Approve you own car loan
Travel in the luxury of a car of your own with Kotak Mahindra Prime Limited (KMPL) used car finance with up to 90% of the used car’s proposed value. Avail loan amounts within 72 hours on completing documentation at flexible repayment tenures ranging from 12 to 60 months.
You can choose from two other schemes designed to meet your needs:
1. Pre-approved loan Scheme
2. Preferred segment loan Scheme
Now you can get a car loan approval faster and completely by yourself for used car purchase at 2 times your annual salary.
Features of Approve Your Own Car Scheme
Affordable EMIs calculated at up to 40% of net salary
Make your monthly loan payments either by cheque or through a standing instruction to pay directly from your salary account itself, at a fixed rate with the EMIs taken at up to 40% of your net salary.
Own a car worth 2 times your annual salary
You can now drive the car you have always wanted with a loan window of up to 2 times of your current annual salary and pay off the loan as your income grows.
Quicker and simpler documentation process
Enjoy a smooth and quick documentation process due to the inherent nature of this car loan scheme where your salary acts as your surety.
How you can gain with your existing car loan
Use your existing car to generate cash or get a car loan against your lien-free car when the car ownership is held with a clear title in your name.
- Receive cash against your car after marking a lien on it.
- Let KMPL take over your existing car loan.
- Get a top up on your existing car loan based on your credit record.
5 steps to Getting a New Car
- 1.Loan Scheme Selection
Choose a Loan Scheme. Contact us for more information at:
1. Email at marketing@kotak.com or apply online
2. Visit us or call up the branch
3. SMS CF < followed by name of your city> at 5675788 - 2.Documentation
Collect the required documents with your loan proposal. See list of documents.
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3.Credit Approval
Provide information for credit evaluation to the field investigation officer.
- 4.Margin Money Payment
Pay off margin money through a pay order or cheque.
Sign agreement and provide post dated cheques or sign ECS Mandate. - 5.Car Delivery
You can now drive your new car home after completion of above formalities.
Loan Repayment
Loan Repayment
You can start repaying your loan once you receive the Repayment Schedule with a copy of the Agreement at your correspondence address within 15 days of the loan amount being disbursed for your new car.
Disclaimer: Loan disbursement will be subject to complete documentation and credit discretion of Kotak Mahindra Prime Ltd.