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.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.
-
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.