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Kotak Mahindra offers car loans at attractive interest rates. Tailor-made financing schemes. Speedy loan process. Tenure of up to 7 years to pay the loan amount. Finance option for a wide range of cars. Check your eligibility and apply right here.
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Owning a car in today’s time has become a necessity rather than a luxury. But every time you dream of owning a car, you worry about the costly EMIs or the down payment that you think you will never be able to pay. Now, it’s time to stop worrying – you can apply for a loan in a bank and get your dream car home.
Kotak Mahindra Prime Limited Car Loan (KMPL) offers you tailor-made loan deals to suit your needs. They offer convenient repayment options and easy processing.
Additional Reading: Top Car Loans At The Best Interest Rates That You Should Not Miss
Margin Money Scheme
They provide finance up to 90% of the invoice value for certain models for acquiring a new car. The loan applicant needs to pay the margin money, i.e. invoice value minus the finance amount, to the dealer directly. The other option is that you can also pay the margin money to KMPL. They would then release the entire invoice value to the dealer. There is a flex time of 12 to 60 months to pay the EMIs and repay the financed amount.
Step Up Scheme
The step up scheme is for people who wish to buy luxury cars on EMI. The early period of repayment starts with low EMIs. You can make payments in line with your growing income. There is an increase in the EMI after every year, six months or after a quarter depending upon your needs.
Low EMI, Balloon Scheme
The balloon scheme is for customers who want to resell the vehicle at the end of the tenure and are looking at affordable EMIs during the tenure. In this scheme, they have to pay less EMI for the entire tenure and the last EMI is the biggest where they need to pay 10%-25% of the cost of the car.
Advance EMI Scheme
The advance EMI scheme allows you to repay your loan much faster with the advance instalments. The balance can be paid through the EMIs. You can also make payments of a few monthly instalments upfront.
Additional Reading: How To Find The Perfect Car Loan
Additional Reading: What is a good CIBIL™ Score for Car Loan in India
You can apply for a loan through CreditMantri by registering your profile. CreditMantri will check your eligibility and apply for the car loan. You can check if your credit profile matches with all the criteria given by KMPL and then apply for a loan. The process of application and the chances of the car loan getting approved are much higher when you apply through CreditMantri.
If you wish to apply for the loan through the bank directly, then you must make sure that you are an eligible applicant. To ensure the same, you can use the CreditMantri car loan calculator – you just need to input your salary, rate of interest and the loan amount and calculate the EMI that needs to be paid. This will also help you to plan your monthly payments and finances.
1. What type of cars do KMPL provide car loans for?
Kotak Mahindra Prime Limited finances most passenger cars and multi-utility vehicles manufactured by India's leading automobile companies. They also finance imported cars but they are subject to certain terms and conditions.
2. How much finance can I avail of from KMPL?
You can borrow up to 90% of the car value. The minimum loan amount is Rs. 75,000.
3. What are the tenure options offered by KMPL?
KMPL gives you an array of choices. You can choose any repayment option from 12 to 84 months, all specially designed to suit your requirements.
4. How long does KMPL take to process the loan?
It takes about 48 hours to complete the documentation. The credit is at the sole discretion of KMPL.
5. Do I have the option of pre-paying the entire loan amount taken from KMPL?
Yes, you can pre-pay the loan any time after 6 months of availing of the loan. You can also pay a small prepayment fee on the outstanding loan amount. KMPL also offers the option of refinance on the same vehicle after completion of a particular tenor based on certain terms and conditions.
6. Do I need a guarantor when I apply for KMPL?
Generally, you do not need a guarantor but if your income or age does not meet the eligibility criteria, then you may be required to have a guarantor to stand as a surety for your loan.
Purchase your Dream Bike or Car with Kotak Mahindra Bank & Enjoy Reduced Processing Fees22 Oct 2020
Are you looking to purchase a new bike or car this festive season? In the new normal, it has become mandatory for families to own a bike/car, to reduce their reliance on public transport and travel safely. To help customers purchase their dream vehic...
Are you looking to purchase a new bike or car this festive season? In the new normal, it has become mandatory for families to own a bike/car, to reduce their reliance on public transport and travel safely. To help customers purchase their dream vehicle, Kotak Mahindra Bank is offering a 50% waiver on the processing fee on bike and car loans as part of the Kushi Ka Season 2020 campaign. This offer is available to both existing and new customers of Kotak Mahindra and is available at metros, towns, smaller cities and villages. To check if you’re eligible for this offer, visit the official website of the bank.
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