Kotak Mahindra Car Loan Interest Rates

The current car loan interest rate offered by Kotak Mahindra Bank is 9.75%. Buying a car can feel like an overwhelming task. Between managing finances, researching different models, and the actual buying process, it can be time-consuming and expensive. This is why many people opt for car loan options to make their purchase more affordable. Kotak Mahindra Bank offers an array of car loans that can help you purchase your dream vehicle with ease and convenience. In this blog post, we will discuss the features and benefits of the Kotak Mahindra Car Loan in detail – from repayment terms to interest rates and more. Read on to find out how this loan can help you get into your new car sooner and easier than ever before.

What is Kotak Mahindra Car Loan?

Kotak Mahindra Car Loan is a financing option offered by Kotak Mahindra Bank to help individuals purchase their dream car. It offers competitive interest rates and flexible repayment tenure, making it an attractive proposition for car buyers.

eligibility criteria:

To be eligible for Kotak Mahindra Car Loan, you must:

-Be aged 21 years or above
-Be employed with a regular income
-Have a good credit history

Documents required:

The following documents are required to apply for Kotak Mahindra Car Loan:
-Identity proof (Passport/Aadhaar Card/Voter ID card)
-Address proof (utility bill/rental agreement)
-Income proof (salary slips/IT returns)
-Employment contract

How to Apply for Kotak Mahindra Car Loan?

You can apply for a Kotak Mahindra car loan online, by phone, or by visiting a branch.

If you apply online, you’ll need to provide some personal and financial information, as well as the make and model of the car you’re looking to finance. The online application takes about 10 minutes to complete.

If you apply by phone, a Kotak Mahindra representative will ask you for some basic information and then transfer you to an auto loan specialist. The specialist will go over your options and help you choose a loan that’s right for you.

If you visit a Kotak Mahindra branch, a loan officer will sit down with you and go over the car financing process step-by-step. They’ll answer any questions you have and help you fill out the necessary paperwork.

Eligibility Criteria for Kotak Mahindra Car Loan

To be eligible for a Kotak Mahindra car loan, you must:

-Be at least 21 years of age and not more than 65 years of age at the time of loan maturity
-Be a resident of India
-Have a regular source of income
-Hold a valid Indian driving license
-Have a good credit history

Kotak Mahindra Car Loan Interest Rates

Kotak Mahindra Bank offers some of the most competitive interest rates on car loans in India. The current interest rate for a Kotak Mahindra car loan is 10.50% p.a. This interest rate is applicable for both new and used cars.

The interest rate for a Kotak Mahindra car loan is determined by several factors, including the tenure of the loan, the down payment made by the borrower, and the credit score of the borrower. The minimum tenure for a Kotak Mahindra car loan is 12 months, and the maximum tenure is 60 months.

For new cars, Kotak Mahindra offers a 0.50% discount on the interest rate if the down payment made by the borrower is 20% or more of the total value of the car. The maximum loan amount that can be availed from Kotak Mahindra for a new car is 90% of the value of the car. For used cars, Kotak Mahindra offers a 0.25% discount on the interest rate if the down payment made by the borrower is 30% or more of the total value of the car. The maximum loan amount that can be availed from Kotak Mahindra for a used car is 80% of its value.

Documents Required for Kotak Mahindra Car Loan

To apply for a Kotak Mahindra car loan, you will need to submit the following documents:

1. A duly filled application form
2. Your identity proof ( passport/ PAN card/ driving license/ voter ID card)
3. Your age proof ( birth certificate/ 10th standard mark sheet)
4. Your address proof ( ration card/ utility bill/ bank statement)
5. Your income proof ( last 3 months’ salary slips/ Form 16)
6. Your employment proof ( offer letter from current employer/ appointment letter from previous employer)
7. The registration certificate and insurance papers of the car you wish to purchase
8. A post-dated cheque for the loan amount

Tenure of Kotak Mahindra Car Loan

Kotak Mahindra Car Loan tenure can be as low as 12 months and as high as 60 months. The interest rate on Kotak Mahindra car loan is fixed at 10.99% p.a. for the entire tenure of the loan. There are no hidden charges or prepayment penalties associated with Kotak Mahindra car loans.

FAQs on Kotak Mahindra Car Loan

Q: How much can I borrow through Kotak Mahindra car loan?

A: Kotak Mahindra offers financing of up to 85% of the on-road price of the car. So, if you are looking to finance a car that costs Rs. 10 lakhs, you can apply for a loan of up to Rs. 8.5 lakhs.

Q: What is the interest rate on Kotak Mahindra car loan?

A: The interest rate on Kotak Mahindra car loan starts at 9.25% p.a. It is a floating rate that is linked to MCLR (Marginal Cost of Funds Based Lending Rate).

Q: What is the processing fee charged by Kotak Mahindra on car loan applications?

A: A processing fee of up to 2% of the loan amount plus taxes, with a minimum of Rs. 2,500 plus taxes, is applicable on all Kotak Mahindra car loans.