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  • Kotak Mahindra Used Car Loan

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  • 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 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.

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    Kotak Mahindra Used Car Loan Reviews

    • 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? 4
      , hyderabad
      Reviewed on Oct 10, 2019
    • Kotak
      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? 6
      , 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? 0
      , 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
    • 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? 2
      , 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
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