Kotak Bank Car Loan – Interest Rates 2023, EMI Calculator
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|
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*
- 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
- 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
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]
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
|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|
Available Products of Kotak bank:
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.