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In today’s world, owning a car has almost become a necessity with the freedom of movement and comfort that it offers. And with the Kotak Mahindra Prime Ltd. Car Loan, your dream of owning a car can become a reality with minimum effort.
We provide new as well as used car loans, all tailored to meet your individual requirement with flexible schemes. Additionally, our convenient repayment options, easy processing, and flexible car loan interest rates mean that, no matter what your dream car, we can help you turn that dream into a reality.
Finance options for a wide range of cars
Attractive interest rates
Tailor-made financing schemes
Speedy loan processing
Tenure of up to 7 years
Disclaimers: Kotak Mahindra Bank Ltd. offers car loans of Kotak Mahindra Prime Ltd to its customers. These car loan offerings come with easy processing and flexible schemes. Kotak Mahindra Prime Ltd. is a subsidiary of Kotak Mahindra Bank Ltd. Loans available at select locations. Credit at sole discretion of Kotak Mahindra Prime Ltd. and subject to guidelines issued by RBI from time to time. Conditions apply.
|As per Agreement Schedule- III Fees & Charges|
|Cheque Dishonour Charges per Cheque||750.0|
|Prepayment interest on Principal outstanding||5.21% + taxes|
|Issue of Duplicate copy of Agreement / Duplicate NOC / NOC for Duplicate Registration Certificate||750.0|
|Issue of Duplicate Security Deposite Receipt per Receipt||250.0|
|Cancellation of Contract (other than foreclosure and prepayment interest) at specific request of the Borrower and agree by the Lender||2000.0|
|Delayed Payment / Late Payment Charges / Compensation / Additional Finance Charges (Monthly)||0.03|
|Collection Charges for non PDC cases (per cheque) for non-payment on due date||500.0|
|PDC swap Charges||500 per swap|
|Repayment Schedule / Account Outstanding Break up statement||250.0|
|LPG / CNG NOC||2000.0|
|Statement of Account||500.0|
|NOC for Interstate Transfer||1000.0|
|NOC for Commercial to personal use||2000.0|
|Dishonour charges per instance||750.0|
|NOC to convert from private to commercial||5000 (Subject to approval)|
|Taxes as applicable from time to time.|
(Original for verification and self-attested copies for submission)
|Documents||Salaried Concerns||Self Employed Firm||Proprietary||Partnership||Companies|
|KMPL App. Form duly filled by you||Yes||Yes||Yes||Yes||Yes|
|Latest Salary Slip showing statutory deductions||Yes||No||No||No||No|
|Form 16 / IT Returns||Yes||No||No||No||No|
|Proof of Residence
(copy of electricity / telephone bill / Passport / Voter's ID / Lease deed / Rent agreement copy / Property Registration Document in the name of the Customer)
Verification from your Banker / Voters ID / IT PAN card / IT Return / Driving License / Passport
|Computation of Income for the last 2 years certified by CA||No||Yes||Yes||Yes||Yes|
|P&L A / C and B / S for the last 2 years certified by CA||No||Yes||Yes||Yes||Yes|
|Copies of Income Tax Returns for the last two years||No||Yes||Yes||Yes||Yes|
|Partnership Deed / Trust Deed||No||No||No||Yes||No|
|Letter of Authority||No||No||No||Yes||No|
|MOA and Board Resolution authorising one director to execute the agreement.||No||No||No||Yes||Yes|
(one signed by the customer)
Kotak Mahindra Prime Limited finances most passenger cars and multi-utility vehicles manufactured by India's leading automobile companies. We also finance imported cars subject to fulfillment of certain terms and conditions.
Within 48 hours of completing documentation. Credit is at the sole discretion of KMPL.
Generally, no. But if your income/age does not meet our credit criteria, then you may be required to have a guarantor to stand surety for your loan.
The choice is yours. You can choose any repayment option from 12 to 84 months, all specially designed to suit your requirements.
Just fill the Online Application Form and our representative will get in touch with you shortly.
There are a lot of hidden costs attached to buying your car. Get familiarized with it.