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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  • Car Loan Reviews

    • Kotak Car Loan
      "Good Experience"
      0.5 5.0/5 "Blown Away!"
      There is no lacking on the service part of Kotak Mahindra. They came directly to my place and done the entire process without giving any inconvenient. I am happy about that, its been a year my loan is running. Being a self employed person they came least interest rate of 9.5% it is good.
      Was this review helpful? 0
      , chennai
      Reviewed on May 27, 2017
    • Kotak Car Loan
      "Good Experience with Kotak"
      0.5 5.0/5 "Blown Away!"
      My car experience was really smooth with Kotak Mahindra, they done the process on time, even before the delivery of my car, the loan got sanctioned. Kotak Mahindra offered 80% of loan from on the road value. Then I had done the foreclosure without any extra charges.
      Was this review helpful? 0
      , chennai
      Reviewed on May 26, 2017
    • Kotak Car Loan
      "Good. But high on ROI"
      0.5 5.0/5 "Blown Away!"
      I have taken my car loan from Kotak Mahindra bank and the process in getting this loan was easy. They were quick in collecting my papers and the disbursement was satisfactory too. But the major drawback is that the rate of interest and processing charges was high.
      Was this review helpful? 0
      , coimbatore
      Reviewed on May 18, 2017
    • Kotak Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      Kotak Mahindra Bank quoted 10% of interest rate for the car loan. And they processed the loan in a good manner. The process went good and I had no issues with the bank at any instance. Maruthi showroom itself arranged the loan with Kotak and they had taken care of everything. It was good.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 17, 2017
    • Kotak Car Loan
      "Go with Kotak Mahindra Bank"
      0.5 4.0/5 "Great!"
      I had got the car loan from Kotak mahindra bank and am with them from the last six months of time. Interest rate is around 9.25% and the loan amount got credited to my account within ten working days of time. Response is fine one with the Kotak mahindra bank and the processing charges are also well with them.
      Was this review helpful? 2
      , hyderabad
      Reviewed on May 16, 2017
    • Kotak Car Loan
      "Super fast process"
      0.5 5.0/5 "Blown Away!"
      The process was excellent at Kotak Mahindra bank. I had applied for a car loan and they gave me the loan within three days. They did not have much of a document process like HDFC Bank. The services and response was excellent and the charges and interest was also normal.
      Was this review helpful? 0
      , srinagar
      Reviewed on Apr 26, 2017
    • Kotak Car Loan
      "Very Good"
      0.5 4.0/5 "Great!"
      I had closed the car loan with the Kotak Mahindra bank and their rate of interest was around 13% . They had provided me around 80% of cost of the car as loan and I have got my RC book and NOC after a month of time and I got the permanent number plate on the same period.
      Was this review helpful? 1
      , new delhi
      Reviewed on Apr 19, 2017
    • Kotak Car Loan
      "Good Experience"
      0.5 5.0/5 "Blown Away!"
      I got the car loan within two days of time from Kotak Mahindra Bank and I closed my car loan around two years. I have done the foreclosure, I just made my principal outstanding amount and I didn't pay any single amount extra and I got the NOC within 3 to 4 days.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Apr 19, 2017
    • Kotak Car Loan
      "Good Deal from Kotak"
      0.5 5.0/5 "Blown Away!"
      I got best offer from Kotak Mahindra Bank because I am banking with for long years so they gave me the least rate of interest of 8.7% on my car loan and they taken 2300 rupees as processing fee it is bit high compared to HDFC, Kotak done the fast car loan process.
      Was this review helpful? 0
      , chandigarh
      Reviewed on Apr 18, 2017
    • Kotak Car Loan
      "Average "
      0.5 3.0/5 "Satisfactory"
      I got the car loan with the Kotak Mahindra Bank and the EMI is around 17500 Rupees per month for the capital of 6 lakh Rupees. Tenure is around three years of time for my car loan and the foreclosure charges are also applicable with them.
      Was this review helpful? 0
      , new delhi
      Reviewed on Apr 15, 2017
    • Kotak Car Loan
      "Quick in response and very good service"
      0.5 4.0/5 "Great!"
      Kotak mahindra took around 4 days to disburse my car loan. The rate of interest, fee and charges are nominal with kotak mahindra. The service, response and the follow up was very good with Kotak mahindra. The best part was , I got the car loan in a easy way process and everything has been done via bank itself, which was very useful.
