Used Car Finance

Back to Home Page

Kotak Used Car Loans

  • Up to 90% of car value

  • EMI options up to 60 months

  • Loan available within 4 days*

  • *on completing documentation

Register for a Kotak Used Car Loan

Used Car Finance from Kotak

Travel in the luxury of a car of your own with Kotak Mahindra Prime Limited (KMPL) used car finance available for 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 three schemes designed to meet your needs:
1. Pre-approved loan Scheme
2. Preferred segment loan Scheme
3. Approve you own loan Scheme

Pre-approved loan Scheme Terms:

Meet your needs for a car with a minimal documentation process through a small loan amount of up to Rs 1.5 Lakhs for a used car of modest proportions.

  • Small size loans for utility cars
  • Used car loan amount up to Rs. 1.5 Lacs
  • Short and quick documentation processes

Preferred segment loan Terms:

Purchase a car with a no hassle documentation process through a loan amount ranging up to Rs 15 lakhs across a 60 month period.

  • Range of Loan amounts from Rs. 1.5 to Rs. 15 Lacs.
  • Hassle-free documentation
  • Up to 85% of car's market value
  • Loan tenure of 60 months

Approve your own car loan:

Now you can get a car loan approval faster and completely by yourself for used car purchase at 3 times your annual salary.

  • EMIs calculated at up to 40% of net salary
  • Buy a car worth 2 times your annual salary
  • Quicker and simpler documentation process

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. 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. 2.Documentation

    Collect the required documents with your loan proposal. See list of documents.

  3. 3.Credit Approval

    Provide information for credit evaluation to the field investigation officer.

  4. 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. 5.Car Delivery

    You can now drive your new car home after completion of above formalities.

Loan Repayment

Disclaimer: Loan disbursement will be subject to complete documentation and credit discretion of Kotak Mahindra Prime Ltd.