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Kotak Car Loan

Kotak Bank Auto Loan

Last Updated 13th Apr 2021

Features and Eligibility Kotak Bank New Car Loan Scheme Kotak Bank Used Car Loan Scheme
Rate of Interest 6.50% Fixed 6.50% Fixed
Loan Amount Eligibility 90% of ex-showroom price 90% of market value
Lowest EMI per Lakh ₹ 1,957 ₹ 1,957
Apply for Car Loan @ 8.70%*

Kotak Car Loan

Factors Affecting Kotak Car Loan Interest Rates

Interest rates on car loan varies from bank to bank. Car Loan interest rate in Kotak Bank depends upon

  • Loan amount: Generally banks offer lower interest rates for higher amount. However Kotak Bank offers 90% of ex-showroom price of your car.
  • Your Salary: Higher salary bracket individuals are offered loans at lower interest rates. Kotak Bank interest rate varies with your net monthly income.
  • Employer Category: Employer category of the borrower is a major deciding factor in order to determine his/her rate of interest. Kotak Bank has a list of company categories of salaried individuals to which they avail car loan. So, a higher company category leads to a low rate of interest.
  • Relationship with the Bank - Kotak Bank offers special rates, offers and charges to the existing account holders of the bank. Those who have managed their accounts and made all the payments on time in the past will get the benefit of low Kotak Bank Car loan interest rate.
  • Loan Tenure - Kotak car loans are of longer repayment tenure of 5 years.
  • Repayment Capacity - Before giving loan to the borrower, Kotak Bank checks the repayment capacity of the borrower. Bank verifies the repayment capacity of the customer through CIBIL as it has all the details of previous loans taken and their repayments. CIBIL also gives the information of credit card bills payment.

Kotak Bank Car Loan Eligibility

Eligibility of car loan in Kotak relies upon different factors but the most important factor is your ability to repay the loan. The main factors on which the eligibility of an applicant depends are

  • Age: Age plays an important role to know your eligibility and repayment capacity. Kotak offers car loan to those who are atleast 21 years old at the time of loan approval and maximum 65 years at the time of loan maturity.
  • Income: Kotak Bank car loan calculator calculates your eligibility based upon your income. Usually bank set minimum levels of income to apply for car loan. Kotak Bank asks for net annual income of minimum Rs. 1.00 lakh.
  • Job stability and Profession: Job stability is important to improve your status and eligibility for car loan from Kotak Bank. You must be in a full time job for at least 12 months. If you are working with a reputed company, probability of getting a Car loan from Kotak Bank increases as the income is considered to be more stable and the bank offers low interest car loan to the employees of reputed companies.
  • CIBIL Score: Your past CIBIL history and repayment record of existing loans and credit cards has a direct impact on your Kotak Bank car loan eligibility. If you have a poor repayment record, then you may not get the loan but on the other side, a regular repayment record increases your car loan eligibility.
  • Loan Amount: Kotak Bank gives you a car loan depending upon your income. Kotak Bank gives you 90% of ex-showroom price depending upon the value of the car. To improve chances of approval, apply for a loan amount that you can comfortably service.

How to increase Kotak Bank Car Loan Eligibility?

The dream to own a car that you thought you couldn't afford in this lifetime can now be fulfilled by a car loan. Getting a car loan is easy if you improve your car loan eligibility by following these tips.

Tips to improve your car loan eligibility

  • Opting for pre-approved car loans: Like every bank, Kotak Bank also provides better offers in the form of less paperwork, instant loan approval, and loan disbursal than its competitors. It is done to retain existing customers. You should not miss such car offers as if you apply for the car loan with the existing bank, you can save yourself from cumbersome paperwork and approval process.
  • Maintaining a good credit score: To improve your eligibility for availing a car loan without any hurdle, you should clear all your credit card dues, make the payment of other loans on time and also, strike a balance between secured and unsecured loans.
  • Opting for a co-applicant: You can opt for a co-signer or co-applicant for your car loan. A co-applicant with good credit history and score can improve the chances of approval of a car loan.
  • Using the online eligibility calculator: You can use the online eligibility calculator to determine the tenure of the loan. The lower mandate would imply higher EMI's and vice versa. The online eligibility calculator can also help to maintain a low debt-to-income ratio, which may improve your chances of getting a loan approved.

