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Instant Car Loan Kotak Mahindra Bank

Instant Car loan Kotak Mahindra Bank Car Loan Key Features –

About Instant Car loan Kotak Mahindra Bank Car Loan

With the freedom of travel and comfort it provides, owning a car has practically become necessary in today’s environment and is made possible with  Kotak Mahindra Limited.  With Instant Car Loan in Kotak Mahindra Bank, you may make your dream of owning a car a reality with minimal effort.

Kotak Mahindra Bank offers both new and used automobile loans with customizable repayment options to match your specific needs. Furthermore, the adjustable auto loan interest rates, fast processing, and convenient repayment options mean that Kotak Mahindra Bank can help you make it happen no matter what your dream car is.

Instant Car Loan Kotak Mahindra Bank

Advantages of Instant Car loan Kotak Mahindra Bank Car Loan

Instant Car Loan Kotak Mahindra Bank

Instant Car loan Kotak Mahindra Bank Car Loan Eligibility

Salaried Individual
Age – 21 years to 60 years
Net Monthly Income – Minimum ₹ 20,000
Employment Duration – 1-year minimum
Income Eligibility – Based on Form 16 and salary slip
Self-Employed Individuals
Age – 21-65 years of age
Minimum ITR – Rs.2 lakh
Employment Duration – Minimum 3 years
Income Eligibility – Depends on the latest Income Tax Returns
Self-Employed Non-Individuals (Company/Partnership)
Minimum ITR – Rs. 2 lakh
Employment Duration – 3 years minimum
The applicant has to present IT returns and audited financials of 2 years with Calculated Income.
Priority Customers
At least 6-month vintage
Average Quarterly Balance – 2 quarters balance at a minimum of Rs.1 lakh
Maximum Loan Amount – 3 times the Average Quarterly Balance of the last 2 Quarters

Instant Car loan Kotak Mahindra Bank Car Loan Interest Rate, Fees, and Charges

Charges New Car Loan Used Car Loan
Interest Rate 7.05% per annum 11.80% p.a. to 13.80% p.a.
Car loan Processing fees 0.004 0.004
Issuance of Duplicate Repayment Schedule Charges Around Rs.500 Around Rs.500
Foreclosure Charges 0.06 0.06
Penal Interest 2% PM 2% PM
Car loan Part Payment charges 6% of the amount 6% of the amount
Cheque/Instrument Swap Charge Around Rs.500 Around Rs.500
Documentation Charge Around Rs. 500 Around Rs. 500
Issuance of Duplicate No Dues Certificate Charges Around Rs. 500 Around Rs. 500
Registration Certification Collection Charge Around Rs. 200 Around Rs. 200
Cheque Bounce/Instrument Return Charges Around Rs. 500 Around Rs. 500
Issuance of Duplicate Statement Charges Around Rs. 500 Around Rs. 500
Loan Cancellation/Re-booking Charges Around Rs. 1000 Around Rs. 1000
Issuance of Credit Report Around Rs. 50 Around Rs. 50

How to Increase Your Eligibility for Instant Car loan Kotak Mahindra Bank  Car Loan

Choose for Pre-approved automobile loans.

To attract and maintain consumers, lenders compete to provide better services in little paperwork, rapid loan approval, and loan disbursement. Existing bank customers can get pre-approved for automobile loans. If you apply for a car loan at a bank where you already bank, you won’t have to deal with a mountain of paperwork or a long wait for the approval.

Retain your debt-to-income ratio low

A low debt-to-income ratio is one in which your loan EMI payments do not exceed 50% of your total income. The debt-to-income ratio is used to assess a borrower’s ability to repay a loan. As a result, it has a significant impact on your car loan eligibility.

Maintain a good credit score

As previously stated, an applicant’s credit score plays a role in his or her ability to obtain a car loan. Maintain a balance between secured and unsecured loans, pay credit card bills and EMIs on time, don’t preclose car loans before loan maturity, and don’t default on any loan to improve your credit score.

Make a significant down payment.

The applicant’s chances of getting a car loan are better if they are willing to put down a large deposit on the vehicle of their choice.

Choose an affordable loan duration.

A short loan period will result in higher EMI payments and lower interest payments, whereas a long loan tenure would result in lower EMI payments and higher interest payments. To help you determine a suitable loan tenure, use an online car loan EMI calculator. Short-term automobile loans have a better probability of being approved.

Factors Affecting Instant car loan Kotak Mahindra Bank Car Loan Eligibility

Followings are the factors that affect the eligibility of a car loan:

Income Levels

The loan amount disbursed from the lender side can vary depending on the borrower’s income. Obviously, if you have a higher salary that allows you to pay your EMIs without difficulty, the loan amount disbursal would be higher. When income levels are insufficient to deal with the stress of larger EMIs, the lender will most likely give a smaller loan so that repayment is easier on your end.

Car Type

Eligibility varies depending on the type of car you want to buy.

