If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
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  • Kotak Car Loan Eligibility Calculator is Rated as "Excellent!" by 329 Users

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    Kotak Car Loan Eligibility Calculator

    Overview of Kotak Car Loan

    Kotak offers car loan to its customers to purchase new and used cars. They also offer cars on lease for corporate customers. You can also get finance against your existing car. Get the car you want with loans of up to 90% of the value of the car. Repayment tenures that are flexible are as luring as the Kotak interest rates. Experience simplicity with a Kotak car loan.


    • For new car purchases, Kotak offers 4 different schemes and occasional special schemes to suit your needs and convenience. There is a loan to suit the compact cars as well as the luxury cars. The minimum loan amount you can borrow is Rs. 75,000 and is limited to a maximum of 90% of the ex-showroom price of the car.
    • For used cars, you can avail of any of the five different types of loans according to which will be the best for you. Avail of loan amounts between Rs. 1.5 lakhs and Rs. 15 lakhs. Salaried employees can get up to 40% of their net salary.

    Kotak Car Loan Eligibility

    Kotak car loans are available to a wide range of customers. Car loans are available to individuals and companies seeking to purchase new and pre-owned cars. In order to be eligible for a Kotak car loan, you must fit the following criteria.

    New cars

    Salaried and self employed individuals are eligible. Partnership Firms, Public & Private Ltd. companies, HUFs and Trusts are also eligible to take out a Kotak Car Loan.

    • Salaried Individuals
      • You should be 21 years and above
      • You should not be more than 58 years at the end of the loan
      • You need a minimum net income of Rs. 1,00,000 per annum
      • You should be employed for at least 6 months
    • Self Employed
      • You should be 21 years and above
      • You should not be more than 65 years at the end of the loan
      • You should be employed for at least 2 years in the business

    Used cars

    • Salaried individuals, Self-employed, Proprietors, Partnerships and Companies can apply.
    • The car will be eligible based on the report submitted by the Authorised Insurance Evaluator.

    Factors Affecting Kotak Car Loan Eligibility

    Your Kotak Car Loan Eligibility can be affected by a number of factors such as your income, age, credit score, past credit history, your current debt.

    Income - The income you earn is an important factor in determining whether or not you can handle the car loan. Banks need assurance that you will be able to fulfil your EMI obligations. If you do not meet the minimum income required, you may not be eligible for a loan, or the loan amount you are seeking.

    Age - Age is also another important determinant in loan approvals. Banks usually don’t approve applicants below the age of 21 years. Kotak also requires a maximum age of 58 years for salaried employees and 65 years for self employed. You should complete paying off your loan by the time you reach this age.

    CIBIL score - CIBIL scores have come to play an integral role in the banking system of India. Banks rely greatly on these scores to know their potential customers credibility. A high score will help you sail through the applications process. On the other hand, a low score will be a red flag for the banks as they will be reluctant to put their trust in you repaying the loan.

    Debt-to-income - Holding a lot of debt means that you may not be able to pay your EMIs and handle your day-to-day finances. Banks are concerned when you have other sources of debt on your hands such as credit card balances, personal loans or other loans. Debt-to-income ratios are calculated by banks to allow you to only take on so much debt which you can handle without putting extreme financial strains on yourself.

    How CIBIL Score affects Kotak Car Loan Eligibility

    The Credit Information Bureau India Limited has evolved to play a very important role in the credit world of India. Banks are dependant on these scores to determine their customers eligibility when it comes to loaning credit to them. CIBIL maintains a record of every individual's credit history. This history includes credit card payments, shopping patterns, available credit limit, EMI defaults, and so on. Credit scores are affected negatively when you make errors in the credit world such as defaulting on payments and late payments. Even closing credit cards can affect your score because it reduces your available credit limit. A low score can affect your eligibility for the following reasons:

    • It may depict that you are not trustworthy and credible
    • Banks may not be sure if you can repay the loan
    • It shows you are not the ideal customer the banks want

    A good credit score, on the other hand, makes your application a breeze as long as you fit the other criteria. Banks will have nothing to worry about with you and your approval should be quick and easy.

    How to Increase your Kotak Car Loan Eligibility

    You can increase your Kotak Car Loan eligibility by taking a few steps in the right direction.

