Kotak Mahindra Bank is an Indian bank and financial service firm established in 1985. It was previously known as Kotak Mahindra Finance Limited, a non-banking financial company. In February 2003, Kotak Mahindra Finance Ltd, the group's flagship company was given the licence to carry on banking business by the Reserve Bank of India (RBI). Kotak Mahindra Finance Ltd. is the first company in the Indian banking history to convert to a bank. The bank offers personal finance solutions of every kind from savings accounts to credit cards, distribution of mutual funds to life insurance products. Kotak Mahindra Bank offers transaction banking, operates lending verticals, manages IPOs and provides working capital loans.If you have always dreamt of owning your own commercial vehicle, construction equipment or need funds for your working capital, you are at the right place. To know more, follow some simple steps given below to get attractive deals.
At least 21 years old
Less than 58 years old
Salaried or self-employed
with regular income
Earn more than the minimum
Rs 15,000 per month
Loan capped @
90% of the ex-showroom price
EMIs of other loans lower
Pay off your credit card bills
Choose longer tenure loan up to 7 years
|Pre Closure Charges||5.21% + GST|
|Loan Tenure||7 years|
|Guarantor Requirement||Guarantor required|
The above mentioned interest rates are subject to change as per the revised GST rates.
Founded in 2003, the Kotak Mahindra bank is one of India’s leading private sector banks, headquartered in Mumbai. Originally established as a non-banking finance company by the name of Kotak Mahindra Finance, the bank is now among the fourth largest financial establishments in the country with a wide spread network of over 600 branches and 1000 ATMs located across the country. Catering to a diverse customer base, the bank offers a variety of financial services like deposit accounts, loans, investment services, corporate banking solutions, fixed income and treasury services.
Living in an age when everything is valued in terms of time and money, motor vehicles are an innovation which complement the fast paced lifestyle of the population. Keeping that in mind, the Kotak Mahindra Car Loans have been designed to eliminate the time lag between applying for a loan and getting ownership of the vehicle. The New Car loans by Kotak Mahindra are open to salaried individuals, self-employed individuals, partnership firms, public & private companies and HUF’s and Trusts. Under the New Car finance, there are 5 car loan schemes which customers can choose from.
Having tie-ups with various car manufacturers, Kotak Mahindra introduces special car loan schemes from time to time
You can check Kotak Mahindra Bank Car Loan Application Status by submitting an online application form with details such as your name, contact number, and address on the bank website and a representative of the bank will get in touch with you immediately to guide you on how to apply for a car loan at KMPL. You can also submit your duly-filled and signed car loan application form at the nearest Kotak Mahindra bank branch along with the necessary document proofs. To locate the nearest bank branch, visit the bank website and use the ‘Bank Branch Locator’ tool. You can also call or write to the bank to get assistance on how to apply for a car loan at KMPL.
