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 Reviews

    • Kotak Car Loan
      "Good. But high on ROI"
      0.5 5.0/5 "Blown Away!"
      I have taken my car loan from Kotak Mahindra bank and the process in getting this loan was easy. They were quick in collecting my papers and the disbursement was satisfactory too. But the major drawback is that the rate of interest and processing charges was high.
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      , coimbatore
      Reviewed on May 18, 2017
    • Kotak Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      Kotak Mahindra Bank quoted 10% of interest rate for the car loan. And they processed the loan in a good manner. The process went good and I had no issues with the bank at any instance. Maruthi showroom itself arranged the loan with Kotak and they had taken care of everything. It was good.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 17, 2017
    • Kotak Car Loan
      "Go with Kotak Mahindra Bank"
      0.5 4.0/5 "Great!"
      I had got the car loan from Kotak mahindra bank and am with them from the last six months of time. Interest rate is around 9.25% and the loan amount got credited to my account within ten working days of time. Response is fine one with the Kotak mahindra bank and the processing charges are also well with them.
      Was this review helpful? 2
      , hyderabad
      Reviewed on May 16, 2017
    • Kotak Car Loan
      "Super fast process"
      0.5 5.0/5 "Blown Away!"
      The process was excellent at Kotak Mahindra bank. I had applied for a car loan and they gave me the loan within three days. They did not have much of a document process like HDFC Bank. The services and response was excellent and the charges and interest was also normal.
      Was this review helpful? 0
      , srinagar
      Reviewed on Apr 26, 2017
    • Kotak Car Loan
      "Very Good"
      0.5 4.0/5 "Great!"
      I had closed the car loan with the Kotak Mahindra bank and their rate of interest was around 13% . They had provided me around 80% of cost of the car as loan and I have got my RC book and NOC after a month of time and I got the permanent number plate on the same period.
      Was this review helpful? 1
      , new delhi
      Reviewed on Apr 19, 2017
    • Kotak Car Loan
      "Good Experience"
      0.5 5.0/5 "Blown Away!"
      I got the car loan within two days of time from Kotak Mahindra Bank and I closed my car loan around two years. I have done the foreclosure, I just made my principal outstanding amount and I didn't pay any single amount extra and I got the NOC within 3 to 4 days.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Apr 19, 2017
    • Kotak Car Loan
      "Good Deal from Kotak"
      0.5 5.0/5 "Blown Away!"
      I got best offer from Kotak Mahindra Bank because I am banking with for long years so they gave me the least rate of interest of 8.7% on my car loan and they taken 2300 rupees as processing fee it is bit high compared to HDFC, Kotak done the fast car loan process.
      Was this review helpful? 0
      , chandigarh
      Reviewed on Apr 18, 2017
    • Kotak Car Loan
      "Average "
      0.5 3.0/5 "Satisfactory"
      I got the car loan with the Kotak Mahindra Bank and the EMI is around 17500 Rupees per month for the capital of 6 lakh Rupees. Tenure is around three years of time for my car loan and the foreclosure charges are also applicable with them.
      Was this review helpful? 0
      , new delhi
      Reviewed on Apr 15, 2017
    • Kotak Car Loan
      "Quick in response and very good service"
      0.5 4.0/5 "Great!"
      Kotak mahindra took around 4 days to disburse my car loan. The rate of interest, fee and charges are nominal with kotak mahindra. The service, response and the follow up was very good with Kotak mahindra. The best part was , I got the car loan in a easy way process and everything has been done via bank itself, which was very useful.
      Was this review helpful? 0
      , meerut
      Reviewed on Apr 15, 2017
    • Kotak Car Loan
      "Kotak has to be reduced the interest as per the market"
      0.5 3.0/5 "Satisfactory"
      Kotak Mahindra gave me good service on my car loan, only problem was rate of interest apart from that everything was good. I have foreclosed my loan by paying only the pending amount without any extra charges, I got my NOC form the bank immediately. If its good, Kotak Mahindra reduce the interest as per the market.
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 29, 2017
    • Kotak Car Loan
      "VERY GOOD"
      0.5 4.0/5 "Great!"
      For an amount of six lakhs my car loan was approved with KOTAK MAHINDRA BANK . Processing fee charged by them was around two thousand. All the documents were collected by their executives at the time of conducting the verification.
