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 is Rated as "Excellent!" by 305 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 Loan Reviews

    • Kotak Car Loan
      "Quick Approval"
      0.5 4.0/5 "Great!"
      My car dealer suggested me a Kotak Mahindra Bank for the loan. The rate of interest was satisfied, so I have proceeded with them. The customer service and response was good. The loan was sanctioned on time. The EMI period is 5yrs and I pay through ECS.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 17, 2017
    • Kotak Car Loan
      "High on ROI and charges and poor services"
      0.5 1.0/5 "Really Bad"
      Kotak Mahindra bank has not been good in the car loan services too. The experience is not to my expectation and in all the interest rate and charges are also high and the bank charges a lot for everything concerned. I been banking with them for long and I am not happy.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 17, 2017
    • Kotak Car Loan
      "excellent service"
      0.5 5.0/5 "Blown Away!"
      It have been a very good service from KOTAK ,customer service of KOTAK is very good even the rate of interest is nominal and the documentation procedure is easy they collected my documents from my home and the procedure have been completed within 2 days I can say the service of KOTAK is excellent for car loan service.
      Was this review helpful? 0
      , delhi
      Reviewed on Oct 16, 2017
    • Kotak Car Loan
      "Customer friendly"
      0.5 5.0/5 "Blown Away!"
      Kotak Mahindra have reached me on time for the car loan process, within three to four business hours my car loan got sanctioned. I purchased Hyundai Grand I 20 my loan amount Rs. 6 lakhs for the period of five years. I am completely happy with them.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 14, 2017
    • Kotak Car Loan
      "Good Experience and Friendly Nature"
      0.5 5.0/5 "Blown Away!"
      Kotak Mahindra gave me a car loan without any documents, based on my ITR they sanctioned the loan. I took the loan amount Rs.7.81 lakhs for the tenure of 60 months. Kotak Mahindra service is very friendly and supportive on each step of my loan process.
      Was this review helpful? 0
      , vijayawada
      Reviewed on Oct 14, 2017
    • Kotak Car Loan
      "Recommendable for car loan"
      0.5 4.0/5 "Great!"
      I have taken a car loan from KOTAK MAHINDRA BANK with a processing fee of 3000 rupees.The disbursed loan amount was 3lakh 75 thousand with the rate of interest of 9.5%. The monthly EMI comes around8100 for 5 years.The documentation process was also very good.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Oct 04, 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 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 Sep 29, 2017
    • Kotak Car Loan
      "Excellent Service"
      0.5 4.5/5 "Excellent!"
      I got the Car loan from KOTAK MAHINDRA BANK by applying it in their bank's website and I got the loan amount disbursed within few days after applying so I'm really happy with the service which they provided. The customer service is always go reachable within few minutes when I try and also got the response in a quick time.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 28, 2017
    • Kotak Car Loan
      "Sweet process"
      0.5 4.0/5 "Great!"
      Process was well organized by KOTAK . My car loan process is good in all the ways and means. Communication wise KOTAK is very good, clarity is also there. KOTAK had offered me the least interest rate which is 8.5% no processing fee was charged. I have changed the car model.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 27, 2017
    • Kotak Car Loan
      "Good"
      0.5 4.5/5 "Excellent!"
      I have got the car loan with the Kotak Mahindra bank and the interest rate is around 8.5%. Customer service is good one for me with them and their response is good one. They have disbursed the loan amount within a week of time.
      Was this review helpful? 0
      , new delhi
      Reviewed on Sep 27, 2017
    • Kotak Car Loan
      "Fantastic services"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan from Kotak Mahindra bank. The bank was excellent in the process for my loan as they were comfortable with what ever documentation I had and they processed my loan without any issue. The interest rate and processing charges was also minimal.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Sep 26, 2017
    • Kotak Car Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have got the car loan with the Kotak mahindra bank and the response is very good. The loan amount got disbursed within twenty four hours of time. They have provided around 90% of cost of car as loan.
      Was this review helpful? 0
      , new delhi
      Reviewed on Sep 24, 2017
    • Kotak Car Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      Two years ago the car loan was pretty slow and Kotak Mahindra bank collected several papers. At that point of time service was good and interest rate was 12%, I guess. I have taken the loan amount of 3 lakhs for 3 years in 2015 last months i have completed the loan
      Was this review helpful? 0
      , new delhi
      Reviewed on Sep 22, 2017
    • Kotak Car Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      It was a good experience with Kotak Mahindra for the car loan. The services was good. They were very quick. The loan got approved within a day. It was a fast process. They rate of interest offered was pleasing also the processing charges. They also never had a charge for the preclosure option. It was a good benefit I was looking for.
      Was this review helpful? 0
      , new delhi
      Reviewed on Sep 22, 2017
    • Kotak Car Loan
      "Very good"
      0.5 5.0/5 "Blown Away!"
      Remarkable performance by KOTAK when it comes to Car loan. Day one I applied for the loan the next day funds were disbursed. No discount was provided however they managed to provide 90% of the loan amount. Plus, they had also provided some insurance as an addon.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 21, 2017
    • Kotak Car Loan
      "Car loan process"
      0.5 5.0/5 "Blown Away!"
      KOTAK MAHINDRA is providing the lowest interest in the market. Their executives came to my place collected all my documents . Even the documentation part was perfect, step by step information was provided. Also KOTAK is very much reasonable when it comes to rates. KOTAK was able to sponsor 80% of the ex showroom price the car model which I had shortlisted is Maruthi 800.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 20, 2017
    • Kotak Car Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      The service offered 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 short time 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
      , chennai
      Reviewed on Sep 18, 2017
    • Kotak Car Loan
      "Good Process"
      0.5 4.0/5 "Great!"
      About nine months ago, I preferred Kotak Mahindra Bank to get the car loan and I availed it too. The bank provided the loan with an interest rate of 14%. The loan process of Kotak bank is very simple and it was disbursed on time. In all it was a hassles free service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 06, 2017
    • Kotak Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      Part payment facility is available in KOTAK for my loan process which I needed ,Rate of interest was also comfortable for me ,Regarding the service of KOTAK for my loan process everything was good ,No issue with KOTAK ,Overall service of KOTAK was good .
      Was this review helpful? 0
      , gurgaon
      Reviewed on Sep 01, 2017
    • Kotak Car Loan
      "friendly customer service executive"
      0.5 5.0/5 "Blown Away!"
      I am so happy to tell that I got a loan from KOTAK MAHINDRA BANK with the rate of interest just for 5.7%, it was really friendly service from KOTAK MAHINDRA BANK. I have friends working in KOTAK MAHINDRA BANK but i really feel that the service was good and all my documents got collected. Using my house documents i got this loan, I applied loan from SBI bank and they said that they wont provide loan with this documents but with the same documents I got loan from KOTAK MAHINDRA BANK.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Aug 26, 2017
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