• 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 "
      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? 18
      , 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? 19
      , 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? 3
      , 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? 5
      , 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? 5
      , 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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