    Get a guarantor - If you do not meet the age and income requirements, you can get a guarantor to stand as surety against your loan. Kotak will approve if you have a guarantor.

    Close other debt - Try your level best to pay off any other debt you have before you apply for a loan. The more credit limit you have available, the larger your loan amount will be.

    Co-applicants - If you take out a loan jointly with your spouse, you can add their income as well to the minimum required income. You will be able to increase your loan capacity.

    Increase your credit score - Work towards increasing your credit score. Spend on your credit card but pay it back in full and ahead of time. Request for your CIBIL score and its details to find out where you stand and where you went wrong. Do your research and find out ways to improve your score according to what you need.

    Kotak Car Loan Eligibility Calculator

    There are eligibility calculators available on BankBazaar.com. You can check your eligibility in a few simple steps. This user-friendly calculator will ask you a few questions and quickly move to the next. The calculator generates results which include EMIs, interest rates, processing fees, and the loan amount you will need. Kotak Car Loan Eligibility Calculator will help you determine your eligibility before you apply for a loan.

    Car Loan Reviews

    • Kotak Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan with Kotak Mahindra Bank and it was a good loan experience. The loan amount was for Rs 2 lakhs with the nominal rate of interest when compared to all other banks. The process was very smooth and my loan amount was approved within 2 days. I submitted my documents directly to the showroom. Customer service was good and they followed up correctly.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Dec 13, 2017
    • Kotak Car Loan
      "Interest rate should be reduced"
      0.5 4.0/5 "Great!"
      Kotak gave me car loan, I have taken the loan amount of Rs. Rs. 6 lakhs. Based on that loan, Kotak Mahindra gave me the top up loan and personal loan. But their interest rate is high The car loan has the tenure period of three years it would be great if they reduce the rate.
      Was this review helpful? 2
      , chennai
      Reviewed on Dec 13, 2017
    • Kotak Car Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I have taken car loan with Kotak Mahindra Bank and it was a very good experience overall. The loan amount was for Rs 3.5 lakhs with the rate of interest which is high when compared to other banks. This was a pre approved loan so my loan amount was disbursed within a day. Customer service was very good and they responded on time.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 12, 2017
    • Kotak Car Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      The Kotak Mahindra finance gave me a car loan and I got it around 3 years back. The customer support is average with the Kotak mahindra bank. The rate of interest and the charges are average with the Kotak Mahindra finance but their loan amount was sanctioned up to 75% , so I am not satisfied with it. I have to pay the car loan fro next 3 years.
      Was this review helpful? 2
      , bangalore
      Reviewed on Dec 12, 2017
    • Kotak Car Loan
      "Hassle Free and Quick Process"
      0.5 5.0/5 "Blown Away!"
      I took car loan directly from the showroom with Kotak Mahindra, they completed the process within 2 to 3 days and delivered my car. I took the car loan of Rs. 3 lakhs, I paid some down payment, They have fulfilled my requirement with better interest rate.
      Was this review helpful? 3
      , bangalore
      Reviewed on Dec 04, 2017
    • Kotak Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken car loan with Kotak Mahindra bank, my car loan application was approved and the requested amount was disbursed. The loan amount was for Rs 7 lakhs with the nominal rate of interest. The customer service was good and they responded on time. The loan amount was approved based on the on-road price. Customer service was good, they provided door step service to collect the documents. It was overall a good loan experience.
      Was this review helpful? 3
      , hyderabad
      Reviewed on Dec 02, 2017
    • Kotak Car Loan
      "Good experience"
      0.5 4.0/5 "Great!"
      My car loan was taken with KOTAK 2 years back .The loan amount was 5 lakhs and the interest rate was 9.45% which was avergae in the market . I had a very good loan process here and they have sanctioned the loan with they committed time also . My overall experience was good and its recommendable..
      Was this review helpful? 1
      , chennai
      Reviewed on Dec 01, 2017
    • Kotak Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I am a co-applicant for the car loan with Kotak Mahindra Bank. I am happy with the whole process of the bank. The customer services are good and there are no hassles in the whole process. I got the disbursement on time. The rate of interest and processing charges are normal.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Nov 23, 2017
