Kotak Mahindra Bank, established in 1985, is one of India’s largest financial conglomerates. Kotak Mahindra Finance Limited was the country’s first non-banking finance company to be converted to a bank when the RBI awarded it a banking license in 2003. Kotak Mahindra Bank provides banking and financial services such as investment banking, personal banking, and transaction banking. In April 2015, ING Vysya and Kotak Mahindra Bank merged to form a trusted financial institution with a national presence. With over 1,200 branches and 1,900 ATMs across India, Kotak Mahindra is the country’s fourth-largest private sector bank. Kotak Mahindra was ranked among the top 5 firms for corporate governance in the IR global ranking. The Banker, a well-known financial publication, named KMBL one of the top 500 banks in the world, demonstrating the confidence that people have in it.
By funding up to 90% of the ex-showroom price, Kotak Mahindra Prime Limited (KMPL) will help you finance your new car dreams. With a minimum loan amount of Rs. 75,000 and flexible repayment terms ranging from 12 to 60 months, these loans are available on most passenger cars and multi-utility vehicles.
You can choose from four different schemes to suit your needs:
- Margin Money Scheme.
- Step Up Scheme.
- Low EMI, Balloon Scheme.
- Advance EMI Scheme.
- Special Schemes
ELIGIBILITY:
- Salaried individuals between 21 to 58 years (at the end of the tenure).
- Self-employed individuals between 21 to 65 years (at the end of the tenure).
- Partnership Firms.
- Public & Private Ltd. Companies.
- Hindu Undivided Families and Trusts
DOCUMENTS:
- Proof of Identity: Passport copy, PAN Card, Voters Id car, driving licence( Laminated, Recent, Legible).
- Income Proof: Latest salary slip with Form 16.
- Address Proof: Ration card/Driving licence/Voters card/passport copy/telephone bill/ electricity bill/Life insurance policy PAN Card.
- Salary Bank Statement.
HOW LONG WILL IT TAKE TO PROCESS THE LOAN?
Within 48 hours of completing the necessary paperwork. KMPL has sole discretion over credit.
| Features | 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 |
FEE AND CHARGES ON AUTO LOAN
- Foreclosure Charges: If you want to pay off your entire loan before the end of the term, you’ll have to pay these fees. After paying 1 EMI, Kotak Bank allows prepayment of a car loan with Not allowed for 6 months; 5.21 percent charges after six months.
- Processing Fee: Kotak Bank charges a processing fee that ranges from Rs. 3,300 to Rs. 4,750, plus applicable service tax.