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      , faridabad
      Reviewed on Mar 23, 2017
    • Kotak Car Loan
      "Better Service"
      0.5 3.0/5 "Satisfactory"
      I recently approached Kotak Mahindra Bank for my car loan. When I applied with them, I got the response from them on the same day. Even, they are willing to provide with the lowest interest rate. The interest rate is 8.5%, but I requested them for 8% and it is under process. It is very easy to approach.
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 09, 2017
    • Kotak Car Loan
      "VERY GOOD"
      0.5 4.0/5 "Great!"
      My loan application process with kotak mahindra was completed in a immediate manner without any drawback.The rate applied was around 9% for the car loan.The documents related to the loan was processed in a immediate manner with one shot submission and loan got disbursed within same day.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Mar 09, 2017
    • Kotak Car Loan
      "Easy process and nice deal "
      0.5 5.0/5 "Blown Away!"
      The process with Kotak Mahindra bank was too good for the car loan. The documentation was simple and the deal on the interest rate and charges was nominal and the disbursement of the loan also happened on the day I needed it. The bank understood my requirement and processed the loan accordingly.
      Was this review helpful? 1
      , bangalore
      Reviewed on Feb 22, 2017
    • Kotak Car Loan
      "Awesome Services"
      0.5 5.0/5 "Blown Away!"
      I had taken a car loan with Kotak Mahindra bank and when the loan was completed, I received a call saying that they need to send me the NOC and a executive would come over to fill in a form so the hypothecation can be removed and the fresh RC could be issued to you, I did not have to do much and without going any where or paying for anything the bank done it for me. Once there was one EMI that got dishonored due to my mistake, they immediately arranged a executive to pick up a alternate and no extra charges was taken from me for pick up or delayed fees.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 21, 2017
    • Kotak Car Loan
      "Very much satisfactory"
      0.5 5.0/5 "Blown Away!"
      Kotak Mahindra bank has been pretty responsive when I approached them for a car loan. They were nominal on the interest rates and processing charges and I faced no issues in getting my loan through. The process was smooth as I got updated at every stage.
      Was this review helpful? 1
      , mumbai
      Reviewed on Feb 02, 2017
    • Kotak Car Loan
      "Good service and should reduce interest rate"
      0.5 5.0/5 "Blown Away!"
      Good experience with KOTAK MAHINDRA BANK for my Car Loan.They was very good in customer service, they given the proper information about my documents.I was satisfied with their quick process, with in 5 days they has disbursed my car loan. But I felt rate of interest was high compare to other banks, also they was deducted 6000 rs for processing fees.
      Was this review helpful? 0
      , nagpur
      Reviewed on Jan 30, 2017
    • Kotak Car Loan
      "Car loan process is good"
      0.5 5.0/5 "Blown Away!"
      KOTAK Car loan process is good, the process was very smooth . I had closed the car loan already I had contact Coimbatore branch over the phone and the loan was closed successfully. I had got the NOC on time after a week of closing the loan
      Was this review helpful? 6
      , coimbatore
      Reviewed on Jan 12, 2017
    • Kotak Car Loan
      "Satisfactory"
      0.5 3.5/5 "Pretty good"
      It was a smooth process for the car loan at Kotak Mahindra Bank. The services and response they provided during the process was pretty timely and they completed it as per my requirement. The bank was also good on the rate of interest and charges.
      Was this review helpful? 0
      , jaipur
      Reviewed on Nov 21, 2016
    • Kotak Car Loan
      "Super fast process"
      0.5 5.0/5 "Blown Away!"
      I got my car loan within two days from Kotak Mahindra Bank. It is a smoother process and the loan amount was disbursed as required by me. They also offered me a good rate of interest and the processing charges was also nominal to me. This bank has always been giving me a hassle free experience.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 12, 2016
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    Kotak Mahindra Used Car Loan is Rated as "Excellent!" by 260 Users

    Fees & Charges

    Promised Interest Rate

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    Responsiveness

    Car Loan BYTES FROM OUR KITCHEN

    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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