About Kotak Mahidra Bank Used Car Loan

Kotak Mahindra Bank was established in 1985. It is a non banking financial company. In feb 2003, RBI (Reserve Bank of India) gave Kotat Mahindra bank to carry on financial services. Kotak Mahindra Bank offers savings account, loans, credit cards, insurance and many more.

KMPL(Kotak Mahindra Prime Limited) is a subsidiary of Kotak Mahindra Bank which finances all vehicles including pre-owned cars, cars and multi utility vehicles. KMPL is one of the most car finance company in India. KMPL associated with many car manufacturers in India which are Hyundai, General motors, Honda, Toyota, Volkswagen, Maruti, Skoda, Audi, Ford, Renault, Nissan etc. It is helping many car borrowers for buying their cars.

Kotak Mahidra Bank Used Car Loan

With quick application process and high funding, you can get your dream car with simple and hassle free pre owned car loans from Kotak Mahindra Bank. Banks offer up to 90% funding of showroom price or car value. It also provides finance against your existing car.

Pre Approved Car Loans

Banks offer used car loans amount up to Rs. 1,50,000 with minimum documentation.

Preferred Segment Loans

These loans offer funding upto 85% with used car loans amount ranging from Rs.1.5 lakhs to Rs. 15 lakhs and maximum tenure is 60 months.

Approve You Own Loan

For salaried employee, monthly installment up to 40% of annual salary and Car loan amount equals up to 2 times of your annual salary.

Take over of your exisiting car loan and generate cash

It is a loan take over from the bank. The foreclosure amount is lesser than asset funds. So, you can get more than 100% finance.

Cash Against Your Car

By pledging your existing car, you can get this loan which is free from any hypothecation/loan

Kotak Mahindra Bank Used Car Loan Interest Rate

Below are the kotak mahindra bank interest rates and charges for used car loans:

Particular Charges
Tenure Range 1- 5 years
Lowest EMI Rs. 2,199 per lakh
Loan Amount Upto 90% of market value
Minimum Income Rs. 15000 per month
kotak bank interest rates 11.50% - 13.50%

Eligibility Criteria for Kotak Mahindra Bank Used Car Loans

  • Salaried employees age should be 21 to 58 years but no more than 58 years at the end of the used car loan.

  • Self Employed individuals age should be 21 to 65 years but no more than 65 years at the end of the used car loan.

  • Companies and parnership firms are eligible to apply for Kotak Mahindra used car loan Hyderabad.

Required Documentation for Kotak Mahindra Used Car Loans

For Salaried Individuals,

  • Application form with a signed photograph

  • Latest salary slip and Form 16 or IT returns

  • Address proof: copy of telephone bill/ electricity bill

  • Identity Proof: Voter ID/ PAN card/ Driving license/ IT returns/ Passport

  • RC and Insurance copy

  • Valuation form from Kotak Mahindra Bank authorized valuation agency

For Self Employed firm,

  • Application form with a signed photograph

  • Address proof: copy of telephone bill/ electricity bill

  • Income Proof: Profit & Loss account/ last 2 years bank statement certified by CA, copies of last 2 years IT returns

  • RC and Insurance copy

  • Valuation form from Kotak Mahindra Bank authorized valuation agency

For Proprietary firm,

  • Application form with a signed photograph

  • Address proof: copy of telephone bill/ electricity bill

  • Income Proof: Profit & Loss account/ last 2 years bank statement certified by CA, copies of last 2 years IT returns

  • RC and Insurance copy

  • Valuation form from Kotak Mahindra Bank authorized valuation agency

For Partnership firm,

  • Signed application form

  • Address proof: copy of telephone bill/ electricity bill

  • Income Proof: Profit & Loss account/ last 2 years bank statement certified by CA, copies of last 2 years IT returns, Trust Deed/ Partnership Deed, authority letter

  • RC and Insurance copy

  • Valuation form from Kotak Mahindra Bank authorized valuation agency

For Companies,

  • Signed application form

  • Address proof: copy of telephone bill/ electricity bill

  • Income Proof: Profit & Loss account/ last 2 years bank statement certified by CA, copies of last 2 years IT returns, MOA and board resolution authorizing 1 director to execute the agreement.

  • RC and Insurance copy

  • Valuation form from Kotak Mahindra Bank authorized valuation agency

Kotak Mahindra Bank Used Car Loan EMI Calculator

To apply for a car, first you have to calculate the monthly installments you have to pay to the bank. This will help the people to calculate the loan amount they have to pay on monthly. If you check EMIs, you will have an idea about which scheme will be suitable for you.