Stability of Income 

When lenders examine your eligibility based on income, they look at the amount of money you make and the consistency with which you work, whether you are salaried or self-employed. The more stable you are, the more likely you are to receive a larger loan amount.

Credit History

If you have a poor credit history due to past defaults on other loans or credit cards, all of your hard work in acquiring a car loan could be for nothing. To get a car loan authorised from most lenders, make sure you have a strong CIBIL score, preferably 750 or higher.

Instant car loan Kotak Mahindra Bank Car Loan Processing Fees

Charges for Foreclosure 

If you want to pay off your full loan before the end of the term, you’ll have to pay these fees. After paying 1 EMI, Kotak Mahindra Bank permits prepayment of a car loan with Not allowed for 6 months; 5.21 per cent costs after 6 months.

Processing Cost

Kotak Mahindra Bank charges a processing fee that ranges from Rs. 3,300 to Rs. 4,750, plus applicable service tax.

Taxes are applicable from time to time.

New Car Loan: Pre-owned car Loan & Loan against Car

Pre-owned car loan

The leading player in the pre-owned car loan market is Kotak Mahindra Bank. Kotak Mahindra Bank offers up to 100% financing for used cars, with simple processing, low paperwork, and immediate disbursement.

Loan against car

Taking out a loan against your properties is a common practice. Your car is one of the security you can employ. Kotak Mahindra Bank offers loans ranging from 70 to 85 per cent of the car’s assessed value. The lender will own your car once the loan application is completed, and you will not be able to sell it before the debt is repaid.

Instant car loan Kotak Mahindra Bank Car Loan Customer Care – Toll-Free Number

Customers of Kotak Mahindra Bank can submit complaints, explore offers, settle issues, and so on by contacting the bank’s customer service department. Customers can reach out to Kotak Mahindra Bank’s customer service representatives 24/7. Customers can call the toll-free vehicle loan hotline at 1800 209 5732 from anywhere in the country. On weekdays, between 9.30 a.m. and 6.30 p.m., customer support representatives will be ready to assist you. Otherwise, you can email service.carfinance@kotak.com.

Instant car loan Kotak Mahindra Bank Car Loan Interest Rates and Charges

Instant car loan Kotak Mahindra Bank Pre-Owned Car Loans Other Charges

Instant car loan Kotak Mahindra Bank Car Loan Documents Required

Salaried Individual

Category
Documents Required
Identity Proof (Any 1) Passport
Voter ID
Aadhar Card
Driving License
Address Proof (Any 1) Aadhar Card
PAN
Driving License
Electricity Bill
Date of Birth Proof(Any 1)
Passport
Birth Certificate
High School Marksheet
Driving Licence
Signature Proof(Any 1)
PAN
Bankers Verification
Passport
Income Proof
Salary Slip and latest Form No.16
Bank Statement
Last 6 month Bank statement
Employment Continuity Proof
Job card by NREGA
ITR of Form no. 16
Salary Slip mentioned with joining date
Letter of Appointment

 

Self-Employed Individuals

Category
Documents Required
Identity Proof (Any 1) PAN Card
Passport
Voter ID
Aadhar Card
Address Proof (Any 1) PAN Card
Voter ID
Passport
Electricity Bill
Date of Birth Proof (Any 1) Birth Certificate
Passport
Driving Licence
PAN
Signature Proof (Any 1)
PAN
Bankers Verification
Passport
Bank Statement
Bank statement of last 6 months
Employment Continuity Proof
Latest ITRs
Shop & Establishment Act Certificate
Shop & Establishment Act Certificate
Sales Tax or VAT Certificate
Business Proof
Registration Certificate
Telephone Bill/Electricity Bill
Shop & Establishment Act Certificate
SSI or MSME Registration Certificate

 

Self-Employed Non-Individuals:

1. Partnership Firms/Societies

Category
Documents Required
Identity Proof (Any 1) Driving Licence
PAN Card
Aadhar Card
Passport
Address Proof (Any 1)
Electricity Bill/Telephone Bill
Aadhar Card
Driving License
Voter ID
Income Proof
Audited Balance Sheet
P&L Account
ITR for the previous 2 years
Bank Statement Last 6 month
Business Continuity Proof
Company ITR of the last 2 years
Audited Balance Sheet
TAX registration Certificate
Current Account Statement
Additional documents
Letter of Authority or PAN Card

 

2. Private Limited/Limited Companies

Category
Documents Required
Identity Proof
The latest copy of MOA and AOA
Copy of Incorporation
Address Proof (Any 1)
SSI/MSME Registration Certificate
Telephone Bill
Electricity Bill
Shop & Establishment Act Certificate
Sales Tax Certificate
Income Proof
Audited Balance Sheet
P&L Account and ITR for the previous 2 years
Bank Statement Previous 6 Months
Business Continuity Proof
P&L account and
ITR of the Company of the past 2 years
Audited Balance Sheet
Shop & Establishment Act Certificate
Additional documents
List of Shareholding partners and Directors
Board Resolution
PAN Card
Certificate of Commencement of Business for Ltd. Co.

