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  • Kotak Car Loan

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  • Kotak Mahindra Prime Limited offers attractive interest rates and finance up to 80% of the car value with repayment tenure ranging from 12 to 84 months.

    Key Features of Kotak Mahindra Prime Limited Car Loan

    The key features of KMPL car loans are:

    • Available to both salaried and self-employed individuals
    • Loan amounts starting at Rs.75,000
    • Loans processed within 48 hours of submitting completed applications, subject to KMPL’s discretion
    • Refinance offered on the same vehicle after a specific tenor is completed
    • Hassle-free online application
    More

    Table of Contents



    Kotak Mahindra Prime Limited Car Loan Fees and Charges

    Conversion from private to commercial NOC 5000 (Subject to approval)
    Commercial-to-personal use NOC 2000
    Interstate transfer NOC 1000
    NOC for LPG/CNG 2000
    Breakup statement of account outstanding/repayment schedule 250
    PDC swap charges 500 per swap
    Collection charges for non-PDC cases (per cheque) for not paying on the due date 500
    Monthly late payment charges/delayed payment / additional finance charges/compensation 0.03
    Canceling of contract (other than prepayment interest and foreclosure at the borrower’s specific request and with the lender’s agreement) 2000
    Issue of duplicate security deposit receipt (per receipt) 250
    Statement of account 500
    Issue of duplicate copy of NOC for duplicate registration certificate/duplicate NOC/agreement 750
    Prepayment interest on the principal outstanding amount 5.21% + taxes
    Dishonour charges (per instance) 750

    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

    Kotak Mahindra Prime Limited Car Loan EMI Calculator

    How to Apply for Kotak Mahindra Prime Limited Car Loan

    You can easily apply for the car loans through the BankBazaar website or through the KMPL website directly.

    Kotak Mahindra Bank Car Loan
    Kotak Mahindra Prime Limited Car Loan

    Documents Required for Kotak Mahindra Prime Limited Car Loan

    These are the documents required for salaried individuals:

    1. Duly filled up loan application form
    2. Form 16 or IT returns
    3. Latest salary slip that shows the statutory deductions
    4. Voters ID/verification from banker/PAN card/passport/driving license/IT returns
    5. 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)
    6. Photograph, one, signed by the customer

    These are the documents required for self-employed individuals:

    1. Duly filled up loan application form
    2. 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)
    3. Voters ID/verification from banker/PAN card/passport/driving license/IT returns
    4. Copies of income tax returns of the last 2 years
    5. Photograph, one, signed by the customer

    FAQs on Kotak Mahindra Prime Limited Car Loan

    1. What kind of cars is financing available for?
    2. You can get finance for passenger cars and multiutility cars from leading manufacturers. Financing is also available for imported cars subject to certain terms and conditions.

    3. Is there a pre-payment option and a pre-payment fee?
    4. Yes, you can pre-pay the loan after 6 months after paying a nominal amount as pre-payment fee.

    5. Do I need a guarantor to be eligible for a KMPL car loan?
    6. A guarantor is not required if you meet the credit criteria.

    7. How long does it take to process the loan amount?
    8. It will usually take 48 hours after completion of documentation, but this is on the sole discretion of KMPL.

    9. How is the rate of interest calculated?
    10. Rate of interest is calculated on the reducing balance method.

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    Kotak Mahindra Bank Car Loan Reviews

