Kotak Car Loan 2026
Kotak Mahindra Prime Limited (KMPL) offers car loans for new and used cars, financing up to 90% of the vehicle's value with tenures from one to seven years. You can apply online or at a branch, and KMPL typically completes processing within 48 hours of receiving your documents. Eligibility and applicable charges depend on your income, employment type, and credit profile.
Key Features of Kotak Mahindra Prime Limited Car Loan
The key features of KMPL car loans are:
- You can apply for a loan online.
- Loans are offered at attractive interest rates.
- Loans are offered for new as well as used cars.
- The process to apply for a loan is hassle-free and fast.
- The repayment tenure of the car loan ranges between 1 year and 7 years.
- KMPL finances up to 90% of the car's value, with loans available from Rs.75,000 onwards
Eligibility Criteria for Kotak Mahindra Prime Limited Car Loan
Criteria | Salaried Individuals | Self-employed Individuals |
Minimum Age | 21 years | 21 years |
Maximum Age at Loan Maturity | 60 years | 65 years |
Minimum Income/Employment | Rs.15,000 per month | 1 year of employment/business |
Documents Required for Kotak Mahindra Prime Limited Car Loan
These are the documents required for salaried individuals:
Salaried Employees
These are the documents required for salaried individuals:
- Duly filled up loan application form.
- Form 16 or IT returns.
- Latest salary slip that shows the statutory deductions.
- Voters ID/verification from banker/PAN card/passport/driving license/IT returns.
- Proof of residence (Voters ID/passport/copy of rental agreement/lease deed/copy of telephone bill or electricity bill/property registration document in customer's name).
- Photograph, one, signed by the customer.
Self-Employed Individuals
These are the documents required for self-employed individuals:
- Duly filled up loan application form.
- Proof of residence (Voters ID/passport/copy of rental agreement/lease deed/copy of telephone bill or electricity bill/property registration document in customer's name).
- Voters ID/verification from banker/PAN card/passport/driving license/IT returns.
- Copies of income tax returns of the last 2 years.
- Photograph, one, signed by the customer.
How to Apply for Kotak Mahindra Prime Limited Car Loan
Online Application:
- Visit the official Kotak Mahindra Prime Limited website.
- Go to the car loan section on the homepage.
- Fill out the online application form with your personal, financial, and vehicle details.
- Upload the required documents such as ID proof, address proof, and income proof.
- Submit the form and wait for a representative to get in touch for the next steps.
Offline Application:
- Visit the nearest Kotak Mahindra Bank or Kotak Mahindra Prime Limited branch.
- Ask for the car loan application form at the customer service desk.
- Complete the form with accurate details and attach all necessary documents.
- Submit the filled form at the branch.
- A bank representative will review your application and guide you through the approval process.
Kotak Mahindra Prime Limited Car Loan Fees and Charges
Fee/Charge | Amount |
Conversion from private to commercial NOC | Rs.350 |
Interstate transfer NOC | Rs.350 |
NOC for LPG/CNG | Rs.350 |
Breakup statement of account outstanding/repayment schedule | Rs.300 (physical copy); free online |
Collection charges for non-PDC cases (per cheque) for not paying on the due date | At actuals |
Late Payment Charge | 18% p.a. |
Canceling of contract (other than prepayment interest and foreclosure at the borrower's specific request and with the lender's agreement) | Rs.2,000 plus interest calculated |
Statement of account | Rs.300 (physical copy); free online |
Issue of duplicate copy of NOC for duplicate registration certificate/duplicate NOC/agreement | Nil |
Prepayment interest on the principal outstanding amount | 5.21% + taxes (within half the original loan tenure); 3% + taxes (after half the tenure) |
Dishonour charges (per instance) | Rs.750 |
Processing Fee | 3% of the loan amount (non-refundable) |
Documentation Charges | Rs.7,500 (non-refundable) |
Note: The interest rates are effective from 1 April 2026.
Summary
A Kotak Mahindra Prime Limited car loan helps you finance a new or used car with tenures of up to seven years and both online and offline application options. Salaried and self-employed applicants can check their eligibility, required documents, and applicable fees in the sections above before applying.
Kotak Mahindra Prime Limited Car Loan EMI Calculator
FAQs on Kotak Car Loan and Application Process
1.What is a Kotak Mahindra Prime Limited car loan?
A Kotak Mahindra Prime Limited (KMPL) car loan is a vehicle finance product that helps you buy a new or used car. It is available to salaried and self-employed applicants and can be applied for online or at a branch. KMPL is Kotak's dedicated car finance arm.
2.What are the key features of a Kotak car loan?
A Kotak Mahindra Prime Limited car loan covers both new and used cars and offers a repayment tenure of up to seven years. The online application process is designed to be quick and hassle-free. You can choose the tenure and application mode that suits you best.
3.What types of cars can I finance with a Kotak car loan?
A Kotak Mahindra Prime Limited car loan can finance passenger cars and multi-utility vehicles from leading manufacturers, covering both new and used cars. Financing for imported cars is also available, subject to KMPL's terms and conditions. Check with KMPL for the specific makes and models covered.
4.Who is eligible for a Kotak Mahindra Prime Limited car loan?
Both salaried and self-employed individuals aged 21 years or older can apply for a Kotak car loan. Salaried applicants need a minimum monthly income, while self-employed applicants need a minimum period in business. Exact income and age limits are listed in the eligibility table above.
5.What documents are required for a Kotak car loan?
A Kotak Mahindra Prime Limited car loan application needs identity proof, address proof, and a signed photograph from every applicant. Salaried applicants also submit salary slips and Form 16 or IT returns, while self-employed applicants submit income tax returns. The full document list is set out above by applicant type.
6.How can I apply for a Kotak car loan?
You can apply for a Kotak Mahindra Prime Limited car loan either online through the official website or offline at your nearest branch. The online route lets you fill in your details and upload documents digitally. The offline route involves collecting and submitting a physical form at the branch.
7.What fees and charges apply to a Kotak car loan?
A Kotak Mahindra Prime Limited car loan carries charges such as NOC fees, statement charges, and penal charges for late payment or dishonoured mandates. These charges are listed in the fees and charges table above. Always check the current fee schedule before signing your loan agreement.
8.Can I prepay my Kotak car loan?
Yes, Kotak Mahindra Prime Limited allows part or full prepayment of a car loan, subject to a prepayment charge. The applicable charge depends on when in the loan tenure you prepay, as shown in the fees and charges table above. Prepayment reduces your outstanding principal and future interest.
9.Do I need a guarantor for a Kotak car loan?
A guarantor is not compulsory for a Kotak Mahindra Prime Limited car loan if you meet KMPL's standard credit criteria. KMPL may ask for one on a case-by-case basis depending on your credit profile. Meeting the eligibility criteria above improves your chances of approval without a guarantor.
10.How long does it take to process a Kotak car loan application?
Processing time for a Kotak Mahindra Prime Limited car loan depends on how quickly you complete the required documentation. Once your documents are in order, KMPL typically moves swiftly to review and approve the application. Final approval remains at KMPL's discretion.
11.How is interest calculated on a Kotak car loan?
Interest on a Kotak Mahindra Prime Limited car loan is calculated using the reducing balance method. Under this method, interest is charged only on the outstanding principal, which falls with every EMI you pay. This makes the reducing balance method more cost-effective than a flat-rate calculation over the loan tenure.
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