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Kotak Mahindra Bank Car Loan

Kotak Mahindra Bank Car Loan Interest Rate (Updated on 26 Jan 2021)

INTEREST RATE11.5% to 24%
LOAN TENUREMax. 84 EMI
PROCESSING FEEAs decided by the bank from time to time
GUARANTOR REQUIREDNo
PRE CLOSURE CHARGESAs decided by the bank from time to time

Kotak Mahindra Bank

Kotak Mahindra Bank Limited is a private sector bank in india with total assets 2377 crore. It has headquarter in Mumbai. Kotak Mahindra Bank Limited was founded on 2003. It has 684 branches and total assets 23771273 ATMs across India.

It provides all the financial services to its customers like saving deposit, fixed deposit, recurring deposit, home loans, personal loan, car loan, education loan, gold loan, PPF account, lockers, netbanking, mobile banking, RTGS, NEFT, IMPS, E-Wallet, Atal Pension Yojana, Pradhan Mantri Jandhan Yojana, Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and many more.

Find details about Kotak Mahindra Bank Limited which includes Kotak Mahindra Bank Limited Official Website, Kotak Mahindra Bank Limited ATMs accross the India, Kotak Mahindra Bank Limited Branches accross the India, Kotak Mahindra Bank Limited Contact Numbers, Kotak Mahindra Bank Limited official EmailID, Kotak Mahindra Bank Limited Headquarter and Kotak Mahindra Bank Limited Headquarter Address. Find Kotak Mahindra Bank Limited Car loan purpos, Eligibility, Margin, Repayment of Car Loan ,Security, Documents Required for Car Loan from below.

Kotak Mahindra Bank Car Loan Purpose

To provide term loan for purchasing a car|four-wheeler for personal use. This may either be a new one or used one.

Kotak Mahindra Bank Car Loan Eligibility

  1. Age: 21 to 60 years.
  2. Permanent employees of State/Central Govt., Public Sector Undertakings, Corporations, Private Sector Companies and reputed establishments.
  3. Professionals, self-employed and others who are income tax assessees and persons engaged in agriculture and allied activities.

Kotak Mahindra Bank Limited Car Loan Documents Required

  1. Applicant's latest photograph.
  2. Age Proof- Mark sheets/pass certificates of S.S.C., H.S.C, Degree courses (Optional)
  3. KYC (Know Your Customer) Documents.
  4. Identity Proof (any one): Voter's ID, PAN card, driving license, passport.
  5. Address Proof (any one): Voter's ID, PAN card, driving license, passport, electricity bill, telephone bill or ration card.
  6. Income Proof (any one): Latest salary slip, previous year's Form 16, bank statement for the last 6 months.
  7. Bank Statement or Bank Pass Book of having entries of last 6 months

Kotak Mahindra Bank Car Loan Amount

Upto 90% of the car value. The minimum loan amount is Rs. 75,000

Kotak Mahindra Bank Car Loan Repayment

Maximum 7 years

Security

  • The car purchased with bank loan, to be hypothecated to the Bank.
  • Personal Guarantee of one | two person(s) of adequate means & worth.(Optional-for some banks)

Tips to Manage Car Loan in a Better Way

(1) Make Proper Schedule for EMIs to be paid

You must make a proper schedule for payment of your EMIs in time and without any hassle or burden.

(2) Never Skip any Payment

Automatic transfer from your bank account is the best option that will make sure that the EMIs are paid every month without fail. In this way, none of the EMIs will skip. This will also help improving your credit score.

(3) Keep Loan Tenure Small

You must keep the car loan tenure as small as possible if your finances permit. It will be beneficial for you in two ways. First, you will get rid of loan in an early manner and second, your interest outgo will be very less as compared to longer tenure car loans.

(4) Make one Extra Payment Every Year

You must try to make an extra payment of loan amount each year. You can do so when you receive any funds like bonus etc. It will reduce your loan tenure or EMIs.

(5) Refinance your Car Loan

You must keep watching other institutions who are offering car loans and their interest rates. If other institution is offering you a car loan at lower interest rate, it would be beneficial to get your car loan refinanced from that institution.

Benefits of Car Loan

  • Higher Loan Amount: Banks offer you a car loan of up to 80-100% of the on-road price of the car in case of new cars. The on-road price of a car includes the ex-showroom price, state government tax and insurance cost of the car.
  • No Need to Liquidate your Investments: If you avail car loan then there is no need to liquidate your investments which you have made for some other purposes.
  • Flexible Tenure: You can go for any loan repayment tenure ranging from 1 year to 7 years according to your choice.
  • Tax Benefits: Car Loan can help you save on tax if you are a self-employed person/ businessman and use the car for legitimate business purposes. If you are a self-employed person/ businessman, you can claim the interest paid on car loan as a business expense. In this way, your taxable income will get reduced by the amount of interest you have paid in a financial year on car loan.

Kotak Mahindra Bank Limited Contact Details

  • BANK OFFICIAL WEBSITE - www.kotak.com
  • CONTACT NUMBERS - 18602662666
  • EMAIL ID - service.bank@kotak.com
  • MISSED CALL NO. - 18002740110
  • TOTAL BRANCHES - 684
  • TOTAL ATMS - 1273
  • HEADQUARTER - Mumbai
  • BANK ADDRESS - 27 BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E), Mumbai - 400051, Maharashtra

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