1. Build your Credit Score
2. Reduce your Current Borrowing / EMI Costs
Kotak Bank has an exhaustive list of products including credit cards, gold loans, home loans, auto loans, two-wheeler loans, personal loans, and education loans. When it comes to the auto segment, kotak goes one step further.
Kotak Mahindra Prime Limited (KMPL) is the subsidiary of Kotak Mahindra Bank, which finances several passenger vehicles including new cars, pre-owned cars, and multi utility vehicles. It is one of India’s leading car finance companies, and has been funding and supporting automotive dealers, retail customers, and manufacturers.
Owning a car nowadays has become a basic necessity after food, clothes, and shelter, and KMPL helps in fulfilling this necessity of its customers with minimum effort. If you can't afford to keep paying, you could even transfer the loan to someone else!
mymoneykarma provides you with all the information that you need about KMPL car loans.
It has a very extensive range of new and pre-owned car loans that offer flexible EMI’s and tenures, namely:
Money scheme
Step Up scheme
Low EMI Balloon scheme
Advance EMI scheme, etc.
The customers can avail a loan of up to 90% of the cost of specific car models, enabling them to purchase their dream car.
The bank has attractive interest rates, ranging from 11.50%-13.50%, which are considered some of the lowest interest rates in the market.
Kotak Mahindra has a flexible repayment tenure, which depends entirely upon the convenience of customers, ranging from a period of 12 months-60 months.
The simple loan application procedure of Kotak Mahindra helps customers in getting the loan sanctioned quickly, within 48 hours, after the documentation part is complete.
The interest rates of car loans for used cars vary in accordance with the eligibility of the applicant and the depreciation rate of the vehicle. Further, the tie-ups and discounts offered by the car dealers also affect the lending rate from time to time.
Generally, interest rates for pre-owned cars remain higher in comparison to new car loans owing to the depreciation involved. The customers should inquire about interest rates directly at the bank before finalizing the loan.
However, the base interest rate on a Kotak Mahindra Prime car loan is 9.50%.
Types of Kotak Bank Car Loans
Features and Eligibility |
Kotak Bank New Car Loan Scheme |
Kotak Bank Pre-Owned Car Loan Scheme |
Rate of Interest |
11.50% (Fixed) |
Not Available |
Loan amount Eligibility |
90% of the ex-showroom price |
Not Available |
Lowest EMI per lakh |
Rs. 2,199 |
Not Available |
Maximum Repayment Period |
Five years |
Not Available |
Age (years) |
Between 21yrs-65 yrs |
|
Foreclosure fees |
Not allowed for six months; 5.21% after six months |
Not Available |
Kotak Mahindra bank offers tailor-made schemes for salaried employees, self-employed individuals, HUFs, trusts, proprietorship and partnership firms, and public and private ltd. companies. Anyone who meets the essential eligibility criteria can quickly get a Kotak Mahindra car loan.
For Salaried Employees
The applicant must be at least 21 years of age during the time of loan application.
Must have a decent credit score
Applicant must not be over 58 years old during the time of loan maturity.
The minimum annual income of the customer must be Rs. 1,00,000.
Minimum employment tenure should be 6 months.
For Self-employed Individuals
The applicant must be at least 21 years old during the loan application.
Must have a decent credit score
The applicant must not be above 65 years of age during loan maturity.
Minimum employment tenure should be 2 years in the same business.
For Salaried Employees
Completely filled-in and duly signed application form
Identity, address, and income Proof
Statement of the salary bank account
Self-attested photographs
For Self-employed Individuals
Filled-in and signed application form
Identity, address, and income proof documents
Business account statement or IT returns
Photographs, self-attested by the customer
Calculating the EMI before applying for a car loan will ensure that the customer makes informed decisions and plans a budget for the future too. It would help him/her check if the EMI calculated fits into their monthly budget.
To find out the tenure and loan amount that best suits them, customers can keep changing the amount and tenure of the loan and keep re-entering the values until he/she arrives at a comfortable scheme.
Kotak Mahindra Car Loan EMI for Various Loan Amounts and Mandates @ 11.50% Interest Rate
Loan Amount |
2 Yrs |
3 Yrs |
5 Yrs |
7 Yrs |
1,00,000 |
Rs. 4,580 |
Rs. 3,192 |
Rs. 2,088 |
Rs. 1,622 |
3,00,000 |
Rs. 13,740 |
Rs. 9,575 |
Rs. 6,264 |
Rs. 4,865 |
5,00,000 |
Rs. 22,900 |
Rs. 15,958 |
Rs. 10,440 |
Rs. 8,108 |
10,00,000 |
Rs. 45,800 |
Rs. 31,916 |
Rs. 20,880 |
Rs. 16,216 |
The Kotak Mahindra car loan application process is quite straightforward. There are two different ways to avail Kotak Mahindra car loans.
Online registration: Applicants can visit the Kotak Mahindra website, download the Kotak Mahindra car loan application form, fill it in, and upload the form online. The bank officials contact the applicants and collect the required documents from their homes. Upon approval of the loan, the loan amount is routed to the applicant’s account for the car purchase.
Walk-in: Customers can also walk into the nearest Kotak branch and request for a Kotak car loan application form. They must also submit copies of the required documents along with the filled-in application form. The loan is then processed and approved in a few working days.
What credit score is needed for a kotak car loan?
Generally Kotak Bank requires a minimum credit score of 700. If your credit score is less than 700, your loan application will most likely get rejected.
What are the tenures available in case of a Kotak Mahindra car loan?
The tenure of loan repayment is flexible and can be customized as per the choice of the customer. The bank offers a repayment tenure of 12-60 months.
Why has my Kotak Bank car loan application been rejected?
For a Kotak Bank car loan to be approved, applicants need to meet all the eligibility criteria and upload the required updated documentation within the given time. The applicant should also have a decent credit score, a good debt-to-income ratio, and no history of defaulted EMI payments in the past.
How can I apply for Kotak new car loan?
You can apply online for a car loan just by filling in the loan application form, and the bank executive will guide you through the entire process.
How can I apply for a pre-owned car loan by Kotak Mahindra Bank?
You can either apply through SMS, net banking, or email. You can also visit the nearest bank branches to submit your loan application.