Is there any margin money I need to pay to avail the car loan?
The customer needs to pay the margin money (invoice value minus the finance amount) to the dealer directly. He also has an option to pay the margin money to KMPL upon which which the entire invoice value will be released to the Dealer by us.
What cars can be financed using the loan funds?
You can avail the finance for the purchase of a passenger car or a multi-utility vehicle manufactured by India's leading automobile companies. Kotak Mahindra Bank also finance imported cars, depending upon the repayment capability of the borrower.
What is the minimum loan amount I can avail?
You can avail a minimum Rs. 75,000 for Car Loan.
How long will it take to process the Car loan?
It can take up to 48 hours after the submission of complete documentation.
Can I prepay the entire loan amount?
You can prepay the entire loan amount any time after 6 months of seasoning of the loan. A small prepayment fee on the outstanding loan amount will be charged from you as the prepayment charges.
Do I need a guarantor?
Generally, there is no need to have a guarantor to avail Kotak Mahindra Bank Car Loan. However, if your income / age does not meet our credit criteria, then you may need a guarantor to stand surety for your loan.