Kotak Mahindra Car Loan

Gone are the days when owning a car was a luxury. With the rise in modernisation and development, a car is a necessary tool to commute to and fro, especially when you do not have a proper government transport system to rely on. The good news is that buying a car today is comparatively easier than it was a decade ago. With banks offering attractive interest rates and low EMI options, owning a car is relatively easy. Kotak Mahindra is one such bank that offers flexible Kotak Mahindra Car Loan schemes that fit into every pocket.

Overview Of Kotak Mahindra Car Loan

Kotak Mahindra takes care of all its passenger vehicle finance schemes under its subsidiary – Kotak Mahindra Prime Limited (KMPL). A leading car financier in India, Kotak Mahindra Prim Limited is committed to provide the best of services to its retail customers, dealers and vehicle manufacturers.

With strong ties with leading car manufacturers such as Honda, Hyundai, Maruti, Toyota, General Motors, Volkswagen, amongst others; Kotak Mahindra Prime Limited offers direct marketing and a wide distribution network.

Why Pick Kotak Mahindra Car Loan?

Quite simply, anyone who looks forward to a car loan wants some basic needs to be taken care of – flexible schemes, hassle-free documentation and fast processing of loan. Kotak Mahindra Prime takes care of all of these basic needs. Their direct connection with automobile manufacturers ensures that you get a car at the lowest possible vehicle rate and their attractive deals give them an edge over its competitors.Not only that, you get 90% of loan amount approved and the flexible repayment terms are a win-win for everyone!

Features of Kotak Mahindra Car Loan

Kotak Mahindra Car Loan offers some attractive schemes:

  • Margin Money Scheme – Under this scheme, up to 90% of the total value of the car can be financed (applicable on certain models). The rest of the 10% amount needs to be paid by the buyer directly to the car dealer or pay the 10% to Kotak, upon which Kotak will give the total cost of the car to the dealer directly. The amount that gets financed by Kotak can be repaid according to customer’s choice (time frame between 1 yr to 5 years).
  • Step Up Scheme – This scheme offers you the option to repay in sync with your growing income over the years. So you get to start the EMI at a considerably lower rate in the initial first year and the EMI value increases over the next year, six month or a quarter (depending on your repayment choice).
  • Low EMI, Balloon Scheme –You can get a reduced EMI for the entire loan tenure under this scheme. Simply pay 10%-25% of the total car cost as the last EMI and avail this scheme.
  • Advance EMI scheme – Under this scheme, you get the option to pay advance monthly EMI upfront and you can pay the balance through monthly EMIs thereby offering you the flexibility to repay much faster.

Benefits of Applying Kotak Mahindra Car Loan on Letzbank.

There are a lot of benefits to apply Kotak Mahindra Car loan on Letzbank.

  • Wide Selection of Loans – At Letzbank, we collate loan offerings from all the major banks and present them at one page to you. This is a much hassle free method to make comparisons between loans and make a selection on which loan suits your needs.
  • Free of Charge – There is no charge to apply for a loan via Letzbank website. In fact, we have made the loan application procedure easier and quicker by collaborating directly with the banks.
  • Instant Quotes – Letzbank gets you instant access to car loan quotes from a bank of your choice within seconds.
  • Online Form Application –Submit the car loan application from the comfort of your home at Letzbank website and let us handle the application process for you.

Kotak Mahindra Car Loan Eligibility

The eligibility to avail Kotak Mahindra Car Loan and the documents required is as follows:

For Salaried Individuals

Eligibility

  • Minimum age should be 21 years and maximum age at loan maturity should be 58 years.
  • Minimum net yearly income should be a minimum of Rs. 1 lakh.
  • Employment with the current company must be at least 6 months.

Documents Required

  • Identity Proof - Passport, Pan Card, Voters Id, Driving License (copy of any one of these).
  • Salary Proof - Form 16 copy and latest salary slip.
  • Address Proof - Driving License, Ration Card, Voter ID, Passport copy, Telephone bill, Electricity bill, Life Insurance policy (copy of any one of these).
  • Bank account statement to show salary credit for the last 6 months.

For Self Employed Individuals

Eligibility

  • Minimum age should be 21 years and maximum age at loan maturity should be 65 years.
  • Minimum net yearly income should be a minimum of Rs. 1 lakh.
  • Employment with the current business must be at least 2 years.

Documents Required

  • Identity Proof - Passport, Pan Card, Voters Id, Driving License (copy of any one of these).
  • Income Proof - Current ITR statement.
  • Address Proof - Driving License, Ration Card, Voter ID, Passport copy, Telephone bill, Electricity bill, Life Insurance policy (copy of any one of these).
  • Bank statement of business account.

Kotak Mahindra Car Loan Interest Rates

Kotak Mahindra Car Loan Interest Rates range from 11.50% to 13.50%, at a reducing rate.

Kotak Mahindra Car Loan EMI Calculator

You can calculate the EMI on Kotak Mahindra Car Loan by using Letzbank EMI calculator. All you need to do is enter the amount of the total loan, duration of the loan as well as the rate of interest and Letzbank EMI calculator will determine the monthly EMI in just a matter of seconds.