Kotak Mahindra Bank has decreased its new car loan interest rates by 0.05%, or 05 basis points with effect from Monday, October 16, 2017. This interest rate cut will reduce the cost of funds for those people who want to avail auto loans for buying their new cars.
Kotak Mahindra Bank – Current Auto Loans or Car Loans Interest Rates
New Delhi (Delhi, India), February 25, 2018
Kotak Mahindra Bank Cuts Auto Loan Interest Rate to 11.10% Per Annum
The Kotak Mahindra Bank has decreased its new car loan interest rates by 0.05 percent, or 05 basis points with effect from Monday, October 16, 2017.
Kotak Mahindra Bank has revised its new car loan minimum interest rate from 11.15 percent to 11.10 percent per annum for up to 84 months loan tenure and used car loan minimum interest rate from 15.55 percent to 15.50 percent per annum for up to 60 months loan tenure.
Kotak Mahindra Bank’s current interest rate cut will reduce the cost of funds for those people who want to avail auto loans for buying their new or used cars.
Kotak Mahindra Bank Car Finance – Current Auto Loan Interest Rates for New Cars
Kotak Mahindra Bank New Car Loan Interest Rate for Women: 11.10% Per Annum to 13.10% Per Annum
Kotak Mahindra Bank New Car Loan Interest Rate for Men: 11.15% Per Annum to 13.15% Per Annum
Kotak Mahindra Bank New Car Loan Interest Rate for HUF, Partnership Firms, Trusts, Societies and Companies: 11.20% Per Annum to 13.20% Per Annum
Kotak Mahindra Bank New Car Loan Rate of Interest is Floating or Fixed: Fixed Interest Rate
Kotak Mahindra Bank New Car Loan Interest Amount Calculation Method Monthly Reducing Balance
Kotak Mahindra Bank New Car Loan Processing Fee: 2.00% of the Car Loan Amount (Minimum Rs. 3,300 plus GST Maximum Rs. 4,750 plus GST)
Kotak Mahindra Bank New Car Loan Documentation Charges: Rs. 300 plus GST
Minimum Tenure for the Kotak Mahindra Bank New Car Loan: Minimum Tenure for Kotak Mahindra Bank New Car Loan is 12 Months
Maximum Tenure for the Kotak Mahindra Bank New Car Loan: Maximum Tenure for Kotak Mahindra Bank New Car Loan is 84 Months
Minimum Age Limit for Getting the Kotak Mahindra Bank New Car Loan Sanctioned: Minimum Age 21 Years for Salaried Applicants and Self-Employed Applicants at the Time of New Car Loan Commencement
Maximum Age Limit for Getting the Kotak Mahindra Bank New Car Loan Sanctioned: Maximum Age 60 Years for Salaried Applicants and 65 Years for Self-Employed Applicants at the Time of New Car Loan Maturity
Kotak Mahindra Bank New Car Loans Minimum Income Eligibility Criteria for Salaried Individuals: (i) Minimum Net Monthly Salary of Rs. 15,000 based on Latest Salary Slip and Form 16, and (ii) Minimum of 1 Year of Continuous Employment
Kotak Mahindra Bank New Car Loans Minimum Income Eligibility Criteria for Self-Employed Individuals: (i) Minimum Net Annual Business Income of Rs. 180,000 based on Latest 2 Years Income Tax Returns, Audited Financials and Computation of Income (ii) Minimum 3 Years of Employment in the Same Line of Business
Kotak Mahindra Bank New Car Loans Minimum Borrowing Amount: Kotak Mahindra Bank’s Minimum New Car Loan Amount is Rs. 75,000
Maximum Quantum of Kotak Mahindra Bank New Car Loan: Up to 90% of the Ex-Showroom Value or Up to 85% of the On-Road Price of Vehicle
Different Options for Making Kotak Mahindra Bank New Car Loan EMI Payments: The three options for making EMI payments are Standing Instruction (SI), Electronic Clearing Service (ECS), or Post-Dated Cheques (PDCs)
Kotak Mahindra Bank New Car Loan Foreclosure or Pre Closure Charges: 5.21% of the Principal Outstanding plus GST (After 180 Days from Date of Disbursement)
Kotak Mahindra Bank New Car Loan Part Payment or Prepayment Penalty: 5.21% of the Part Payment Amount plus GST (Minimum Amount Equal to One EMI and Maximum Amount 25% of the Balance Principal in One Year)
