KOTAK BANK CAR LOAN

Kotak Bank Car Loan

Apply Online for Car Loan in India through the most desired bank i.e. Kotak Mahindra Bank. Find the competitive and the best car loan rates starting from 11.50% p.a.
The widest range of new cars can be easily financed through various schemes based on flexible EMIs and repayment tenure for a Car Loan. You can easily avail a loan of up to 90% of the amount for certain car models, which will enable you to purchase the car of your dreams.

Why Car Loan from Kotak Mahindra Bank?

Apply for Car Loan online with the effective and best interest rates in India from Kotak Mahindra Bank. You can avail a car loan at attractive interest rates ranging from 11.50% to 13.50% p.a. Available from a minimum loan amount of Rs. 75,000 and flexible repayment tenures ranging from 12 to 60 months, you can avail of these loans on most passenger cars and multi-utility vehicles.

  • 1. Widest range of new cars financed
  • 2. Lowest Car Loan Interest Rates
  • 3. Flexible schemes
  • 4. Speedy loan processing
  • 5. Minimal Documentation

Fees and Charges

The mentioned below are the fees and charges applicable which are levied by Kotak Mahindra Bank:
TYPES OF FEESCHARGES APPLICABLE
Interest Rate11.50% to 13.50%
Loan AmountUp to 90% of ex-showroom
Loan Tenure7 years
Per cheque charges for dishonorRs. 500
Foreclosure Charges5.21% + GST
Security Deposit Receipt duplicate issue charges/receiptRs. 250
Post-dated cheques swap chargesRs. 500 per swap
Statement of AccountRs. 500

Advantages of Kotak Mahindra Car Loan

Kotak Mahindra Bank provides its customers with numerous advantages to choose from for availing Car Loan:

  • 1. Flexible repayment tenure completely depending upon customer convenience, ranging from periods of 12 months to 60 months.
  • 2. Adjustable car loan schemes that emphasize on efficient customer service not only before taking the loan but also afterwards.
  • 3. Simple loan application procedure helping customers get the loan sanctioned quickly within 48 hours after documentation is complete.
  • 4. Widest range of new and pre-owned car loans through various schemes based on flexible EMI’s and tenure for a car loan, namely, Money scheme, Step Up scheme, Low EMI Balloon scheme, Advance EMI scheme and some Special schemes.
  • 5. Attractive interest rates ranging from 11.50% to 13.50%, considered as some of the lowest interests in the market.
  • 6. Quick and hassle-free process
  • 7. Transparent process and no hidden charges

Car Loan Plans By Kotak Bank

Following schemes are offered by Kotak Mahindra under the new car finance plans:

Margin Money Scheme

Under this scheme, the bank provides finance for buying a new car of up to 90% of the invoice value for certain car models. The customer can pay the margin money (invoice value minus the finance amount) either to the dealer directly or to KMPL upon which the bank would release the entire invoice value to the Dealer. The financed amount can be repaid to the bank as per your convenience within a period ranging from 12 to 60 months in form of EMIs.

Step Up Scheme

This scheme involves increasing the car loan EMI on a yearly, half- yearly or a quarterly basis, depending upon needs of the customer. This scheme works best for those expecting a growing income to buy a luxury car experience. So basically, it starts with low EMIs in the early period of repayment and increases as it nears tenure completion.

Low EMI, Balloon Scheme

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

Advance EMI Scheme

Make the monthly car loan payments of a few installments upfront under this scheme by Kotak Mahindra bank. The balance remains payable through EMIs, than enable you to pay off your loan much faster with the advance installments.