    • Kotak Car Loan
      "Good "
      0.5 4.0/5 "Great!"
      I have taken car loan directly through Kotak Mahindra Bank. The car is secondhand and the model was INNOVA 2015 and the loan is still active and paying the premium on EMI basis .The rate of interest and the processing fee was nominal and they given a good service.
      Was this review helpful? 2
      , tirupur
      Reviewed on Mar 20, 2020
    • Kotak
      Kotak Car Loan
      "Less interest rate loan"
      0.5 5.0/5 "Blown Away!"
      My car loan was taken from Kotak Mahindra bank because an interest rate is less. I have taken the loan amount of Rs. 7L and I made the down payment of Rs. 5L. I have selected the duration of 5 years. I have been paying EMI amount of Rs. 14,000 per month. Documentation process was hassle free.
      Was this review helpful? 1
      , bangalore
      Reviewed on Mar 05, 2020
    • Kotak Car Loan
      "Late fee & cheque bounce high interest rate need to decrease"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan from KOTAK Bank and the loan amount was Rs. 4L i have made a down payment of Rs. 1.25L. The rate of interest was okay and i am paying EMI 9100 with the tenure of 3 years. For cheque bounce they are charging Rs. 900 for the delay payment charges Rs. 1000. I am not getting any reminder, i have purchased car model Maruthi ECHO.
      Was this review helpful? 2
      , pondicherry
      Reviewed on Feb 18, 2020
    • Kotak Car Loan
      "Very Good Service"
      0.5 5.0/5 "Blown Away!"
      I have taken car loan through Kotak Mahindra Bank .The process was very smooth and not yet faced any issues .The car model was 2015 and the name of the car is Maruti Suzuki Celerio .The rate of interest and the processing was not an issue. Everything is good to me so far and i am satisfied with the service .
      Was this review helpful? 1
      , jaipur
      Reviewed on Feb 13, 2020
    • Kotak Car Loan
      "Excellent Loan Service"
      0.5 5.0/5 "Blown Away!"
      I was an employee of Kotak Mahindra bank so that i got the car loan from the same bank. Interest rate are more competitive. Since i was a employee i got a good discounts on interest rate when i took the car loan. Its going to be over by next year since tenure period is 22 years. They have sanctioned my immediately and i have made some down payment also.
      Was this review helpful? 3
      , mumbai
      Reviewed on Jan 08, 2020
    • Kotak Car Loan
      "Need to decrease preclosure charge"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan with KOTAK MAHINDRA BANK on 8 months before. Through showroom I have applied this loan. The amount was sufficient with tenure period of 5 years. Rate of interest is nominal. EMI need to pay of 12K. The car model is Wagon- R. Within 4 days they have sanctioned the loan. Pre closure charges are applicable but charges are high. Part payment is not applicable.
      Was this review helpful? 4
      , chennai
      Reviewed on Dec 24, 2019
    • Kotak Car Loan
      "Bad service "
      0.5 0.5/5 "Unacceptable"
      I never expected with this bank ��र म�रा बस �ल� त� म� �स ब�न�� म�� ��स� �� ��� व�यवहार ह� ना �रन� द�। They are don't do what they say. They cheat with their costumer. Please do not take any loan with this bank. I feel Very bad service in my whole lifetime in bank. I must say that please don't work with any private bank
      Was this review helpful? 1
      , botad
      Reviewed on Dec 23, 2019
    • Kotak Car Loan
      "Good Service"
      0.5 3.0/5 "Satisfactory"
      I have taken car loan directly through Kotak Mahindra Bank .The rate of interest was nominal and the car model was 2013 Toyota Fortuner .I have got the loan amount on time without any delay.I have successfully closed the loan without any difficulties .I am satisfied with the service so far.
      Was this review helpful? 3
      , bangalore
      Reviewed on Dec 10, 2019
    • Kotak Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I have taken car loan directly through Kotak Mahindra Bank .The rate of interest was very high since had requirement taken this loan .The car model was 2019 and the name of the car is Hyundai Santro .I have got the loan sanctioned on time without any delay.This loan is still active and i have submitted the required documents also.The loan process was clearly shared by the agent .
      Was this review helpful? 2
      , new delhi
      Reviewed on Nov 23, 2019
    • Kotak Car Loan
      "Good Loan Service"
      0.5 5.0/5 "Blown Away!"