      Was this review helpful? 0
      , meerut
      Reviewed on Apr 15, 2017
    • Kotak Car Loan
      "Kotak has to be reduced the interest as per the market"
      0.5 3.0/5 "Satisfactory"
      Kotak Mahindra gave me good service on my car loan, only problem was rate of interest apart from that everything was good. I have foreclosed my loan by paying only the pending amount without any extra charges, I got my NOC form the bank immediately. If its good, Kotak Mahindra reduce the interest as per the market.
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 29, 2017
    • Kotak Car Loan
      "VERY GOOD"
      0.5 4.0/5 "Great!"
      For an amount of six lakhs my car loan was approved with KOTAK MAHINDRA BANK . Processing fee charged by them was around two thousand. All the documents were collected by their executives at the time of conducting the verification.
      Was this review helpful? 0
      , faridabad
      Reviewed on Mar 23, 2017
    • Kotak Car Loan
      "Better Service"
      0.5 3.0/5 "Satisfactory"
      I recently approached Kotak Mahindra Bank for my car loan. When I applied with them, I got the response from them on the same day. Even, they are willing to provide with the lowest interest rate. The interest rate is 8.5%, but I requested them for 8% and it is under process. It is very easy to approach.
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 09, 2017
    • Kotak Car Loan
      "VERY GOOD"
      0.5 4.0/5 "Great!"
      My loan application process with kotak mahindra was completed in a immediate manner without any drawback.The rate applied was around 9% for the car loan.The documents related to the loan was processed in a immediate manner with one shot submission and loan got disbursed within same day.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Mar 09, 2017
    • Kotak Car Loan
      "Easy process and nice deal "
      0.5 5.0/5 "Blown Away!"
      The process with Kotak Mahindra bank was too good for the car loan. The documentation was simple and the deal on the interest rate and charges was nominal and the disbursement of the loan also happened on the day I needed it. The bank understood my requirement and processed the loan accordingly.
      Was this review helpful? 1
      , bangalore
      Reviewed on Feb 22, 2017
    • Kotak Car Loan
      "Awesome Services"
      0.5 5.0/5 "Blown Away!"
      I had taken a car loan with Kotak Mahindra bank and when the loan was completed, I received a call saying that they need to send me the NOC and a executive would come over to fill in a form so the hypothecation can be removed and the fresh RC could be issued to you, I did not have to do much and without going any where or paying for anything the bank done it for me. Once there was one EMI that got dishonored due to my mistake, they immediately arranged a executive to pick up a alternate and no extra charges was taken from me for pick up or delayed fees.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 21, 2017
    • Kotak Car Loan
      "Very much satisfactory"
      0.5 5.0/5 "Blown Away!"
      Kotak Mahindra bank has been pretty responsive when I approached them for a car loan. They were nominal on the interest rates and processing charges and I faced no issues in getting my loan through. The process was smooth as I got updated at every stage.
      Was this review helpful? 1
      , mumbai
      Reviewed on Feb 02, 2017
    • Kotak Car Loan
      "Good service and should reduce interest rate"
      0.5 5.0/5 "Blown Away!"
      Good experience with KOTAK MAHINDRA BANK for my Car Loan.They was very good in customer service, they given the proper information about my documents.I was satisfied with their quick process, with in 5 days they has disbursed my car loan. But I felt rate of interest was high compare to other banks, also they was deducted 6000 rs for processing fees.
      Was this review helpful? 0
      , nagpur
      Reviewed on Jan 30, 2017
    • Kotak Car Loan
      "Car loan process is good"
      0.5 5.0/5 "Blown Away!"
      KOTAK Car loan process is good, the process was very smooth . I had closed the car loan already I had contact Coimbatore branch over the phone and the loan was closed successfully. I had got the NOC on time after a week of closing the loan
      Was this review helpful? 6
      , coimbatore
      Reviewed on Jan 12, 2017
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    Kotak Car Loan Eligibility Calculator is Rated as "Excellent!" by 262 Users

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    Promised Interest Rate

    Customer Service

    Responsiveness

    Car Loan BYTES FROM OUR KITCHEN

    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.

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