starts with the lowest EMIs in the early repayment option and increase the tenure period.

Margin Money Scheme

In this scheme, the bank offers a new car loan up to 90% of the invoice value for certain car models. The consumer can pay the margin money directly to the dealer or KMPL. The loan amount can be repaid by the Kotak Mahindra Bank as per your convenience within a period of 12 to 60 months in the form of EMIs.

Balloon, Low EMI Scheme

This scheme involves paying 10% to 25% of the car cost as the last EMI. This scheme is best the people who are looking for the affordable EMIs during the loan tenure and have a plan to dispose their car at the end of the loan tenure.

Advance EMI Scheme

Make the monthly loan payments of the installments up-fronts under this advance EMI scheme. The balance payable through EMIs, and pay off your loan as much faster.

Kotak Mahindra Bank Interest Rates for New Car Loan

Features and Eligibility Kotak Mahindra Bank New Car Loan Scheme
Rate of Interest 11.50% – 13.50%
Loan Amount Rs 1 lakh
Overdue Interest 3% on the outstanding EMI
Tenure Range 1-5 years
Age (years) 21 years to 65 years
Foreclosure Charges Not allowed for 6 months; After 6 months, they charges 5.75%

Additional Fees and Charges of Kotan Mahindra Car Loan

Duplicate NOC/ NOC for duplicate registration certificate/ Issue of duplicate agreement copy - Rs. 750/-

Contract cancellation at specific request of the borrower and agree by the lender - Rs. 2000/-

Cheque dishonor charges - Rs. 750/-

Prepayment interest - 5.21% + GST applicable

Compensation/ Delayed payment/ Additional finance charges/ Late payment charges - 0.03

CNG NOC/ LPG - Rs. 2,000/-

Account Outstanding break up statement/ Repayment schedule - Rs.250/-

Account statement - Rs. 500/-

NOC for commercial to personal use - Rs. 2000/-

NOC for interstate transfer - Rs. 1000/-

NOC to convert from private to commercial - Rs. 5000/-

PDC swap charges - Rs. 500/- per swap

Documents Required for Kotak Mahindra Bank Car Loan

For Salaried Employee

  • Filled Kotak Mahindra Bank loan application form

  • Recent passport size photo with signature

  • Identity Proof: Aadhar card, PAN card, Passport or Driving license, Voter ID

  • Residential Proof: telephone bill or electricity bill or ration card

  • Income Proof: Latest salary slip or form 16

Self Employed Individuals

  • Filled Kotak Mahindra Prime Limited (KMPL) application form

  • Recent passport size photo with signature

  • Identity Proof: Aadhar card, PAN card, Passport or Driving license, Voter ID

  • Residential Proof: telephone bill or electricity bill or ration card

  • Income Proof: Last 2 years IT returns/ Ownership proof or business stability proof

For Proprietary firm

  • Filled Kotak Mahindra Prime Limited (KMPL) application form

  • Recent passport size photo with signature

  • Identity Proof: Aadhar card, PAN card, Passport or Driving license, Voter ID

  • Residential Proof: Property registration or rental agreement

  • Income Proof: Last 2 years IT returns/ audit report, Partnership deed and letter signed by all partners, ownership proof or business stability proof

For Partnership firm

  • Filled Kotak Mahindra Prime Limited (KMPL) application form

  • Identity Proof: Aadhar card, PAN card, Passport or Driving license, Voter ID

  • Residential Proof: Property registration or rental agreement

  • Income Proof: Last 2 years IT returns, Authority letter, Partnership/ Trust deed, MOA and board resolution authoring one director to execute the agreement

For Companies

  • Filled Kotak Mahindra Prime Limited (KMPL) application form

  • Identity Proof: Aadhar card, PAN card, Passport or Driving license, Voter ID

  • Residential Proof: Property registration or rental agreement

  • Income Proof: Last 2 years IT returns, Authority letter, MOA and board resolution authoring one director to execute the agreement

Eligibility Criteria for Kotak Mahindra Bank Car Loan

To get a new car loan Hyderabad from Kotak Mahindra Bank, you should fit the following criteria.

