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Kotak Mahindra Car Loan
In today’s world, having a vehicle to commute has become more of a necessity than just want. With the current situation in our cities, it is advisable to own a car so that there is an ease of travelling distances.
To fulfil this need of yours, the Bank offers a new car loan and even pre-owned car loan for your needs. Flexible repayment options and easy processing makes Kotak’s car loans one of a kind. The article guides you to Kotak Mahindra Car Loan - interest rates, documents, application, etc.
Kotak Car Loan Interest Rates 2024
Kotak Mahindra offers some good interest rates. The interest rate starts at 8% p.a.
They are mentioned below:
| Loan | Interest Rate |
|---|---|
| Kotak Mahindra Car Loan | 8% to 24% p.a |
| Kotak Mahindra Used Car Loan | Bank’s discretion |
1. Kotak Mahindra New Car Loan
Kotak Mahindra new car loan scheme offers great benefits. You can avail convenient repayment options, great interest rates and more.
Features of Kotak Mahindra New Car Loan
Financing
You can borrow up to 90% of the car value. The minimum loan amount for a car loan is Rs. 75,000.
Tenure
It offers flexible tenure. You can choose to repay a loan from between 12 to 84 months. This will allow you to afford to pay the loan as well as keeping a balance with your personal finances.
Prepayment of Loan
Kotak Mahindra New Car Loan also gives you the option of prepaying car loans. You can pay the loan within 6 months of availing date.
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Schemes Under Kotak Mahindra New Car Loan
Margin Money Scheme
The bank provides 90% of finance on the cars for certain models selected by the bank. You can pay the margin money to the dealer directly. Or you also have the option of paying the margin money to KMPL after which the bank will release the amount to the dealer.
Step Up Scheme
You can increase your EMI after every quarter, six months or year. This solely depends on your needs, if your Income grows, you can increase the EMI amount.
Balloon Scheme
Under ballon loan, you will have to pay 10%-25% of the cost of the car as the last EMI. You can pay reduced EMI for the entire tenure.
Advance EMI Scheme
You can make payment of a few monthly instalments upfront. You can repay your loans much faster with advance instalments.
Eligibility
The eligibility criteria is simple. It is mentioned below:
Salaried Persons: All Indians aged between 21 years and 60 years can apply for the loan. The monthly income criteria to avail the loan is Rs. 15,000.
Self-Employed Persons: All Indians between 21 years and 65 years can avail the loan. You should have at least 1 year in business if you are applying under this category.
Other Charges and Fees
Various charges are involved when it comes to a loan. They are mentioned below:
| Features | Description |
|---|---|
| Cheque Dishonour Charges per Cheque | 750.0 |
| Prepayment interest on Principal outstanding | 5.21% + Taxes |
| Issue of Duplicate copy of Agreement/ Duplicate NOC / NOC for Duplicate Registration Certificate | 750.0 |
| Issue of Duplicate Security Deposit Receipt per Receipt | 250.0 |
| Cancellation of Contract (other than foreclosure and prepayment interest) at the specific request of the | Borrower and agree by the Lender |
| Delayed Payment/ Late Payment Charges/ Compensation/ Additional Finance Charges (Monthly) | 0.03 |
| Collection Charges for non PDC cases (per cheque) for non-payment on due date | 500.0 |
| PDC swap Charges | 500 per swap |
| Repayment Schedule / Account Outstanding Break up statement | 250.0 |
| LPG / CNG NOC | 2000.0 |
| Statement of Account | 500.0 |
| NOC for Interstate Transfer | 1000.0 |
| NOC for Commercial to personal use | 2000.0 |
| Dishonour charges per instance | 750.0 |
| NOC to convert from private to commercial | 5000 (Subject to approval) |
2. Kotak Mahindra Used Car Loan
Kotak Mahindra used car loan is a simple and reliable loan option. It offers hassle-free processing and loan approval. The bank offers 90% funding of car value.
Pre-Approved Loan
Under this option, you can avail a loan amount of up to Rs. 1.5 lakhs. One of the advantages is the minimum documentation.
Preferred Segment Loan
You can avail loan ranging between Rs. 1.5 lakhs and Rs. 15 lakhs. Funding is available up to 90% of car value with a loan repayment tenure of 60 months.
Approve Your Own Loan
This loan scheme is for salaried people. You can avail a loan based on monthly instalments up to 40% of the net salary. The loan amount equals up to 2 times your annual salary.
Tenure
The loan repayment tenure is a minimum of 12 months up to 60 months.
Eligibility
The eligibility criteria is simple. It is mentioned below:
Salaried Persons: All Indians aged between 21 years and 60 years can apply for the loan. The monthly income criteria to avail the loan is Rs. 15,000.
Self-Employed Persons: All Indians between 21 years and 65 years can avail the loan. You should have at least 1 year in business if you are applying under this category.