    • Kotak Car Loan
      "Nice bank"
      0.5 3.5/5 "Pretty good"
      With KOTAK MAHINDRA BANK i am holding a savings account. Its been 8 months i am started using this account with them. The net banking with Kotak is great. All the other features with the bank is comfortable. The customer service and response is comfortable.
      Was this review helpful? 2
      , pune
      Reviewed on Nov 18, 2017
    • Kotak Car Loan
      "Smooth process"
      0.5 3.0/5 "Satisfactory"
      I had taken a car loan with Kotak Mahindra Bank which has now been completed. I had a good process with them while getting my loan approved and there was no issues during that time as well as as during the term of the loan. The service was good and completed smoothly.
      Was this review helpful? 1
      , jaipur
      Reviewed on Nov 17, 2017
    • Kotak Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      It was a very fast service from KOTAK MAHINDRA for my car loan service within two days the process have been completed the interest rate have been 7 % which was fine compare to others and the documents have been collected from my door step it was totally a excellent experience with KOTAK MAHINDRA for my car loan service.
      Was this review helpful? 1
      , new delhi
      Reviewed on Nov 15, 2017
    • Kotak Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      It was a quick process with KOTAK for my car loan service within three days they completed the process the interest rate they quoted me was 8 % which is fine compare to others and the documentation part was also easy. They collected all my documents from my door steps,it was a good experience with KOTAK on my car loan process.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Nov 13, 2017
    • Kotak Car Loan
      "Excellent service"
      0.5 4.5/5 "Excellent!"
      The rate of interest offered by KOTAK for my car loan service is good compare to others in the market the documents have been collected directly also the payments are directly with KOTAK ,I am happy with the service KOTAK for my car loan service.
      Was this review helpful? 1
      , new delhi
      Reviewed on Nov 10, 2017
    • Kotak Car Loan
      "Excellent"
      0.5 3.0/5 "Satisfactory"
      I already taken car loan from Kotak Mahindra because their service is good. When I took that loan they said after six months they would reverse the interest rate but they didn't reduce it, and also they charged me Rs. 15000 extra on foreclosure of my loan.
      Was this review helpful? 0
      , howrah
      Reviewed on Nov 09, 2017
    • Kotak Car Loan
      "Satisfied with the experience"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan from Kotak Mahindra Bank for a Maruti Suzuki Alto. I got the loan amount on the value of the car as needed. The bank offered me a 90%, I got the loan on time. The interest rate and charges is normal and I am also comfortable with the EMI amount.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 06, 2017
    • Kotak Car Loan
      "Process is good"
      0.5 5.0/5 "Blown Away!"
      I have taken my car loan from Kotak Mahindra Bank. The process for this loan was also excellent. My documentation is normal and I got 80% of the loan value. I have take a Wagon R vehicle. The interest rate and processing charges is normal. The after loan services are good.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 04, 2017
    • Kotak Car Loan
      "Good "
      0.5 3.0/5 "Satisfactory"
      I have closed the car loan with the Kotak Mahindra bank and the rate of interest was around 11%. It was happened before ten years of time. I would like to say that the loan amount got disbursed within ten days of time.
      Was this review helpful? 0
      , jamshedpur
      Reviewed on Nov 04, 2017
    • Kotak Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      It was good experience from KOTAK for my car loan service customer service was very good the interest rate they offered was 10.5% which was fine compare to others in the market and the payments where directly it was been 3.5 years since I had utilized the services of KOTAK.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 01, 2017
    • Kotak Car Loan
      "Fast response"
      0.5 4.0/5 "Great!"
      Kotak Mahindra bank processed my car loan immediately because I got the delivery date, my showroom guy taken initiate to complete the loan process quickly with Kotak. Rate of interest was also nominal for the amount of Rs. 2 lakhs as a car loan.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 26, 2017
    • Kotak Car Loan
      "Better service"
      0.5 5.0/5 "Blown Away!"
      The service is excellent with Kotak mahindra car loan , they have disbursed the loan amount within a week time. The customer support is good with Kotak mahindra. The rate of interest is average is kotak mahidra bank and I am satisfied with their better service.
      Was this review helpful? 1
      , hapur
      Reviewed on Oct 25, 2017
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