Kotak Car Loan Rate, Eligibility Calculator, Apply Online
Kotak Bank Car Loan Offer Jul 2017
|Features and Eligibility||Kotak Bank New Car Loan Scheme||Kotak Bank Used Car Loan Scheme|
|Interest Rates||11.50% Fixed
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|Maximum Loan Amount Eligibility||90.00% of ex-showroom price||90.00% of market value|
|Maximum Loan Tenure (years)||5 years||5 years|
|Lowest EMI per Rs. One Lakh Loan Amount (Rs.)||Rs. 2,199||Rs. 2,199|
|Prepayment Charges||Not allowed for 6 months; 5.21% charges after 6 months||Not allowed for 6 months; 5.21% charges after 6 months|
|Interest Calculation||Monthly reducing balance||Monthly reducing balance|
|Age (years)||Between 21 years and 65 years||Between 21 years and 65 years|
Eligibility Condition for Kotak Bank Car Loan
|Kotak Bank New Car Loan Scheme||Kotak Bank Used Car Loan Scheme|
|Minimum Net Annual Income (Rs. lakh)|
|Self employed professionals||0.6||0.6|
|Self employed businessmen||0.6||0.6|
- Car loan EMI calculation varies from bank to bank depending upon the method of calculation.
- The standard convention should be to use the EMI in arrears method on reducing balance basis – whereby you pay interest on the car loan amount outstanding on a reducing basis at or after the end of the month.
- Simply key in the loan amount, rate of interest and car loan tenure here and check the EMI amount using the
car loan EMI calculator here. In case the EMI amount displayed is different from the one advised to you by the agent, you must check the calculation basis with your car loan agent.
Frequently Asked Questions on Kotak Car Loan
Kotak car loan interest rates today are 11.50% to 13.50%.What is the lowest EMI per lakh on Kotak Bank car loan?
If you apply for a car loan from Kotak Bank, your lowest EMI per lakh will be Rs. 2,199.What is the maximum tenure of Kotak Bank car loan?
You can repay your car loan from Kotak Bank in a flexible period of 5 years.How much car loan I can borrow from Kotak Bank?
Kotak Bank offers you 90.00% of ex-showroom price of car as loan.Is age an eligibility factor to get car loan from Kotak Bank?
Yes, age is an important eligibility factor to get Kotak Bank car loan as you should be at least 21 years old at loan approval time and 65 years old at loan maturity time.Are there any prepayment charges on Kotak Bank car loan?
You can take car loan from Kotak Bank with Not allowed for 6 months; 5.21% charges after 6 months prepayment charges.Can I add my spouse's income while applying for car loan from Kotak Bank?
You can combine your income with the income of your spouse to increase your loan eligibility and to get higher loan amount.