Car Loan 

Kotak Bank Car Loan – Interest Rates 2024, EMI Calculator

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Check your loan eligibility with Kotak Mahindra Bank Car loan and Get best interest rates for you. Apply now at Kotak Mahindra Bank Car Loan at Deal4loans with lowest EMI.

Kotak Mahindra Car Loan Interest Rates

 Interest Rates 6.50% – 20.00%
Repayment Period Upto 7 Years
Foreclosure charges 5.21% + GST
Loan amount upt0 90% of ex showroom
Minimum Income Rs.15000 per month
Repayment Period Upto 5 Years

Compare, Calculate & Save more on Interest Rates & EMIs

Professional Details
Loan Amount
Occupation
Annual Income
City

Kotak Mahindra Prime Limited (KMPL) offers you –

  • The widest range of new and pre-owned cars
  • Attractive car loan interest rates
  • Flexible schemes
  • Speedy loan processing

Kotak Mahindra Prime Limited (KMPL) finances your car dreams with up to 90% of the ex-showroom price on your new car. Available from a minimum loan amount of Rs. 75,000 and flexible repayment tenures ranging from 12 to 60 months, you can avail of these loans on most passenger cars and multi-utility vehicles.

You can choose from four schemes designed to meet your needs:
1. Margin Money Scheme
2. Step Up Scheme
3. Low EMI, Balloon Scheme
4. Advance EMI Scheme
5. Special Schemes*

Eligibility:

  • Salaried individuals between 21 to 58 years (at the end of the tenure)
  • Self-employed individuals between 21 to 65 years (at the end of the tenure)
  • Partnership Firms
  • Public & Private Ltd. companies
  • Hindu Undivided Families and Trusts

Documents:

  • Proof of Identity:- Passport copy, PAN Card, Voters Id car, driving licence( Laminated, Recent, Legible)
  • Income Proof: – Latest salary slip with Form 16.
  • Address Proof: – Ration card/Driving licence/Voters card/passport copy/telephone bill/ electricity bill/Life insurance policy PAN Card
  • Salary Bank Statement

How long will it take to process the loan?

  • Within 48 hours of completing documentation. Credit is at the sole discretion of KMPL

Kotak Bank Car Loan EMI Calculator

Calculate Loans EMI Online
Loan Amount
Interest Rate (Reducing) % Per Annum
Loan Tenure (in Months)
 
Monthly EMI
Total Amount with Interest
Total Interest Amount
Yearly Interest Amount

The EMI for a Kotak Mahindra car loan can be calculated as follows –

EMI (E) = [P x r x (1+r) ^n]/ [(1+r) ^n-1]

Where,

P = The Principal Loan Amount

R = The Interest rate charged per month.

N = Number of monthly installments.

Here’s an example, for a car loan amount of Rs. 5,00,000 to be repaid in 5 years at an interest rate of 11.50% from Kotak Mahindra:

  • Loan Amount =Rs. 5,00,000
  • Monthly Instalment (EMI) =Rs. 8,693
  • Total Interest Amount =Rs. 2,30,231
  • Total Amount (Principal + Interest) =Rs. 7,30,231
Year Principal Interest Balance Amount
1 Rs. 49,365 Rs. 54,951 Rs. 450,635
2 Rs. 55,348 Rs. 48,968 Rs. 395,287
3 Rs. 62,061 Rs. 42,255 Rs. 333,226
4 Rs. 69,586 Rs. 34,730 Rs. 263,640
5 Rs. 78,025 Rs. 26,291 Rs. 185,615
6 Rs. 87,485 Rs. 16,831 Rs. 98,130
7 Rs. 98,213 Rs. 6,222 Rs. 0

Disclaimer: The above information is collected from various sources. The website www.deal4loans.com is not responsible for any change in the Documents, Eligibility, Interest Rates and loan processing fees of the Kotak Car Finance.

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