If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
  • Kotak Mahindra Used Car Loan is Rated as "Excellent!" by 406 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 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
      "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? 0
      , bangalore
      Reviewed on Jun 12, 2019
    • Kotak
      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? 0
      , 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? 0
      , 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
    • Kotak Car Loan
      "Complete information were given about the car loan"
      0.5 4.5/5 "Excellent!"
      When I applied for a car loan in kotak mahindra bank . They informed me complete information of the car loan including pre closure charge . These are good signs of customer service . I taken a loan for for next five years , but I closed it within 1.5 years of time with some pre closure charge .
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Apr 28, 2019
    • Kotak Car Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have applied for the car loan with the KOTAK MAHINDRA BANK where the documentation process was simple and i got the loan on time. I have used the loan for 5 years and the ,loan amount was satisfactory and also the rate of interest was nominal.
      Was this review helpful? 2
      , bangalore
      Reviewed on Apr 20, 2019
    • Kotak Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I have applied with Kotak Mahindra Bank for the car Loan.The rate of interest and the processing fee was nominal.I have got the loan amount on time .The loan amount was sufficient and it was easy to purchase Maruti Suzuki . The agent has clearly explained the process on time .
      Was this review helpful? 1
      , mumbai
      Reviewed on Apr 15, 2019
    • Kotak Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I took a Car loan from the KOTAK MAHINDRA BANK . Their rates are much cheaper that other companies. The application process was easy and hassle free. I never had any issues with their services. I use to pay my EMI on time . Customer support is good here .
      Was this review helpful? 2
      , thiruvananthapuram
      Reviewed on Mar 23, 2019
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