CIBIL Score Calculation

CIBIL stands for Credit Information Bureau India Limited. If you are applying for any loan, the lender firstly check your cibil score. Cibil score is a three digit number ranging from 300 to 900. Higher credit score will increase the chance of getting a loan. A good credit score is 750.

Use our EMI calculator to calculate your monthly used car loan EMI.

Additional Charges and Fees on Kotak Mahindra Used Car Loan

Cheque dishonor charges - Rs. 750/-

Prepayment interest - 5.21% + GST applicable

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

Duplicate security deposit receipt - Rs.250/-

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

Compensation/ Late payment charges/ delayed payment/ additional finance charges per monthly - 0.03

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

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

PDC swap charges - Rs. 500/- per swap

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/-

Dishonor charges per instance - Rs. 750/-

Kotak Mahindra Car Lease for Corporate Customers

Lease is financial transactions that convey of the property by an employee for a specific time in return of a payment charged by the bank. Kotak Mahindra Bank offers lease tenure between 3 to 5 years. It also help in choosing the model of a car for desired cost of the customer.

Other things offers by the bank:

Transparent pricing and competitive interest rates.

Presence in all states and metros.

Hassle free processing

Tie up with insurance company.

Tie up with major car manufacturers and dealers.

Kotak Mahindra Used Car Loan at LoanOnMind

Anyone can apply for a used car loan through LoanOnMind. We are associated with India's top banks and provide the detailed information on used car loans. You can compare the interest rates, various schemes, pros and cons from Kotak Mahindra bank and other banks in LoanOnMind. Customers can easily check the eligibility on car loans and calculate the EMIs etc. If you are apply for a car loan, LoanOnMind is a right place for you.

Other reasons for apply a car loan in LoanOnMind:

We offers multiple options to apply for a car loan

We always follow the updates and provide you the right information on interest rates on car loans in the market.

We help you to choose the best option for your car loan.

You can compare the loans from other banks.

We kept your personal information very confidential at LoanOnMind. The information you have entered is only shared to the chosen lender and is never shared to the third parties.

How to Apply Used Car Loan at LoanOnMind

Applying a used car loan is very simple at LoanOnMInd. You simply enter your details to click proceed option. Your loan will be approved in a matter of seconds

Benefits and Features of Kotak Mahindra Used Car Loans

  • Borrowers can choose the best tenure options ranges between 1 to 5 years in preferred loan segment and a loan amount between Rs. 1,50,000 to Rs. 15,00,000.

  • Kotak Mahindra bank used car loan requires less documentation with simple and quick process. They are providing the best customer service.

  • Interest rates on used car loans are highly competitive which are depending on the loan tenure, EMI amounts, age of a car, car loan disbursals.

  • It offers up to 90% funding of the car valuation.

  • Minimal doumentation is required for used car loan approval.

  • Customers can choose tenures up to 60 months and the loan amount between Rs. 1,50,000 - Rs. 15,00,000.

  • It offers competetive interest rates for used car loan based on the vehicle loan tenure and it's age.

kotak Loan Customer Care Number

  • kotak Mahindra Bank finances new and used cars. Kotak Mahindra Prime ltd is a subsidiary of Kotak Mahindra Bank.

  • For any queries regarding car loans or credit cards or to check kotak loan status, 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 Used Car Loan

How can I apply for Kotak Mahindra Bank used car loan?

You can simply apply online or visit your nearest Kotak Mahindra Bank branches to submit your loan application form.

Do I need a Guarantor for used car loan?

No, but if your annual income didn't meet our requirements, then you need a guarantor for surety of your loan.

How Long doest it takes to process the used car loans?

It takes 48 hours.

How much loan can I avail of?

You can get up to 90% of the value of the car. The maximum used car loan amount is Rs. 75,000

What are the tenure options?

The maximum tenure is 7 years. You can choose any repayment option which match your requirements.

Can I balance transfers an auto loan?

When paying off an used car loan with a credit card, you will conducting the balance transfers. If you are paying your car loan with a credit card, you will avoid a transfer fee. But most of the lenders didn't like to take credit card payments.

How much processing fee is charged by Kotak Bank on used car loan?

Kotak Mahindra Bank charges a processing fee of Minimum Rs. 3,300 and Maximum Rs. 4,750 with service tax.

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