Kotak Car Loan Rate, Eligibility Calculator, Apply Online

Kotak Bank Car Loan Offer Apr 2017

Last Updated 20th Apr 2017
Features and Eligibility Kotak Bank New Car Loan Scheme Kotak Bank Used Car Loan Scheme
Interest Rates 11.50% Fixed Check Special Offer 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
Processing Fee 0.00% Min Rs. 3300 Max Rs. 4750 0.00% Min Rs. 3300 Max Rs. 4750
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 Online @9.25%*
 Salaried   Self Employed - Professional   Self Employed - Business 





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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.

  • New Car Loan Schemes of All Banks

  • Used Car Loan Schemes of All Banks

Frequently Asked Questions on Kotak Car Loan

How much interest is charged by Kotak on car loan?

Kotak offers an interest of 11.50% to 13.50% on car loan.

What is the lowest EMI per lakh on Kotak car loan?

If you apply for a car loan from Kotak, your lowest EMI per lakh will be Rs. 2,199.

What is the maximum tenure of Kotak car loan?

You can repay your car loan from Kotak in a flexible period of maximum 7 years.

How much car loan I can borrow from Kotak?

Kotak offers you 90.00% of of ex-showroom price of car as loan.

How much processing fee is charged by Kotak on car loan?

Kotak charge a processing fee of 0.00% with applicable service tax.

Is age an eligibility factor to get car loan from Kotak?

Yes, age is an important eligibility factor to get Kotak 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 car loan?

You can take car loan from Kotak 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?

You can combine your income with the income of your spouse to increase your loan eligibility and to get higher loan amount.
Kotak Car Loan Calculator News - Apr 2017
16th Jan 17 Axis Bank ties up with Droom.com to offer car loans for used cars
Axis Bank has announced a partnership deal with Droom.com (a leading new and used auto website) to provide car loans for both used and new cars. The bank will offer loan up to 85 percent of the value of vehicle with a maximum tenure of five years. As for used car loans, loan can be availed for cars which are less than five year old.
09th Jan 17 Bank of India reduces car loan rate by 70 basis points
Bank of India has reduced its car loan interest rate to 9.35 percent for new car buyers as compared to 10.05 percent earlier. The rate is effective from 7th January, 2017.
19th Dec 16 SBI offers on the spot car loan at 9.99 percent in Vishakhapattnam
SBI is offering spot sanctioning of car loan in the two day Express Auto Expo 2016 carnival. Customers can avail loan at an interest rate of 9.99 percent. Under the spot offer, SBI claims to complete all formalities and sanction the loan within a day.
29th Nov 16 Car loan market to remain stable despite demonetization
Moody Investors, a leading credit rating company, has maintained a stable outlook on the car finance market in the aftermath of demonetization. Robust economic growth and lower oil prices are expected to push growth in the car loan market despite the current market disruption. Even as bad debts in car loan market are expected to rise in the short term, the agency expects the bad debts to return to their current level during the course of 2017.
25th Nov 16 HDFC Bank ties up with Suzuki motorcycles as financing partner
HDFC Bank has announced a partnership with Suzuki Motorcycles to offer up to 100 percent finance on purchase of Suzuki two wheelers. The offer is available to government employees and HDFC Bank account holders.
*My Finance Care Advisors Pvt. Ltd., or https://www.myloancare.in is a bank neutral multi bank platform that helps borrowers and bank customers compare loans and deposits of all banks in India at one place. Information carried at this website is based on perusal of public sources and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not assure as to the correctness of information carried at the website. Lenders/ banks/ other parties may contact us at info@myloancare.in to provide corrections or updates. We may act as and/ or be associated with channel partners of banks and other sellers of financial products.