If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
  • Kotak Car Loan Interest Rates 2019 is Rated as "Excellent!" by 375 Users

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    Kotak Car Loan Interest Rates 2019

    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

    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

    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
      "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? 1
      , 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? 2
      , 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? 2
      , 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? 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? 1
      , 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
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