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  • Kotak Mahindra Bank Car Loan

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  • Kotak Mahindra bank offers car loans which cover up to 100% of funding for the vehicle. The bank offers very attractive interest rates on car loans. The repayment tenure for Kotak Mahindra Bank Car Loans is flexible and can be extended for a period of up to 7 years.
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    Kotak Mahindra Bank offers car loans at attractive interest rate depending on the loan amount, repayment tenure, and the customer’s credit score. The repayment tenure is flexible and ranges between 1 year and 7 years.

    Key features of Kotak Mahindra Bank Car Loan

    Some of the key features of Kotak Mahindra Bank car loan are given below:

    • Attractive rates of interest.
    • Finance options for different types of cars.
    • Finance schemes tailor made to suit the different needs of its customers.
    • Faster processing of loan.
    • Repayment tenure up to 7 years

    Kotak Mahindra Bank Fees and Charges

    Type of charge Fees
    Cheque dishonour charges per cheque Rs.750
    Issue of duplicate copy of Agreement / Duplicate NOC / NOC for Duplicate Registration Certificate Rs.750
    Cancellation of Contract (other than foreclosure and prepayment interest) at specific request of the Borrower and agree by the Lender Rs.2,000
    Issue of duplicate security deposit receipt per receipt Rs.250
    Delayed Payment / Late Payment Charges / Compensation / Additional Finance Charges (Monthly) 0.03%
    Collection charges for non-PDC cases (per cheque) for non-payment on due date Rs.500
    PDC swap charges Rs.500 per swap
    LPG / CNG NOC Rs.2,000
    Repayment schedule / Account outstanding break up statement Rs.250
    Statement of Account Rs.500
    NOC for interstate transfer Rs.1,000
    NOC for commercial to personal use Rs.2,000
    Dishonour charges per instance Rs.750
    NOC to convert from private to commercial Rs.5,000 (subject to approval)

    Kotak Bank Car Loan Eligibility

    The eligibility criteria you will have to fulfil to be eligible for a car loan from Mahindra Kotak Bank are given below:

    • The applicant should be a resident of India.
    • The applicant’s minimum monthly income should be Rs.15,000.
    • The applicant should have a minimum residential stability of 1 year or more.
    • The applicant should have a minimum employment stability of 1 year or more.
    • The minimum age of the applicant should be 21 years.

    Documents required for Kotak Mahindra car loan

    The list of documents you will have to submit while applying for a Kotak Mahindra Bank car loan is given below:

    • Proof of identity such as Passport, PAN Card, etc.
    • Proof of address such as Aadhaar Card, Passport, utility bill, etc.
    • Latest salary slips along with Form 16 as a proof of income if you are a salaried individual, otherwise income tax returns for the past 2 years if you are self-employed.
    • Salary bank statement if you are a salaried individual, otherwise you will have to furnish business bank statement if you are a self-employed individual.

    Kotak Mahindra Frequently Asked Questions (FAQs)

    1. How can I track the status of my Kotak Mahindra Car Loan?
    2. You can apply for a car loan from the bank website directly. You can log in to the website and check the status of your loan from the portal itself. Similarly, if you have applied for the loan through a third-party website such as BankBazaar, you can directly log in to your BankBazaar profile and find out the status of your Kotak Mahindra Car Loan. In addition to this, BankBazaar will also send you regular updates through SMS and emails on your registered phone number and email ID. You can also download the BankBazaar smartphone application and get push notifications for the status.

    3. Is a guarantor required for Kotak Mahindra Bank car loans?
    4. 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.

    5. Where can Kotak Mahindra Bank customers get the car loan application form?
    6. The Kotak Mahindra Bank car loan application can be downloaded from the bank’s website and can also be got from any branch office.

    7. Does Kotak Mahindra Bank offer the joint application facility to car loan applicants?
    8. Yes, customers can apply for Kotak Mahindra car loans along with a co-applicant.

