Kotak Bank Car Loan

Kotak Mahindra bank, was founded in 2003, and is one of India’s fastest growing banks. The journey started as a non-banking finance company named Kotak Mahindra Finance. It is currently the fourth largest financial establishments in India. Kotak Bank caters to a diverse customer base and offers banking services across a variety of verticals.

Documentation needed to apply for an Kotak Bank Car Loan

1. Signed application form with a photograph
2. Photo ID & age proof
3. Proof of Residence
4. Last 6 months bank statement
5. For salaried:
  • Last 3 months salary – slips
  • Form 16 or Income Tax Returns
6. For self-employed:
  • Last 3 years Income Tax Returns with Income computation
  • Last 3 years Audited Balance Sheet and P&L Account

Eligibility for Kotak Bank Car Loan:

1. Salaried Individuals
  • Minimum age of 21 years
  • Not older than 58 years of age at time of loan maturity
  • Minimum annual income of Rs 1,00,000
  • Minimum employed for a period of 6 months
2. Self-employed Individuals
  • Minimum age of 21 years
  • Not older than 65 years at loan maturity
  • Been in the same business for at least 2 years

Kotak Bank has designed a couple of products based on the requirement of its customers. Under this Car finance schemes, there are 5 car options which one can choose, depending on the fit.

3. Margin Money Scheme
  • Kotak Bank finances upto 90% of the price for purchase of a new car (For certain car models only)
  • One can pay the margin amount(Invoice value after deducting the finance amount) to either the car dealer or bank
  • One can choose a loan tenure of 12 to 60 months
2. Step Up Scheme
  • This scheme is designed keeping in mind the purchase of luxury vehicles
  • One gets to adjust the EMIs based on higher income in future (ascending EMI amounts)
  • One can also adjust the EMI on regular intervals- yearly, bi-yearly or quarterly
3. Low EMI Balloon Scheme
  • For people who like to change cars regularly. This scheme is for those who would want to resell the vehicle on loan pay off
  • Affordable EMIs for most of the tenure
  • The last instalment amount is adjusted to be equal to 10% – 25% of the cost of the vehicle
4. Advance EMI Scheme
  • It for customers who like to repay their loans quickly
  • Customer gets to pay a bulk amount initially (sum of first few EMIs) and then repayment happens as per regular EMI’s