If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
  • Kotak Car Loan Eligibility Calculator is Rated as "Excellent!" by 384 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
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I took a Car loan from the KOTAK MAHINDRA BANK . Their rates are much cheaper that other companies. The application process was easy and hassle free. I never had any issues with their services. I use to pay my EMI on time . Customer support is good here .
      Was this review helpful? 0
      , thiruvananthapuram
      Reviewed on Mar 23, 2019
    • Kotak Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The rate of interest was high with KOTAK MAHINDRA BANK , and there was processing fee for my car loan and it is nominal .The documentation procedure went smooth.I have chosen car loan through KOTAK MAHINDRA BANK . The customer service and response was better.
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 23, 2019
    • Kotak Car Loan
      "Process should be simple"
      0.5 3.0/5 "Satisfactory"
      I had car loan from Kotak Mahindra very long back, the process was lengthy and it has hassle documentation process. I was surprised regarding the way of loan, the interest and charges are good, however on road price of the card was approved on time.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 22, 2019
    • Kotak Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken my car loan with KOTAK MAHINDRA BANK , the tenure period is 5 year . There was a smooth loan experience with the KOTAK MAHINDRA BANK . I never faced any issues during the application and processing of this bank is nominal. Customer service is good .
      Was this review helpful? 4
      , new delhi
      Reviewed on Mar 01, 2019
    • Kotak Car Loan
      "GOOD"
      0.5 4.0/5 "Great!"
      I have applied for the car loan with the KOTAK MAHINDRA BANK the process of getting the loan is simple with simple documents. It took 20-25 days to get the loan also the duration for repaying the loan is for 3 years but the rate of interest is 15% which is higher than others.
      Was this review helpful? 1
      , new delhi
      Reviewed on Feb 23, 2019
    • Kotak Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I had took car loan with Kotak mahindra bank previously, now i have closed this loan successfully, and the loan amount which they have given me was sufficient, and the rate of interest they have charged me was nominal ,and the processing fee they have charged me was nominal, i had no issue so far.
      Was this review helpful? 1
      , new delhi
      Reviewed on Feb 21, 2019
    • Kotak Car Loan
      "Beware of Frodulent commitments"
      0.5 0.5/5 "Unacceptable"
      I have opted car loan from Kmpl, a company of Kotak mahindra bank.They charged 14% per year interest rate instead of 9% they told verbally.They have disbursed my loan amt to dealer without giving me prior information and without confirming the availability of the car.I have paid 3 Emi without having car and finally told dealer to cancel my booking.Kmpl executive told me that your emi deducted from your account will be refunded soon but even after more than 2 months I didn't get any refund.Not only this,but even they have not updated my loan status or made any communication about this. So never deal with this company. If anyone want to make sure about genuinity of my review,I can show the documents if requested on 9924081888 Ajay Mehta
      Was this review helpful? 2
      , vadodara
      Reviewed on Feb 16, 2019
    • Kotak Car Loan
      "Overall good experience"
      0.5 5.0/5 "Blown Away!"
      I have purchased a Maruti Car and Kotak has offered me a 100% funding. The interest rate was bit higher than the others. There was a processing fee and it was okay. I have paid almost 42 months and tenure is 60months. There is an option for part payment and pre closure with 4%.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Feb 13, 2019
    • Kotak Car Loan
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      Kotak Mahindra gave me the sufficient loan amount around Rs. 2.6 lakhs, interest rate is around 11% I felt its very nominal . The processing fee is zero, but they don't have balance transfer, part payment, pre clsoure option. I have purchased Omni mahindra.
      Was this review helpful? 3
      , bangalore
      Reviewed on Feb 04, 2019
    • Kotak Car Loan
      "Good. Can do better in the interest"
      0.5 4.5/5 "Excellent!"
      My car loan is with Kotak Mahindra Bank and the process was good to get the loan. There was no hassles in the documentation and the loan was disbursed on time. They could provide a lesser interest rate and the processing fees was also on the higher side.
      Was this review helpful? 1
      , mumbai
      Reviewed on Feb 03, 2019
    • Kotak Car Loan
      "Good Car Loan"
      0.5 5.0/5 "Blown Away!"
      My car loan bought from kotak mahindra bank. I got some offer hence i have chosen this bank. They have called me personally and given this loan. The collection executive came to my place and collected my documents. They have offered me a 12% interest rate per annum and there is a processing fee. They have sanctioned the loan immediately.
      Was this review helpful? 3
      , hyderabad
      Reviewed on Jan 29, 2019
    • Kotak Car Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      I had taken this loan a while back and the experience i had was quite good. The loan amount which they had provided has been sufficient and the interest rate with them has been nominal as well, there has not been any additional charges which they had made and the charges like processing fee was nominal as well.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 26, 2019
    • Kotak Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been taken my car loan with Kotak mahindra bank recently ,like 2 months before i took this loan, and i am happy with the loan amount they have given me ,it was sufficient for me, and the rate of interest they have charged me up to 9.3% which was nominal for me and the processing fee they have charged me was nominal, the loan amount process went smoothly. the overall service rendered by them was really good.
      Was this review helpful? 2
      , chennai
      Reviewed on Jan 17, 2019
    • Kotak Car Loan
      "Interest rate should be economical"
      0.5 3.5/5 "Pretty good"
      I done the foreclosure of my Kotak Mahindra car loan, because I felt the interest rate is higher. The customer support is good they are working 24/7 . They preclosure charges around is around 2% on remaining outstanding . I got the NOC letter within 3 days.
      Was this review helpful? 3
      , chennai
      Reviewed on Jan 05, 2019
    • Kotak Car Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      The process in getting this loan has been good and the loan amount which they had provided has been sufficient. The interest rate with them has been nominal when compared with the market rate and there has not been any sort of charges which they had made so far.
      Was this review helpful? 3
      , chennai
      Reviewed on Dec 30, 2018
    • Kotak Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have been holding car loan with Kotak mahindra bank previously, i have close that loan 7 years before itself, there service was good, they have given me loan amount depend upon my salary package , the rate of interest they have charged was nominal, they have not charged any processing fee , there overall service is good.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Dec 10, 2018
    • Kotak Car Loan
      "AVERAGE"
      0.5 4.0/5 "Great!"
      I am using the KOTAK MAHINDRA BANK for the card loan as i have taken it with the easy and quick process to get the loan. The loan amount is satisfactory added on that i am using it from past 1.5 years. The rate of interest is higher when compared to the others.
      Was this review helpful? 2
      , pune
      Reviewed on Dec 07, 2018
    • Kotak Car Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I have taken the card loan with the KOTAK MAHINDRA BANK where the process of getting the loan is good added on that the process is easy to get this loan. The rate of interest is nominal and the duration is for 4 years to repay the loan. The loan amount they haev given is satisfactory.
      Was this review helpful? 3
      , bangalore
      Reviewed on Dec 07, 2018
    • Kotak Car Loan
      "Needs To Improve"
      0.5 3.5/5 "Pretty good"
      The experience with this loan has not been that good where the loan amount which they had provided has not been satisfactory, which was less than expected. The interest rate with them has been pretty high when compared with the market rate and there has been some charges made by them.
      Was this review helpful? 1
      , bangalore
      Reviewed on Dec 04, 2018
    • Kotak Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      It was a very good experience with Kotak Mahindra bank for car loan, the interest rate was nominal when compared to other banks. Customer service was very good with this bank and they followed up on time. The tenure period for this car loan was for 5 years.
      Was this review helpful? 1
      , bangalore
      Reviewed on Dec 01, 2018
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