    9. What is the minimum loan amount offered by Kotak Mahindra Bank for car loans?
    10. The minimum loan amount offered by Kotak Mahindra Bank for car loans is Rs.75,000.

    11. How to apply for a Kotak Mahindra Bank car loan online?
    12. Visit the official website of Kotak Mahindra Bank and under the ‘Loan’ section locate ‘Car Loan’. Visit the ‘Car Loan’ section and click on ‘Apply Now’. You will have to enter the details as required by the bank and click on ‘Submit’. The bank will contact you on the mobile number provided by you and assist you with the process of applying for a car loan.

    13. Can I apply for a Kotak Mahindra Bank car loan offline?

    Yes, you can visit the nearest branch of Kotak Mahindra Bank along with the relevant documents. An official from the bank will then assist you with the process of applying for a car loan.

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    Kotak Mahindra Bank Car Loan Reviews

    • Kotak Car Loan
      "Need to decrease charges"
      0.5 4.0/5 "Great!"
      I was taken a car loan in KOTAK MAHINDRA bank for more than 2 years before. Processing fee is okay but the rate of interest is higher when compare to other. I got a call on time from bank. I have not face any issue with bank. Now I have closed the loan.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Jul 06, 2019
    • Kotak
      Kotak Car Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan in KOTAK MAHINDRA bank on last month which was applied directly to bank. the process was good and on time loan got sanctioned. The amount was sufficient for the tenure of 1 year. The rater of interest and the processing fee are nominal.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 01, 2019
    • Kotak Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      It has been just couple of months i have been taken Car loan with Kotak mahindra bank, they provide door step service, like i have put interest on it, they gave me loan without going to the bank itself, everything went smoothly their agent came to my place took all my documents not even a single time i need to go to the bank, everything when so smoothly, only in maruti showroom i took my new car for delivery that it, the rate of interest they have charged me up to 11% which was nominal.
      Was this review helpful? 2
      , new delhi
      Reviewed on Jun 26, 2019
    • Kotak Car Loan
      "Excellent"
      0.5 4.0/5 "Great!"
      I was taken a car loan in KOTAK MAHINDRA bank few years before. At the time as per my requirement I received a loan amount was sufficient for the duration of 5 years. The rate of interest and the processing fee was nominal. On time the loan got sanctioned. There was an option for pre closure so I have done within 3 years.
      Was this review helpful? 5
      , hyderabad
      Reviewed on Jun 18, 2019
    • Kotak Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I have Kotak Mahindra car loan which was directly taken through Bank ,The rate of interest and processing fee was nominal and I have taken before 1.5years .still the loan is active .I have applied for the loan amount of 5.5lakhs for the tenure 3 years.The car model was Volks wagon Polo 2016 year model it was paperless approval loan process was smooth .
      Was this review helpful? 2
      , bangalore
      Reviewed on Jun 12, 2019
    • Kotak Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      Previously I took a car loan with Kotak Mahindra and my experience was good. I have purchased Grand i10 and made down payment of 1.5L. I took 4.5L as loan and tenure was 4years. I got NOC letter without any issues and the services are really good.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jun 10, 2019
    • Kotak Car Loan
      "100% Satisfactory"
      0.5 5.0/5 "Blown Away!"
      I have a car loan with Kotak Mahindra Bank and have purchased Ignis car, the total value is 7.5L. I have paid 2.5L down payment and taken 5L as loan for tenure of 3 years. Kotak offered me a good service and follow ups are proper even I get reminder msg for EMI. The interest rate is average.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 10, 2019
    • Kotak Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have taken car loan directly through Kotak Mahindra Bank giving good service ,The card model is Hyundai Verna 6.5lakhs for the tenure of 8year rate of interest and processing fee was nominal ,loan got on time ,The agent gave all the information .Iam comfortable wuith the service and the service was very good .
      Was this review helpful? 1
      , bangalore
      Reviewed on May 30, 2019
    • Kotak Car Loan
      "Service is very good and fast"
      0.5 5.0/5 "Blown Away!"
