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
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      Kotak Mahindra bank have provided the car loan as around 80% to 85% of cost of car. The services are good one with them. Everything went in fine way with them like I got the loan on immediate basis, also there are no hassle with them .
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Aug 10, 2017
    • Kotak Car Loan
      "Quick Service"
      0.5 5.0/5 "Blown Away!"
      Since last three years, my car loan is running with Kotak Mahindra bank. I forgot the rate of interest the loan process went good. And they disbursed the loan on time. Actually they completed the loan within 48 hours. It was very good, I just submitted my application that's it, rest of the work done by the bankers end and they sanctioned it on time.
      Was this review helpful? 0
      , guntur
      Reviewed on Aug 09, 2017
    • Kotak Car Loan
      "Average experience"
      0.5 3.0/5 "Satisfactory"
      I have taken a car loan from Kotak Mahindra Bank earlier and I was not that happy with the process of the bank. The services and response could have been more quick in the process. The interest rate and charges was also on the higher side. An average experience overall.
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      , jaipur
      Reviewed on Aug 08, 2017
    • Kotak Car Loan
      "Convenient and Good Experience"
      0.5 5.0/5 "Blown Away!"
      I was working with Kotak Mahindra earlier, hence I have taken car loan from same bank. I got good offers from Kotak as a staff. I have taken the car loan of Rs. 6.5 lakhs its a 75% of loan from on road prices with floating interest rate. I am very fine with that, even my EMI is going without any hassles.
      Was this review helpful? 0
      , chennai
      Reviewed on Aug 03, 2017
    • Kotak Car Loan
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      I have explained my requirement with the banker, the Kotak mahindra came up and offered me a car loan with a bit higher interest rate. The customer service and the response is good with Kotak mahindra. I have got the required loan amount and I am satisfied with the service.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jul 24, 2017
    • Kotak Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The service rendered by Kotak mahindra in concern to my car loan was very good. The customer service and the response with Kotak mahindra was really good . They took around 7 days to disburse my car loan . The required loan amount has been disbursed and I am completely satisfied with their service too.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 18, 2017
    • Kotak Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I am very much glad that I must say, Kotak Mahindra has exceeded my expectations with the service rendered based on my salary account they have offered me the car loan and the interest rate was very low 7.5%. Loan amount got disbursed within 1 hour of time and the services were good with them. Response is also a good one with them and I can say its up to my expectation
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jul 07, 2017
    • Kotak Car Loan
      "Excellent Service"
      0.5 4.0/5 "Great!"
      I am very happy for getting this car loan from Mahindra Finance,The customer service offered was really good which is appreciable as well. The loan amount was disbursed within five days and the process of the loan was very easy and quick as well.The interest rate was minimal compared to other banks and I am really happy about the same
      Was this review helpful? 0
      , kolkata
      Reviewed on Jul 06, 2017
    • Kotak Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      There is fore closure options available with Kotak Mahindra bank but the lock in period is for 2 years which is higher than normal. They took around 4 to 5 days to disburse my car loan. The rate of interest is low with Kotak Mahindra when compared with others. I am happy about the service,
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 05, 2017
    • Kotak Car Loan
      "Its Fine"
      0.5 4.0/5 "Great!"
      My existing car loan was running with Kotak Mahindra its good. Every month my due date falls on 5th, ECS automatically debit the EMI from my ICICI account. I have taken the amount of Rs.3.72 ,000 to purchase Mahindra Scorpio its good. Everything is good and convenient.
      Was this review helpful? 1
      , erode
      Reviewed on Jun 28, 2017
    • Kotak Car Loan
      "Its Good"
      0.5 4.0/5 "Great!"
      Six years back, I had taken car loan from Kotak Mahindra, it got completed. I purchased Hyundai I 10 car worth Rs.3.5 lakhs, Kotak Mahindra approved the requested amount with an interest rate of 11.5% but it was higher side at the time. Now it got closed successfully.
      Was this review helpful? 2
      , bangalore
      Reviewed on Jun 23, 2017
    • Kotak Car Loan
      "Its Good"
      0.5 4.0/5 "Great!"
