If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
  • Loading your search...
    Close

    Compare Car Loan Offers from Top Banks. Apply Online and Get e-Approved Instantly.

  • Kotak Car Loan Interest Rates is Rated as "Excellent!" by 351 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Car Loan BYTES FROM OUR KITCHEN

    Kotak Car Loan Interest Rates

    Owned by Kotak Mahindra Bank, Kotak Mahindra Prime Ltd., (KMPL) offers the best financing solutions for all types of passenger vehicles. KMPL services and supports retail customers, dealers and car manufacturers. As one of the leading auto financing providers, KMPL provides loans for private cars, used cars and multi-utility vehicles. The company also offers infrastructure funding and inventory funding for car dealerships. With a robust network in place, Kotak Mahindra is the preferred financier for car manufacturers like Audi, General Motors, Skoda, Honda, Maruti, Hyundai, Volkswagen, Renault, Toyota, M&M, Ford and Nissan. Kotak Mahindra Prime Ltd., currently has a network of 77 branches with a supporting team of brokers, Direct Marketing Associates and agencies across the country.


    Apply for Car Loan Online

    Kotak Mahindra Prime Limited (KMPL) offers new car loans at attractive interest rates, flexible tenure options and quick processing of applications. Customers opting for the KMPL car loan scheme can easily get their loans sanctioned within 48 hours, with no hassles related to documentation and processing. Kotak provides up to 90% of the ex-showroom price with flexible repayment tenures ranging from 12 to 60 months. Customers can choose from four different car loan schemes offered by Kotak Mahindra namely - Margin Money Scheme, Step Up Scheme, Low EMI - Balloon Scheme and the Advance EMI Scheme. KMPL also offers special schemes from tie-ups with various car manufacturers, personalised according to the customer’s requirements.

    Perfect Car Loan Deals for you

    Kotak Mahindra Car Loan Interest Rates 2018

    Kotak Mahindra finances all types of private car models and multi-utility vehicles at attractive interest rates. Salaried employees, Self-employed Professionals, Partnership firms, public and private limited companies, HUFs and trusts are eligible to avail a Kotak Mahindra Car loan. Individuals can avail car loans at floating interest rates, depending on the base rate of the bank. Kotak Mahindra offers interest rates for individual customers and corporate companies, depending on the scheme selected.

    Base Rate of Kotak Mahindra - 9.50%

      New Car Interest Rates - FLOATING
    Tenure up to 60 months Ranging from 11.50% to 13.50%
    Loan Tenure Minimum Tenure - 12 months Maximum Tenure - 60 Months
    De-hypothecation from RTO Rs 1000
    PDC Swap Rs 500
    Documentation Charges As Applicable
    Quantum of Loan Up to 90% of the ex-showroom price. Minimum loan amount of Rs.75, 000/-.
    Duplicate NOC Rs 750
    Overdue Interest 3% on the outstanding EMI
    Repayment Schedule Rs 250
    Late Payment Charges 3% of the overdue amount, which is compounded on a monthly basis.
    Foreclosure Charges 5.75% of the outstanding principal
    No Objection Certificate NIL

    How do you calculate Interest Rate for a Kotak Mahindra Car Loan?

    Customers can easily repay a Kotak Mahindra car loan through EMIs or equated monthly installments determined at the beginning of the loan. An equated monthly installment is the total repayment that has to be done by the borrower, every month to Kotak Mahindra Bank after availing a vehicle loan. The EMI amount totals up as the combined sum of the principal amount and the floating interest rate. When the car loan begins, borrowers will have to pay higher portions of the monthly installment amount dedicated towards the interest rate, with a small portion for the principal amount. As the car loan tenure advances, the principal amount that has to be repaid increases significantly, with the interest rate amount adequately reduced.

    The EMI for a Kotak Mahindra car loan can be calculated as follows -

    EMI (E) = [P x r x (1+r) ^n]/ [(1+r) ^n-1]

    Where,

    P = The Principal Loan Amount

    R = The Interest rate charged per month. Kotak Mahindra charges a floating interest rate ranging from 11.50% to 13.50% for individual customers and companies. The floating interest rate is calculated as the sum of the base rate plus a particular percentage.

    N = Number of monthly installments i.e. the number of years opted for the repayment of loan.

    For a principal amount of Rs. 1, 00,000 given at an interest rate of 11.50% and a loan tenure of one year, an estimate of the total sum of EMIs that has to be paid by the borrower is Rs. 1, 05, 328, out of which the interest will be around Rs. 5328.

    In the following example, for a car loan amount of Rs. 4,00,000 to be repaid in 60 months at an interest rate of 11.50% from Kotak Mahindra (Calculations based on EMIs paid in advance):

    Year EMI Amount Interest Amount Principal Amount Balance Due
    2015 Rs. 26,141 Rs. 7,452 Rs. 18,689 Rs. 3,81,311
    2016 Rs. 1,04,562 Rs. 40,546 Rs. 64,016 Rs. 3,17,295
    2017 Rs. 1,04,562 Rs. 32,784 Rs. 71,779 Rs. 2,45,517
    2018 Rs. 1,04,562 Rs. 24,080 Rs. 80,482 Rs. 1,65,034
    2019 Rs. 1,04,562 Rs. 14,321 Rs. 90,242 Rs. 74,792
    2020 Rs. 78,422 Rs. 3,629 Rs. 74,792 Rs, 0

    The total interest to be paid towards a Kotak Mahindra Car Loan for an amount of Rs. 4, 00,000 would be Rs. 284073.

