Low EMI, Balloon Scheme from Kotak
Kotak Mahindra Prime Limited (KMPL) finances your car dreams with up to 90% of the ex-showroom price on your new car. Available from a minimum loan amount of Rs. 75,000 and flexible repayment tenures, you can avail of these loans on most passenger cars and multi-utility vehicles available to you.
Pay less in the first few years of the loan with the Balloon Scheme to reserve the benefit of the car costs till the time of resale.
Features of Low EMI, Balloon Scheme
Pay up to 25 % of loan only in the last EMI
Keep your loan EMIs payments to a minimum by paying off up to 75% during the tenure and the last 25% of the cost in the last EMI allowing you to dispose the vehicle at a beneficial cost at the end of the tenure.
Enjoy increased liquidity during loan tenure
Repay your loan in affordable amounts with reduced EMIs across the entire tenure of the loan and retain liquidity while you put your new car to use.
You can also choose from Other Schemes
Margin Money Scheme | Step Up Scheme | Advance EMI Scheme
Who is eligible for a new car loan
- 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
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.