      Kotak Mahindra interest rate is okay its not too good, I have taken car loan before three years. My loan amount was around Rs. 3.5 lakhs for the tenure of three years. They have approved 90% of loan on the car value, Kotak Mahindra doesn't have an option to make a part payment but can do preclosure with some charges applicable.
      Was this review helpful? 2
      , new delhi
      Reviewed on Jun 19, 2017
    • Kotak Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I was having a Car loan from Mahindra Finance . loan got disbursed. On given time The documentation process was good. The rate of interests 7% charged for this loan is less compared to other Banks. They have not taken much of a documents with me, Just an ITR that's it and I have applied for 6 lakh rupees loan.
      Was this review helpful? 0
      , akola
      Reviewed on Jun 19, 2017
    • Kotak Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I am very much glad that I must say, Kotak Mahindra has exceeded my expectations with the service rendered based on my savings account they have offered me the car loan and the interest rate was minimal. Loan amount got disbursed within fifteen days of time and the services were good with them. Response is also a good one with them and I can say its up to my expectation.
      Was this review helpful? 0
      , mohali
      Reviewed on Jun 11, 2017
    • Kotak Car Loan
      "Car loan foreclose issue"
      0.5 0.5/5 "Unacceptable"
      I had taken the car loan from Kotak bank and was assured by the representative that there are no foreclosure charges but when I asked for foreclosure after 2 years they asked me to pay 4% and denied anything about their own representative. Better go for some other banks which will not cheat and which provides better customer service.
      Was this review helpful? 1
      , new delhi
      Reviewed on Jun 09, 2017
    • Kotak Car Loan
      "Classic service"
      0.5 5.0/5 "Blown Away!"
      Th service with Kotak Mahindra was Classic and the person who came to my place to collect the documents was very kind enough. The Kotak Mahindra was maintaining a proper communication in concern of updating about the product status. The rate of interest is nominal with Kotak Mahindra. I would say it was very good service in all.
      Was this review helpful? 1
      , ghaziabad
      Reviewed on Jun 09, 2017
    • Kotak Car Loan
      "Perfect service"
      0.5 5.0/5 "Blown Away!"
      The Kotak Mahindra bank executives asked certain documents with respect to my car loan and I have sent it through the link Which I had got, it is a very easy process and after submitting the documents they had disbursed my loan within 2 days of time. The rate of interest is nominal with Kotak Mahindra. I am happy about the loan amount and I am satisfied with their service.
      Was this review helpful? 1
      , new delhi
      Reviewed on Jun 09, 2017
    • Kotak Car Loan
      "High Interest Rate"
      0.5 3.0/5 "Satisfactory"
      Last year I had taken the car loan with Kotak Mahindra Bank. But the interest rate was high which is of 18% so I am looking for loan transfer. The loan amount was 3 lakhs. I did not receive any customer support from the bank. Due to high interest rate I will transfer the loan to other bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 07, 2017
    • Kotak Car Loan
      "Average Service"
      0.5 4.0/5 "Great!"
      Three years ago, I had an experience of approaching KOTAK for the car loan. The reponse was quite fine with them, but I was excepting much better than that, therfore I would suggest them to improvise their response in future. Within a week or 10 days they had disbursed my loan. The rate of interest is very much nominal with Kotak mahindra . Overall I am satisfied with their service, I would suggest Kotak Mahindra to fulfill the customer expectation by giving quick and prompt response.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Jun 03, 2017
    • Kotak Car Loan
      "Excellent"
      0.5 4.0/5 "Great!"
      The process followed by Kotak Mahindra bank for the car loan was really smooth and good. The documentation part was simple and the deal on the interest rate is 8.50% , they charge rs 2100 and the disbursement of the loan also happened within a day . The EMI is amounting to 3650 and this is for a period of 5 years.
      Was this review helpful? 0
      , jaipur
      Reviewed on Jun 03, 2017
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    Kotak Mahindra Used Car Loan is Rated as "Excellent!" by 283 Users

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    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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