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
      "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.
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      , 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? 0
      , 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? 0
      , 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.
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      , 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.
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      , jaipur
      Reviewed on Jun 03, 2017
    • Kotak Car Loan
      "Good one"
      0.5 5.0/5 "Blown Away!"
      I had closed the car loan with the Kotak Mahindra bank. I got an interest rate for the car loan as 12.25% and the loan amount got disbursed to my account after a week of time to ten days of time. They had provided around 80% of cost of car as loan....
      Was this review helpful? 1
      , hyderabad
      Reviewed on May 30, 2017
    • Kotak Car Loan
      "Good Experience"
      0.5 5.0/5 "Blown Away!"
      There is no lacking on the service part of Kotak Mahindra. They came directly to my place and done the entire process without giving any inconvenient. I am happy about that, its been a year my loan is running. Being a self employed person they came least interest rate of 9.5% it is good.
      Was this review helpful? 0
      , chennai
      Reviewed on May 27, 2017
    • Kotak Car Loan
      "Good Experience with Kotak"
      0.5 5.0/5 "Blown Away!"
      My car experience was really smooth with Kotak Mahindra, they done the process on time, even before the delivery of my car, the loan got sanctioned. Kotak Mahindra offered 80% of loan from on the road value. Then I had done the foreclosure without any extra charges.
      Was this review helpful? 0
      , chennai
      Reviewed on May 26, 2017
    • 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.
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      , 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.
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      , chandigarh
      Reviewed on Apr 18, 2017
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    Kotak Mahindra Used Car Loan is Rated as "Excellent!" by 273 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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