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 service"
      0.5 4.0/5 "Great!"
      The service rendered 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 7 days to disburse my car loan . The required loan amount has been disbursed and I am completely satisfied with their service too.
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      , mumbai
      Reviewed on Jul 18, 2017
    • Kotak Car Loan
      "Excellent Service"
      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 Jul 07, 2017
    • Kotak Car Loan
      "Excellent Service"
      0.5 4.0/5 "Great!"
      I am very happy for getting this car loan from Mahindra Finance,The customer service offered was really good which is appreciable as well. The loan amount was disbursed within five days and the process of the loan was very easy and quick as well.The interest rate was minimal compared to other banks and I am really happy about the same
      Was this review helpful? 0
      , kolkata
      Reviewed on Jul 06, 2017
    • Kotak Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      There is fore closure options available with Kotak Mahindra bank but the lock in period is for 2 years which is higher than normal. They took around 4 to 5 days to disburse my car loan. The rate of interest is low with Kotak Mahindra when compared with others. I am happy about the service,
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 05, 2017
    • Kotak Car Loan
      "Its Fine"
      0.5 4.0/5 "Great!"
      My existing car loan was running with Kotak Mahindra its good. Every month my due date falls on 5th, ECS automatically debit the EMI from my ICICI account. I have taken the amount of Rs.3.72 ,000 to purchase Mahindra Scorpio its good. Everything is good and convenient.
      Was this review helpful? 1
      , erode
      Reviewed on Jun 28, 2017
    • Kotak Car Loan
      "Its Good"
      0.5 4.0/5 "Great!"
      Six years back, I had taken car loan from Kotak Mahindra, it got completed. I purchased Hyundai I 10 car worth Rs.3.5 lakhs, Kotak Mahindra approved the requested amount with an interest rate of 11.5% but it was higher side at the time. Now it got closed successfully.
      Was this review helpful? 2
      , bangalore
      Reviewed on Jun 23, 2017
    • Kotak Car Loan
      "Its Good"
      0.5 4.0/5 "Great!"
      Kotak Mahindra interest rate is okay its not too good, I have taken car loan before three years. My loan amount was around Rs. 3.5 lakhs for the tenure of three years. They have approved 90% of loan on the car value, Kotak Mahindra doesn't have an option to make a part payment but can do preclosure with some charges applicable.
      Was this review helpful? 2
      , new delhi
      Reviewed on Jun 19, 2017
    • Kotak Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I was having a Car loan from Mahindra Finance . loan got disbursed. On given time The documentation process was good. The rate of interests 7% charged for this loan is less compared to other Banks. They have not taken much of a documents with me, Just an ITR that's it and I have applied for 6 lakh rupees loan.
      Was this review helpful? 0
      , akola
      Reviewed on Jun 19, 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 savings account they have offered me the car loan and the interest rate was minimal. Loan amount got disbursed within fifteen days 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
      , mohali
      Reviewed on Jun 11, 2017
    • Kotak Car Loan
      "Car loan foreclose issue"
      0.5 0.5/5 "Unacceptable"
      I had taken the car loan from Kotak bank and was assured by the representative that there are no foreclosure charges but when I asked for foreclosure after 2 years they asked me to pay 4% and denied anything about their own representative. Better go for some other banks which will not cheat and which provides better customer service.
      Was this review helpful? 1
      , new delhi
      Reviewed on Jun 09, 2017
    • Kotak Car Loan
      "Classic service"
      0.5 5.0/5 "Blown Away!"
      Th service with Kotak Mahindra was Classic and the person who came to my place to collect the documents was very kind enough. The Kotak Mahindra was maintaining a proper communication in concern of updating about the product status. The rate of interest is nominal with Kotak Mahindra. I would say it was very good service in all.
      Was this review helpful? 1
      , ghaziabad
      Reviewed on Jun 09, 2017
    • Kotak Car Loan
      "Perfect service"
      0.5 5.0/5 "Blown Away!"
      The Kotak Mahindra bank executives asked certain documents with respect to my car loan and I have sent it through the link Which I had got, it is a very easy process and after submitting the documents they had disbursed my loan within 2 days of time. The rate of interest is nominal with Kotak Mahindra. I am happy about the loan amount and I am satisfied with their service.
      Was this review helpful? 1
      , new delhi
      Reviewed on Jun 09, 2017
    • Kotak Car Loan
      "High Interest Rate"
      0.5 3.0/5 "Satisfactory"
      Last year I had taken the car loan with Kotak Mahindra Bank. But the interest rate was high which is of 18% so I am looking for loan transfer. The loan amount was 3 lakhs. I did not receive any customer support from the bank. Due to high interest rate I will transfer the loan to other bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 07, 2017
    • Kotak Car Loan
      "Average Service"
      0.5 4.0/5 "Great!"
      Three years ago, I had an experience of approaching KOTAK for the car loan. The reponse was quite fine with them, but I was excepting much better than that, therfore I would suggest them to improvise their response in future. Within a week or 10 days they had disbursed my loan. The rate of interest is very much nominal with Kotak mahindra . Overall I am satisfied with their service, I would suggest Kotak Mahindra to fulfill the customer expectation by giving quick and prompt response.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Jun 03, 2017
    • Kotak Car Loan
      "Excellent"
      0.5 4.0/5 "Great!"
      The process followed by Kotak Mahindra bank for the car loan was really smooth and good. The documentation part was simple and the deal on the interest rate is 8.50% , they charge rs 2100 and the disbursement of the loan also happened within a day . The EMI is amounting to 3650 and this is for a period of 5 years.
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      , jaipur
      Reviewed on Jun 03, 2017
    • Kotak Car Loan
      "Good one"
      0.5 5.0/5 "Blown Away!"
      I had closed the car loan with the Kotak Mahindra bank. I got an interest rate for the car loan as 12.25% and the loan amount got disbursed to my account after a week of time to ten days of time. They had provided around 80% of cost of car as loan....
      Was this review helpful? 1
      , hyderabad
      Reviewed on May 30, 2017
    • 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.
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      , 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
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    Kotak Car Loan Eligibility Calculator is Rated as "Excellent!" by 278 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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