Charges for Kotak Mahindra Bank New Car Loan EMI Late Payment: Minimum 2% Per Month of the Kotak Mahindra Bank New Car Loan EMI Outstanding Amount (Minimum Rs. 500 Maximum Rs. 5,000 plus GST)
Kotak Mahindra Bank New Car Loan EMI Cheque, SI, or ECS Bounce Charges: Rs. 750 plus applicable GST
Kotak Mahindra Bank New Car Loan Security Requirement: Hypothecation of New Car to be Purchased out of Loan is Compulsory
Kotak Mahindra Bank New Car Loan Guarantor Requirement: No Guarantor is Required
Kotak Mahindra Bank Car Finance – Current Auto Loan Interest Rates for Used Cars
Kotak Mahindra Bank Used Car Loan Interest Rate for Up to 3 Years Tenure: 15.50% to 17.50% Per Annum
Kotak Mahindra Bank Used Car Loan Interest Rate for Above 3 Years Tenure: 15.50% to 17.50% Per Annum
Kotak Mahindra Bank Certified Pre-Owned Car Loan Interest Rate for Up to 5 Years Tenure: 15.50% to 17.50% Per Annum
Kotak Mahindra Bank Used Car Loan Rate of Interest is Floating or Fixed: Fixed Interest Rate
Kotak Mahindra Bank Used Car Loan Interest Amount Calculation Method Monthly Reducing Balance
Kotak Mahindra Bank Used Car Loan Processing Fee: 2.00% of the Loan Amount (Minimum Rs. 3,300 plus GST)
Kotak Mahindra Bank Used Car Loan Documentation Charges: Rs. 300 plus GST
Minimum Tenure for the Kotak Mahindra Bank Used Car Loan: Minimum Tenure for Kotak Mahindra Bank Used Car Loan is 12 Months
Maximum Tenure for the Kotak Mahindra Bank Used Car Loan: Maximum Tenure for Kotak Mahindra Bank Used Car Loan is 60 Months
Minimum Age Limit for Getting the Kotak Mahindra Bank Used Car Loan Sanctioned: Minimum Age 21 Years for Salaried Applicants and Self-Employed Applicants at the Time of Used Car Loan Commencement
Maximum Age Limit for Getting the Kotak Mahindra Bank Used Car Loan Sanctioned: Maximum Age 60 Years for Salaried Applicants and 65 Years for Self-Employed Applicants at the Time of Used Car Loan Maturity
Kotak Mahindra Bank Used Car Loans Minimum Income Eligibility Criteria for Salaried Individuals: (i) Minimum Net Annual Salary of Rs. 180,000 based on Latest Salary Slip and Form 16, and (ii) Minimum of 1 Year of Continuous Employment
Kotak Mahindra Bank Used Car Loans Minimum Income Eligibility Criteria for Self-Employed Individuals: (i) Minimum Net Annual Business Income of Rs. 180,000 based on Latest 2 Years Income Tax Returns, Audited Financials and Computation of Income, and (ii) Minimum 3 Years of Employment in the Same Line of Business
Kotak Mahindra Bank Used Car Loans Minimum Borrowing Amount: Kotak Mahindra Bank’s Minimum Used Car Loan Amount is Rs. 75,000
Different Options for Making Kotak Mahindra Bank Used Car Loan EMI Payments: The three options for making EMI payments are Standing Instruction (SI), Electronic Clearing Service (ECS), or Post-Dated Cheques (PDCs)
Kotak Mahindra Bank Used Car Loan Foreclosure or Pre Closure Charges: 5.21% of the Principal Outstanding plus GST (After 180 Days from Date of Disbursement)
Kotak Mahindra Bank Used Car Loan Part Payment or Prepayment Penalty: 5.21% of the Part Payment Amount plus GST (Minimum Amount Equal to One EMI and Maximum Amount 25% of the Balance Principal in One Year)
Charges for Kotak Mahindra Bank Used Car Loan EMI Late Payment: Minimum 2% Per Month of the Kotak Mahindra Bank Used Car Loan EMI Outstanding Amount (Minimum Rs. 500 Maximum Rs. 5,000 plus GST)
Kotak Mahindra Bank Used Car Loan EMI Cheque, SI, or ECS Bounce Charges: Rs. 750 plus GST
Kotak Mahindra Bank Used Car Loan Security Requirement: Hypothecation of Used Car to be Purchased out of Loan is Compulsory
Kotak Mahindra Bank Used Car Loan Guarantor Requirement: No Guarantor is Required
Kotak Mahindra Bank – Deposits and Loans Interest Rates
Current Deposits and Loans Interest Rates of Kotak Mahindra Bank Limited