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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  • Kotak Mahindra Used Car Loan is Rated as "Excellent!" by 321 Users

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    Kotak Mahindra Used Car Loan

    Kotak Mahindra Used Car Loans

    Kotak Mahindra Bank was established in 1985 and is one of India’s top financial conglomerates. Kotak Mahindra Finance Limited received a banking license from the RBI in 2003 to become the country’s first non-banking finance company to be converted to a bank. Kotak Mahindra Bank extends its banking and financial services in areas like investment banking, personal banking and transaction banking. In April 2015, ING Vysya merged with Kotak Mahindra Bank to create a trusted financial institution with a wide national presence. Currently, Kotak Mahindra has over 1,200 branches and 1,900 ATM’s across India and is the fourth largest private sector bank in India. Kotak Mahindra was ranked one among the top 5 companies for corporate governance in IR global ranking. As a testimony to the trust people have placed on KMBL, it was also ranked as one among the world’s top 500 banks by “The Banker”, a widely acclaimed financial magazine.

    Kotak Mahindra used car loans makes owning a vehicle, a simple and hassle-free experience. With features like quick application processing and high funding, you can fulfil the dream of driving your dream car with Kotak Mahindra used car loans.

    Features and Benefits of Kotak Mahindra Used Car Loans

    • High Quantum of Loan

      Kotak Mahindra offers up to 90% funding of the car value.

    • Pre-Approved Loans

      For loan amount up to Rs.1.5 Lakhs, the loans come pre-approved with minimal documentation requirements.

    • Flexible Tenures

      With Kotak Mahindra’s preferred loan segment for used cars, borrowers can choose tenures ranging up to 60 months and a loan amount between Rs.1.5 lakhs to Rs.15 lakhs.

    • Hassle-free Processing

      Kotak Mahindra used car loans require minimum documentation. With online application facility and unparalleled customer service, you are guaranteed of a hassle-free loan process.

    • Attractive Interest Rates

      Kotak Mahindra offers competitive interest rates for used car loans depending on the vehicle’s age and loan tenure.

    Kotak Mahindra Bank Used Car Loans Eligibility

    Salaried individuals, self-employed people, proprietorship & partnership firms and companies are eligible to apply for Kotak Mahindra used car loans.

    The bank offers tailor made schemes based on the applicant’s annual income and nature of employment.

    Documentation Requirement for Kotak Mahindra Bank Used Car Loans

    Having all the right documents in place will guarantee a smooth application process. The documents required vary depending on the applicant’s nature of employment and income source. Here’s a list of the important documents that will be asked for.

    • A copy of duly filled application form.
    • The RC copy, valuation copy and insurance copy of the vehicle.
    • Proof of residence and ID proof documents – Signature verification from banker, voters ID, PAN card, IT returns statement, Driving license or passport.
    • Salaried applicants should submit a copy of Form 16, Income tax returns statement and latest salary slip showing all statutory deductions.
    • Other class of applicants should submit the last two year’s income tax computation, partnership deed and the P&L statement.
    • Other documents like letter of authority and MOA/Board resolution might be asked for if applicable.

    Kotak Mahindra Bank Used Car Loan Interest Rates

    Individuals who have availed a used car loan from Kotak Mahindra Bank can choose to repay the loan over a period of time. The interest on this loan is computed either by factoring the MCLR or Base Rate, with all new borrowers falling under the ambit of MCLR.

    Kotak Mahindra Bank Marginal Cost of Funds Based Lending Rate (MCLR) (For new borrowers)

    MCLR based interest rates take current trends into account, with these rates changing on a regular basis. These have been designed to reflect a number of important aspects, ensuring that a consumer gets a good deal. The table below highlights the current MCLR rates.

    MCLR Benchmark Tenure (Period) Benchmark Rates (MCLR)
    Overnight 8.90%
    1 month 9.00%
    3 months 9.25%
    6 months 9.40%
    1 year 9.60%
    2 years 9.65%
    3 years 9.65%

    Used car loan interest rates

    Kotak Mahindra Bank can add a certain percentage over and above existing MCLR benchmarks, with the final interest varying from consumer to consumer.