Kotak Bank Car Loan EMI

Car Loan EMI of Kotak Bank is a fixed amount that you pay each month towards the repayment of your car loan till the end of tenure. Lowest EMI offered by Kotak Bank is Rs. 1,957 per lakh loan amount at lowest car loan interest rate of 6.50%. Car Loan EMI of Kotak Bank depends on factors like:

  • Rate of interest is an important factor which affects your EMI. Higher the interest rate, higher will be the EMI
  • Loan tenure matters equally as longer tenure reduces your monthly EMI per lakh
  • Your EMI depends upon the amount of loan you are going to borrow. Loan EMI will be high if you apply for a high loan amount

Documents Required for Kotak Car Loan

Car loan Kotak Bank documents for salaried employees

  • Filled up loan application form
  • 2 Passport Size Photo
  • Copy of Income Tax PAN
  • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
  • Quotation of car
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Income Documents – 3 months payslip, 2 years Form 16, 3 months bank statement showing salary credit and any EMI debit
  • R.C of Vehicle and Insurance of Car.

Car loan Kotak Bank documents for self-employed

  • Filled up loan application form
  • 2 Passport Size Photo
  • Copy of Income Tax PAN
  • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
  • Quotation of car
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Income Documents – 3 months payslip, 2 years Form 16, 3 months bank statement showing salary credit and any EMI debit
  • R.C of Vehicle and Insurance of Car.

Fee and Charges on Car Loan Kotak Bank

  • Foreclosure Charges - These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. Kotak Bank allows prepayment of car loan after paying 1 EMI’s with Not allowed for 6 months; 5.21% charges after 6 months
  • Processing Fee - Kotak Bank asks for a processing fee Min. Rs. 3,300 and Max. Rs. 4,750 with applicable service tax

Kotak Bank Car Loan Top up, Balance Transfer

  • Kotak offers car loan balance transfer from another bank. This is subject to your meeting other eligibility criteria of Kotak Bank
  • You can avail additional top-up car loan from Kotak Bank, subject to your eligibility

FAQs

How much interest is charged by Kotak Bank on car loan?

Kotak car loan interest rates today are 6.50% to 20.00%.

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. 1956.61.

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 can I borrow from Kotak Bank?

Kotak Bank offers you 90% of ex-showroom price of the 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 a 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 a higher loan amount.

