Kotak Mahindra Bank Car Loan- Interest rate & EMI Calculator

Car Loan Rates EMI 2017 658 views

Kotak Mahindra Bank, a leading private lender, offers a series of credits like personal loan, business loan, home loan, loan against property, car loan, etc. We will today discuss entirely about the car loan offering of Kotak Bank, which provides car finance through Kotak Mahindra Prime Limited (KMPL). The bank finances up to 90% of the ex-showroom price of the new car. You can get a minimum loan of Rs 75,000 on passenger cars, multi-utility vehicles, etc. The loan disbursal amount will depend on your repayment capacity and other factors. Repayment period ranges from 1-5 years. First discuss the fees and charges of Kotak Bank car loan.

Fees and charges

  • Interest rate on loan for new cars ranges from 11.5%-13.5%
  • Processing fee of Rs 3,300-4,750
  • Prepayment/foreclosure charges at 5% of outstanding principal amount on date of repayment
  • Swap Charges (Replacement of PDCs) of Rs 500 per instance
  • Cheque bounce charges of Rs 750 per instance
  • Collection charges at 30% of penal and cheque bouncing charges
  • Documentation charges of Rs up to Rs 5,000
  • Stamp duty charges as applicable

After discussing the charges, now look into the eligibility criteria set by Kotak Bank for car loan.

Eligibility criteria & Documentation

ParametersSalaried ProfessionalsSelf-employed Professionals
Age21-58 years21-65 years
IncomeMinimum annual salary of Rs 1,00,000As applicable by the bank
Employment/stabilityMinimum work experience of 6 months with the existing employerAt least 2 years in the business
DocumentationIdentity Proof-Passport, PAN Card, Voter Id, Driving Licence( Laminated, Recent, Legible) Income Proof-Latest salary slip with Form 16 Address Proof- Ration Card/Driving licence/Voter Card/Passport /Telephone Bill/ Electricity Bill/Life Insurance Policy Bank statement showing salary creditIdentity Proof-Passport, PAN Card, Voter Id, Driving licence( Laminated, Recent, Legible) Income Proof-Latest ITR Address Proof-Ration Card/Driving Licence/Voter Card/Passport/Telephone Bill/ Electricity Bill/Life Insurance Policy Business bank statement
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Table showing interests and EMIs on car loan of Rs 5,00,000 at Kotak Bank for different periods

Loan AmountTenure in yearsInterest RateEMITotal InterestTotal Amount (Prinicipal +Interest)
Rs 5,00,000311.5%-13.5%Rs 16,488-16,968Rs 93,568-1,10,835Rs 5,93,568-6,10,835
Rs 5,00,000411.5%-13.5%Rs 13,045-13,538Rs 1,26,136-1,49,832Rs 6,26,136-6,49,832
Rs 5,00,000511.5%-13.5%Rs 10,996-11,505Rs 1,59,778-1,90,295Rs 6,59,778-6,90,295
Rs 5,00,000611.5%-13.5%Rs 9,646-10,169Rs 1,94,482-2,32,203Rs 6,94,482-7,32,203
Rs 5,00,000711.5%-13.5%Rs 8,693-9,232Rs 2,30,231-2,75,525Rs 7,30,231-7,75,525

Also read to know about Kotak Mahindra Bank Personal Loan