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Kotak Car Loan Rate, Eligibility Calculator, Apply Online

Last Updated 23rd May 2017

Kotak Bank Car Loan Offer May 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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17.00% Fixed
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
Apply Car Loan @ 9.25%*
Rs.
Rs.
+91

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)
Salaried 1.0 1.0
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

How much interest is charged by Kotak Bank on 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.

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*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. MyLoanCare is an independent professional service provider and is not related to the government or government bodies or any regulator or any credit information bureau in any way. Information carried at this website is not and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not undertake any liability with respect to the correctness of the content, information and calculations. Information is subject to change without notice. By submitting your query or using any tools or calculators, you authorize MyLoanCare to share your information with lender(s), consent for such lender(s) to access your credit information report and contact you regarding your query overriding your number being in National Do Not Call Registry. This is a free service and no charges are payable by the borrower to MyLoanCare. The Company may receive remuneration from lenders for services provided to them.
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