Step Up 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.
Meet your expectations on luxury car finance with extensive loan terms with the Step Up scheme on buying new cars with flexible EMI amounts varying with your income levels.
Features of Step Up Scheme
Flexible EMIs for easy repayment
The EMIs can be changed to increase after a certain period like every year, six months or quarter to suit your capacity to meet the loan requirements with varying income growth.
Indulge your need for luxury travel
Avail of a loan designed to suit your dreams of owning a new luxury car on the market.
You can also choose from Other Schemes
Margin Money Scheme | Low EMI, Balloon 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.