Eligibility Criteria for applying for Kotak Mahindra Bank Car Loan

Loan application is approved instantly if you are eligible for applying the loan and you meet all the necessary Loan requirements. So apply online for Car loan if you meet the basic requirements. Below mentioned are Auto Car loan eligibility conditions:

Salaried IndividualsSelf-Employed
Applicant must be at least 21 years old at the time of loan applicationApplicant must be at least 21 years old at the time of loan application
Applicant must be not more than 58 years at the time of loan maturityApplicant must be not more than 65 years at the time of loan maturity
Minimum employment tenure must be of 6 monthsMinimum employment tenure must be of 2 years in same business
Minimum annual income must be Rs. 1,00,000

Documents required for applying for a Car Loan from Kotak Mahindra Bank

Before applying for Car Loan online please check you complete with the required documents.

Salaried Individuals

  • 1. Loan Application form
  • 2. ID Proof, KVY Documents, Aadhar Card, Voter ID, Passport
  • 3. Address Proof
  • 4. Income Proof
  • 5. Salary Account bank statement
  • 6. Self-attested photograph

Self-employed Individuals

  • 1. Loan Application form
  • 2. ID Proof, KVY Documents, Aadhar Card, Voter ID, Passport
  • 3. Address Proof
  • 4. Income Proof
  • 5. Business account statement or IT returns
  • 6. Self-attested photograph

Proprietary Firms

  • 1. Loan Application form
  • 2. ID Proof, KVY Documents, Aadhar Card, Voter ID, Passport
  • 3. Address Proof
  • 4. Accepted verification document
  • 5. Previous 2 years’ ITR certified by a CA
  • 6. CA certified Profit & Loss Account and balance sheet for the last 2 years

Partnership Firms and Companies

  • 1. Loan Application form
  • 2. Proof of Business Address
  • 3. Accepted bankers’ verification
  • 4. Sum of income of last 2 years as certified by a CA
  • 5. CA certified P&L statement and balance sheet of previous 2 years
  • 6. Income Tax Returns of last 2 years
  • 7. Partnership Deed/Trust Deed and Letter of Authority required for Partnerships
  • 8. MoA and Board Resolution providing authorization to director for execution of agreement

Procedure for applying for Kotak Mahindra Bank Car Loan

One can apply online for Car loan through our website with few simple steps by registering online:

  • 1. Enter the required details including your employment type, name, e-mail address, city you are currently living in, type of business, annual income, required loan amount, and mobile number.
  • 2. Provide your consent.
  • 3. Choose KOTAK Mahindra Bank as your Car Loan partner.
  • 4. Fill in the form by providing some basic details like your gender, marital status, PAN Number, and others and click proceed.

For further queries you can go through www.kotak.com

Know more about Kotak Mahindra Bank Car Loan – FAQs

Q. How can I apply for a car loan?

A. You can apply for a car loan online just by filling the online car loan application form and the Bank representative will guide you through the rest of the process.

Q. What are charges for documentation levied by Kotak Bank for loans on new cars?

A. These charges vary from based on various factors and are provided to the customer at the time of signing up for the loan.

Q. What are the documents that are accepted as address proof by Kotak Mahindra Bank?

A. Kotak Mahindra Bank will accept copies of telephone bills and electricity bills as address proofs.

Q. What all documents I need to attach with my car loan application?

A. Documents to be furnished for a car loan application include- Identity proof, Address proof, Income proof and also bank statement of your salary or business account.

Q. What is Kotak Bank’s minimum car loan sanction amount?

A. The min. car loan principal that Kotak Bank approves is Rs. 75,000. The car loan amount eligibility is at the discretion of the bank.

QQ. What is the maximum car loan amount that will be sanctioned by Kotak Mahindra Bank?

A. No, a guarantor is not necessary for availing car loan. But, in case you do not satisfy the Bank’s income and age requirements, then a guarantor might be required.

Q. Is having a guarantor mandatory for availing car loan?

A. You can combine your income with the income of your spouse to increase your loan eligibility and to get higher loan amount.

QUICK OVERVIEW
Apply online at interest rate starting @ 11.50% p.a.
Minimal Documentation
Loan Tenure up to 7 years
Competitive and transparent process
One Click Home Loan eligibility check