Instant car loan Kotak Mahindra Bank Car Loan EMI Calculator

Use Kotak Mahindra Bank simple EMI calculators to help you plan your dream car more quickly and efficiently. Please select the loan type you require and receive a cost estimate straight away. By using the link below you can check.

Car loan EMI Calculator

Instant car loan Kotak Mahindra Bank Car Loan Types

There are three types of car loan provided by Kotak Mahindra Bank

  1. New car loans

A new car loan can be used to purchase a brand new car right out of the showroom, as the name suggests. Banks provide new car loans with interest rates ranging from 9 to 14 per cent per year and loan terms ranging from one to seven years. Most makes and models of new cars are eligible for new car loans.

2. Used Car Loan

Kotak Mahindra Banks offer used car loans up to 80%-85% of the car’s purchase price at a rate of 12-18% p.a. for a loan term ranging from 1 to 5 years. Used vehicle loans can be used to finance the purchase of pre-owned or used cars that are less than 5 years old or have a loan term of fewer than 10 years.

3. Loan against car

Kotak Mahindra Bank gives a loan against a car of up to Rs.10 lakh, or 100 per cent of the cars worth, for a loan term of 1 to 3 years at an interest rate of 14-15 per cent per annum.

How to Apply for Instant car loan Kotak Mahindra Bank Car Loan?

  • Fill up the application form.
  • Submit the required documents.
  • The relationship manager will contact and guide you through the several options available for you in the car loan,
  • Select the type of car loan which suits you.
  • Enjoy the benefits of availing car loan in Kotak Mahindra Bank.

Tips to decide the right amount of EMI

Choose your budget, term, and interest rate

Make sure the budget includes a year’s worth of operating costs. The rate of interest is the next factor to consider when taking out a car loan. Make sure you browse around for the best deal. If you can choose the lowest loan repayment term, it will save you money in the long run.

Assess your financial options

You can also select the type of loan you want. Either a fixed interest rate loan or a low-interest loan, etc.  If you’re willing to accept the financial risk, you can even go with a variable rate of interest. There are also several types of loan options to consider.  Every year, the EMI rises by 10%, assuming that your wage rises as well.

Inquire about costs and fees

Constantly check out for processing fees, as different lenders charge different fees, so comparing several loan alternatives will help you make a more informed selection. Loan processing fees, documentation fees, credit report fees, registration certificate collecting fees, stamp duty, late payment fees, amortisation schedule fees, loan cancellation fees, swap costs, bounce costs, and so on are some of the most typical charges and fees imposed on customers. Before picking a loan, compare the additional fees and charges of different agencies.

Instant car loan Kotak Mahindra Bank car loan EMI – EMI changes in case of prepayment

Prepayment in Kotak Mahindra Bank is not permitted for the first six months; after that, there are 5.21 per cent costs. The outstanding sum on your car loan is reduced when you prepay.

How to Calculate Instant Kotak Mahindra bank Car Loan EMI

The following mathematical formula can be used to calculate the Car Loan EMI Amount, [P x R x (1+R)^N]/[(1+R)^N-1], where P, R, and N are the variables.

The letter ‘P’ stands for Principal Amount. The interest will be calculated on the original loan amount provided to you by the bank. The letter ‘R’ stands for the bank’s interest rate. ‘N’ is the number of years the loan will be paid over. Because you must pay your EMIs monthly, the tenure is estimated in months.

Compare Instant car loan Kotak Mahindra Bank Car Loan With Other Banks In India

FAQs for Instant car loan Kotak Mahindra Car Loan

✅ How long will the loan be processed?

Within 48 hours of completing the necessary paperwork. KMPL has sole discretion over credit.

✅ Is a guarantor required?

No, in most cases. But, if your income or age does not meet our credit criteria, a guarantor may be required to stand a guarantee for your loan.

✅ What are the options for tenure?

It’s entirely up to you. You can choose from various repayment options ranging from 12 to 84 months, all of which are tailored to your specific needs.

✅ How much money do I have access to?

You can get a loan for up to 90% of the car’s worth—a minimum loan amount of Rs. 75,000/- is required.

News about Car loan

The cheapest car loans are offered by Punjab & Sind, Central, and Canara banks.

The most affordable vehicle loan rates begin at 7.10 per cent. Car loans from the State Bank of India start at 7.85 per cent.

Smart EMI from ICICI Bank is only for individuals who change automobile models regularly.

This is an innovative financing option devised for automobile aficionados to allow them to take home a car of their choosing on the lease without having to worry about finance, insurance, and maintenance, says Ravi Narayanan, Head Of Secured Assets, ICICI Bank. The programme covers a wide spectrum of cars, from entry-level hatchbacks to luxury sedans and sport utility vehicles (SUVs).
The system is currently offered to both corporations and salaried individuals. This deal will be extended to self-employed consumers as well.

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