: :  FAQs:

Who can avail of KMPL new car loans?

  • 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
  • Public & Private Ltd. companies
  • HUFs and Trusts

Salaried Individuals

Eligibility Criteria:
  • Minimum age of Applicant: 21 years
  • Maximum age of Applicant at loan maturity: 58 years
  • Minimum Annual Income: Rs 100000 net annual income
  • Minimum employment of 6 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 2 years in business

Documents required:
  • Proof of Identity:- Passport copy, PAN Card, Voters Id car, driving licence( Laminated, Recent, Legible)
  • Income Proof:- Latest ITR
  • Address Proof:- Ration card/Driving licence/Voters card/passport copy/telephone bill/ electricity bill/Life insurance policy PAN Card
  • Business Bank Statement

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.

How much finance can I avail of?
You can borrow up to 90% of the invoice value. The minimum loan amount is Rs.75,000/-

What are the tenure options?
The choice is yours. You can choose any repayment option from 12 to 60 months all specially designed to suit your requirements.

How long will it take to process the loan?
Within 48 hours of completing documentation. Credit is at the sole discretion of KMPL

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 tenor. Conditions apply.

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.

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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