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  • Kotak Car Loan Eligibility Calculator is Rated as "Excellent!" by 346 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
      "Average service"
      0.5 3.0/5 "Satisfactory"
      Around 2 years ago, I have got the car loan from the KOTAK MAHINDRA BANK. The customer support service and the response is good from the Kotak and they have disbursed the loan amount within a week time. The rate of interest and the charges are average here.
      Was this review helpful? 0
      , chennai
      Reviewed on May 18, 2018
    • Kotak Car Loan
      "Very good service"
      0.5 4.0/5 "Great!"
      I have taken this card during this year starting and it has been very good with all the services which they had provided me so far. The rate of interest which they had offered was 15% which is quite good compared with the market rate. I was also satisfied with the premium amount which has been offered. Overall it was a good experience in this loan.
      Was this review helpful? 0
      , phaltan
      Reviewed on May 12, 2018
    • Kotak Car Loan
      "Car loan from Kotak"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan from Kotak Mahindra bank and the approved loan amount was 2 lakhs with a rate of interest is 13%. The monthly EMI comes around 10000 for a tenure of 2 years. The customer service and response is good. The procedures was very fast.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on May 11, 2018
    • Kotak Car Loan
      "BEST"
      0.5 5.0/5 "Blown Away!"
      From the year 2015 i am using this loan, i have got my loan amount very quickly and easily. W hen it comes to the documentation it is very easy. Actually i am not sure that how much is my rate of interest. and i have paid my loan due for 5 years, and i am satisfied with the amount that they have given.
      Was this review helpful? 0
      , chennai
      Reviewed on May 09, 2018
    • Kotak Car Loan
      "Stay away from KOTAK MAHINDRA PRIME"
      0.5 1.0/5 "Really Bad"
      Nil transparency and customer service. Hidden charges and high interest rates. Basically a buttoned up loan sharks. They think every loan customer is a tractor owner who can be conned and be cheated. I had a salary account with Tech Mahindra which led me to this trap through Kotak Mahindra Bank
      Was this review helpful? 0
      , bangalore
      Reviewed on May 05, 2018
    • Kotak Car Loan
      "GOOD SERVICE"
      0.5 5.0/5 "Blown Away!"
      Using this KOTAK Mahindra car loan since 2 years, as i am not aware of the rate of interest. The response provided by them was very good and the quick response from them is given me and infact they offered a very good customer service in general.
      Was this review helpful? 0
      , navi mumbai
      Reviewed on May 02, 2018
    • Kotak Car Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      Around 8 months ago , I have got the car loan from the KOTAK MAHINDRA BANK and they have disbursed the loan amount within 10 to 15days of time. The customer support and the response is a good with the Mahindra bank. The rate of interest and the charges are bit high with the KOTAK MAHINDRA BANK when compared with others.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 18, 2018
    • Kotak Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      Kotak Mahindra Bank has offered me car loan and it has been a excellent experience. I got the loan in three days. They offered me a outstanding rate of interest of 8.25% and there was no processing charges. The customer services and response is good.
      Was this review helpful? 0
      , new delhi
      Reviewed on Apr 11, 2018
    • Kotak Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan with Kotak Mahindra bank and my loan experience was good, the loan amount was for Rs 4 lakhs with nominal interest rate when compared to other banks. My loan amount was based on the on-road price. Customer service was good, they responded on time and the tenure of this loan is 3 years.
      Was this review helpful? 0
      , new delhi
      Reviewed on Apr 02, 2018
    • Kotak Car Loan
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have taken a car loan with Kotak Mahindra Bank and my loan experience was good. The loan amount was for Rs 4 lakhs with the rate of interest which is nominal in the market. The process was smooth and i received my loan amount on time. My loan amount was based on Ex-showroom price. Customer service was good and the tenure of this loan is 5 years.
      Was this review helpful? 0
      , noida
      Reviewed on Mar 24, 2018
    • Kotak Car Loan
      "Very good"
      0.5 5.0/5 "Blown Away!"
      I have my car loan with KOTAK BANK 2.5 years back.The loan amount was 2.8 lakhs and the interest rate was 9% which is satisfactory . The customer service and responses was good. Here the car loan process was very good and they have sanctioned the loan with the committed time.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 10, 2018
    • Kotak Car Loan
      "Quick loan partner"
      0.5 4.5/5 "Excellent!"
      I had applied and got a Car loan from the private sector bank KOTAK MAHINDRA BANK. They sanctioned my promised principle loan amount Rs.10 lakhs. The rate of interest which is reasonable by comparing market base rate. The process is smooth and they approved with in short time of period.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 06, 2018
    • Kotak Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      My car loan experience with Kotak Mahindra Bank was very good, the process was very smooth and my loan amount was disbursed on time. The loan amount was for Rs 5 lakhs with the nominal rate of interest. My loan amount was approved based on Ex-showroom price. I pay an EMI of Rs 18600 for this loan and the tenure is 3 years.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 09, 2018
    • Kotak Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I am having the car loan with the Kotak mahindra bank and the interest rate is around 9% and the customer service is better one and the response is also better one. The loan amount got disbursed within ten days of time.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 06, 2018
    • Kotak Car Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      Car loan with KOTAK MAHINDRA BANK and the loan experience was good. The loan amount was for Rs 7,00,000 with the rate of interest of 10.25% which is nominal when compared to other banks. The process was good and I received my loan amount within the given time. Customer service was good and they responded on time. The tenure of this loan is 60months and it was overall a good service from KOTAK MAHINDRA BANK.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 27, 2018
    • Kotak Car Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      I have taken a Car loan with Kotak Mahindra Bank and the loan experience was good. The loan amount was for Rs 14 lakhs with the rate of interest of 9.25% which is nominal when compared to other banks. I have taken Scorpio Top Model diesel version. The process was smooth and i received my loan amount within the given time. Customer service was good and they responded on time. The tenure of this loan is 3 years and it was overall a good service from Kotak.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Jan 24, 2018
    • Kotak Car Loan
      "GOOD"
      0.5 3.5/5 "Pretty good"
      It as a good experience of car Loan with KOTAK BANK . the customer service was good from the bank side . It was a full approval i got from the bank side . The money got Disbursed in 3 days . The Rate of interest was 13% they charged , the processing fee was 3K . Pre closure option is there with no extra charges .
      Was this review helpful? 3
      , mumbai
      Reviewed on Dec 27, 2017
    • Kotak Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      My car loan experience with Kotak Mahindra Bank was good, i have taken loan for Rs 3 lakhs with the rate of interest of 14% which is high when compared to all other banks. The process was very smooth and i received my loan amount within 1 week. Customer service was good, they provided door step service for document collection and they followed up correctly. The loan amount was based on on-road price and tenure of the loan was 4 years, There is no additional charges on preclosure and part payment.
      Was this review helpful? 1
      , new delhi
      Reviewed on Dec 26, 2017
    • 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? 6
      , 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? 4
      , chennai
      Reviewed on Dec 13, 2017
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