Kotak Mahindra Used Car Loan

1. High Quantum of LoanKotak Mahindra offers up to 90% funding of the car value.
2. Pre-Approved LoansFor loan amount up to Rs.1.5 Lakhs, the loans come pre-approved with minimal documentation requirements.
3. Flexible TenuresWith 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.
4. Hassle-free ProcessingKotak Mahindra used car loans require minimum documentation. With online application facility and unparalleled customer service, you are guaranteed of a hassle-free loan process.
5. Attractive Interest RatesKotak 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.

1. A copy of duly filled application form.
2. The RC copy, valuation copy and insurance copy of the vehicle.
3. Proof of residence and ID proof documents - Signature verification from banker, voters ID, PAN card, IT returns statement, Driving license or passport.
4. Salaried applicants should submit a copy of Form 16, Income tax returns statement and latest salary slip showing all statutory deductions.
5. Other class of applicants should submit the last two year's income tax computation, partnership deed and the P&L statement.
6. 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.

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)

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.

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

1. High Quantum of LoanKotak Mahindra offers up to 90% funding of the car value.
2. Pre-Approved LoansFor loan amount up to Rs.1.5 Lakhs, the loans come pre-approved with minimal documentation requirements.
3. Flexible TenuresWith 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.
4. Hassle-free ProcessingKotak Mahindra used car loans require minimum documentation. With online application facility and unparalleled customer service, you are guaranteed of a hassle-free loan process.
5. Attractive Interest RatesKotak 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.

1. A copy of duly filled application form.
2. The RC copy, valuation copy and insurance copy of the vehicle.
3. Proof of residence and ID proof documents - Signature verification from banker, voters ID, PAN card, IT returns statement, Driving license or passport.
4. Salaried applicants should submit a copy of Form 16, Income tax returns statement and latest salary slip showing all statutory deductions.
5. Other class of applicants should submit the last two year's income tax computation, partnership deed and the P&L statement.
6. Other documents like letter of authority and MOA/Board resolution might be asked for if applicable.

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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.

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)

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.

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