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
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      Kotak Mahindra bank have provided the car loan as around 80% to 85% of cost of car. The services are good one with them. Everything went in fine way with them like I got the loan on immediate basis, also there are no hassle with them .
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      , ghaziabad
      Reviewed on Aug 10, 2017
    • Kotak Car Loan
      "Quick Service"
      0.5 5.0/5 "Blown Away!"
      Since last three years, my car loan is running with Kotak Mahindra bank. I forgot the rate of interest the loan process went good. And they disbursed the loan on time. Actually they completed the loan within 48 hours. It was very good, I just submitted my application that's it, rest of the work done by the bankers end and they sanctioned it on time.
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      , guntur
      Reviewed on Aug 09, 2017
    • Kotak Car Loan
      "Average experience"
      0.5 3.0/5 "Satisfactory"
      I have taken a car loan from Kotak Mahindra Bank earlier and I was not that happy with the process of the bank. The services and response could have been more quick in the process. The interest rate and charges was also on the higher side. An average experience overall.
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      , jaipur
      Reviewed on Aug 08, 2017
    • Kotak Car Loan
      "Convenient and Good Experience"
      0.5 5.0/5 "Blown Away!"
      I was working with Kotak Mahindra earlier, hence I have taken car loan from same bank. I got good offers from Kotak as a staff. I have taken the car loan of Rs. 6.5 lakhs its a 75% of loan from on road prices with floating interest rate. I am very fine with that, even my EMI is going without any hassles.
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      , chennai
      Reviewed on Aug 03, 2017
    • Kotak Car Loan
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      I have explained my requirement with the banker, the Kotak mahindra came up and offered me a car loan with a bit higher interest rate. The customer service and the response is good with Kotak mahindra. I have got the required loan amount and I am satisfied with the service.
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      , gurgaon
      Reviewed on Jul 24, 2017
    • Kotak Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The service rendered by Kotak mahindra in concern to my car loan was very good. The customer service and the response with Kotak mahindra was really good . They took around 7 days to disburse my car loan . The required loan amount has been disbursed and I am completely satisfied with their service too.
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      , mumbai
      Reviewed on Jul 18, 2017
    • Kotak Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I am very much glad that I must say, Kotak Mahindra has exceeded my expectations with the service rendered based on my salary account they have offered me the car loan and the interest rate was very low 7.5%. Loan amount got disbursed within 1 hour of time and the services were good with them. Response is also a good one with them and I can say its up to my expectation
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jul 07, 2017
    • Kotak Car Loan
      "Excellent Service"
      0.5 4.0/5 "Great!"
      I am very happy for getting this car loan from Mahindra Finance,The customer service offered was really good which is appreciable as well. The loan amount was disbursed within five days and the process of the loan was very easy and quick as well.The interest rate was minimal compared to other banks and I am really happy about the same
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      , kolkata
      Reviewed on Jul 06, 2017
    • Kotak Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      There is fore closure options available with Kotak Mahindra bank but the lock in period is for 2 years which is higher than normal. They took around 4 to 5 days to disburse my car loan. The rate of interest is low with Kotak Mahindra when compared with others. I am happy about the service,
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      , hyderabad
      Reviewed on Jul 05, 2017
    • Kotak Car Loan
      "Its Fine"
      0.5 4.0/5 "Great!"
      My existing car loan was running with Kotak Mahindra its good. Every month my due date falls on 5th, ECS automatically debit the EMI from my ICICI account. I have taken the amount of Rs.3.72 ,000 to purchase Mahindra Scorpio its good. Everything is good and convenient.
      Was this review helpful? 1
      , erode
      Reviewed on Jun 28, 2017
    • Kotak Car Loan
      "Its Good"
      0.5 4.0/5 "Great!"
      Six years back, I had taken car loan from Kotak Mahindra, it got completed. I purchased Hyundai I 10 car worth Rs.3.5 lakhs, Kotak Mahindra approved the requested amount with an interest rate of 11.5% but it was higher side at the time. Now it got closed successfully.