Service charges levied on Kotak Mahindra Bank (KMPL) car loan
|Part prepayment interest on principal outstanding||5.21% + GST|
|Loan cancellation charges||Rs.2,000 per loan|
|NOC from commercial to personal use||Rs.2,000 per NOC|
|NOC from private to commercial||Rs.5,000 per NOC|
|NOC for interstate transfer||Rs.1,000 per NOC|
|No Objection Certificate (NOC) or No Due Certificate (NDC) charges||Rs.750 per duplicate certificate|
|Duplicate Security Deposit Receipt||Rs.250 per receipt|
|Statement of account charges||Rs.500 per statement|
|Late payment charges||0.03% per month on the outstanding installment|
|Collection charges for non-PDC cases for non-payment on the due date||Rs.500 per cheque|
|Cheque dishonor charges||Rs.750 per cheque|
|PSC Swap charges||Rs.500 per swap|
|Amortisation table schedule/statement||Rs.250|
To apply for a car loan from Kotak Mahindra Bank (KMPL), the following documents are required as identity, age, income, and address proofs:
|Salaried Employee||Self Employed Professional||Proprietary||Partnership||Companies|
|Duly-filled KMPL car loan application form||Duly-filled KMPL car loan application form||Duly-filled KMPL car loan application form||Duly-filled KMPL car loan application form||Duly-filled KMPL car loan application form|
|Recently taken passport size photograph with the applicant’s signature||Recently taken passport size photograph with the applicant’s signature||Recently taken passport size photograph with the applicant’s signature||-||-|
|Identity proof - PAN Card, Aadhaar Card, Voter ID, Driving Licence or Passport||Identity proof - PAN Card, Aadhaar Card, Voter ID, Driving Licence or Passport||Identity proof - PAN Card, Aadhaar Card, Voter ID, Driving Licence or Passport||Identity proof - PAN Card, Aadhaar Card, Voter ID, Driving Licence or Passport||Identity proof - PAN Card, Aadhaar Card, Voter ID, Driving Licence or Passport|
|Address proof - Utility bills like telephone/electricity bill or Ration Card||Address proof - Utility bills like telephone/electricity bill or Ration Card||Address proof - Rental agreement or property registration||Address proof - Rental agreement or property registration||Address proof - Rental agreement or property registration|
|Income proof - The latest salary slip or Form 16||Income proof - IT returns of previous 2 years and Business stability proof/ownership proof||Income proof - IT Returns of previous 2 years with complete financial/audit report, Partnership deed and Letter signed by all partners authorising one partner, Business stability proof/ownership proof||Income proof - Letter of Authority, MOA and Board Resolution authorising one director to execute the agreement, Partnership/Trust Deed, IT Returns of previous 2 years||Income proof - MOA and Board Resolution authorising one director to execute the agreement, IT Returns of previous 2 years|
By using the free Kotak Mahindra Bank Car Loan EMI Calculator that is available on the bank website, you can find out how much your loan will cost you on a monthly basis. The tool is simple and easy to use. Just enter the car loan amount, loan tenure, interest rate, and processing fee into the tool, and click on the ‘Calculate’ button. You will get instant EMI results with details such as the principal loan amount, interest payment, EMI, etc.
It is important to check your eligibility before applying for a car loan so as to avoid rejection. Multiple loan rejections can have a negative impact on your credit score. Car loan eligibility criteria vary from lender to lender. Visit the bank website to check your car loan eligibility. The Kotak Mahindra Bank Car Loan Eligibility Calculator is easy and simple to use. Just enter the type of car loan you want, the model of car, the value/price of the car, geographical location, and your income details to check your car loan eligibility.
Kotak Mahindra Bank car loans are amongst the most preferred car loans in the country, an achievement which can be accredited to a variety of reasons. Given below are some of the most prominent features of the New Car Finance car loan by Kotak Mahindra.
The bank lays emphasis on an efficient customer service to take care of all loan related queries, not only before taking the loan but also afterwards.
Based on flexible EMI’s and loan tenure, Kotak Mahindra offers 5 car loan schemes – Margin Money scheme, Step Up scheme, Low EMI Balloon scheme, Advance EMI scheme and Special schemes.
Following an easy 7-step application procedure, customers can get the loan sanctioned in a matter of 48 hours after documentation is complete.
Kotak Mahindra offers some of the lowest interest in the market ranging from 11.50% to 13.50%.
Depending on their convenience, customers can choose to repay the loan from a period of 12 months to 60 months.
For certain car models, customers can avail up to 90% of the loan amount to purchase the car of their dreams.
The Kotak Mahindra Ban Car Loan is available for salaried individuals, self-employed individuals, partnership firms, private and public limited companies and Trusts and HUFs. Different applicants must fulfill their respective eligibility criteria in order to successfully apply for this car loan. For quick reference, the eligibility criteria for different applicants is given below.
Documents Required to Apply for the Kotak Mahindra Bank Car Loan
You can easily calculate the EMI amount on your car loan with the no-frills Kotak Mahindra Car Loan EMI calculator. The EMI will be calculated based on the loan amount, period of payment and interest rate applicable. All you have to do is enter the loan mount, tenure of the loan and the rate of interest applicable on your respective loan. With that information, the tool will calculate and display the EMI amount you need to pay based on the tenure selected by you.
