New Car Finance 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 ranging from 12 to 60 months, you can avail of these loans on most passenger cars and multi-utility vehicles.
You can choose from four schemes designed to meet your needs:
1. Margin Money Scheme
2. Step Up Scheme
3. Low EMI, Balloon Scheme
4. Advance EMI Scheme
5. Special Schemes*
Margin Money Scheme Terms:
Enjoy flexibility even in payment of the excess of the new car’s invoice value over the loan amount under this scheme.
- Pay Loan Margin money directly or through us
- Make the loan payments with convenient EMIs
Step Up Scheme:
Meet your expectations on luxury car finance with extensive loan terms on buying new cars with flexible EMI amounts varying with your income levels.
- Flexible EMIs for easy repayment
- Indulge your need for luxury travel
Low EMI, Balloon Scheme:
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.
- Pay up to 25 % of loan only in the last EMI
- Enjoy increased liquidity during loan tenure
Advance EMI Scheme:
Repay your loan at an accelerated rate by paying off the loan amount in a consolidated instalment at the beginning of the loan tenure with the Advance EMI Scheme.
- Accelerated EMI payment at the start of loan
- Manage loan payments with convenient EMIs
Special Schemes offered by KMPL
*On a routine basis, KMPL ties up with various car manufacturers to offer special car loan schemes
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.