Kotak Mahindra Bank Car Loan Interest Rate

The Kotak Bank, which has its headquarters in Mumbai with 1,391 branches in significant cities around the country, is one of the most popular banks in India. Kotak Bank, like all other banks, offers car loans, personal loans, home loans, and commercial vehicle loans.

Kotak Bank offers car loans as little as Rs 1 lakh, which can be extremely beneficial for those who are short on finances when purchasing a vehicle.

Characteristics of the Kotak Mahindra Bank Car Loan

  • Car loan interest rate Kotak Bank are appealing.
  • Customized funding plans.
  • Quick loan approval.
  • The loan could be repaid over a tenure of up to 7 years.
  • Finance is available for a wide choice of vehicles.

Kotak Mahindra Bank Car Loan Interest Rate 2022

Here is a table to show the Kotak Mahindra car loan interest rates-

Kotak Car Loan Interest Rate

8% - 24%

 

Other Charges of the Car Loan from Kotak Mahindra Bank

Payment Delays

0.03%

Prepayment Charges

5.21% + taxes

Types of Car Loan Schemes from Kotak Mahindra Bank

Following are the types of car loan schemes from Kotak Mahindra bank-

1) Margin Money Scheme

The bank gives 90% financing on specific models chosen by the bank. You can pay the margin money directly to the dealer. Alternatively, you can pay the margin money to KMPL, and the bank will release the funds to the dealer.

2) Balloon Scheme

As the final EMI on a balloon loan, you would have to pay 10%-25% of the cost of the car. You can pay a lower EMI for the duration of the loan.

3) Step-Up Car Loan Scheme

Your EMI might be increased every quarter, six months, or year. This is entirely dependent on your need; if your income increases, you can increase the EMI amount.

4) Advance EMI Payment Scheme

You can pay a couple of monthly installments in advance. With advance installments, you may return your loans faster.

Who is Eligible for this Car Loan Scheme?

  • All Indian Citizens
  • One year of residence stability is required
  • One year of employment stability is required

- Individuals with a Salary

  • The applicant will have to be a minimum of 21 years of age-old.
  • Applicant's maximum age upon loan maturity: 60 years
  • A monthly income of Rs 15000 is required.

- Self Employed

  • The applicant will have to be a minimum of 21 years of age-old
  • Applicant's maximum age at loan maturity: 65 years
  • At least one year of business experience is required

What are the Documents that Will be Required to Apply for the Kotak Mahindra Bank Car Loan?

The below-mentioned documents must be submitted while applying for a Kotak Mahindra Bank car loan-

  • Passports, PAN Cards, and other forms of identification
  • Aadhaar card, passport, utility bill, etc., as proof of address.
  • If you are salaried, you must provide a salary bank statement; alternatively, if you are self-employed, you must provide a business bank statement.
  • If you are a paid individual, you must provide the most recent salary slips along with Form 16. Alternatively, you must provide income tax returns for the previous two years if you are self-employed.
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