Kotak Mahindra Bank offers car loans to customers who want to purchase a new or used car. The bank provides loans at competitive interest rates and flexible repayment tenures, making it easier for customers to buy their dream car.
Customers can avail of a loan amount up to 100% of the on-road price of the car, subject to the bank's terms and conditions. The loan repayment tenure can range from 1 year to 7 years, depending on the customer's preference and repayment capacity.
Kotak Mahindra Bank offers doorstep service for document collection, fast loan processing, and customized EMI options to make the car loan application process hassle-free. The bank also provides online access to the loan account, making it easier for customers to track their loan status and payment schedule.
To apply for a car loan from Kotak Mahindra Bank, customers need to submit the required documents, including identity proof, address proof, income proof, bank statements, and proof of employment. The loan application is subject to the bank's approval and eligibility criteria.
Advertised Rate
Available Terms
Credit Score
Loan Amount
Wide network: Kotak Mahindra Bank has a wide network of branches and ATMs across India.
Competitive interest rates: Kotak Mahindra Bank offers competitive interest rates on car loans.
Quick loan processing: Kotak Mahindra Bank offers quick loan processing and disbursal.
Flexible repayment options: Kotak Mahindra Bank offers flexible repayment options to suit the customer's needs.
Age: The applicant must be at least 21 years old at the time of application and a maximum of 58 years old at the end of the loan tenure.
Income: The applicant must have a minimum monthly income of Rs. 25,000.
Credit Score: The applicant must have a good credit score.
Employment: The applicant should be employed in a stable job or self-employed with a regular source of income.
Processing fee: Up to 2.5% of the loan amount.
Prepayment charges: Up to 5% of the outstanding principal amount.
Late payment charges: 3% per month on the overdue amount.
High loan amount: Kotak Mahindra Bank offers car loans ranging from Rs. 1 lakh to Rs. 75 lakhs.
Flexible repayment tenure: The repayment tenure can range from 12 months to 84 months.
Quick loan approval: Kotak Mahindra Bank offers quick loan approval and disbursal within 72 hours.
Balance transfer: Kotak Mahindra Bank offers balance transfer facility to customers who want to transfer their existing car loan to Kotak Mahindra Bank.
Identity proof: PAN card, Aadhaar card, Voter ID, Passport, or Driving License.
Address proof: Aadhaar card, Voter ID, Passport, or Driving License.
Income proof: Salary slips, bank statements, or income tax returns.
Car documents: Car purchase agreement, RC book, insurance policy, and invoice.
1.What is a car loan?
A car loan is a type of secured loan that can be availed to purchase a new or used car. The loan amount, interest rate, and repayment tenure are determined by the lender based on the borrower's credit score, income, and other factors.
2.What is the maximum loan amount that can be availed for a car loan from Kotak Mahindra Bank?
Kotak Mahindra Bank offers car loans up to 100% of the on-road price of the car. The loan amount is subject to the borrower's credit score, income, and repayment capacity.
3.What is the tenure of a car loan from Kotak Mahindra Bank?
Kotak Mahindra Bank offers car loan tenures ranging from 1 year to 7 years, depending on the borrower's preference and repayment capacity.
4.What is the interest rate for a car loan from Kotak Mahindra Bank?
The interest rate for a car loan from Kotak Mahindra Bank depends on several factors such as the borrower's credit score, income, repayment capacity, and the loan amount. Generally, the interest rate ranges from 8.45% to 11.50% per annum.
5.What is the processing fee for a car loan from Kotak Mahindra Bank?
The processing fee for a car loan from Kotak Mahindra Bank ranges from Rs. 3,500 to Rs. 5,500, depending on the loan amount and the borrower's profile.
6.Can I prepay my car loan from Kotak Mahindra Bank?
Yes, you can prepay your car loan from Kotak Mahindra Bank. However, prepayment charges may apply as per the bank's terms and conditions.
7.Can I avail of a top-up loan on my existing car loan from Kotak Mahindra Bank?
Yes, you can avail of a top-up loan on your existing car loan from Kotak Mahindra Bank, subject to the bank's terms and conditions.
8.What documents are required to apply for a car loan from Kotak Mahindra Bank?
The common documents required to apply for a car loan from Kotak Mahindra Bank include identity proof, address proof, income proof, bank statements, and proof of employment. The specific list of documents may vary depending on the borrower's profile and other factors.
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