    Factors affecting Kotak Mahindra Car Loan Interest Rates

    Interest rates for a Kotak Mahindra car loan might be decided based on various factors and also on the applicant’s profile. Some of the major factors which might affect interest rates are as follows -

    Income - Every application is generally considered based on the applicant’s annual income criteria. Every lending institution mandates that applicants meet a certain income criteria to even be eligible. While considering this, banks also look into the income to decide on the interest rate to be given to that applicant. Debts, liabilities and other ongoing commitments along with the annual income will be taken into scrutiny. If the lender feels that the applicant meets the required criteria, then there is a possibility of getting lower interest rates.

    Down Payment - Every individual should try to make the maximum down payment possible. This helps customers lower their monthly installment amounts and also get a good deal on the interest rates. Further, they would be able to complete the car loan faster than they actually planned with a shorter loan tenure. The down payment amount in most cases helps influence the lender’s decision with regards to low interest rates. A bank will see an individual who makes a higher down payment as a reliable customer and will definitely give an attractive interest rate.

    Car Model - Selecting the right car model always makes a difference with regards to car loan interest rates. When a customer takes a car loan, hypothecation of the vehicle is always mandatory. This is done to ensure that the borrower repays back the loan within the stipulated timeframe. Otherwise the lender will seize the vehicle and sell it off to recover the loan amount. So, it is advisable to always choose a model that fits into the budget and is approved by the bank, thereby improving the chances to get better interest rates.

    Market Fluctuations - Interest rates tend to change along with market conditions. Inflation also plays a major part in determining the interest rates. If the inflation rate goes up, then rates might increase and if the inflation rate goes down, then car loan interest rates might decrease. Other market conditions might also affect interest rates offered by the lender from time to time. So customers should be completely aware of the prevailing market conditions when they opt for a car loan.

    How does CIBIL score affect Kotak Mahindra Car Loan Interest rates?

    The CIBIL score of an applicant is given more prominence, than any other factor, when car loan interest rates are decided. Individuals with good scores will get low interest rates, as they would be seen as dependable borrowers, due to their regular payment patterns, lesser liabilities and efficient money management strategies. Customers with low CIBIL scores, will not be able to get the best deals on interest rates and might have to face even rejections from any lending institution. As a general word of advice, individuals should always carry a good CIBIL score to easily procure car loans without any hassles.

    Key Pointers to know about Kotak Mahindra Car Loan Interest Rates

    • Different interest rates are offered to customers by Kotak Mahindra Bank depending on the car loan financing scheme chosen by the customer.
    • The interest rates given by Kotak Mahindra Bank are generally floating rates and determined depending on the prevailing base rate of the bank.
    • Kotak Mahindra Bank offers similar interest rates to all types of applicants, regardless of their professions.

    Car Loan Reviews

    • Kotak Car Loan
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      I took a card loan from the Kotak Mahindra Bank for 6 lacs, I got the loan with in 3 days. The interest rate was 8% nominal rate. I am paying monthly 12400 as EMI for this loan. The whole application process was easy and hassle free and I got the loan loan amount with out any hassle.
      Was this review helpful? 1
      , ahmedabad
      Reviewed on Jul 12, 2018
    • Kotak Car Loan
      "Good service"
      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 3 lakhs with nominal interest rate when compared to other banks. I have already completed 2 years for loan so more 1.5 years left. Customer service was good and they responded on time.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jun 29, 2018
    • Kotak Car Loan
      "Easy to Get Loan"
      0.5 5.0/5 "Blown Away!"
      Fast processing in Loan services. I have bought a new swift car by using the Kotak mahindra car loan. I have got the loan on time. I have taken this loan 6 months ago. I'm paying the EMI of Rs.12700. I used to make the payment through ECS. Their interest and processing fee are nominal. I have to pay the EMI for 3 years. 36 months loan i have opted for.
      Was this review helpful? 0
      , jaipur
      Reviewed on Jun 19, 2018
    • Kotak Car Loan
      "Best Car Loan from Kotak Mahindra Bank"
      0.5 5.0/5 "Blown Away!"
      I have taken this car loan in the year of 2015. They informed me earlier when i applied for the car loan. I'm much aware of the interest and other charges when i take a loan. Everything is fine with Kotak mahindra bank car loan. I'm paying the EMI of Rs. 14000 per month. I've started to pay the EMI from August 2016. Next month I'm going to close the car loan for that i have to pay 2% as pre-closure charges.
      Was this review helpful? 1
      , new delhi
      Reviewed on Jun 14, 2018
    • 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? 2
      , 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
    Common Loader Icon
  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.