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Car Loan Charges by Kotak Mahindra Mahindra Bank

Fees & Charges

Service Charges for Car loan
Description	Charges
Part / Full Pre-payment charges on Principal Outstanding	5.21%+GST
Issue of Duplicate Copy of the Agreement/Duplicate NOC/ NOC of duplicate Registration Certificate	Rs.885/-
Cancellation of Contract (other than foreclosure and prepayment charges)at specific request of the Borrower and agreed by the Lender	Rs.2000/- + Interest calculated at Customer ROI for number of days between the date of disbursement and the date of receipt of funds, at specific request from customer for cancellation of contract.
Collection Charges for Clearing Mandate (per mandate)	At actuals
Clearing Mandate swap Charges	Rs.500 per swap
Repayment Schedule/Account Outstanding Break up statement	Rs.885/-
LPG \CNG NOC	Rs.885/-
Statement of Account (Physical)	Rs.885/-
NOC for Interstate Transfer	Rs.885/-
NOC for Commercial to personal use	Rs.885/-
NOC to Convert from Private to commercial	Rs.885/-
Legal / Collections / Incidental Charges	At Actuals
Repossession Charges	At Actuals
Amalgamation / Transfer of Equity	3% or Rs. 3000/- whichever is higher
Any Other (If Applicable)
Dishonour Charges per Clearing Mandate	Rs.750/-
Delayed Payment / Late Payment Charges on Overdue	18% p.a
* These charges will be collected upfront / deducted from disbursement amount.
Note:
1. Taxes/GST will be levied separately as may be applicable from time to time on all the charges
2. For details of interest gradation approach, please visit https://primeloans.kotak.com/policies.htm
3. Penal charges in accordance with RBI circular.MCS.REC.61/01.01.001/2023-24 dated December 29, 2023 on ‘Fair Lending Practice - Penal Charges in Loan Accounts’
**Disclaimer: Loan offer is from Kotak Mahindra Prime Ltd, a subsidiary of Kotak Mahindra Bank Ltd. Loans available at select locations. Loan sanction and disbursement will be subject to complete documentation and credit approval at sole discretion of Kotak Mahindra Prime Ltd. and subject to guidelines issued by RBI from time to time. Taxes as applicable from time to time. KMP may engage the services of marketing agents for the purpose of sourcing loan assets. T&C apply.

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Frequently Asked Questions

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.