Kotak Car Loan 2025
Kotak Mahindra Bank offers car loans at attractive interest rates starting from 7.70% p.a. Car loans are offered for new cars as well as for used cars. The process to apply for a loan is simple and can be completed online.
Kotak Mahindra Car Loan Interest Rates
Car Loan Type | Interest Rate |
7.70% p.a. - 25% p.a. | |
Contact the bank |
Key Features of Kotak Mahindra Prime Limited Car Loan
The key features of KMPL car loans are:
- You can apply for a loan online.
- Loans are offered at attractive interest rates.
- Loans are offered for new as well as used cars.
- The process to apply for a loan is hassle-free and fast.
- The repayment tenure of the car loan ranges between 1 year and 7 years.
Eligibility Criteria for Kotak Mahindra Prime Limited Car Loan
Criteria | Salaried Individuals | Self-employed Individuals |
Minimum Age | 21 years | 21 years |
Maximum Age at Loan Maturity | 60 years | 65 years |
Minimum Income/Employment | Rs.15,000 per month | 1 year of employment/business |
Documents Required for Kotak Mahindra Prime Limited Car Loan
These are the documents required for salaried individuals:
Salaried Employees
These are the documents required for salaried individuals:
- Duly filled up loan application form.
- Form 16 or IT returns.
- Latest salary slip that shows the statutory deductions.
- Voters ID/verification from banker/PAN card/passport/driving license/IT returns.
- Proof of residence (Voters ID/passport/copy of rental agreement/lease deed/copy of telephone bill or electricity bill/property registration document in customer's name).
- Photograph, one, signed by the customer.
Self-Employed Individuals
These are the documents required for self-employed individuals:
- Duly filled up loan application form.
- Proof of residence (Voters ID/passport/copy of rental agreement/lease deed/copy of telephone bill or electricity bill/property registration document in customer's name).
- Voters ID/verification from banker/PAN card/passport/driving license/IT returns.
- Copies of income tax returns of the last 2 years.
- Photograph, one, signed by the customer.
How to Apply for Kotak Mahindra Prime Limited Car Loan
Online Application:
- Visit the official Kotak Mahindra Prime Limited website.
- Go to the car loan section on the homepage.
- Fill out the online application form with your personal, financial, and vehicle details.
- Upload the required documents such as ID proof, address proof, and income proof.
- Submit the form and wait for a representative to get in touch for the next steps.
Offline Application:
- Visit the nearest Kotak Mahindra Bank or Kotak Mahindra Prime Limited branch.
- Ask for the car loan application form at the customer service desk.
- Complete the form with accurate details and attach all necessary documents.
- Submit the filled form at the branch.
- A bank representative will review your application and guide you through the approval process.
Kotak Mahindra Prime Limited Car Loan Fees and Charges
Conversion from private to commercial NOC | Rs.885 |
Interstate transfer NOC | Rs.885 |
NOC for LPG/CNG | Rs.885 |
Breakup statement of account outstanding/repayment schedule | Rs.885 |
Collection charges for non-PDC cases (per cheque) for not paying on the due date | At actuals |
Late Payment Charge | 18% p.a. |
Canceling of contract (other than prepayment interest and foreclosure at the borrower's specific request and with the lender's agreement) | Rs.2,000 plus interest calculated |
Issue of duplicate security deposit receipt (per receipt) | Rs.885 |
Statement of account | Rs.885 |
Issue of duplicate copy of NOC for duplicate registration certificate/duplicate NOC/agreement | Rs.885 |
Prepayment interest on the principal outstanding amount | 5.21% + taxes |
Dishonour charges (per instance) | Rs.750 |
Kotak Mahindra Prime Limited Car Loan EMI Calculator
FAQs on Kotak Car Loan and Application Process
- What types of cars are eligible for Kotak car loan financing?
You can get finance for passenger cars and multiutility cars from leading manufacturers. Financing is also available for imported cars subject to certain terms and conditions.
- Is there a pre-payment option and a pre-payment fee?
Yes, you can pre-pay the loan after 6 months after paying a nominal amount as pre-payment fee.
- Do I need a guarantor to be eligible for a KMPL car loan?
A guarantor is not required if you meet the credit criteria.
- How long does it take to process the loan amount?
It will usually take 48 hours after completion of documentation, but this is on the sole discretion of KMPL.
- How is the rate of interest calculated?
Rate of interest is calculated on the reducing balance method.
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