Customers can choose from easy loan repayment terms of 12, 24 and 36 months.
Processing of the loan will be done within 48 hours after the necessary documents are received.
Yes. Customers will have to pay a charge of 3% on the outstanding EMI amount.
The foreclosure fee, in case of prepayment of the loan, will be charged at 5.75% of the outstanding loan amount.
Yes, customers can check the status of their Kotak Mahindra Bank car loan application status on the bank’s website via internet banking.
The Kotak Mahindra Bank car loan application can be downloaded from the bank’s website and can also be got from any branch office.
Yes, customers can apply for Kotak Mahindra car loans along with a co-applicant.
The documentation charges for Kotak Mahindra Bank car loans is decided as per market rates and conditions.
Yes, Kotak Mahindra Bank does consider the CIBIL score while sanctioning car loans for customers.
As per the category of the applicant the following income documents have to be furnished -
Yes, Kotak Mahindra Bank does offer pre-approved car loans for existing banking customers.
The maximum car loan amount that will be sanctioned by Kotak Mahindra Bank is Rs. 75,000.
The maximum car loan amount that will be sanctioned by Kotak Mahindra Bank is up to 90% of the vehicle value.
As per the customer’s requirements, the minimum tenure that can be selected by borrowers for a Kotak Mahindra Bank car loan is twelve months.
The maximum tenure that can be chosen by borrowers for a Kotak Mahindra Bank car loan is up to sixty months.
Yes, Kotak Mahindra Bank charges a penalty of 5.75% of the outstanding principal amount when a foreclosure of a car loan is done. Prepayments can be done six months after the car loan has been availed.
Yes, other bank car loan customers can make balance transfers to a new Kotak Mahindra Bank car loan account.
Yes, Kotak Mahindra Bank provides car leasing facilities for existing car loan borrowers.
Once the bank has received the documentation from the car loan applicant, the credit evaluation is done by an officer. Then if approved, the finance is processed and the loan is sanctioned.
Kotak Mahindra Bank approves car loans within 48 hours, after the required documentation has been furnished by the applicant.
Yes, Kotak Mahindra Bank car loan customers can contact the customer care helpdesk for addressing any queries.
Salaried employees aged between 21 to 58 years, self-employed professionals aged between 21 to 65 years, public and private listed companies, partnership firms, trusts and HUFs are eligible to avail a Kotak Mahindra Bank car loan.
Salaried employees should carry an annual income of Rs.1 lakh, with a minimum employment tenure of six months to be eligible for a Kotak Mahindra Bank car loan.
Self-employed professionals should have been in business for atleast two years to be eligible for a Kotak Mahindra Bank car loan.
Kotak Mahindra Prime Limited offers financing to passenger vehicles, multi-utility vehicles and imported cars, on a case-by-case basis.
For most car loans sanctioned by Kotak Mahindra Prime Limited a guarantor is not required, but if the applicant does not meet the required age and income criteria then a guarantor might be asked for.
New customers have to just fill in the online application and a bank representative will contact them for further processing.
The various car loans schemes offered by Kotak Mahindra Prime Limited are -
Kotak Mahindra Bank levies a charge of 3% of the overdue amount as late payment fees, which is compounded on a monthly basis.
Yes, Kotak Mahindra Bank does offer special car loan schemes in association with car manufacturers.
Kotak Mahindra Bank will accept copies of telephone bills and electricity bills as address proofs.
Salaried employees, self-employed firms and proprietary firms have to submit photographs along with the car loan application form.
Yes, Kotak Mahindra Prime Limited does offer refinance options on a vehicle for which a car loan tenure has been completed.
The two types of car loans offered are - Kotak Prime Track record for a tenure of 12 months or above and RePlus, which offers a personal loan and refinance for existing customers.
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