    Kotak Mahindra Bank Base and Prime Lending Rates (For existing borrowers)

    Base Rate 9.50% per annum (effective October 5, 2015)
    Prime Lending Rate 18.25% per annum (effective October 5, 2015)

    Kotak Mahindra Bank interest rate for used cars (Based on Base Rate)

    Existing borrowers can choose to move from the Base Rate system to the MCLR platform. Individuals who refrain from migrating will pay interest according to the base rate. The bank could add a certain percentage over the applicable base rate, with the final interest payable depending on a number of factors.

    Note: Rates mentioned here as of June 7, 2016. These rates are subject to change without prior intimation and borrowers should check applicable rates before applying.

    EMI Calculator for Kotak Mahindra Bank Used Car Loans

    An EMI Calculator is a useful tool when it comes to planning the finances ahead. It also saves a lot of manual calculation and time. In Kotak Mahindra’s used car loan EMI calculator, you have to enter details such as loan amount, tenure and rate of interest. The calculator will automatically project the EMI value. This will help you check if the EMI fits your monthly budget. You can vary the loan amount and tenure till you arrive at a comfortable scheme.

    Calculating the EMI before applying for a loan will ensure that you make informed decisions about tenure and interest rates and also help you plan a budget for the future.

    FAQ’s regarding Kotak Mahindra Bank Used Car Loans

    • How long will it take for my loan to be processed?

      In up to 72 hours after completing the documentation procedures, KMBL will give the financing.

    • How do I apply for Kotak Mahindra Used Car Loans?

      You can apply from the comfort of your home via SMS, Email and net banking. Alternatively, you can also visit any of the nearest branches to submit your loan application.

    • Which cars do KMBL finance under the used car loan scheme?

      All existing passenger cars are financed by Kotak Mahindra under used car loan scheme.

    • Can I prepay the loan?

      Yes. But, you will be charged a foreclosure penalty of 5.75% on the principal outstanding.

