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 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
    • Kotak Car Loan
      "Go with Kotak Mahindra Bank"
      0.5 4.0/5 "Great!"
      I had got the car loan from Kotak mahindra bank and am with them from the last six months of time. Interest rate is around 9.25% and the loan amount got credited to my account within ten working days of time. Response is fine one with the Kotak mahindra bank and the processing charges are also well with them.
      Was this review helpful? 2
      , hyderabad
      Reviewed on May 16, 2017
    • Kotak Car Loan
      "Super fast process"
      0.5 5.0/5 "Blown Away!"
      The process was excellent at Kotak Mahindra bank. I had applied for a car loan and they gave me the loan within three days. They did not have much of a document process like HDFC Bank. The services and response was excellent and the charges and interest was also normal.
      Was this review helpful? 0
      , srinagar
      Reviewed on Apr 26, 2017
    • Kotak Car Loan
      "Very Good"
      0.5 4.0/5 "Great!"
      I had closed the car loan with the Kotak Mahindra bank and their rate of interest was around 13% . They had provided me around 80% of cost of the car as loan and I have got my RC book and NOC after a month of time and I got the permanent number plate on the same period.
      Was this review helpful? 1
      , new delhi
      Reviewed on Apr 19, 2017
    • Kotak Car Loan
      "Good Experience"
      0.5 5.0/5 "Blown Away!"
      I got the car loan within two days of time from Kotak Mahindra Bank and I closed my car loan around two years. I have done the foreclosure, I just made my principal outstanding amount and I didn't pay any single amount extra and I got the NOC within 3 to 4 days.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Apr 19, 2017
    • Kotak Car Loan
      "Good Deal from Kotak"
      0.5 5.0/5 "Blown Away!"
      I got best offer from Kotak Mahindra Bank because I am banking with for long years so they gave me the least rate of interest of 8.7% on my car loan and they taken 2300 rupees as processing fee it is bit high compared to HDFC, Kotak done the fast car loan process.
      Was this review helpful? 0
      , chandigarh
      Reviewed on Apr 18, 2017
    • Kotak Car Loan
      "Average "
      0.5 3.0/5 "Satisfactory"
      I got the car loan with the Kotak Mahindra Bank and the EMI is around 17500 Rupees per month for the capital of 6 lakh Rupees. Tenure is around three years of time for my car loan and the foreclosure charges are also applicable with them.
      Was this review helpful? 0
      , new delhi
      Reviewed on Apr 15, 2017
    • Kotak Car Loan
      "Quick in response and very good service"
      0.5 4.0/5 "Great!"
      Kotak mahindra took around 4 days to disburse my car loan. The rate of interest, fee and charges are nominal with kotak mahindra. The service, response and the follow up was very good with Kotak mahindra. The best part was , I got the car loan in a easy way process and everything has been done via bank itself, which was very useful.
      Was this review helpful? 0
      , meerut
      Reviewed on Apr 15, 2017
    • Kotak Car Loan
      "Kotak has to be reduced the interest as per the market"
      0.5 3.0/5 "Satisfactory"
      Kotak Mahindra gave me good service on my car loan, only problem was rate of interest apart from that everything was good. I have foreclosed my loan by paying only the pending amount without any extra charges, I got my NOC form the bank immediately. If its good, Kotak Mahindra reduce the interest as per the market.
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 29, 2017
    • Kotak Car Loan
      "VERY GOOD"
      0.5 4.0/5 "Great!"
      For an amount of six lakhs my car loan was approved with KOTAK MAHINDRA BANK . Processing fee charged by them was around two thousand. All the documents were collected by their executives at the time of conducting the verification.
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      , faridabad
      Reviewed on Mar 23, 2017
    • Kotak Car Loan
      "Better Service"
      0.5 3.0/5 "Satisfactory"
      I recently approached Kotak Mahindra Bank for my car loan. When I applied with them, I got the response from them on the same day. Even, they are willing to provide with the lowest interest rate. The interest rate is 8.5%, but I requested them for 8% and it is under process. It is very easy to approach.
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 09, 2017
    • Kotak Car Loan
      "VERY GOOD"
      0.5 4.0/5 "Great!"
      My loan application process with kotak mahindra was completed in a immediate manner without any drawback.The rate applied was around 9% for the car loan.The documents related to the loan was processed in a immediate manner with one shot submission and loan got disbursed within same day.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Mar 09, 2017
    • Kotak Car Loan
      "Easy process and nice deal "
      0.5 5.0/5 "Blown Away!"
      The process with Kotak Mahindra bank was too good for the car loan. The documentation was simple and the deal on the interest rate and charges was nominal and the disbursement of the loan also happened on the day I needed it. The bank understood my requirement and processed the loan accordingly.
      Was this review helpful? 1
      , bangalore
      Reviewed on Feb 22, 2017
    • Kotak Car Loan
      "Awesome Services"
      0.5 5.0/5 "Blown Away!"
      I had taken a car loan with Kotak Mahindra bank and when the loan was completed, I received a call saying that they need to send me the NOC and a executive would come over to fill in a form so the hypothecation can be removed and the fresh RC could be issued to you, I did not have to do much and without going any where or paying for anything the bank done it for me. Once there was one EMI that got dishonored due to my mistake, they immediately arranged a executive to pick up a alternate and no extra charges was taken from me for pick up or delayed fees.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 21, 2017
    • Kotak Car Loan
      "Very much satisfactory"
      0.5 5.0/5 "Blown Away!"
      Kotak Mahindra bank has been pretty responsive when I approached them for a car loan. They were nominal on the interest rates and processing charges and I faced no issues in getting my loan through. The process was smooth as I got updated at every stage.
      Was this review helpful? 1
      , mumbai
      Reviewed on Feb 02, 2017
    • Kotak Car Loan
      "Good service and should reduce interest rate"
      0.5 5.0/5 "Blown Away!"
      Good experience with KOTAK MAHINDRA BANK for my Car Loan.They was very good in customer service, they given the proper information about my documents.I was satisfied with their quick process, with in 5 days they has disbursed my car loan. But I felt rate of interest was high compare to other banks, also they was deducted 6000 rs for processing fees.
      Was this review helpful? 0
      , nagpur
      Reviewed on Jan 30, 2017
    • Kotak Car Loan
      "Car loan process is good"
      0.5 5.0/5 "Blown Away!"
      KOTAK Car loan process is good, the process was very smooth . I had closed the car loan already I had contact Coimbatore branch over the phone and the loan was closed successfully. I had got the NOC on time after a week of closing the loan
      Was this review helpful? 6
      , coimbatore
      Reviewed on Jan 12, 2017
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    Kotak Car Loan Interest Rates is Rated as "Excellent!" by 262 Users

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    Promised Interest Rate

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    Overview About Kotak Mahindra Car Loan

    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.


    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 2017

    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.
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