For salaried Employees

  • Applicant's age should be 21 years and above

  • Applicant's age should be 58 years old at the end of the new car loan

  • Salary should be Rs 1,00,000 per year

  • Employeed for at least 6 months

For self Employed

  • Applicant's age should be 21 years and above

  • Applicant's age should be 65 years old at the end of the new car loan

  • Should be employeed for minimum 2 years in business

Kotak Mahindra Bank Car Loan EMI Calculator

Kotak Mahindra Bank Car Loan EMI

Kotak Mahindra Bank car loan EMI is a fixed amount that you have to pay on every month till the end of the loan maturity. Lowest EMI of Kotak Mahindra Bank is Rs 2 lakhs per loan amount at lowest car loan interest rate of 11.50%. Car Loan EMI depends on 3 factors.

1) Rate of Interest: It is an important factor to consider. If you choose higher interest rate, EMI will be high.

2) Loan Tenure: Longer tenure reduces your monthly EMI.

3) Loan Amount: Your EMI depends on your chosen loan amount. EMI will be high, if you chosen high loan amount.

Repayments Methods of Kotak Mahindra Car Loan

The monthly installments can be paid off to the bank in number of ways.

1. Standing Instructions (SI)

This will available to the existing customers of Kotak Mahindra Bank. The customers can give the fixed instructions to debit the monthly EMI from their respected accounts.

2. Electronic Clearing System (ECS)

People who don't have an account in Kotak Mahindra bank. The customers can give their bank accounts to deducts the EMIs.

3. Post Dated Cheques

This is for the people who don't have accounts in lender bank. They have to submit their post dated cheques.

EMI car loan calculator helps you to calculate the monthly instalments. You can enter the new car loan amount and tenure in the EMI calculator to see the monthly EMI that you need to pay towards your new car loan amount.

To check your Kotak Mahindra car loan EMI, use below EMI calculator.

Why Kotak Mahindra Bank car loans are popular among customers?

New car and Used car Loans: Kotak Mahindra bank offers car loans for many models of cars in the market. You can purchase any imported car by using Kotak Mahindra bank.

Car Loan Amount: One can avail the maximum loan amount up to 90% of the car value and minimum loan amount is Rs. 75,000.

Car Loan Tenure: One can choose to repay the loan over 12 to 84 months depending on the repayment capacity.

Car Loan Processing: The car loan application process is within 48 hours. The application approval will be depends on Kotak Mahindra Prime Limited (KMPL).

Car Loan Prepayment: The bank allows their customers to prepay the outstanding dues after 6 successful payments of EMI.

Features of Kotak Mahindra Bank

  • Kotak Mahindra Bank offers lowest car loan interest rates ranging from 11.50% - 13.50%.

  • Simple car loan application procedure.

  • Providing multiple loan schemes for different customers.

  • Choose repayment option to repay the car loan from 12 to 60 months.

  • Avail up to 90% car loan amount for buying a new car.

Kotak Mahindra Bank Customer Care Number

Kotak Mahindra bank is a private sector bank in India. For any queries regarding car loans or credit cards, contact kotak bank customer care tollfree number 1860 266 2666.

Kotak Mahindra bank car loan Hyderabad helpline number is (040) 66006022

FAQs On Kotak Mahindra Car Loan

How long doesn't it take to process the loan?

The loan process will be done within 48 hours after submitting the necessary documents.

How much charges will it take on late EMI payments?

It charges 3% on the outstanding EMI amount.

What are the available car loan tenure options?

Customers can choose easy repayment options of 12, 24 and 36 months.

Where can I get the Kotak Mahindra car loan application form?

You can download the application form on bank's website or any branch of Kotak Mahindra Bank.

How Can I check the car loan application status?

You can check it on the bank's website via net banking.

Does Kotak Mahindra Bank offers joint application facility to their customers?

Yes, one can apply for a car loan along with their co-applicant.

Who can apply for Kotak Mahindra Bank car loan?

Salaried Individuals, self employed individuals, Hindu Undivided Family (HUFs) and Trusts, Public and Private limited companies, Partnership firms.

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