Car Loan FAQs

Frequently Asked Questions

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Which cars can be financed?

Kotak Mahindra Prime Limited finances most passenger cars and multi-utility vehicles manufactured by India's leading automobile companies. We also finance imported cars subject to fulfillment of certain terms and conditions.

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How much finance can I avail of?

You can borrow up to 90% of the car value. The minimum loan amount is Rs. 75,000/-

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What are the tenure options?

The choice is yours. You can choose any repayment option from 12 to 84 months, all specially designed to suit your requirements.

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How long will it take to process the loan?

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

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Do I have the option of pre-paying the entire loan amount?

Yes. One can pre-pay the loan any time after 6 months of availing of the loan.

You have to pay a small prepayment fee on the outstanding loan amount. We also offer the option of refinance on the same vehicle after completion of a particular tenure. Conditions apply.

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Do I need a guarantor?

Generally, no. But if your income/age does not meet our credit criteria, then you may be required to have a guarantor to stand surety for your loan.

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So how do I get a KMPL Car Loan?

Just fill the Online Application Form and our representative will get in touch with you shortly.

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Who can avail of KMPL new car loans?

Following can apply:

Salaried individuals in the age group of 21 to 58 years (at the end of the tenure)
Self-employed individuals in the age group of 21 to 65 years (at the end of the tenure)
Partnership Firms and LLPs.
Public & Private Ltd. companies
HUFs and Trusts
Free Net Banking, Mobile Banking and Phone Banking

Salaried Individuals

Eligibility Criteria:

Minimum age of Applicant: 21 years
Maximum age of Applicant at loan maturity: 58 years
Minimum Income of Rs. 15000 per month
Minimum employment of 12 months

Documents required:

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

Self Employed

Eligibility Criteria:

Minimum age of Applicant: 21 years
Maximum age of Applicant at loan maturity: 65 years
Minimum employment: At least 1 year in business

Documents required:

Proof of Identity: Passport copy, PAN Card, Voters Id car, driving licence(Recent, Legible)
Income Proof: Income Tax Returns of 2 previous financial years
Address Proof: Ration card/Driving licence/Voters card/passport copy/telephone bill/electricity bill/Life insurance policy PAN Card
Business Bank Statement

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