      My car loan was taken from Kotak mahindra since i got the approval from this card and the rate of interest is very low. Based on my mother's job, we have got some discount as well hence Rs. 10000 reduced from the loan amount. Within a week they have sanctioned the loan.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 28, 2019
    • Kotak Car Loan
      "Good Experience"
      0.5 4.0/5 "Great!"
      Kotak Mahindra car loan interest is competitive as compared to others, the customer support is helpful. I took the loan amount of Rs. 2.5 lakhs for the duration of three years, I purchased honda brio. The process was easy, there is no foreclosure fee.
      Was this review helpful? 1
      , ahmedabad
      Reviewed on May 25, 2019
    • Kotak Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      Previously i have taken Kotak mahindra bank car for commercial vehicle loan, The process of getting loan was too fast , the loan amount which they have given me was sufficient, and the rate of interest they have charged me that time was sufficient it was according to the bank norms, so far i did not face any issue.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 25, 2019
    • Kotak Car Loan
      "Hassle free experience"
      0.5 5.0/5 "Blown Away!"
      I took car loan from Kotak Mahindra, the interest is lesser as compared to others. In fact they gave me proper support on the loan process. I purchased innova kisha 2.8Z model, they have sanctioned ex showroom with best interest. Overall I am fine with them.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 25, 2019
    • Kotak Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      My car loan was taken with Kotak BANK , the process of getting loan was too fast i just got my loan in few days and loan amount 5 lakhs and 5 years tenure model of the car martui shift one time processing fee 4000rs. I even like the customer support approach.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 23, 2019
    • Kotak Car Loan
      "GOOD"
      0.5 4.0/5 "Great!"
      I have applied for the car loan with the KOTAK MAHINDRA BANK where i am using it since from last 3-4 years. The documentation process was simple and easy to get the loan i got the loan amount of 4L and the rate of interest was nominal. The customer support is good.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 20, 2019
    • Kotak Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I applied for a car loan with KOTAK MAHINDRA bank and without any delay it was processed on time . I am happy the way they understood my need. The interest rates i find it nominal when compared to other banks.Whatever loan amount i need i got the same .
      Was this review helpful? 1
      , ghaziabad
      Reviewed on May 18, 2019
    • Kotak Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had taken a Car loan from KOTAK MAHINDRA BANK a long time back and the process in getting this loan was pretty much simple. The loan amount has been fine and the interest rate with them has also been nominal. The loan is still running and it will be closed in another two months.
      Was this review helpful? 1
      , mohali
      Reviewed on May 11, 2019
    • Kotak Car Loan
      "Excelent Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan with Kotak Mahindra Bank. I have applied on one and a half year before. The loan amount is sufficient as per my expectation for the duration of 4 years. The rate of interest was nominal. The processing fee was nominal. The documentation verification process was easy.
      Was this review helpful? 1
      , secunderabad
      Reviewed on May 10, 2019
    • Kotak Car Loan
      "Good"
      0.5 3.0/5 "Satisfactory"
      I have taken a car loan with Kotak Mahindra Bank and it was completed before 6 months. The customer service is good. I have purchased Ford car and I made some down payment. The interest rate is high when compared to other banks. The documentation process was easy.
      Was this review helpful? 1
      , new delhi
      Reviewed on May 03, 2019
    • Kotak Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      My car account was taken with KOTAK MAHINDRA BANK , I am happy with the services .The tenure period is fine . They had given the best interest rate. Customer service was fine. Customer support is very polite and helpful . I got the loan amount with in a week .
      Was this review helpful? 2
      , ahmedabad
      Reviewed on Apr 30, 2019
    • Kotak Car Loan
      "Services are not satisfactory"
      0.5 2.5/5 "Just OK"
      It was not a up to the mark experience with Kotak Mahindra Bank for the after loan services. To get the loan was a smooth process. They need to work on the customer services and responsiveness. The rate of interest and processing charges are average too.
      Was this review helpful? 0
      , mumbai
      Reviewed on Apr 30, 2019
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