      Was this review helpful? 2
      , bangalore
      Reviewed on Jun 23, 2017
    • Kotak Car Loan
      "Its Good"
      0.5 4.0/5 "Great!"
      Kotak Mahindra interest rate is okay its not too good, I have taken car loan before three years. My loan amount was around Rs. 3.5 lakhs for the tenure of three years. They have approved 90% of loan on the car value, Kotak Mahindra doesn't have an option to make a part payment but can do preclosure with some charges applicable.
      Was this review helpful? 2
      , new delhi
      Reviewed on Jun 19, 2017
    • Kotak Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I was having a Car loan from Mahindra Finance . loan got disbursed. On given time The documentation process was good. The rate of interests 7% charged for this loan is less compared to other Banks. They have not taken much of a documents with me, Just an ITR that's it and I have applied for 6 lakh rupees loan.
      Was this review helpful? 0
      , akola
      Reviewed on Jun 19, 2017
    • Kotak Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I am very much glad that I must say, Kotak Mahindra has exceeded my expectations with the service rendered based on my savings account they have offered me the car loan and the interest rate was minimal. Loan amount got disbursed within fifteen days of time and the services were good with them. Response is also a good one with them and I can say its up to my expectation.
      Was this review helpful? 0
      , mohali
      Reviewed on Jun 11, 2017
    • Kotak Car Loan
      "Car loan foreclose issue"
      0.5 0.5/5 "Unacceptable"
      I had taken the car loan from Kotak bank and was assured by the representative that there are no foreclosure charges but when I asked for foreclosure after 2 years they asked me to pay 4% and denied anything about their own representative. Better go for some other banks which will not cheat and which provides better customer service.
      Was this review helpful? 1
      , new delhi
      Reviewed on Jun 09, 2017
    • Kotak Car Loan
      "Classic service"
      0.5 5.0/5 "Blown Away!"
      Th service with Kotak Mahindra was Classic and the person who came to my place to collect the documents was very kind enough. The Kotak Mahindra was maintaining a proper communication in concern of updating about the product status. The rate of interest is nominal with Kotak Mahindra. I would say it was very good service in all.
      Was this review helpful? 1
      , ghaziabad
      Reviewed on Jun 09, 2017
    • Kotak Car Loan
      "Perfect service"
      0.5 5.0/5 "Blown Away!"
      The Kotak Mahindra bank executives asked certain documents with respect to my car loan and I have sent it through the link Which I had got, it is a very easy process and after submitting the documents they had disbursed my loan within 2 days of time. The rate of interest is nominal with Kotak Mahindra. I am happy about the loan amount and I am satisfied with their service.
      Was this review helpful? 1
      , new delhi
      Reviewed on Jun 09, 2017
    • Kotak Car Loan
      "High Interest Rate"
      0.5 3.0/5 "Satisfactory"
      Last year I had taken the car loan with Kotak Mahindra Bank. But the interest rate was high which is of 18% so I am looking for loan transfer. The loan amount was 3 lakhs. I did not receive any customer support from the bank. Due to high interest rate I will transfer the loan to other bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 07, 2017
    • Kotak Car Loan
      "Average Service"
      0.5 4.0/5 "Great!"
      Three years ago, I had an experience of approaching KOTAK for the car loan. The reponse was quite fine with them, but I was excepting much better than that, therfore I would suggest them to improvise their response in future. Within a week or 10 days they had disbursed my loan. The rate of interest is very much nominal with Kotak mahindra . Overall I am satisfied with their service, I would suggest Kotak Mahindra to fulfill the customer expectation by giving quick and prompt response.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Jun 03, 2017
    • Kotak Car Loan
      "Excellent"
      0.5 4.0/5 "Great!"
      The process followed by Kotak Mahindra bank for the car loan was really smooth and good. The documentation part was simple and the deal on the interest rate is 8.50% , they charge rs 2100 and the disbursement of the loan also happened within a day . The EMI is amounting to 3650 and this is for a period of 5 years.
      Was this review helpful? 0
      , jaipur
      Reviewed on Jun 03, 2017
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    Kotak Car Loan Interest Rates is Rated as "Excellent!" by 283 Users

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    Promised Interest Rate

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    Car Loan BYTES FROM OUR KITCHEN

    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 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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