Kotak Mahindra Bank is one of India’s largest financial conglomerates, having been founded in 1985. In 2003, the RBI granted Kotak Mahindra Finance Limited a banking licence, making it the country’s first non-banking finance company to be converted to a bank. Investment banking, personal banking, and transaction banking are among the banking and financial services offered by Kotak Mahindra Bank. ING Vysya merged with Kotak Mahindra Bank in April 2015 to form a trusted financial institution with a national footprint. Kotak Mahindra is the fourth largest private sector bank in India, with over 1,200 branches and 1,900 ATMs across the country. In the IR global ranking, Kotak Mahindra was ranked among the top 5 companies for corporate governance. The Banker, a highly respected financial magazine, ranked KMBL as one of the world’s top 500 banks, demonstrating the confidence that people have put in it.
Kotak Mahindra Prime Limited (KMPL) will help you finance your new car dreams by financing up to 90% of the ex-showroom price. These loans are available on most passenger cars and multi-utility vehicles, with a minimum loan amount of Rs. 75,000 and flexible repayment terms ranging from 12 to 60 months.
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 CAR 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.
