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 305 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
      "Quick Approval"
      0.5 4.0/5 "Great!"
      My car dealer suggested me a Kotak Mahindra Bank for the loan. The rate of interest was satisfied, so I have proceeded with them. The customer service and response was good. The loan was sanctioned on time. The EMI period is 5yrs and I pay through ECS.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 17, 2017
    • Kotak Car Loan
      "High on ROI and charges and poor services"
      0.5 1.0/5 "Really Bad"
      Kotak Mahindra bank has not been good in the car loan services too. The experience is not to my expectation and in all the interest rate and charges are also high and the bank charges a lot for everything concerned. I been banking with them for long and I am not happy.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 17, 2017
    • Kotak Car Loan
      "excellent service"
      0.5 5.0/5 "Blown Away!"
      It have been a very good service from KOTAK ,customer service of KOTAK is very good even the rate of interest is nominal and the documentation procedure is easy they collected my documents from my home and the procedure have been completed within 2 days I can say the service of KOTAK is excellent for car loan service.
      Was this review helpful? 0
      , delhi
      Reviewed on Oct 16, 2017
    • Kotak Car Loan
      "Customer friendly"
      0.5 5.0/5 "Blown Away!"
      Kotak Mahindra have reached me on time for the car loan process, within three to four business hours my car loan got sanctioned. I purchased Hyundai Grand I 20 my loan amount Rs. 6 lakhs for the period of five years. I am completely happy with them.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 14, 2017
    • Kotak Car Loan
      "Good Experience and Friendly Nature"
      0.5 5.0/5 "Blown Away!"
      Kotak Mahindra gave me a car loan without any documents, based on my ITR they sanctioned the loan. I took the loan amount Rs.7.81 lakhs for the tenure of 60 months. Kotak Mahindra service is very friendly and supportive on each step of my loan process.
      Was this review helpful? 0
      , vijayawada
      Reviewed on Oct 14, 2017
    • Kotak Car Loan
      "Recommendable for car loan"
      0.5 4.0/5 "Great!"
      I have taken a car loan from KOTAK MAHINDRA BANK with a processing fee of 3000 rupees.The disbursed loan amount was 3lakh 75 thousand with the rate of interest of 9.5%. The monthly EMI comes around8100 for 5 years.The documentation process was also very good.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Oct 04, 2017
    • Kotak Car Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I am very much glad that I must say, Kotak Mahindra has exceeded my expectations with the service rendered based on my salary account they have offered me the car loan and the interest rate was very low 7.5%. Loan amount got disbursed within 1 hour of time and the services were good with them. Response is also a good one with them and I can say its up to my expectation
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Sep 29, 2017
    • Kotak Car Loan
      "Excellent Service"
      0.5 4.5/5 "Excellent!"
      I got the Car loan from KOTAK MAHINDRA BANK by applying it in their bank's website and I got the loan amount disbursed within few days after applying so I'm really happy with the service which they provided. The customer service is always go reachable within few minutes when I try and also got the response in a quick time.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 28, 2017
    • Kotak Car Loan
      "Sweet process"
      0.5 4.0/5 "Great!"
      Process was well organized by KOTAK . My car loan process is good in all the ways and means. Communication wise KOTAK is very good, clarity is also there. KOTAK had offered me the least interest rate which is 8.5% no processing fee was charged. I have changed the car model.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 27, 2017
    • Kotak Car Loan
      "Good"
      0.5 4.5/5 "Excellent!"
      I have got the car loan with the Kotak Mahindra bank and the interest rate is around 8.5%. Customer service is good one for me with them and their response is good one. They have disbursed the loan amount within a week of time.
      Was this review helpful? 0
      , new delhi
      Reviewed on Sep 27, 2017
    • Kotak Car Loan
      "Fantastic services"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan from Kotak Mahindra bank. The bank was excellent in the process for my loan as they were comfortable with what ever documentation I had and they processed my loan without any issue. The interest rate and processing charges was also minimal.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Sep 26, 2017
    • Kotak Car Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have got the car loan with the Kotak mahindra bank and the response is very good. The loan amount got disbursed within twenty four hours of time. They have provided around 90% of cost of car as loan.
      Was this review helpful? 0
      , new delhi
      Reviewed on Sep 24, 2017
    • Kotak Car Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      Two years ago the car loan was pretty slow and Kotak Mahindra bank collected several papers. At that point of time service was good and interest rate was 12%, I guess. I have taken the loan amount of 3 lakhs for 3 years in 2015 last months i have completed the loan
      Was this review helpful? 0
      , new delhi
      Reviewed on Sep 22, 2017
    • Kotak Car Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      It was a good experience with Kotak Mahindra for the car loan. The services was good. They were very quick. The loan got approved within a day. It was a fast process. They rate of interest offered was pleasing also the processing charges. They also never had a charge for the preclosure option. It was a good benefit I was looking for.
      Was this review helpful? 0
      , new delhi
      Reviewed on Sep 22, 2017
    • Kotak Car Loan
      "Very good"
      0.5 5.0/5 "Blown Away!"
      Remarkable performance by KOTAK when it comes to Car loan. Day one I applied for the loan the next day funds were disbursed. No discount was provided however they managed to provide 90% of the loan amount. Plus, they had also provided some insurance as an addon.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 21, 2017
    • Kotak Car Loan
      "Car loan process"
      0.5 5.0/5 "Blown Away!"
      KOTAK MAHINDRA is providing the lowest interest in the market. Their executives came to my place collected all my documents . Even the documentation part was perfect, step by step information was provided. Also KOTAK is very much reasonable when it comes to rates. KOTAK was able to sponsor 80% of the ex showroom price the car model which I had shortlisted is Maruthi 800.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 20, 2017
    • Kotak Car Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      The service offered by Kotak mahindra in concern to my car loan was very good. The customer service and the response with Kotak mahindra was really good.They took around short time to disburse my car loan . The required loan amount has been disbursed and I am completely satisfied with their service too
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 18, 2017
    • Kotak Car Loan
      "Good Process"
      0.5 4.0/5 "Great!"
      About nine months ago, I preferred Kotak Mahindra Bank to get the car loan and I availed it too. The bank provided the loan with an interest rate of 14%. The loan process of Kotak bank is very simple and it was disbursed on time. In all it was a hassles free service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 06, 2017
    • Kotak Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      Part payment facility is available in KOTAK for my loan process which I needed ,Rate of interest was also comfortable for me ,Regarding the service of KOTAK for my loan process everything was good ,No issue with KOTAK ,Overall service of KOTAK was good .
      Was this review helpful? 0
      , gurgaon
      Reviewed on Sep 01, 2017
    • Kotak Car Loan
      "friendly customer service executive"
      0.5 5.0/5 "Blown Away!"
      I am so happy to tell that I got a loan from KOTAK MAHINDRA BANK with the rate of interest just for 5.7%, it was really friendly service from KOTAK MAHINDRA BANK. I have friends working in KOTAK MAHINDRA BANK but i really feel that the service was good and all my documents got collected. Using my house documents i got this loan, I applied loan from SBI bank and they said that they wont provide loan with this documents but with the same documents I got loan from KOTAK MAHINDRA BANK.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Aug 26, 2017
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