Compare Car Loan Interest Rates of Kotak with other banks

Kotak Bank Car Loan in India

Kotak Bank Car Loan Customer Care Number, Email, Application Status, Branches
City Customer Care Number
Agra 011-66006022
Ahmedabad 079-66006022
Ambala 080-66006022
Anand 079-66006022
Aurangabad Bihar 022-66006022
Bangalore 080-66006022
Bhilai 1800-102-6022
Bhilwara 1800-102-6022
Bhiwadi 022-66006022
Bhopal 011-66006022
Bhubaneswar Cuttack 1800-102-6022
Bikaner 1800-102-6022
Chandigarh 0161-65006022
Chennai 044-66006022
Cochin 0422 66006022
Coimbatore 0422-66006022
Dehradun 1800-102-6022
Delhi 011-66006022
Durg 1800-102-6022
Faridabad 080-66006022
Gandhinagar 079-66006022
Ghaziabad 011-66006022
Goa 022-66006022
Greater Noida 011-66006022
Gurgaon 011-66006022
Guwahati 1800-102-6022
Gwalior 011-66006022
Hyderabad 040-66006022
Indore 011-66006022
Jabalpur 011-66006022
Jaipur 0141-6536022
Jalandhar 0161-65006022
Jodhpur 1800-102-6022
Kanpur 011-66006022
Karnal 080-66006022
Kolhapur 022-66006022
Kolkata 033-65506022
Kota 1800-102-6022
Kozhikode 1800-102-6022
Lucknow 011-66006022
Ludhiana 0161-65006022
Madurai 044-66006022
Meerut 011-66006022
Mehsana 079-66006022
Mohali Sas Nagar 0161-65006022
Mumbai 022-66006022
Mussoorie 1800-102-6022
Nagpur 022-66006022
Nashik 022-66006022
Noida 011-66006022
Noida Extn 011-66006022
Panipat 080-66006022
Patna 033-65506022
Pondicherry 1800-102-6022
Pune 020-65216022
Raipur 1800-102-6022
Rajkot 0281-66006022
Ranchi 1800-102-6022
Rohtak 080-66006022
Roorkee 1800-102-6022
Salem 044-66006022
Shimla 1800-102-6022
Sonipat 080-66006022
Surat 0261-6600602
Trichy 044-66006022
Udaipur 1800-102-6022
Vadodara 0265-6646022
Varanasi 011-66006022
Vijaywada 040-66006022
Vizag 040-66006022

Kotak Bank Car Loan Reviews 3.5/5  by 1 customers
MyLoanCare Service
4/5.0
Banks Service
3/5.0
Raghav Raina, Ahmedabad
3.5 / 5 stars
Kotak Bank Car Loan Availed in Jan-17

Above Average experience at kotak bank.Read more...

Kotak Bank Car Loan News - Apr 2021
  • 2021-01-27 : Kotak Mahindra Bank Q3 net profit up 16%
    Kotak Mahindra Bank posted a net profit of Rs 1,853.5 crore as against Rs 1,595.90 crore last year. The bank reported a growth of 16% on a year-on-year basis backed by home, personal, car, two wheeler and gold loan along with business and mudra loans.
  • 2020-10-16 : Kotak Mahindra Bank launches festive offers
    Kotak Bank introduced festive offers to lure customers. Individuals can avail special offers on banking products including savings accounts, debit & credit cards and no-cost EMI payments. Festive offers include home loans starting at 7% p.a plus savings of up to Rs. 20 lakh on Balance Transfer cases. Further, the bank is offering 50% waiver on Processing Fee on Car Loans, Two-wheeler Loans, Agri-Business, Commercial Vehicle and Construction Equipment.
  • 2020-07-27 : Kotak Mahindra Bank Q1 net dips 8.5% to Rs. 1,244 cr
    Kotak Mahindra Bank reported a fall of 8.5% in its standalone net profit at Rs.1,244 crores for the quarter ending 30 June 2020. It was Rs. 1,360 crores in the year-ago period. The net interest income backed by retail loans home, personal, gold, car loans and two-wheeler loans along with business and mudra loans increased by 17.81% to Rs. 3,723.85 crore.
  • 2020-06-01 : Kotak Mahindra Bank extends EMI moratorium till August.
    In line with Reserve Bank of India directive on the extension of the loan EMIs moratorium on personal, home, two-wheeler, car and gold loans, Kotak Mahindra Bank extended the deferment of the EMIs till August. Reserve Bank of India and Kotak aims to help customers sail through the economic crisis caused by coronavirus pandemic.
  • 2020-05-13 : Kotak Mahindra Bank Q4 net profit of 1,266.66 crores
    Kotak Mahindra Bank reported a 10% decline in its standalone net profit to ₹1,266.6 crores in the fourth quarter of the fiscal year 2019-20, on the back of higher provisions. Bank profit in 2019-20 surged 22.2% to ₹5,947.18 crores bolstered by a hike in retail loans like home and personal loans along with business loans, car and vehicle loans.
*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. Read More
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