    Kotak Mahindra Used Car Loan Reviews

    • Kotak Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I am a co-applicant for the car loan with Kotak Mahindra Bank. I am happy with the whole process of the bank. The customer services are good and there are no hassles in the whole process. I got the disbursement on time. The rate of interest and processing charges are normal.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 23, 2017
    • Kotak Car Loan
      "Nice bank"
      0.5 3.5/5 "Pretty good"
      With KOTAK MAHINDRA BANK i am holding a savings account. Its been 8 months i am started using this account with them. The net banking with Kotak is great. All the other features with the bank is comfortable. The customer service and response is comfortable.
      Was this review helpful? 0
      , pune
      Reviewed on Nov 18, 2017
    • Kotak Car Loan
      "Smooth process"
      0.5 3.0/5 "Satisfactory"
      I had taken a car loan with Kotak Mahindra Bank which has now been completed. I had a good process with them while getting my loan approved and there was no issues during that time as well as as during the term of the loan. The service was good and completed smoothly.
      Was this review helpful? 0
      , jaipur
      Reviewed on Nov 17, 2017
    • Kotak Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      It was a very fast service from KOTAK MAHINDRA for my car loan service within two days the process have been completed the interest rate have been 7 % which was fine compare to others and the documents have been collected from my door step it was totally a excellent experience with KOTAK MAHINDRA for my car loan service.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 15, 2017
    • Kotak Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      It was a quick process with KOTAK for my car loan service within three days they completed the process the interest rate they quoted me was 8 % which is fine compare to others and the documentation part was also easy. They collected all my documents from my door steps,it was a good experience with KOTAK on my car loan process.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 13, 2017
    • Kotak Car Loan
      "Excellent service"
      0.5 4.5/5 "Excellent!"
      The rate of interest offered by KOTAK for my car loan service is good compare to others in the market the documents have been collected directly also the payments are directly with KOTAK ,I am happy with the service KOTAK for my car loan service.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 10, 2017
    • Kotak Car Loan
      "Excellent"
      0.5 3.0/5 "Satisfactory"
      I already taken car loan from Kotak Mahindra because their service is good. When I took that loan they said after six months they would reverse the interest rate but they didn't reduce it, and also they charged me Rs. 15000 extra on foreclosure of my loan.
      Was this review helpful? 0
      , howrah
      Reviewed on Nov 09, 2017
    • Kotak Car Loan
      "Satisfied with the experience"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan from Kotak Mahindra Bank for a Maruti Suzuki Alto. I got the loan amount on the value of the car as needed. The bank offered me a 90%, I got the loan on time. The interest rate and charges is normal and I am also comfortable with the EMI amount.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 06, 2017
    • Kotak Car Loan
      "Process is good"
      0.5 5.0/5 "Blown Away!"
      I have taken my car loan from Kotak Mahindra Bank. The process for this loan was also excellent. My documentation is normal and I got 80% of the loan value. I have take a Wagon R vehicle. The interest rate and processing charges is normal. The after loan services are good.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 04, 2017
    • Kotak Car Loan
      "Good "
      0.5 3.0/5 "Satisfactory"
      I have closed the car loan with the Kotak Mahindra bank and the rate of interest was around 11%. It was happened before ten years of time. I would like to say that the loan amount got disbursed within ten days of time.
      Was this review helpful? 0
      , jamshedpur
      Reviewed on Nov 04, 2017
    • Kotak Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      It was good experience from KOTAK for my car loan service customer service was very good the interest rate they offered was 10.5% which was fine compare to others in the market and the payments where directly it was been 3.5 years since I had utilized the services of KOTAK.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 01, 2017
    • Kotak Car Loan
      "Fast response"
      0.5 4.0/5 "Great!"
      Kotak Mahindra bank processed my car loan immediately because I got the delivery date, my showroom guy taken initiate to complete the loan process quickly with Kotak. Rate of interest was also nominal for the amount of Rs. 2 lakhs as a car loan.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 26, 2017
    • Kotak Car Loan
      "Better service"
      0.5 5.0/5 "Blown Away!"
      The service is excellent with Kotak mahindra car loan , they have disbursed the loan amount within a week time. The customer support is good with Kotak mahindra. The rate of interest is average is kotak mahidra bank and I am satisfied with their better service.
      Was this review helpful? 0
      , hapur
      Reviewed on Oct 25, 2017
    • Kotak Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I am having the car loan with the Kotak Mahindra bank and the interest rate was not aware by end exactly like and it could be around 14% to 15%. I would like to say that the response provided by KOTAK MAHINDRA is very good one and therefore I like their service.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 24, 2017
    • Kotak Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The Kotak mahindra bank has disbursed my car loan amount within one week time. I got more than Two car loan from Kotak mahindra. I got the car loan around 5 years ago. The rate of interest is high with Kotak mahindra. I got an second hand car so there is no additional charges with this loan.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 24, 2017
    • Kotak Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      The Kotak mahindra has disbursed my car loan within 3days of time. The required loan amount has been given and I am satisfied with the loan amount. The rate of interest which was offered by kotak was 9.3% which is nominal with when compared with others banks.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Oct 24, 2017
    • Kotak Car Loan
      "Satisfied"
      0.5 4.0/5 "Great!"
      My car loan was taken with KOTAK bank 2 years back. They have offered 2 lakhs and the interest rate was 14.5% which was average and the EMI period was 36months. The process is very quick and hassle free. They have sanctioned the loan with the committed time and 5% for pre closure. I am satisfied and I would like to recommend also.
      Was this review helpful? 0
      , kanchipuram
      Reviewed on Oct 24, 2017
    • Kotak Car Loan
      "Quick Approval"
      0.5 4.0/5 "Great!"
      My car dealer suggested me a Kotak Mahindra Bank for the loan. The rate of interest was satisfied, so I have proceeded with them. The customer service and response was good. The loan was sanctioned on time. The EMI period is 5yrs and I pay through ECS.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 17, 2017
    • Kotak Car Loan
      "High on ROI and charges and poor services"
      0.5 1.0/5 "Really Bad"
      Kotak Mahindra bank has not been good in the car loan services too. The experience is not to my expectation and in all the interest rate and charges are also high and the bank charges a lot for everything concerned. I been banking with them for long and I am not happy.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 17, 2017
    • Kotak Car Loan
      "excellent service"
      0.5 5.0/5 "Blown Away!"
      It have been a very good service from KOTAK ,customer service of KOTAK is very good even the rate of interest is nominal and the documentation procedure is easy they collected my documents from my home and the procedure have been completed within 2 days I can say the service of KOTAK is excellent for car loan service.
      Was this review helpful? 0
      , delhi
      Reviewed on Oct 16, 2017
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