      My car loan was taken from Kotak Mahindra and i never had a chance to speak with their customer care because the amount is auto deducted from my account. Based on the eligibility, kotak mahindra bank has given me a car loan. The provided interest rate is nominal for me.
      Was this review helpful? 4
      , bangalore
      Reviewed on Nov 10, 2019
    • Kotak Car Loan
      "Good bank to apply for a car loan "
      0.5 5.0/5 "Blown Away!"
      On 5 years before I was taken a car loan with KOTAK MAHINDRA BANK, I got a chance to apply through showroom. The amount which was provided 2L tenure period of 2 years. Rate of interest was nominal and processing fee of 3K. I use to get a remainder message on time. Now I closed the loan and received NOC letter as well. For an EMI paid for 7890 rupees.
      Was this review helpful? 10
      , chittoor
      Reviewed on Nov 04, 2019
    • Kotak Car Loan
      "Great Service"
      0.5 4.0/5 "Great!"
      I have applied for Kotak Mahindra Bank car loan directly through Bank.The model of the vehicle was Renaut Qwid .The loan amount got on time .The loan amount was sufficient and got the loan amount .The rate of interest and the processing fee was nominal.I am satisfied with the service so far .Still the loan is active it wil be cloed within 1 year.
      Was this review helpful? 3
      , bangalore
      Reviewed on Oct 18, 2019
    • Kotak Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have taken Car Loan directly through Kotak Mahindra Bank .The model of the vehicle is Hyundai I 10,I have got the loan amount on time ,I have got all the details about the loan process very clearly .I have got this loan on paperless approval.I am really satisfied with the service .
      Was this review helpful? 7
      , hyderabad
      Reviewed on Oct 10, 2019
    • Kotak Car Loan
      "Need improvement on the service and interest"
      0.5 3.0/5 "Satisfactory"
      Through car showroom I taken the vehicle loan, they sanctioned ex showroom price of Rs.2.60 lakhs for the duration of five years. The rate of interest is around 13% its higher when compared to others and they taken stamp duty charge of Rs.1000 and there is no proper response as well from the customer care. Its not easily accessible hence service needs to be improved.
      Was this review helpful? 7
      , coimbatore
      Reviewed on Sep 09, 2019
    • Kotak Car Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have selected kotak mahindra car loan model is martui cost of car 2.8 lakhs , loan amount sanction from bvanker end 2.47, Rate of interested is normal, one time process fee is applicable, while document submitted directly , customer service is good and response, foreclosure charger is 2 percentage
      Was this review helpful? 7
      , coimbatore
      Reviewed on Aug 16, 2019
    • Kotak Car Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan in KOTAK MAHINDRA bank which was applied directly to bank on 14 months before. The verification process smooth and loan amount was sufficient which was given from bank for tenure period of 5 years. The rate of interest and fee are nominal. I bought a car for maruti Suzuki.
      Was this review helpful? 2
      , secunderabad
      Reviewed on Jul 29, 2019
    • Kotak Car Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan in KOTAK MAHINDRA bank on 4 years back which was processed directly to bank. On time loan got sanctioned. The amount was sufficient for the tenure of 5 years. The rate of interest and fee are nominal. I bought a car for XUV mahindra 500.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 24, 2019
    • Kotak Car Loan
      "Good services"
      0.5 5.0/5 "Blown Away!"
      No particular reason for choosing my car loan from Kotak Mahindra bank. They have sanctioned the loan within 2 days and i don't remember about the interest rates. I am paying the EMI of Rs. 8000 every month. I Selected the tenure period of 5 years.
      Was this review helpful? 1
      , new delhi
      Reviewed on Jul 23, 2019
    • Kotak Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan in KOTAK MAHINDRA bank for more than 8 months which was processed through directly to bank. The process was good. The amount was sufficient for the tenure of 5 years. The rate of interest and fee are 9.8%. I bought a car for maruti swift.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 20, 2019
    • 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
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