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  • Kotak Car Loan Eligibility Calculator is Rated as "Excellent!" by 372 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 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? 0
      , 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? 1
      , 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? 2
      , 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
    • Kotak Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      My experience with KMB for car loan was good, the loan amount was for Rs 1.5 lacs with nominal interest rate when compared to others. It is a new car so loan was based on the on-road price. Customer service was good and the tenure period for this loan was 3 years.
      Was this review helpful? 2
      , pune
      Reviewed on Nov 30, 2018
    • Kotak Car Loan
      "Excellent Experience"
      0.5 5.0/5 "Blown Away!"
      I appreciate the smooth process they have approved the car loan on time, the bank approved the loan amount with 9.25% of interest. They transfer the amount to the showroom within 10 days and I purchase Maruthi baleno. I am very satisfied with the bank in terms of service.
      Was this review helpful? 2
      , jaipur
      Reviewed on Nov 30, 2018
    • Kotak Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      My personal loan was taken with KOTAK MAHINDRA BANK , the tenure period is 4 year . There service was good , they have given me sufficient loan amount , the rate of interest they have charged me was nominal. So far experience was good to have loan from KOTAK MAHINDRA FIN .
      Was this review helpful? 1
      , bangalore
      Reviewed on Nov 28, 2018
    • Kotak Car Loan
      "Good service"
      0.5 4.5/5 "Excellent!"
      My car loan was taken with KOTAK MAHINDRA BANK , there service was average, they have given me sufficient loan amount , the rate of interest they have charged me was nominal. So far experience was good to have loan from KOTAK . The tenure period was 5 year and it is sufficient .
      Was this review helpful? 2
      , bhubaneshwar
      Reviewed on Nov 26, 2018
    • Kotak Car Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have been holding my car loan with KOTAK MAHINDRA BANK, there service was average, they have given me sufficient loan amount , the rate of interest they have charged me was nominal i donâ??t remember what was exact rate of interest percentage, and they did not charged any processing fee in this loan amount , so far experience was good.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Nov 16, 2018
    • Kotak Car Loan
      "Good car loan"
      0.5 3.5/5 "Pretty good"
      The rate of Interest could be better. Since my account was with Kotak, the documentation process was much easier. Its already been more than a year i have got my car loan with Kotak Mahindra. The process was easy. I am paying the EMI through auto deduction from the account. Based on interest rates i have to choose the car loan. Based on the terms and conditions of the loan, i have chosen the Kotak Mahindra.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 13, 2018
    • Kotak Car Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      It has been a good experience i had with this car loan and the loan amount which they had provided has been satisfactory. The interest rate with them has been nominal when compared with the market rate and there has not been any sort of additional charges which they had made for this loan.
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 26, 2018
    • Kotak Car Loan
      "Good Financial service"
      0.5 4.0/5 "Great!"
      I have taken car loan form the Kotak mahindra bank. They have given nominal rate of interest which am satisfied with it. There is no processing fees with tenure period of 60 months .They took just 1 week for the approval of the loan . Am satisfied with the my car loan from the Mahindra.
      Was this review helpful? 4
      , hyderabad
      Reviewed on Oct 11, 2018
    • Kotak Car Loan
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      Kotak Mahindra bank has offered me a car loan as well. I got the loan is 48 hours. It was a pre approved loan. I have purchased a Audi car. The interest rate and processing charges were nominal too. It was a excellent experience and the process was smooth.
      Was this review helpful? 5
      , new delhi
      Reviewed on Sep 19, 2018
    • Kotak Car Loan
      "Good process"
      0.5 5.0/5 "Blown Away!"
      After completing my first car loan, I have taken a second one from Kotak Mahindra bank again. This time it is for buying a Hyundai Verna. The customer services and response is good and there are no hassles in the process. The rate of interest is around 12%.
      Was this review helpful? 1
      , chennai
      Reviewed on Sep 07, 2018
    • Kotak Car Loan
      "Good in service"
      0.5 5.0/5 "Blown Away!"
      Three years back I have taken a car loan from Kotak Mahindra bank to buy a Ford Fiesta. The customer services and response is good and there are no hassles for this loan. The process to get the loan is good and easy and there were no hassles in the overall experience. Satisfactory overall.
      Was this review helpful? 1
      , chennai
      Reviewed on Sep 07, 2018
    • Kotak Car Loan
      "Best experience"
      0.5 4.5/5 "Excellent!"
      My car loan experience was good with Kotak Mahindra bank, the process was smooth and they disbursed the loan amount on time. I am happy with the customer service of this bank as their response was very good. My loan was approved based on the ex-showroom price.
      Was this review helpful? 3
      , chennai
      Reviewed on Aug 30, 2018
    • Kotak Car Loan
      "superb service"
      0.5 5.0/5 "Blown Away!"
      My experience with card loan of KOTAK BANK is pretty good , Customer service and their response is good . I use to pay 9200 rs of EMI and there is option of preclosere . Rate of interest is 9% and it is nominal in the market , tenure period is 5year . There is no processing fee .
      Was this review helpful? 1
      , ahmedabad
      Reviewed on Aug 26, 2018
    • Kotak Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My car loan experience was good with Kotak Mahindra bank, the loan amount was based on my requirement and the rate of interest was nominal when compared to other banks. Customer service was good and they followed up on time. The tenure period was for 5 years but i preclosed the loan in 3 years, there was no additional fee charged.
      Was this review helpful? 7
      , new delhi
      Reviewed on Aug 17, 2018
    • Kotak Car Loan
      "AVERAGE"
      0.5 2.0/5 "Expected more"
      I have taken a car loan with MAHINDRA FINANCE BANK and my loan experience is pretty good. My loan amount is 4.5lakh and interest rate is is too high. There is no hidden charges. I use to pay 16900 as EMI per month including insurance and tenure period is 3years. Processing fee is nominal.The process was so smooth at the time of documentation, i did not face any problems.
      Was this review helpful? 2
      , bangalore
      Reviewed on Aug 10, 2018
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