If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
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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  • Kotak Car Loan Interest Rates is Rated as "Excellent!" by 331 Users
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    Kotak Car Loan Interest Rates

    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.


    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
      "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
    • Kotak Car Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I have taken car loan with Kotak Mahindra Bank and it was a very good experience overall. The loan amount was for Rs 3.5 lakhs with the rate of interest which is high when compared to other banks. This was a pre approved loan so my loan amount was disbursed within a day. Customer service was very good and they responded on time.
      Was this review helpful? 2
      , bangalore
      Reviewed on Dec 12, 2017
    • Kotak Car Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      The Kotak Mahindra finance gave me a car loan and I got it around 3 years back. The customer support is average with the Kotak mahindra bank. The rate of interest and the charges are average with the Kotak Mahindra finance but their loan amount was sanctioned up to 75% , so I am not satisfied with it. I have to pay the car loan fro next 3 years.
      Was this review helpful? 3
      , bangalore
      Reviewed on Dec 12, 2017
    • Kotak Car Loan
      "Hassle Free and Quick Process"
      0.5 5.0/5 "Blown Away!"
      I took car loan directly from the showroom with Kotak Mahindra, they completed the process within 2 to 3 days and delivered my car. I took the car loan of Rs. 3 lakhs, I paid some down payment, They have fulfilled my requirement with better interest rate.
      Was this review helpful? 3
      , bangalore
      Reviewed on Dec 04, 2017
    • Kotak Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken car loan with Kotak Mahindra bank, my car loan application was approved and the requested amount was disbursed. The loan amount was for Rs 7 lakhs with the nominal rate of interest. The customer service was good and they responded on time. The loan amount was approved based on the on-road price. Customer service was good, they provided door step service to collect the documents. It was overall a good loan experience.
      Was this review helpful? 3
      , hyderabad
      Reviewed on Dec 02, 2017
    • Kotak Car Loan
      "Good experience"
      0.5 4.0/5 "Great!"
      My car loan was taken with KOTAK 2 years back .The loan amount was 5 lakhs and the interest rate was 9.45% which was avergae in the market . I had a very good loan process here and they have sanctioned the loan with they committed time also . My overall experience was good and its recommendable..
      Was this review helpful? 1
      , chennai
      Reviewed on Dec 01, 2017
    • Kotak Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I am a co-applicant for the car loan with Kotak Mahindra Bank. I am happy with the whole process of the bank. The customer services are good and there are no hassles in the whole process. I got the disbursement on time. The rate of interest and processing charges are normal.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Nov 23, 2017
    • Kotak Car Loan
      "Nice bank"
      0.5 3.5/5 "Pretty good"
      With KOTAK MAHINDRA BANK i am holding a savings account. Its been 8 months i am started using this account with them. The net banking with Kotak is great. All the other features with the bank is comfortable. The customer service and response is comfortable.
      Was this review helpful? 2
      , pune
      Reviewed on Nov 18, 2017
    • Kotak Car Loan
      "Smooth process"
      0.5 3.0/5 "Satisfactory"
      I had taken a car loan with Kotak Mahindra Bank which has now been completed. I had a good process with them while getting my loan approved and there was no issues during that time as well as as during the term of the loan. The service was good and completed smoothly.
      Was this review helpful? 1
      , jaipur
      Reviewed on Nov 17, 2017
    • Kotak Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      It was a very fast service from KOTAK MAHINDRA for my car loan service within two days the process have been completed the interest rate have been 7 % which was fine compare to others and the documents have been collected from my door step it was totally a excellent experience with KOTAK MAHINDRA for my car loan service.
      Was this review helpful? 1
      , new delhi
      Reviewed on Nov 15, 2017
    • Kotak Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      It was a quick process with KOTAK for my car loan service within three days they completed the process the interest rate they quoted me was 8 % which is fine compare to others and the documentation part was also easy. They collected all my documents from my door steps,it was a good experience with KOTAK on my car loan process.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Nov 13, 2017
    • Kotak Car Loan
      "Excellent service"
      0.5 4.5/5 "Excellent!"
      The rate of interest offered by KOTAK for my car loan service is good compare to others in the market the documents have been collected directly also the payments are directly with KOTAK ,I am happy with the service KOTAK for my car loan service.
      Was this review helpful? 1
      , new delhi
      Reviewed on Nov 10, 2017
    • Kotak Car Loan
      "Excellent"
      0.5 3.0/5 "Satisfactory"
      I already taken car loan from Kotak Mahindra because their service is good. When I took that loan they said after six months they would reverse the interest rate but they didn't reduce it, and also they charged me Rs. 15000 extra on foreclosure of my loan.
      Was this review helpful? 0
      , howrah
      Reviewed on Nov 09, 2017
    • Kotak Car Loan
      "Satisfied with the experience"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan from Kotak Mahindra Bank for a Maruti Suzuki Alto. I got the loan amount on the value of the car as needed. The bank offered me a 90%, I got the loan on time. The interest rate and charges is normal and I am also comfortable with the EMI amount.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 06, 2017
    • Kotak Car Loan
      "Process is good"
      0.5 5.0/5 "Blown Away!"
      I have taken my car loan from Kotak Mahindra Bank. The process for this loan was also excellent. My documentation is normal and I got 80% of the loan value. I have take a Wagon R vehicle. The interest rate and processing charges is normal. The after loan services are good.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 04, 2017
    • Kotak Car Loan
      "Good "
      0.5 3.0/5 "Satisfactory"
      I have closed the car loan with the Kotak Mahindra bank and the rate of interest was around 11%. It was happened before ten years of time. I would like to say that the loan amount got disbursed within ten days of time.
      Was this review helpful? 0
      , jamshedpur
      Reviewed on Nov 04, 2017
    • Kotak Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      It was good experience from KOTAK for my car loan service customer service was very good the interest rate they offered was 10.5% which was fine compare to others in the market and the payments where directly it was been 3.5 years since I had utilized the services of KOTAK.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 01, 2017
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