Other Fees and Charges
Other fees and charges are involved in the loan. They are mentioned below:
| Features | Description |
|---|---|
| Cheque Dishonour Charges per ChequeCheque Dishonour Charges per Cheque | 750.0 |
| Prepayment interest on Principal outstanding | 5.21% + taxes |
| Issue of Duplicate copy of Agreement/ Duplicate NOC / NOC for Duplicate Registration Certificate | 750.0 |
| Issue of Duplicate Security Deposit Receipt per Receipt | 250.0 |
| Cancellation of Contract (other than foreclosure and prepayment interest) at specific request of the | Borrower and agree by the Lender |
| Delayed Payment/ Late Payment Charges/ Compensation/ Additional Finance Charges (Monthly) | 0.03 |
| Collection Charges for non PDC cases (per cheque) for non-payment on due date | 500.0 |
| PDC swap Charges | 500 per swap |
| Repayment Schedule / Account Outstanding Break up statement | 250.0 |
| LPG / CNG NOC | 2000.0 |
| Statement of Account | 500.0 |
| NOC for Interstate Transfer | 1000.0 |
| NOC for Commercial to personal use | 2000.0 |
| Dishonour charges per instance | 750.0 |
| NOC to convert from private to commercial | 5000 (Subject to approval) |
Document Required for Kotak Mahindra Car Loan
Following are the documents required to avail the loan.
Salaried Persons
- KMPL Application Form
- Latest Salary Slip
- Form 16/IT Returns
- Address Proof (copy of electricity/ telephone bill/ Passport/ Voter's ID/ Lease Deed/ Rent agreement copy/ Property Registration Document in the name of the Customer)
- Signature (Verification from your Banker/ Voters ID/ IT PAN Card/ IT Return/ Driving License/ Passport)
- One signed Photograph
Self-Employed Persons
- KMPL Application Form
- Address Proof (copy of electricity/ telephone bill/ Passport/ Voter's ID/ Lease deed/ Rent agreement copy/ Property Registration Document in the name of the Customer)
- Signature (Verification from your Banker/ Voters ID/ IT PAN card/ IT Return/ Driving License/ Passport)
- Computation of Income for the last 2 years certified by CA
- P&L A/C and B / S for the last 2 years certified by CA
- Copies of Income Tax Returns for the last two years
- One signed Photograph
Proprietary
- KMPL Application Form
- Address Proof (copy of electricity/ telephone bill/ Passport/ Voter's ID/ Lease deed/ Rent agreement copy/ Property Registration Document in the name of the Customer)
- Signature (Verification from your Banker/ Voters ID/ IT PAN card/ IT Return/ Driving License/ Passport)
- Computation of Income for the last 2 years certified by CA
- P&L A/C and B / S for the last 2 years certified by CA
- Copies of income tax Returns for the last two years
Partnership
- KMPL Application Form
- Address Proof (copy of electricity/ telephone bill/ Passport/ Voter's ID/ Lease deed/ Rent agreement copy/ Property Registration Document in the name of the Customer)
- Signature (Verification from your Banker/ Voters ID/ IT PAN card/ IT Return/ Driving License/ Passport)
- Computation of Income for the last 2 years certified by CA
- P&L A/C and B / S for the last 2 years certified by CA
- Copies of Income Tax Returns for the last two years
- Partnership Deed / Trust Deed
- Letter of Authority
- MOA and Board Resolution authorising one director to execute the agreement.
Companies
- KMPL Application Form
- Address Proof (copy of electricity/ telephone bill/ Passport/ Voter's ID/ Lease deed/ Rent agreement copy/ Property Registration Document in the name of the Customer)
- Signature (Verification from your Banker/ Voters ID/ IT PAN card/ IT Return/ Driving License/ Passport)
- Computation of Income for the last 2 years certified by CA
- P&L A/C and B / S for the last 2 years certified by CA
- Copies of Income Tax Returns for the last two years
- MOA and Board Resolution authorising one director to execute the agreement.
An Alternative of the Car Loan- Invest in SIP!
Well, car loan comes with higher interest rates and long tenure. The best way to accomplish your dream car is by Investing in SIP (Systematic Investment plan). With the help of a sip calculator, you can get a precise figure for your dream car from which you can invest a fixed amount in SIP.
SIP is only the easiest and hassle-free way to achieve your Financial goals. Try now!
Speed-up your Savings to Buy Dream Car
If you are planning to fulfil a certain goal, then a SIP calculator will help you to calculate the amount you need to invest.
SIP calculator is a tool for investors to determine the expected return of the SIP investment. With the help of a SIP calculator, one can calculate the amount of investment and time period of investing requires to reach one's financial goal.
Know Your SIP Returns
Conclusion
Kotak Mahindra Prime Car loan is an amazing scheme to choose from. Read all the scheme related documents carefully before applying.
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
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